Brunello Cucinelli begins 2016 in style
Brunello Cucinelli posted a solid 9.1% growth in the first quarter 2016, and is advancing at cruising speed. The Italian luxury fashion label is specialised in cashmere and has been listed on the Stock Exchange since 2012. Between January and March it generated a revenue of €121.8 million, equivalent to a 9.1% increase compared to the same period a year earlier (+9.3% at constant exchange rates).
Cucinelli has grown across all markets and sales channels, allowing its founder and CEO Brunello Cucinelli to display a certain amount of optimism. "We are in a position to expect a healthy double-digit growth in 2016, both in terms of revenue and profits," he stated in a press release, on the occasion of the quarterly results' publication.
The group's sales have notably risen steadily in overseas markets, which account for 79.6% of Cucinelli's total revenue (+9.8%). North America has led the way: Cucinelli's most important market - it represents 31% of its total sales - generated a revenue of €37.7 million, with a 9.2 % rise compared to the same period a year earlier.
Sales in Europe grew by 9%, in a balanced fashion across all markets, reaching €38.4 million, while sales in Greater China rose by 11.1%, up to €7.7 million.
Italy in particular continues to enjoy a turnaround, with a notable sales growth of 6.4% in the first three months of the year, reaching €24.9 million. The increase was driven by local customers as well as sophisticated tourists with a "refined taste", who seek "artisanal quality".
Between January and March, Brunello Cucinelli's direct retail sales, through its 84 stores, increased by 11.4%, reaching €48.8 million. In like-for-like terms, the increase in the period in question was 3.4%.
Sales in the brand's franchised stores network rose by 5.4%, to €13.4 million, while sales to multi-brand clients and department stores grew by 8.1%, reaching €59.6 million.
The network of Cucinelli branded stores has risen in total from 110 outlets as of 31st March 2015 to 120 a year later.
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