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Brunello Cucinelli reports better than expected results for 2021

Brunello Cucinelli reports better than expected results for 2021

Italian fashion brand Cucinelli has reported better-than-expected results for the year 2021, despite a volatile and fluctuating environment due to the global Covid-19 pandemic.

 

Cucinelli is forecasting a 31% increase in sales in 2021, at current exchange rates, after the Covid-19 pandemic caused a 10% decline in sales in 2020.

 

According to Refinitiv SmartEstimate, analysts had forecast sales of €703 billion in 2021. Far from the reality, total net sales amounted to €712 billion, an increase in sales of 19% compared to 2019, the year before the arrival of the global pandemic.

 

Following its 2021 earnings announcement, the brand is aiming for “nice, healthy and balanced growth of around 10%” for the current year and 2023, despite the Covid-19 epidemic rebounding worldwide.

 

See Also

 

Read also > ACCORDING TO THE FINANCIAL TIMES, LVMH IS THE BIG WINNER OF THE COVID-19 CRISIS

 

Featured photos : © Brunello Cucinelli

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