Brunello Cucinelli’s revenues grew 12.4 per cent at constant exchange rates to €1.28 billion in 2024, according to the brand’s preliminary results, which were published on Monday.
The Italian brand has beaten the luxury slowdown once again, and also outperformed its own expectations of 11 to 12 per cent sales growth. For the past year, most luxury companies, from LVMH and Kering to Capri and Burberry, have struggled with weaker consumer demand. Only a few, most of which cater to high-net-worth clients, have managed to keep their heads above the turbulent waters.
Executive chairman and creative director Brunello Cucinelli said he expects “healthy and sustainable revenue growth of around 10 per cent, accompanied by balanced profits” for 2025 and 2026, thanks to the “high-quality” (full-price) sales. The brand intends to double its 2023 turnover of €1.14 billion by 2030.
The brand made “significant investments” in 2024, which had an 8.5 per cent impact on sales, including marketing around the brand and the Brunello Cucinelli lifestyle, upgrading showrooms and boutiques, as well as expanding its artisanal production capacity and headquarters in Solomeo, Italy.
“It has been a particularly meaningful year for consolidating our style and identity, firmly anchored in the concept of ‘absolute luxury’ characterised by exclusivity, quality and craftsmanship,” said Cucinelli in a statement. “On a global scale, we have received recognition that honours us and strengthens the vision of work conducted with respect for the moral and economic dignity of humans, especially in relation to the dignity of labour,” he added, referring to his philosophy of “humanistic capitalism”.
The US saw significant growth, up 17.8 per cent, and representing 37.3 per cent of total sales. Brunello Cucinelli highlighted the “great potential” it sees in the Americas, where consumers are increasingly looking for “exclusivity, uniqueness and to ‘dress up’ in special garments”.
Europe, which accounts for 35.7 per cent of total sales, achieved 6.6 per cent sales growth. The brand highlighted strong performance not just in major cities, but also in tourism and luxury resort locations across Europe.
Asia performed well, too, with sales up 12.6 per cent (the region accounts for 27 per cent of total sales). The brand reported solid growth across the region, including in China, Japan, South Korea and the Middle East. Consumers in Asia appreciate high-quality craftsmanship, the label’s ultra-luxury positioning and a lack of logos, according to the brand.
Retail sales (which account for two-thirds of revenue) were up 14 per cent, thanks to selective boutique openings and double-digit growth in digital channels (the brand also launched an artificial intelligence website in July). Wholesale, which makes up a third of revenue, grew 8.8 per cent. The brand the channel plays a “fundamental role in preserving the contemporaneity of the brand, thanks to the expertise, seriousness and ‘taste’ with which multi-brand clients are able to present the collections within their stunning spaces”.
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