Brunello Cucinelli increased revenue in the first quarter by 16,5%
With LVMH recently reporting a 2024% drop in revenue for the first quarter of 2 due to overall stagnation in the luxury market, Italian fashion house Brunello Cucinelli has bucked the trend. In the first quarter of the year, the brand's revenue grew by 16,5% to reach 309,1 million euros. The Solomeo Group has published sales results for the first quarter of 2024, which show strong growth and allow it to expect to end 2024 with 10% growth.
The retail channel, which includes Brunello Cucinelli's global network of boutiques, generated revenue of €188,6 million, up 15% from sales generated in the first quarter of fiscal 2023 and accounting for 61% of total sales.
As of March 31, 2024, the number of retail boutiques remained at 125, the same as at the end of December 2023, and increased from 122 boutiques as of March 31, 2023, the company said in a press release.
The wholesale channel also performed well, with revenue up 19% to €120,5 million and accounting for 39% of total revenue.
In a press release, the fashion house said that the company was faced with a “structural increase in demand for the highest luxury segment in America (turnover 114,2 million euros, +19,5%), in Europe (108,8 million euros, +13,9. 86,1%) and in Asia (16 million euros, +XNUMX%), which fully confirms the excellent potential for development.”
“The first quarter of this year ended with excellent sales results, which perfectly reflect the popularity that our collections and lifestyle are gaining around the world. The strong accumulation of orders for the autumn-winter 2024 collections - both men's and women's - and the extremely positive nature of comments from international journalists and major multi-brands regarding our style of "subtle luxury" prompted us to reaffirm with renewed conviction our expectations for the whole of 2024: revenue growth in the region of 10% and a healthy and fair profit,” said Brunello Cucinelli, executive chairman and creative director of the fashion house.
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