Italian luxury brand Brunello Cucinelli has defied industry expectations by reporting a significant increase in sales for the year 2023. Despite a slowdown in the luxury sector following a post-pandemic rebound, Cucinelli’s focus on the high-end market has allowed it to outperform its competitors.
Preliminary figures reveal that Cucinelli achieved sales of €1.14 billion ($1.25 billion) last year, surpassing its own guidance as well as market forecasts. The company’s success can be attributed to its strong performance across different regions, with sales in the Americas rising by 20.8%, in Asia by 40.4%, and in Europe by 16.8%.
CEO Brunello Cucinelli expressed confidence in the company’s future prospects, noting the strong orders for the upcoming Spring-Summer 2024 collection and the impressive start to sales. To reflect this optimism, the company has revised its 2023 revenue growth projection for the fifth time in a year, now expecting sales to grow by approximately 22-23% at current exchange rates.
Looking ahead, Cucinelli anticipates a 10% increase in sales for both this year and 2025. The fourth quarter of 2023 alone saw a 15.6% rise in revenues to €321 million, marking the highest result ever recorded by the company.
Brunello Cucinelli’s ability to thrive in a challenging market underscores its commitment to the luxury segment and its ability to cater to affluent consumers. With an optimistic outlook and strong sales performance, the brand is well-positioned to maintain its success in the luxury fashion industry.
Useful Links:
1. Brunello Cucinelli Official Website
2. Business of Fashion
