Italian brand Brunello Cucinelli’s revenue rose 31% in H1 FY23

Italian luxury fashion brand, Brunello Cucinelli, has reported preliminary revenue of €543.9 million for the first half of fiscal year 2023 (FY23) (H1), marking a significant increase of 31 percent at current exchange rates (or 30.5 percent at constant exchange rates) over the same year.

The brand witnessed strong growth across all geographies. The Americas reported revenue growth of 23.9 percent year-on-year (YoY), while Europe grew by 22.6 percent YoY. In the company’s home market, Italy, revenue rose 23.7 percent year over year, and in Asia revenue grew 55.6 percent year over year, Brunello Cucinelli said in a press release.

Italian fashion brand Brunello Cucinelli reported H1 FY23 revenue of €543.9 million, up 31 percent year-on-year. Notably, retail sales grew by 41.6 percent and wholesale by 15.8 percent. Buoyed by the strong H1 performance, the company raised its 2023 revenue growth forecast to 19 percent from 15 percent to 17 percent.

A significant increase in revenue was also observed in both sales channels. Retail sales grew 41.6 percent year-over-year and wholesale sales grew 15.8 percent.

The company revised upward its revenue growth estimate for 2023. Previously expected at 15 percent, growth is now forecast to be between 17 percent and 19 percent.

Brunello Cucinelli, executive chairman and creative director of the fashion house, said: “The first half of this year ended with more than excellent results. We like to think that we are capturing what the brand stands for in its style and the way it balances the relationship with work and creation.

“Thanks to the strong demand for handcrafted and exclusive products, we maintain a very positive outlook on the absolute luxury global market. As a result, we are very confident about the future performance of the business for the current year, where we expect to end the year with sales growth of between 17 and 19 percent.”

Fibre2Fashion News Desk (DP)

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