Italy’s Cucinelli reports 31% revenue-jump in '21; sales return to pre-pandemic level

• Financial

Brunello Cucinelli SpA, the 44-year old Italian luxury fashion brand, had reported a 31 per cent upsurge in 2021 revenues at current currency conversion rates, which had been well in an alignment with the analysts’ estimate, while the fashion brand’s sales had returned to a pre-pandemic level, too.

However, during pandemic-battered 2020, the Corciano-headquartered Italian luxury group had posted a 10 per cent drop in revenues. On top of that, latest report from Brunello Cucinelli underscoring a 31 per cent jump in revenues last year, came forth a month after the fashion giant had raised its 2021 sales forecast for the fourth time in less than a year, while the luxury fashion brand also had forecasted an annual growth close to 30 per cent and reiterated anticipations of a “nice, healthy and balanced growth of around 10%” in 2022 and 2023 each.

Cucinelli reports 31 per cent revenue surge in 2021

Nonetheless, despite an upbeat yearly revenue surge, shares’ prices of Milan-listed Brunello Cucinelli had closed out the session 4.52 per cent lower to €58.05 apiece, as an omicron-surge in Europe alongside a soaring inflation with an ultra-dovish monetary policy from ECB, had reportedly been stemming to a mass-scale slaughter in capital markets across the Europe.

According to the luxury fashion brand that sells menswear, women’s wear and accessories in North American, Europe and East Asia, Cucinelli’s net sales stood at €712 million or $806.3 million last year, marking off an increase of 17 per cent compared to 2019, handsomely beating an analysts’ estimate of €703 million.