Cucinelli sees double-digit sales, profit growth also in 2015

MILAN, Italy- Italian luxury cashmere maker Brunello Cucinelli forecast double-digit growth in earnings and sales both this year and next, after its net profit rose 18 percent to 15.6 million euros in the first half of 2014.

Cucinelli said on Wednesday it had completed the sales campaign of its Spring/Summer 2015 men's collection and the women's one was also at an advanced stage.

"The data and, more in general, the mood in the absolute luxury segment prompt us to envisage next year as another year enjoying excellent results of double-digit healthy growth," the company said in a statement.

Cucinelli said the shares of sales in the retail channel rose to 35.5 percent of the total from 32.2 percent helped by store openings.

On a like-for-like basis, sales in its direct distribution network rose 5.6 percent in the 34 weeks to Aug. 24.

In July Cucinelli said net sales in January-June rose 11.6 percent annually to 175.8 million euros, boosted by strong growth in North America while the domestic market stagnated despite healthy tourist flows.

Cucinelli also mentioned robust flows of wealthy tourists in Europe, where sales rose 9.5 percent. That compares with growth of 18.2 in North America and 43.5 in Greater China, which only accounts however for 6 percent of total sales.