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.
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.”
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.”