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Revenues at Italian luxury group Brunello Cucinelli rose 12.4 percent at constant exchange rates last year, a touch above its most recent guidance thanks to strong sales in its shops in the last few weeks of the year, bucking a sector slowdown thanks to its focus on the industry’s high end.
The group, the first in the luxury sector to report 2024 preliminary sales, said on Monday its revenues rose to €1.28 billion ($1.31 billion) last year, boosted by a double-digit sales growth in the Americas and Asia.
“Given the high quality of sales, we anticipate very strong profits,” executive chairman Brunello Cucinelli said in a press release.
In the fourth quarter alone, turnover increased by 11.6 percent.
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In December the group had revised up its expectations for 2024 turnover, to indicate an annual sales growth of between 11 percent and 12 percent in 2024.
The company, whose cashmere jumpers can cost several thousand euros, reiterated its forecast of revenues to increase around 10 percent both in 2025 and in 2026.
It is set to report its full year results on March 13.
By Elisa Anzolin; Editor: Keith Weir
Learn more:
Cucinelli Bucks Gloomy Industry Trend With Revenue Rise
As global demand for luxury goods slows, the Italian group keeps growing, helped by its focus on higher-end consumers and by a more limited exposure to China compared to its rivals.
