In the third quarter (Q3) of FY24, a turnover of 300 million euros (~$326 million) was achieved, with a growth of 9.2 percent, compared to the same period last year, it said Brunello Cucinelli in a press release.
Brunello Cucinelli posted revenue of €920.2 million (~$999.29) for the first nine months of 2024, a year-on-year increase of 12.4 percent. Revenue in the third quarter reached €300 million (~$326 million), with strong growth in Europe, America and Asia. The company forecasts 10 percent growth by 2024 and aims to double its 2023 turnover by 2030, supported by investments in production and store expansion.
In terms of revenue from distribution channels during the 9-month period, the company's retail channel recorded a growth of 13.3 percent with revenue of €578.7 million (~$627.89) and relative weighting of 62.9 percent.
The wholesale channel saw a revenue increase of +11.0 percent compared to last year with total revenues of €341.5 million, with a relative sales weight of 37.1 percent. This growth was driven by higher shipments of the Fall/Winter 2024 collections in the third quarter compared to last year.
By geography, revenue in the 9-month period from Europe reached €340.3 million (~$369.5), an increase of 8.0 percent year-over-year and a relative weighting of 37.0 percent. The European market obtained solid and positive results, both in the main cities and in the exclusive tourist locations.
In the Americas, revenue reached €334.7 million (~$363.34), an increase of +17.6 percent compared to the first nine months of 2023, with a sales weight of 36.4 percent. hundred. North America has always been a central geographic area for the brand, with a very loyal clientele that confirms the desire to buy exclusive and 'one-of-a-kind' garments for their extremely high quality and impeccable craftsmanship.
Asia turnover reached €245.2 million (~$266.27), an increase of 12.2 percent compared to the 9-month period of FY23, representing 26.6 percent of sales. Countries and regions such as China, Japan, South Korea and the Middle East showed strong performance.
The retail channel experienced an increase in sales in all geographical areas, thanks to a decisive contribution from local customers, as well as tourism that remained solid throughout the period and even more diversified by nationality than in previous seasons, he adds. the press release.
The company forecasts growth of approximately +10 percent in 2024, with healthy and balanced profits due to the impressive results of the first nine months of the year and the strong sales of the Fall/Winter 2024 collections. The commercial campaigns of the Spring collections -Summer 2025 for Men and Women ended with excellent results. Due to the exclusivity of the market presence and the growth potential in all geographical areas and distribution channels, the fashion house looks at the coming months with realism and great confidence, adding greater concreteness to its growth estimate for 2025 and 2026 of around 10 percent, and we continue to imagine a doubling of 2023 turnover by 2030.
The company's forecast is accompanied by an important investment plan, with openings already contracted for 2025, and the expansion of the artisanal production infrastructure that continues according to its plans, guaranteeing productive capacity for the next decade with the doubling of the size of the company. Solomeo factory and new facilities. to produce outerwear in Italy.
Brunello Cucinelli, executive president and creative director of the Casa di Modacommented: “The excellent results of the first nine months of the year, the excellent sales of the Fall/Winter 2024 collections and our continued commitment to garments of the highest craftsmanship allow us to confidently maintain our revenue growth forecast of approximately +10 percent by 2024. We also see significant opportunities in the exclusive and true luxury market for our brand, driven by the appreciation for the style, exclusivity and craftsmanship that our collections embody. With the significant orders already placed for the Spring-Summer 2025 sales campaign for men and women, we can reaffirm our plans for healthy and sustainable growth, projecting a revenue increase of around 10 percent for both 2025 and 2026.”
Fiber2Fashion News Desk (SG)
