Italian brand Brunello Cucinelli’s revenue jumps 31% in H1 FY23

The brand witnessed robust growth across all geographical regions. The Americas reported a 23.9 per cent year-on-year (YoY) increase in revenue, while Europe grew by 22.6 per cent YoY. In the company’s home market, Italy, revenues rose by 23.7 per cent YoY, and Asia saw an impressive 55.6 per cent YoY increase in revenues, Brunello Cucinelli said in a press release.

Italian fashion brand Brunello Cucinelli reported H1 FY23 revenues of €543.9 million, an increase of 31 per cent YoY.
Notably, retail sales grew by 41.6 per cent and wholesale by 15.8 per cent.
Encouraged by the strong H1 performance, the company raised its 2023 revenue growth forecast from 15 per cent to between 17 per cent and 19 per cent.

A substantial increase in revenue was also observed across both sales channels. Retail sales jumped by 41.6 per cent YoY and wholesale saw a growth of 15.8 per cent YoY.

The company has revised its revenue growth estimate for 2023 upwards. Previously anticipated at 15 per cent, the growth is now forecasted to be between 17 per cent and 19 per cent.

Brunello Cucinelli, executive chairman and creative director of the fashion house, said: “The first half of this year ended with more than excellent results. We like to think that we are reaping what the brand stands for in its style and in the way of conceiving the balance between work and the relationship with creation.

“Thanks to the strong demand for handcrafted and exclusive products, we continue to have a very positive outlook on the absolute luxury world market. As a result, we are very confident about the future performance of the business for the current year, where we expect to close the year with an increase in sales of between 17 and 19 per cent.”

Fibre2Fashion News Desk (DP)