Brunello Cucinelli surfs on growth of 32% in first nine months of 2021
Brunello Cucinelli continues to make strong progress. The Italian luxury brand specialized in cashmere achieved revenues of 502.6 million euros between January and September 2021, up 9.4%, or 12.2% in constant currencies, compared to the same nine-month period in 2019, with an acceleration in growth in the latest quarter. Compared to the first nine months of 2020, the increase was 32.7%. In line with these results, the company now expects to see annual growth of 25% in 2021.
"The first nine months of the year have gone very, very well indeed; the Autumn Winter 2021 collections are proving very successful worldwide and everywhere we are seeing a strong desire to return to physical stores," said the company's executive chairman and creative director, Brunello Cucinelli in a release. "with the Spring Summer 2022 order collection now complete, we can imagine a next year lived in the healthy balance between work and private life with a growth in turnover of around 10%."
From a geographical point of view, Brunello Cucinelli saw double-digit sales growth across all markets compared to the first nine months of 2020. In Asia the rise was 35.9%, in the Americas 37.4%, and in Europe 31.6%. Italy saw a 21% increase, with growth of 56.5% in retail and 13.5% in the wholesale channel.
However, when compared to the first nine months of 2019, the group has not returned to pre-pandemic levels of revenue in Italy, where sales totaled 70.8 million euros, down 6.9% compared to two years ago, despite improving trends. Still in comparison to 2019, the company's sales in Asia rose 18% to 119 million euros, representing 23.7% of Brunello Cucinelli's total revenues for the period.
Excluding Italy, the house also made progress in Europe, a region which accounted for 30.1% of the company's revenues in the nine-month period, rising 14.1% to 151.4 million euros. The company saw solid performances across the continent, particularly in Russia, and in Northern and Central Europe, as well as more generally in large cities. In the Americas, the brand reported sales of 161.2 million euros, up 7.9% compared to the first nine months of 2019.
Between January and September 2021, retail sales increased 15.6% compared to the same period two years ago, totaling 264.8 million euros and representing 52.7% of the brand's revenues. On September 30, the company's retail network was made up of 113 stores, compared to 107 at the same date in the previous year. Wholesale revenues were 237.7 million euros, increasing 3.3% compared to the first nine months of 2019.
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