Brunello Cucinelli hits 500 million euros in 2017
Brunello Cucinelli announced another stellar year on Wednesday, confirming a revenue rise of over 10 percent for its full-year ended December 31, 2017.
The Italian luxury cashmere label reported a revenue of €503.6 million, up 10.4 percent at current exchange rates (up 10.9 percent at constant exchange rate), while net income rose 13.4 percent to €42.1 million.
The results left group founder and CEO Brunello Cucinelli particularly optimistic about the year to come, on the back of growth in both the brand's online and store segments; helping reach the €500 million revenue threshold.
“The good performance in our spring sales, the excellent sales campaign in fall/winter 2018 - which is now coming to an end - and the very special feedback from the national and international trade press seem to indicate that yet another positive year lies ahead, featuring double digit growth in terms of both revenues and profit,” said Cucinelli.
During the year, group sales rose steadily across all channels and markets with direct retail sales climbing 19.6 percent, wholesale monobrand sales up 1.5 percent and wholesale multibrand sales jumping 6.2 percent.
In North America, Cucinelli's most important market, sales jumped 6.6 percent reaching €178.7 million, representing 35.5 percent of the brand’s total sales.
Meanwhile, sales in Europe grew 10.6 percent, with revenues of €150.9 million, accounting for nearly one third of the group's revenue. Sales were mainly supported by top-end tourists and above all local customers.
The label again notably skyrocketed in Greater China with a significant increase of 36.2 percent through its 18 direct boutiques in the whole of Greater China and a presence in exclusive multibrand boutiques.
“We have an extremely strong desire to protect the brand’s exclusivity and allure in Greater China and in fact we believe that a limited distribution can ensure its appeal, protecting it and maintaining the exclusivity sought after by our end customers,” the company said.
Finally, the Italian market also had a sale rise of 11.2 percent in revenue, which reached €84.7 million, while the company saw a growth of 5.2 percent, with sales hitting €46.7 million throughout the rest of the world.
The network of Cucinelli branded stores includes 124 shops, which 94 are directly operated.
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