Italian luxury group Cucinelli, renowned for its exquisite cashmere clothing, has once again revised its sales forecast for 2021, reflecting its exceptional performance in the first half of the year. The company’s revenues surged by nearly 60% at constant exchange rates, reaching an impressive €313.7 million ($370.6 million) compared to the same period in 2020. Sales also saw a remarkable 10% increase from pre-pandemic levels in 2019 during the first half of this year, and a further 13.8% rise in the second quarter.
This outstanding achievement has compelled Cucinelli to raise its sales guidance even higher. The company now expects a growth rate of approximately 20% for the full year, and an additional 10% increase in 2022. By comparison, in March, Cucinelli had already elevated its sales outlook, predicting a growth rate of 15-20% for 2021, and 9-10% for 2022. It is worth noting that last year, the brand experienced a 10% decline in sales due to the significant impact of the pandemic.
Cucinelli’s performance in the second quarter of 2021 is particularly noteworthy when considering the severe repercussions faced by most retailers during the same period in 2020, marked by widespread store closures. The company’s optimistic results indicate that the luxury sector has rebounded more swiftly than initially projected. The European market, which accounts for 43.7% of Cucinelli’s total sales, including Italy, observed a growth rate of 9.2% compared to the first half of 2019. Moreover, sales growth in Asia exceeded even higher expectations.
In a recent development, Cucinelli announced a strategic partnership with Oliver Peoples, a brand under the umbrella of EssilorLuxottica, to introduce its inaugural eyewear collection. This alliance signifies an expansion of the Cucinelli brand’s product offerings and reach.
The consistent growth demonstrated by Cucinelli, along with its optimistic sales forecast, exemplify the resilience of the luxury sector despite the challenges posed by adversity. As the world continues to recover from the significant impact of the pandemic, it is heartening to witness robust performance within the fashion industry. Cucinelli’s success serves as a testament to the enduring appeal of the brand and its unwavering commitment to exceptional craftsmanship.
Useful links:
1. Cucinelli’s official website
2. Business of Fashion article on Cucinelli’s sales update
