Italian firm Brunello Cucinelli's revenue jumps 27.5% in 9M FY23

In Europe, the brand achieved revenues of €217.9 million, indicating an increase of 18.3 per cent over the first nine months of 2022. The region contributed 26.6 per cent to the overall sales, the company said in a press release.

Brunello Cucinelli's home market of Italy saw revenues of €97.2 million in the first nine months of FY23, a year-on-year growth of 24.5 per cent. Italy accounted for 11.9 per cent of total sales. In the Americas, the company's turnover reached €284.7 million, up by 21.7 per cent compared to the first nine months of FY22. This region made up 34.8 per cent of the total sales.

Most notably, Asian markets recorded a staggering revenue of €218.6 million, a dramatic increase of 49.7 per cent year-on-year. China was a significant contributor, making up about half of the total Asian business. The Asian market accounted for 26.7 per cent of the company’s total sales.

Sales in the retail channel amounted to €510.7 million, rising by 34.6 per cent compared to 9M FY22 and contributing to 62.4 per cent of total revenue. The growth spanned across all the company’s boutiques and geographic areas.

The wholesale channel also saw healthy growth with revenues of €307.7 million, a 17.1 per cent increase over the same period last year. It accounted for 37.6 per cent of total sales.

Brunello Cucinelli anticipates a final growth rate between 20 and 22 per cent in FY23, an increase from its prior estimate of around 19 per cent.

“In the first nine months of this particularly good year, we have achieved significant growth in sales and image; given the high quality of sales, we envisage a nice, healthy profit as a result. We see there is a robust demand for high-quality, hand-crafted garments that epitomise an idea of ‘quiet, precious luxury’ that reflects our personality,” said Brunello Cucinelli, executive chairman and creative director of the fashion house.

Fibre2Fashion News Desk (DP)