Italian luxury house Brunello Cucinelli reported a leap in revenues for the 2018 fiscal year, with all geographic regions recording sales growth, particularly Greater China and Japan.
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For the year ending December 31, 2018, Brunello Cucinelli said total revenues increased 8.1% to €553 million, (+10.7% at constant exchange rates), compared to €511.7 million in 2017.
The Solomeo-based company saw a significant rise in sales at 8.8% in the international markets and 4.2% in the Italian market, according to a press release published on the Italian stock exchange on Monday.
By region, Greater China witnessed the biggest increase with an incredible 28.5% sales growth, followed by the Rest of the World region, up 10.7%, which was lead by Japan and the Middle East. Sales in Europe increased 8.5% and the U.S. saw growth of 3.9%.
By distribution channel, Brunello Cucinelli’s retail sales gained 6.3% globally, with wholesale monobrand and multibrand up 19.4% and 9%, respectively.
Capital expenditure for the twelve months was approximately €45 million, with “the objective of keeping the brand image extremely high in both the physical and digital channels,” said the company.
Net debt narrowed €15 million, a slight improvement compared to 2017.
“Another year has come to an end in a splendid manner, both in terms of numbers and from the standpoint of the general image of the brand at a global level,” said Brunello Cucinelli, Chairman and CEO.
“We continue to support, believe in and invest in our beloved Italy, perceiving the great value this represents at a world level for the country’s creativity, quality and craftsmanship.”
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Following the stellar results, which included the sell out of the past winter collections, followed by strong spring/summer 2019 orders, the brand said it expects “another year ahead of gracious growth in line with 2018.”