On Monday, the luxury giant set a new Paris Stock Exchange record by topping a market capitalisation of €250 billion for the first time, its share price having surged by nearly 20% since the start of the year.
In an exclusive interview, Agostino Poletto, general manager of trade show Pitti Immagine, gives FashionNetwork.com an initial assessment of Pitti Connect. The site, launched in July, hosts three virtual exhibitions.
Pitti Immagine has unveiled the website hosting all its trade shows until the end of October, featuring exhibitors’ collections and plenty of content and events, like ‘Sustainable Style’, headlined by Y/Project.
Brunello Cucinelli expects to limit its drop in sales this year caused by the coronavirus crisis to 10% and said it would writedown 30 million euros of unsold garments, which would be donated to humanitarian causes.
Due to lack of participation, the Florence menswear show, whose June session had initially been postponed to September, will not take place. Organiser Pitti Immagine’s other summer shows will not be staged either.
As previously announced, Brunello Cucinelli is stepping down from his label's day-to-day running: he remains executive president and creative director, while Luca Lisandroni and Riccardo Stefanelli are the new co-CEOs.
In Q1 2020, the Italian label recorded a 2.3% slump in revenue, down to €156.7 million, especially felt in its monobrand stores in Italy, the rest of Europe and China, while the wholesale channel helped stem losses.