Retail in Asia

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Cucinelli Asia posts 24 percent growth in 2022 as China thrives

Brunello Cucinelli reported net revenues of EUR 919.7 million (USD 983.75 million) for the year 2022, with 29.1 percent growth at current exchange rates, and 24.8 percent at constant exchange rates, as the Italian luxury brand managed to see incredible growth in China, during the twelve months.

SEE ALSO: Brunello Cucinelli sales in Asia up 28 percent in 2022

By region, Asia revenues at the house surged 24 percent in 2022 to EUR 218.4 million, with China continuing to represent the company’s “biggest development opportunity,” and double-digit growth in 2022, despite pandemic-related restrictions, the company said in a press release.

“The year 2022 was for our casa di moda a year that we define as one of high inspiration, of consistent growth, but above all of striking recognition of our brand for its identity in style, craftsmanship, exclusivity and in the way it presents itself with respect to creation,” said Brunello Cucinelli, executive chairman and creative director of Cucinelli.

Looking ahead, the company said it has decided to raise its fiscal 2023 estimates to 15 percent growth in revenues for the year, an an increase of around 10 percent for 2024.

“We view this year 2023 as the beginning of a new time, animated by the awakening of great values and ideals; and perhaps it is time to come up with up-to-date solutions for blue-collar workers, restoring moral and economic dignity to the craft trades, our Italy being a manufacturing country that is well-loved by the entire world,” concluded Cucinelli.