Italy's Brunello Cucinelli posts revenue growth of 34.7% in Q1 FY23

In Q1 FY23, the retail channel saw revenues of €164 million, up 63.7 per cent over Q1 FY22, with a relative sales weight of 61.8 per cent. Meanwhile, the wholesale channel recorded sales of €101.3 million, up 4.7 per cent compared to Q1 FY22, accounting for 38.2 per cent of sales, the company said in a press release.

The company's Italy revenues rose by €27.6 million in Q1 FY23, a 13.8 per cent increase compared to Q1 FY22, accounting for 10.4 per cent of sales. Europe (excluding Italy) recorded sales of €67.9 million, up 16.6 per cent compared to the first quarter of FY22, accounting for 25.6 per cent. Americas' sales were €95.5 million, up 42.9 per cent compared to Q1 FY22, and accounted for 36 per cent of sales. Asia recorded sales of €74.3 million, up 56 per cent compared to the first three months of FY22, with a sales weight of 28 per cent.

The fashion house expects an overall growth of around 15 per cent in fiscal 2023.

Brunello Cucinelli, executive chairman and creative director, said: “The first quarter of this year closed with excellent results. There is no doubt that we are reaping the fruits of the positive period that our brand is experiencing for the style it represents and perhaps also for the way we share our ideas with all of our counterparts.

“As regards our market segment of absolute luxury, we continue to have a very positive vision for the entire coming year. Every day we are working on new projects for high quality, exclusive, hand-crafted garments, and it pleases us to imagine that they express a refined and contemporary taste.”

Fibre2Fashion News Desk (DP)