Cucinelli, the Italian cashmere specialist, once again posted strong growth at the start of the year, with double-digit rates in all its markets. The atypical model of this independent, family-run group, founded in 1978 by Brunello Cucinelli as “an illustration of humane capitalism”, is proving to be an enduring success.
Brunello Cucinelli , the eponymous Italian founder and executive chairman of the group, is a UFO in the luxury sector. And in more ways than one.
At a time when luxury groups are starting to stick out their tongues in an inflationary world marked by the slowdown of the Chinese market, his family-run group continues to prosper.
While maintaining its independent line, it also continues to distinguish itself by its capitalism with a human face, sharing its success with its employees.
The “king of Italian cashmere”, which has expanded its offer to include high-end, “quiet luxury” fashions, once again posted excellent growth (+16.5% at current exchange rates) in the first quarter of 2024. Sales reached 309 million euros ($328.81 million).
Lvmh and Kering jealous?
In other good news, Brunello Cucinelli said in a statement that “the abundant accumulation of orders for the autumn-winter 2024 collections” led “to reiterate” expectations “for the full 2024 financial year with renewed conviction: that of sales growth in the order of 10% and a healthy and fair profit“.
Enough to make Lvmh jealous , whose sales grew by just 3% in the first quarter of 2024, and above all, Kering, which warned to expect a decline in sales of “the order of 10%” during the first three months of the year.
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Read also > BRUNELLO CUCINELLI SIGNS A FINE 2023
Featured Photo: © Brunello Cucinelli
