Brunello Cucinelli stock falls after allegations of illegal sales in Russia

The king of Italian cashmere and champion of humanistic capitalism is accused by short-selling firm Morpheus Research and hedge fund Pertento of violating strict regulations on luxury goods sales in Russia. Brunello Cucinelli denies such practices and is considering legal action to protect his reputation.

Brunello Cucinelli on the wall of shame of companies that have continued to trade with Russia despite sanctions?

The accusation is all the more painful given that the DNA of the cashmere specialist, founded in 1978 in Umbria by the eponymous designer, has always been rooted in a social and ethical approach, a self-proclaimed humanistic approach to capitalism.

Plunge on the Milan Stock Exchange

Formulated on Thursday, September 25, by Morpheus Research and in a report published this summer by London-based hedge fund Pertento, this accusation caused a veritable bloodbath on the stock market.

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Featured photo: © Brunello Cucinelli