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Brunello Cucinelli H1 FY20 sales dip to €205 mn

Oct '20
Pic: Shutterstock
Pic: Shutterstock
Brunello Cucinelli, an Italian luxury fashion brand, reported 29.6 per cent revenue decline to €205.1 million in its first half (H1) for fiscal 2020 ended on June 30, compared to the sales of €291.4 million in the same period previous fiscal. Company incurred a net loss during H1 FY20 of €47.6 million compared to the net income of €25.0 million in H1 FY19.
“Following this half-year strongly impacted by the pandemic, we are now moving towards a significant trend reversal. Since July 1 we have been looking at the company with a fresh new eye, considering this to be a year of "transition" between a "past time" and a "new time",” Brunello Cucinelli, executive chairman of the company, said in a press release.
Company’s operating loss during the six months period was €53.2 million compared to the operating income of €39.1 million. 
Revenues in Italy fell 34.7 per cent to €28.9 million (H1 FY19: €44.3 million) strongly influenced by the closure of our retail spaces. Europe revenues were down 24.1 per cent to €70.1 million (€92.4 million). In North America, revenues dropped 38.9 per cent to €57.5 million (€94.1 million). China’s revenue decreased 20.6 per cent to €22.9 million (€28.8 million). While revenues in rest of the world slipped 19.1 per cent to €25.8 million (€31.8 million).
Sales of retail channel plunged 31.6 per cent to €102.5 million (€149.9 million). Whereas, monobrand wholesale channel’s performance was down 25.3 per cent to €13.6 million (€18.2 million) and multibrand wholesale sales dipped 27.8 per cent to €89.0 million (€123.3 million).
“The Spring Summer 21 collections have been met with much success and the ensuing sizeable order intake prompts us to envisage a good 2021 with revenues increasing by around 15 per cent; in addition, the above leads us to view 2021 as the "year of rebalancing",” Cucinelli said.

Fibre2Fashion News Desk (JL)

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