Brunello Cucinelli growth when it comes to sales in 2023
Brunello Cucinelli saw strong sales in its ultra-premium segment and a 40.4% growth in sales in Asia, contributing to its €1.14 billion in sales. The brand anticipates sales of more than €1.5 billion in 2024, so these are positive results.
Brunello Cucinelli increased its sales by 24%
A new year means a review of 2023. The financial report of Brunello Cucinelli was released, showcasing double-digit growth in every geographical area and distribution channel.
Sales for the brand reached €1.14 billion in 2023, up 24% from 2022. The best quarter was the last one of the year, when sales increased by 15.6% to €321 million. Encouraged by these historic sales, the brand’s designer committed a minimum of €78 million to its marketing, product development, and corporate social responsibility plan. Recognised expertise that benefits the brand’s top-of-the-range positioning.
Retail sales increased by +30.2%, while wholesale sales increased by +13.4% in terms of distribution channels.
Every geographic location had a role in its expansion. The brand’s biggest market, Europe, saw a 16.8% increase in sales to €428 million. America produced €404 million in revenue, a 20.8% increase. With sales of 307 million euros, up 40.4%, Asia performed better.
For the fashion house, all of these outcomes portend a historic year in 2024. The brand is placing its bets on sales of 1.5 billion euros over the next twelve months and growth of +10%, even though the spring-summer 2024 collection appears to have found its audience from the beginning of the year.
Additionally, The designer intends to build a new 4,500 square meter factory in Italy in 2025, located in Penne, in the central region of Abruzzo, employing about 350 artisans. Made-to-measure suits and men’s outerwear lines will be the focus of this factory.
Bruno Cucinelli, commenting on the preliminary figures for 2023, said that:
“Given the excellent quality of sales, we are expecting a very good profit. We are also honored by the image our Casa di Moda conveys to the world of luxury craftsmanship and lifestyle.”
An “excellent start” to 2024 and strong spring orders “result in a most optimistic outlook for the first half of this year.” Cucinelli, the executive chairman and creative director of the company, made this statement at the close of trading on Monday at the Milan Stock Exchange. “In light of all this, we are confirming our great confidence for this year, where we envisage a gracious, comfortable and healthy growth of around 10 percent,” Bruno Cucinelli said. He also maintained his prediction of growth of ten percent by 2025.
The brand’s uniqueness, artistry, and harmony between various sales channels and regional markets were credited with the performance. Strong like-for-like performance and sellouts of the spring and fall 2023 collections drove a 30.2 percent increase in retail sales to 746.6 million euros, or 65.5 percent of the total, at constant exchange rates.
The brand had 49 hard shops and 125 retail boutiques as of December 31. Sales of wholesale goods increased by 13.4% to 392.7 million euros.
In general, Italy’s sales increased by 25.3% to 128.7 million euros in 2023, or 11.3 percent of the total.
A private dinner in New York City, an exclusive capsule collection, a visual takeover of Saks Fifth Avenue’s New York flagship, and digital content across Saks’ channels were all part of the celebration of Saks and Cucinelli’s 25-year partnership in October.
Saks unveiled the first Cucinelli fragrances, licensed to EuroItalia as the exclusive wholesale partner in the United States, concurrently with the launch of the capsule and the takeover of the New York flagship.
Bruno Cucinelli also threw “Una Serata Italiana” (an Italian evening) at Chateau Marmont in Los Angeles, where Oprah Winfrey, Demi Moore, Jennifer Lopez, and Ava DuVernay were among the guests.
Conclusion: 2023 was a successful year in financial terms for Brunello Cucinelli.
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