On October 19, Italy’s Brunello Cucinelli announced total revenues surged 27.7 percent to EUR 642 million (USD 627.7 million) in the first nine months of 2022, coinciding with double-digit growth in the luxury brand’s Asia market.
Cucinelli states in a recent press release, “We are particularly pleased with the development of our project in China”.
“Our satisfaction derives both from the results, with very positive sales dynamics throughout the country and a further increase in growth trends compared to the first part of the year, as well as from important structural elements. In fact, we are witnessing a growing interest in the brand, its values and positioning, as well as in our product offering, which conveys an idea of silent refinement that is today pareticularly appreciated by a growing number of Chinese customers looking for special, logo-free garments.”
The company also said their growth beyond Asia has also been “particularly significant.”
Outside of Asia, revenues in the United States surged 45 percent, Europe rose 21.6 percent, and domestic sales in Italy gained 10.2 percent.
By channel, global retail sales were up 43.2 percent, while wholesale channel sales were up 10.5 percent for the nine months.
“We continue to support our great project for a great future: ‘Universal working conditions for human beings’. There is no doubt that having our production and sales facilities at full capacity – having not laid off anyone during the last two years – allows us to cope with the large quantity of goods requested by the market where, in general, demand exceeds supply,” said Brunello Cucinelli, Executive Chairman and Creative Director of the Casa di Moda.
“The weakness of the euro and short production chains are rewarding not only us but the entire Italian fine manufacturing sector, proving how strong our welfare state is. The order intake for Spring-Summer Men’s-Women’s 2023 was excellent, both in terms of image and quantity. All this makes us envisage a 2023 with sound sales growth of 10 percent.”