Brunello Cucinelli Reports Q1 Revenue Growth, Affirms 2022 FY Forecast

Words by Retail Bum

Brunello Cucinelli expects to deliver on its annual guidance, with sales growing across all geographies.

The Italian luxury brand reported that its Q1 revenue reached $196.9 million, marking a 19.6% increase compared to the year before. The revenue growth was driven by an increase in demand in the Americas, where revenue increased by 37.7% compared to the year before. Europe and Asia came in second, marking an increment of 14.5% in both markets.

“This first quarter of 2022 ended with particularly positive results, and we feel that the brand is experiencing a very favorable momentum worldwide,” said the brand’s founder, creative director and chair.

Overall, retail sales increased by 36.4 percent, whereas wholesale saw a 6.1% increase. The brand benefited from interest and demand for its men’s/women’s FW22 collections in the spring season.

Based on these indicators, the brand expects to deliver a 12% growth rate in 2022 and 10% growth in 2023. These figures account for the company’s loss in sales in Russia. In 2022, the brand expects sales in Russia to represent only 4% of its total sales volume this year, which is significantly lower than the previous two years.

Overall, the brand’s business has remained largely immune to supply chain issues caused by the conflict as it has a fully Italian production base.

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