Brunello Cucinelli generates €607.8 million revenue in 2019
Brunello Cucinelli is steadily continuing on its ‘discreet’ growth track, and confirmed the intention of doubling its revenue in 10 years. The Italian luxury label has described 2019 as “one of the best in our history,” in the words of founder and president Brunello Cucinelli, having recorded a revenue of €607.8 million.
The performance of Brunello Cucinelli’s international markets (up by 11.4%) drove a global sales increase of 9.9% at current exchange rates (and of 8.6% at constant exchange rates), while Italy grew by 1.9%. Revenue in Europe rose by 12.9% to €184.9 million. Results were also positive in North America, up by 8.9%, and China, up by 14.7%.
“Given the highly satisfactory sales of the past fall/winter, the number of orders for the Spring/Summer 2020 collection, and the ‘very favourable’ debut of the Fall/Winter 2020 collections, we are working with ease and expecting fine growth in our revenue, profits and brand image in 2020,” said Brunello Cucinelli.
The label posted positive performances in all distribution channels: direct retail was up 14.6%, monobrand wholesale grew by 7.7%, and multibrand wholesale by 4.1%. As of September 30 2019, Brunello Cucinelli operated 106 monobrand stores, up from 100 in 2018. A new store will soon open in New York’s Meatpacking district.
Brunello Cucinelli has carried out significant investments as part of its 2019-21 strategic plan, to the tune of approximately €53 million last year, and its net financial indebtedness stood approximately at €30 million as of December 31 2019.
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