Italian luxury brand Brunello Cucinelli has recorded impressive growth in the first three quarters of 2021. The company’s revenues reached €502.6m ($583.7m), an increase of 12.2% in constant currencies compared to the same period in 2019. When compared to the same period last year, revenues surged by 32.7%. Brunello Cucinelli is now projecting a 25% annual growth rate for 2021.
Brunello Cucinelli, the executive chairman and creative director of the brand, expressed his satisfaction with the exceptional performance of the company this year. He attributed the success to the positive response received for the Autumn Winter 2021 collections and the strong desire of customers to return to physical stores. The completion of the Spring Summer 2022 order collection has further raised the company’s expectations, predicting a turnover growth of around 10% next year.
In terms of geographical sales, Brunello Cucinelli witnessed double-digit growth in all markets when compared to the first nine months of 2020. Sales in Asia rose by 35.9%, the Americas saw a 37.4% increase, and Europe experienced a 31.6% growth. However, sales in Italy declined by 6.9% when compared to figures from 2019, although there has been improvement compared to the previous year. Sales in Asia generated €119m ($138.2m), accounting for 23.7% of the brand’s total revenues. Europe accounted for 30.1% of revenues, with sales amounting to €151.4m ($176m). The Americas reported sales of €161.2m ($187.6m), a 7.9% increase compared to 2019.
Retail sales between January and September 2021 saw a substantial increase of 15.6% compared to the same period in 2019, totaling €264.8m ($307.9m) and representing 52.7% of the brand’s revenues. The company’s retail network expanded to 113 stores as of September 30, in comparison to 107 stores the previous year. Wholesale revenues reached €237.7m ($276.3m), a 3.3% increase when compared to the first three quarters of 2019.
Overall, this strong performance by Brunello Cucinelli indicates the luxury fashion industry’s resilience and recovery following the impact of the COVID-19 pandemic. The brand’s growth in various regions and across different sales channels reflects its ability to adapt and meet the evolving demands of consumers. With a positive trajectory and continued expansion, Brunello Cucinelli is well positioned to achieve further success in the coming years.
For more information on Brunello Cucinelli’s luxury brand and its growth strategy, visit their official website: Brunello Cucinelli.
To understand the impact of the COVID-19 pandemic on the luxury fashion industry and its recovery, refer to this article: COVID-19 Impact on Luxury Brands and Recovery.
