Heritage fashion house Brunello Cucinelli reported close to double-digit growth in total revenues for the first ninth months of 2021, with Asia clocking strong sales growth on both 2019 and 2020 for the same period.
The ltalian luxury brand said total revenues for the ninth months ending 30th September, 2021, reached €502.6 million (US$583.05 million), up 9.4 percent at current exchange, compared to 2019. Growth was driven by Asia, specifically Mainland China, with the total region’s revenues surging 18 percent and 35 percent, when compared to the year 2019 and 2020, respectively.
“In the Asian market, Mainland China fully confirms the excellent results and sales trend that had characterised the first part of the year,” said the Brunello Cucinelli, in a press release.
“Our satisfaction with the Chinese market is not only related to the very positive results we are reporting, but we believe that the roots of our business and the local organisational structure we have created are of very high value, which we imagine will allow us to maintain in the long term the balanced, healthy and silent growth with which we have always approached the Chinese market. We appreciate the growing centrality of the clothing offer in this market, historically devoted to accessories, with a growing conviction of the customer, more and more informed and demanding, in the search for a ‘no logo’ and sober offer as an element of personal affirmation and differentiation,” added the company.
In contrast to China’s recovery, the company went to outline the “volatility” of some Asian nations, including Japan, “which is still suffering from limited traffic in the country’s main department stores,” adding that “the passion for quality and the great loyalty of Japanese customers reassure us about the medium-term prospects of this market as well.”
Total net revenues amounted to €188.8 million (US$218.9 million) in the third quarter, up 12.5 percent compared to the same period in 2019, the company added.
By channel, Cucinelli’s global retail segment accelerated 15.6 percent compared to 2019, boosted by the development of the network of directly operated retail spaces and the solid results reported in existing spaces.
Global wholesale revenues lifted less, up 3.5 percent on 2019, it said.