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Well oriented in 2022, Cucinelli also sees 2023 in pink

Well oriented in 2022, Cucinelli also sees 2023 in pink

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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.


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Forecasts revised upwards



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