Brunello Cucinelli reports net profit of €50m
On the back of these results, the fashion brand confirmed expectations of a record breaking growth of 15% for the full calendar year of 2022
Casa di Moda Brunello Cucinelli has reported net profit of €50.6m (£43.4m) for the first half of 2022 ending June 30, up +131.4% compared with €21.9m (£18.8m) in H1 2021.
It also revealed net sales of €415m (£356m), up +32.4% at current exchange rates compared with 2021.
It comes as it reported growth in all geographical areas, with the Americas +52.6%, Asia +27.2%, Europe +20.7%, and Italy +19.9%; and in both sales channels, with retail +47.1% and wholesale +16.0%.
On the back of these results, the fashion brand confirmed expectations of a record breaking growth of 15% for the full calendar year of 2022.
Brunello Cucinelli, executive chairman and creative director of the Casa di Moda, said: “The first half of 2022 closed with excellent results in terms of both growth and profits; on the back of these, we envisage a record year 2022 with revenue growth of around +15%.
“During the pandemic, companies in our country, thanks to national social safety nets and wise and humanistic entrepreneurial choices, have generally managed not to lay off their staff and thus preserve the production and marketing of their products.”
He added: “Today, it seems to us that for certain products demand undoubtedly exceeds supply, which means that we Italians, great quality manufacturers, have become better at producing top-notch quality goods and consequently exporting them. There is no doubt that a strong dollar brings remarkable advantages to exports, and our sector will benefit therefrom.”