Brunello Cucinelli Anticipates Good Profit as 2023 Revenue Increases

Brunello Cucinelli Anticipates Good Profit as 2023 Revenue Increases

Italian luxury-fashion company, Brunello Cucinelli, has reported an increase in preliminary 2023 revenue and expects a favorable profit for the year. The company's total revenue for the year reached €1.14 billion ($1.25 billion), compared to €919.5 million in the previous year, marking a 24% increase at current exchange rates.

In the fourth quarter, Brunello Cucinelli recorded a revenue of €321 million, a 16% rise compared to the same period last year. Analysts had predicted full-year revenue of €1.129 billion, according to estimates compiled by FactSet.

Europe was the major contributor to the company's revenue, generating €428.1 million, a 17% increase. The retail channel accounted for the largest part of revenue, with €746.66 million and a sales weight of 65.5%.

Brunello Cucinelli expressed optimism about the upcoming months, stating, "The opening of sales for Spring-Summer 2024 is very positive and follows an impressive order intake, enabling us to look ahead to a very interesting first half of the year."

The company reaffirmed its guidance for the entire year and expects sales to grow by approximately 10%, along with promising margins and profits. Additionally, they anticipate a 10% increase in turnover for the year 2025.