Cucinelli defies gloomy industry trends with increasing sales

Brunello Cucinelli’s sales rose 12.7 percent at constant exchange rates in the first nine months of the year, driven by double-digit growth in the Americas and Asia, the Italian luxury group said on Thursday.

As global demand for luxury goods slows, the Italian group continues to grow, helped by its focus on upscale consumers and a smaller exposure to China compared to its rivals.

In the third quarter itself, revenue rose 9.2 percent to 300 million euros ($325 million), slightly exceeding the consensus of 298 million euros cited by Equita analysts.

Sales also rose in the Chinese market in the three months to September, the company added.

The luxury brand, best known for its cashmere clothing, confirmed its expectations for sales growth of around 10 percent for 2024 and beyond.

“Given the significant orders already received for the Spring/Summer 2025 men’s and women’s sales campaign, we can reiterate our plans for healthy, sustainable growth and forecast sales growth of approximately 10 percent for 2025 and 2026,” said Executive Chairman Brunello Cucinelli in a statement.

Earlier this week, French luxury giant LVMH reported a 3 percent decline in third-quarter sales as demand weakened in China and Japan.

Reporting by Elisa Anzolin. Editing by Keith Weir

Learn more:

In the decline of luxury

Economic headwinds, high prices and a lack of innovative design are weighing on fashion’s most dynamic segment to date. How severe is the slowdown and how long will it last?