Italian luxury fashion brand Brunello Cucinelli is expecting approximately over 12 per cent revenue growth in fiscal 2023 (FY23) by achieving a milestone of 1 billion in sales. The company’s net revenue in FY22 is expected to be €919.5 million, around 29.1 per cent up at current exchange rates, compared with 2021, as per the preliminary figures.
Brunello Cucinelli saw growth across sales channels, with retail sales of €573.3 million, increasing 36.6 per cent, and wholesale sales of €346.1 million, up by 18.4 per cent, in 2022.
The company’s investments in 2022 amounted to approximately €73 million, plus the acquisition of a 43 per cent stake in Lanificio Cariaggi Cashmere, the purchase cost of which was €15.05 million, Brunello Cucinelli said in its review of the preliminary consolidated net sales revenues for FY22.
In terms of geographical areas, Brunello Cucinelli’s revenue in FY22 was €102.6 million in Italy, up 21.8 per cent from 2021. In Europe (excluding Italy), revenue was €263.8 million, an increase of 20.4 per cent over 2021, while in Americas, revenue was €334.7 million, up 40.5 per cent from last year. The company’s revenue in Asia was €218.4 million, up 28.1 per cent from 2021.
In 2024, Brunello Cucinelli expects revenue growth of around 10 per cent, and the company expects to achieve the doubling of revenues significantly in advance of the initial schedule of the 10-year plan that began in 2019, which had considered reaching this goal in 2028.
