Brunello Cucinelli revenues rise 29.1% to €919.7m

Brunello Cucinelli has reported that its 2022 revenues increased to €919.7m (£807.2m), marking a 29.1% rise over 2021, according to its FY results for the period ending 31 December 2022.

It said that its two retail and wholesale channels, which increased sales by 62% and 38% respectively, were cited as a primary factor in the positive performance.

Its EBITDA also increased to €134.4m (£117.9m), up 74.5% in 2022, with margins reaching 14.6% compared with 10.8% in 2021.

Its net income increased by 54.9% to €87.2m (£76.5m), over 2021.

Additionally, it stated that significant investments brought in €72.5m (£63.6m) revenue and that €15.05m (£13.2m) was obtained via the purchase of 43% of Lanificio Cariaggi Cashmere.

Brunello Cucinelli, executive chairman and creative director of the Casa di Moda, said: “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.

“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.”

He added: “After the noble international Neiman Marcus Fashion Award 2023 received a few days ago in Paris, which represents a sort of “Academy Award of Fashion”, given the excellent sales in the first quarter – almost ended – and the sizeable Fall-Winter 2023 orders for men and women, we have decided to raise our estimates to a +15% growth in revenues for the year whilst assuming a healthy increase of around +10% for 2024.”