Italian luxury powerhouse Brunello Cucinelli has emerged triumphant with a remarkable 23.9% surge in sales for the year 2023, surpassing both internal projections and market expectations. This exceptional performance stands as a beacon amid a broader sector slowdown, highlighting the brand’s resilience and unwavering focus on the high-end segment of the industry.
In the face of adjusted forecasts for luxury sector sales, with a return to more typical growth levels post-pandemic, Brunello Cucinelli distinguishes itself by catering to affluent consumers, outpacing labels reliant on aspirational shoppers.
Preliminary figures unveil a robust sales figure of 1.14 billion euros ($1.25 billion) for the past year, slightly exceeding the 1.13-billion-euro consensus forecast from LSEG.
Breaking down regional performance, Brunello Cucinelli reports a remarkable sales increase of 20.8% in the Americas, 40.4% in Asia, and 16.8% in Europe for 2023.
Anticipating «a very good profit» for the year, the group’s CEO expresses confidence in sustaining robust performance in the coming year. Executive Chairman Brunello Cucinelli states, «The substantial orders in our portfolio for the Spring-Summer 2024 collection and the exceptional start of sales result in a highly optimistic outlook for the first half of this year,» according to a press release.
Having raised its 2023 revenue growth forecast for the fifth time in a year, the fashion house now indicates a sales growth of around 22-23% at current exchange rates. Additionally, the company confirms a projection of approximately a 10% increase in sales for both the current year and 2025.
Highlighting an outstanding performance, revenues surged by 15.6% to 321 million euros in the fourth quarter alone, marking the best result ever in absolute value.
