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The luxury group yesterday unveiled an increase in profit as well as 2022 revenue. Also on the strength of excellent results at the beginning of 2023, Brunello Cucinelli has revised its forecasts upwards.
Everything is going well for Brunello Cucinelli. The Italian luxury brand’s board of directors approved its 2022 consolidated balance sheet on Wednesday. These show a profit of 87.2 million euros, up 55% from 2021.
Net sales for the year 2022 grew by 29% to 919.7 million euros.
Europe accounted for 40% of sales and the Americas for 36%. Sales in Asia, meanwhile, accounted for 24 percent, with China continuing to represent “the largest opportunity for development” and where the company achieved “double-digit growth in 2022 despite pandemic-related restrictions,” the group said in a statement. The retail and wholesale channels contributed 62 percent and 38 percent of total sales, respectively.
Other indicators also increased, starting with EBITDA, which rose to 266.4 million euros from 193.3 million euros the previous year. Despite the acquisition of 43% of Lanificio Cariaggi Cashmere for 15.05 million euros, the relative value of debt stood at 7.1 million euros as of December 31, 2022, compared to 23 million euros a year earlier.
Forecasts revised upwards
On the same day, the brand known for its cashmere garments raised its revenue growth forecast for 2023 to 15%, up from a previous estimate of 12%, due to a good start to the year and strong orders for the coming seasons.
“Given the excellent sales of the almost completed first quarter and the conspicuous order intake for fall-winter 2023 for men and women, we have chosen to raise our estimates to a revenue growth for the year of about 15%, and at the same time we imagine for 2024 a healthy increase of about 10%,” said Brunello Cucinelli, the fashion house’s executive chairman and creative director.
The board of directors is proposing a dividend of 0.65 euros per share, up from 0.42 euros in 2021, with a 50% payout.
Read also >Lalique Group Announces Strong Sales Growth in 2022
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The luxury group yesterday unveiled an increase in profit as well as 2022 revenue. Also on the strength of excellent results at the beginning of 2023, Brunello Cucinelli has revised its forecasts upwards.
Everything is going well for Brunello Cucinelli. The Italian luxury brand’s board of directors approved its 2022 consolidated balance sheet on Wednesday. These show a profit of 87.2 million euros, up 55% from 2021.
Net sales for the year 2022 grew by 29% to 919.7 million euros.
Europe accounted for 40% of sales and the Americas for 36%. Sales in Asia, meanwhile, accounted for 24 percent, with China continuing to represent “the largest opportunity for development” and where the company achieved “double-digit growth in 2022 despite pandemic-related restrictions,” the group said in a statement. The retail and wholesale channels contributed 62 percent and 38 percent of total sales, respectively.
Other indicators also increased, starting with EBITDA, which rose to 266.4 million euros from 193.3 million euros the previous year. Despite the acquisition of 43% of Lanificio Cariaggi Cashmere for 15.05 million euros, the relative value of debt stood at 7.1 million euros as of December 31, 2022, compared to 23 million euros a year earlier.
Forecasts revised upwards
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The luxury group yesterday unveiled an increase in profit as well as 2022 revenue. Also on the strength of excellent results at the beginning of 2023, Brunello Cucinelli has revised its forecasts upwards.
Everything is going well for Brunello Cucinelli. The Italian luxury brand’s board of directors approved its 2022 consolidated balance sheet on Wednesday. These show a profit of 87.2 million euros, up 55% from 2021.
Net sales for the year 2022 grew by 29% to 919.7 million euros.
Europe accounted for 40% of sales and the Americas for 36%. Sales in Asia, meanwhile, accounted for 24 percent, with China continuing to represent “the largest opportunity for development” and where the company achieved “double-digit growth in 2022 despite pandemic-related restrictions,” the group said in a statement. The retail and wholesale channels contributed 62 percent and 38 percent of total sales, respectively.
Other indicators also increased, starting with EBITDA, which rose to 266.4 million euros from 193.3 million euros the previous year. Despite the acquisition of 43% of Lanificio Cariaggi Cashmere for 15.05 million euros, the relative value of debt stood at 7.1 million euros as of December 31, 2022, compared to 23 million euros a year earlier.
Forecasts revised upwards
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