Brunello Cucinelli reported sales of EUR 300 million euros in the third quarter, up 9.2 percent, as the Italian brand continues to fend off the slowdown affecting its luxury rivals, even across Asia.
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For the nine months ending September 30, revenues grew 12.4 percent to EUR 920 million.
By region, revenues in Asia rose 12.2 percent to EUR 245.2 million in the nine-month period, attributing to 26 percent of total company sales.
The brand said it logged a solid performance across all geographies, including China, Japan, South Korea and the Middle East. Cucinelli said that sales in the Chinese market continue to show “great quality,” with growing results in the third quarter, linked to a mix of brand positioning, exclusive distribution, and appreciation for the offering of high quality, no-logo ready-to-wear.
In the nine months, global retail sales were up 13.3 percent to EUR 578.7 million, accounting for 62.9 percent of the total, while the wholesale channel registered revenues of EUR 341.5 million, up 11 percent on last year.
“We are particularly pleased with the highly positive momentum our brand is currently enjoying from all perspectives. We have always sought to build an authentic relationship with our esteemed clients, one that allows us to enhance and deepen the “special” connection that binds us, including through what we like to call “artisan” events,” said the company in a statement.
“We can clearly feel the genuine trust our clients place in our work The outstanding results from the first nine months of the year, the excellent sales of the Fall/Winter 2024 collections, and our ongoing commitment to garments of the highest craftsmanship allow us to confidently maintain our revenue growth forecast of approximately 10 percent for 2024 We see significant opportunities in the exclusive, true luxury market for our brand as well, driven by the appreciation for the style, exclusivity, and craftsmanship embodied by our collections. With the substantial orders already placed for the men’s and women’s Spring/Summer 2025 sales campaign, we can reaffirm our plans for healthy, sustainable growth, projecting a revenue increase of around 10 percent for both 2025 and 2026.”
In earnings update comes after weak reports from rival Ferragamo and industry bellwether LVMH. The latter said revenues were stagnant in the first nine months totalling EUR 60.8 billion, on the back of a decline in third quarter sales, hindered by slower Japan growth and worsening consumer confidence in China.