Despite a challenging economic climate destabilising the luxury goods sector, Brunello Cucinelli is posting impressive performances. With a 12% increase in sales in 2024 and solid growth prospects, the Italian king of cashmere has confirmed its status as a benchmark in the sector.
Despite the impact on the luxury goods sector of the slowdown in consumer spending in certain regions, some companies continue to post solid positive results. This is the case for Brunello Cucinelli, the Italian king of cashmere, which ended 2024 with a remarkable 12% rise in sales to €1.278 billion.
The Italian fashion group has also just announced a record figure for its third quarter of 2024, with revenues of €358 million. And the outlook is just as promising: with financial results for 2024 higher than initially forecast (12% instead of 11%), Cucinelli is now looking to double its revenues by 2030, forecasting annual growth of 10% for the next two years.
The company points to steady sales growth over the quarters, with a clear acceleration towards the end of the financial year. It plans to publish its full annual results on 13 March, but is already expecting a very positive balance sheet in terms of revenues and profits.
Based in Solomeo, the company, founded by the eponymous philanthropist, has achieved the remarkable feat of continuing to grow in a challenging economic climate, where many players in the luxury goods industry are facing slowing sales and sluggish performance. This success is based on strategic strengths shared by other stable brands, such as Hermès.
The Italian brand particularly benefits from an ultra-affluent clientele, little affected by the economic turbulence. It also relies on the timelessness of its designs, the excellence of its craftsmanship, and the impeccable quality of its raw materials. In addition, the company is aware of the need to adapt to new consumer demands and focuses on making the business more competitive in a highly competitive textile market. This was recently demonstrated by the €108 million investment in 2024 to optimise its digital and commercial network.
In addition, the company's headquarters in Umbria will soon be doubled in size, and new manufacturing units will be opened in Italy. Finally, Brunello Cucinelli is capitalizing on the ‘quiet luxury’ trend that emerged after the Covid-19 pandemic, characterised by an attraction for minimalist designs and exceptional materials, perfectly in tune with the identity of the Italian house.
Partager l'article
Continuez votre lecture
Four Seasons Hotel Group enters the world of cruises
By the end of 2025, a first 207-metre yacht will be delivered by the Fincantieri shipbuilding group. As a sign that the maritime adventure will not be an isolated initiative, Four Seasons has already ordered two more ships from the Italian shipbuilder.
By Eva Morletto
Luxury Slowdown May Continue Till 2027 According to McKinsey
Economic headwinds and miscalculated strategies are expected to constrain the luxury goods industry’s growth to a modest 1% to 3%, annually, through 2027, according to McKinsey & Co.’s latest State of the Fashion report.
S'inscrire
Newsletter
Soyez prévenu·e des dernières publications et analyses.