Italian brand Brunello Cucinelli first half sales cross 2019 levels

13 Sep '21

2 min read

Pic: Brunello Cucinelli

Brunello Cucinelli, an Italian luxury fashion brand, has achieved a 7.7 per cent revenue growth to €313.8 million in the first half (H1) of FY21 ended on June 30, 2021, against same period of FY19, and 52.9 per cent jump over 2020. EBITDA for the six-month period improved to €80.6 million compared to the loss of €3.4 million in H1 of FY20.

“The first half of 2021 closed with very, very interesting results. Sales of the fall winter 2021 collections got off to a very good start, and the brand seems to be gaining broad consensus both in its stylistic expression and in the way it relates to the local community and to humanity as a whole,” Brunello Cucinelli, executive chairman and creative director of the company, said in a press release.

Regionally, revenues from Europe surged to €95.9 million with sales particularly strong in the markets and cities characterised by the presence of the local customer. Whereas, strength of local demand and the convinced return of customers, along with positive impact from the tourism towards "domestic" resort locations helped Americas sales to escalate to €99.9 million over 2019.

On the contrary, although with a significant improvement in performance during second quarter with reopening of boutiques and the increased presence of customers in the main cities, revenues from Italy failed to surpass pre-pandemic levels at €41.0 million. Sales from Asia gained the most during the first half particularly from China to €76.8 million.

By channel, sales from retail business improved 10.4 per cent to €165.5 million compared to €149.9 million in 2019, while wholesales business revenue rose 4.8 per cent to €148.3 million over same period two years ago.

The company’s operating income during H1 of FY21 was €25.3 million. Net income for the period totalled to €21.8 million.

“Order intake for the spring summer 2022 mens and womens collections, now almost at an end, was excellent. All this prompts us to envisage a strong rise in turnover of around 20 per cent for the current year, and to view this time as a sort of year of rebalancing, and for 2022 we expect a return to a healthy growth of 10 per cent,” Cucinelli concluded.

Fibre2Fashion News Desk (JL)

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