Brunello Cucinelli on the up thanks to exports

Brunello Cuccinelli, listed on the Milan stock exchange since April, has the wind in its sails judging by the positive results recorded for the first half of 2012. The Italian cashmere label looks to have a solid foundation on which to build its expansion in the luxury sportswear sector, particularly in new markets.

Over the first half of 2012, the company, which is based in the village of Solomeo in Umbria (central Italy), recorded turnover of 135.2 million euros, up by 16.1% compared to the first half of 2011 – in large thanks to its international expansion. Exports now count for 72.9% of the group’s total sales, against 67.7% last year. The label is expanding on all of the key markets: North America (+23.3%), Europe (+17.3%) and China (+51.6%). On its domestic market, currently in recession, Cuccinelli saw a slight drop of 2.8%.

Retail activity in particular has taken off, with an increase of 49.4% in the first-half. On 30th June, the retail network was made up of 70 stores in comparison with 55 at the end of June 2011, with a further two points of sale opened this summer in Taichung in China and in Lugano in Switzerland, whilst 10 new store openings are scheduled for the third-quarter.

In the first half of 2012, Brunello Cuccinelli’s normalized net profit stood at 11.9 million euros (+35.1%). Taking into account the costs of the IPO, profit stands at 7.6 million euros and gross operating surplus at 22.7 million euros (+23.5%).

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