MILAN — Brunello Cucinelli’s gross sales have greater than doubled since 2019 and, given its strong development, the corporate now expects to double revenues by 2030 in comparison with 2023.
Nonetheless, the namesake entrepreneur mentioned that is to be achieved whereas sustaining the unique positioning of the model; its nature as a ready-to-wear label, a class that represents round 85 p.c of complete gross sales; upholding the Italian identification, craftsmanship and manufacturing pipeline; a discreet and understated communication technique, and acquiring “a good and wholesome revenue. These are essential for the lifetime of an organization within the long-term,” mentioned Cucinelli, commenting on 2024 earnings throughout a convention name with analysts on the finish of buying and selling on Thursday in Milan.
The luxurious firm closed 2024 on an upward trajectory, with gross sales rising 12.2 p.c to 1.28 billion euros, in contrast with 1.14 billion euros in 2023.
Revenue climbed 19.5 p.c to 128.5 million euros, web of a unprecedented capital acquire because of the sale of a minority stake in Lanificio Cariaggi to Chanel in Might 2023.
Whereas the Cariaggi funding was performed to guard a longtime provider, in the course of the name Cucinelli reiterated that “there isn’t any curiosity in any way in acquisitions, we’re centered on model administration, high quality and craftsmanship.”
First-quarter gross sales and the orders for fall 2025 allowed Cucinelli to substantiate “an improved working revenue” in 2025 and a ten p.c gross sales development this 12 months and in 2026.
Within the 12 months ended Dec. 31, working revenue amounted to 211.7 million euros, up 12.9 p.c from 2023.
Earnings earlier than curiosity, taxes, depreciation and amortization totaled 364.7 million euros, rising 11.8 p.c, and representing a margin of 28.5 p.c of gross sales.
In 2024, gross sales in Italy rose 9.4 p.c to 140.9 million euros, representing 11 p.c of the overall.
Revenues in Europe, excluding Italy, had been up 5.4 p.c to 315.6 million euros, accounting for twenty-four.7 p.c of the overall, boosted by each native and vacationer spending.
Gross sales within the Americas climbed 17.8 p.c to 476.5 million euros, accounting for 37.3 p.c of the overall.
Gross sales in Asia elevated 12.6 p.c to 345.4 million euros, accounting for 27 p.c of the overall.
Retail revenues rose 14 p.c to 851.2 million euros, accounting for 66.6 p.c of complete gross sales.
As of Dec. 31, the corporate had 130 straight operated shops. Final 12 months, crucial openings happened in Miami’s Design District, Toronto (at Yorkdale) and Wuhan, and the Venice and London Sloane Sq. shops had been expanded. In 2025, shops will open in Dubai, Vancouver and Paris, amongst others. The model is offered at 400 multibrand accounts.
The wholesale channel, which continues to be central to Cucinelli’s technique, was up 8.8 p.c to 427.3 million euros, representing 33.4 p.c of gross sales.
Brunello Cucinelli, fall 2025
Courtesy of Brunello Cucinelli
Requested about present buying and selling, chief government officer Luca Lisandroni mentioned “we’re happy with the efficiency within the first quarter, with well-balanced gross sales in America, Europe and Asia and wonderful contribution from each the retail and wholesale channels. The 12 months began in the very best means, it’s a second of nice alternatives and we see continuity in 2025.”
Requested about Saks International’s acquisition of Neiman Marcus and the seller fee change, Cucinelli mentioned they “are one of the best gamers” within the luxurious phase and there are “no massive challenges anticipated. At occasions they wish to assessment the funds however we don’t foresee issues.”
The corporate has earmarked investments of 109.5 million euros, kicking off a 10-year 2024-33 plan that sees the enlargement of its vegetation to double its manufacturing. “We anticipate to finish the tailoring manufacturing with the 4 vegetation in Solomeo, Carrara, Penne and Gubbio on the finish of 2026,” mentioned Cucinelli.
Investments will proceed to normalize from 2027, representing round 7 p.c of gross sales, a stage much like 2023.
Communication investments amounted to 92.3 million euros, up 17 p.c in contrast with 78.9 million euros in 2023.
Costs this 12 months will improve 3.5 p.c, outlined as “natural and pure.”
As of Dec. 31, web debt amounted to 103.6 million euros.
Amongst 2024 highlights, Cucinelli cited the second three-day symposium he hosted in Might in Solomeo, the traditional city he has restored and that homes his namesake firm’s headquarters, which was centered on “exploring the connection between ethics and synthetic intelligence.”
The Common Symposium on Soul and Economics drew the likes of Reid Hoffman, cofounder and government chairman of LinkedIn, and Nicholas Thompson, chief government officer of The Atlantic, to call just a few.
In July, the corporate launched a brand new web site innovated by using synthetic intelligence known as Solomei AI.
The board will suggest a dividend distribution of 94 euro cents per share, a payout ratio of fifty p.c.