Italian luxury group Brunello Cucinelli posted a 29.1% rise in 2022 revenue at current exchange rates on Monday, slightly beating its latest guidance and market expectations.
The brand, known for its cashmere clothing, last month raised its sales guidance for the third time in a year, pointing to growth of around 28% in 2022.
On Monday, it stuck to its forecast of a 12% increase in sales this year and about 10% in 2024.
Cucinelli’s sales reached €919.5 million ($988.1 million) last year, compared to the average analyst estimate of €915 million based on the consensus SmartEstimates provided by Refinitiv.
In 2022, revenue in the Americas grew 40.5%, Asia grew 28.1%, and China saw “double-digit growth,” Cucinelli said. Sales in Europe he increased by more than 20%.
By Claudia Cristoferi, edited by Valentina Za
Cucinelli expects 28% sales growth this year, strong demand in 2023
Italian fashion group Brunello Cucinelli said on Tuesday that demand for luxury goods is outstripping supply, raising its sales outlook for 2022 for the third time this year.