On July 11, Italian luxury brand Brunello Cucinelli announced that sales for the first half of 2024 reached €620.7 million, representing a 14.1% increase in sales (+14.7% at constant exchange rates) over the same period last year. With this sales performance, the company achieved sales of €312 million in the second quarter, up from €309 million in the first quarter.
The brand’s sustained performance growth has been remarkable since the Quiet Luxury trend hit the fashion industry.
Commenting on the first half of the year, Brunello Cucinelli, Executive Chairman and Creative Director of the Casa di Moda said, “The first half of the year closed reporting excellent results in terms of turnover, and given the quality of sales, we expect the same in profits. We feel that the brand is experiencing a very positive momentum in terms of global image. This leads us to confirm our 2024 projected sales growth of around 10%, as well as adequate profits,”
“As the men’s spring summer 2025 sales campaign is almost over and the women’s has started, given the orders in our portfolio and the excellent Spring Summer 2024 sell-outs, we envisage for 2025 a healthy growth of around 10%,” he added.
Sales by Market and Channel
Looking at Brunello Cucinelli’s sales by market, the Americas market achieved the highest growth rate with €225.6 million in sales, a 19.4% increase over the same period last year. This figure represents 36.4% of total sales. In North America, both in major cities and resort regions, there is a rising demand for exclusive, high-quality artisanal products, particularly in upscale department stores where customer traffic has markedly increased.
Following this, the Asian market achieved sales of 174 million euros, marking a 14.3% increase compared to the same period last year. Notably, all regions, including China, Japan, Korea, and the Middle East, performed exceptionally well.
Sales in the European market totaled €221.1 million, a 9.0% growth compared to the same period last year.
The company reported strong demand for top-end luxury across all European markets, with a steady influx of both local customers and tourists from America and Asia, evident in major luxury capitals as well as the most exclusive resort destinations.
Looking at sales by channel, retail sales were €395.2 million, up 14.7%, and wholesale sales were up 13.1% to €225.5 million. As of June 30, 2024, the company had 126 retail boutiques.
Brunello Cucinelli’s vision: sustainable growth and innovation
In addition to these strong sales in the first half of the year, the company is projecting sales growth and profits of approximately 10% in 2025, based on orders and initial sellouts of the fall/winter 2024 collection. The company also declared that it aims to double its sales by 2030 as part of its long-term growth plan.
To achieve these sales goals, Brunello Cucinelli is planning major investments to expand its artisan production capacity. Specifically, the company will double the size of its Solomeo factory and open a new manufacturing facility in Italy in the next two years. This guarantees production capacity for the next 10 years.
Brunello Cucinelli is also keen to integrate AI into the fashion industry. According to the press release, the company will soon unveil a new corporate website that will incorporate AI technology. The project, which took three years of meticulous work, was conceived and built with AI and is probably one of the first of its kind in the world.
Organizational Changes
Regarding the company’s Board of Directors, Camilla Cucinelli and Carolina Cucinelli were appointed as Vice Presidents. In addition, the Board of Directors appointed Katia Riva as a new non-executive director, replacing Emanuela Bonadiman, who resigned on June 13, 2024. Riva will join as a member of the control and risk committee and the remuneration and appointments committee. Furthermore, Chiara Dorigotti has been nominated as chair of the remuneration and appointments committee.
Brunello Cucinelli is a luxury fashion brand founded in Italy in 1978 and listed on the Borsa Italiana in 2012. Known for its top-quality cashmere products, the brand now also offers lifestyle and ready-to-wear products that offer sophisticated everyday style. The company aims for ethical and sustainable development by combining traditional Italian craftsmanship with modern design.