On October 17, after the market closed, Italian luxury brand Brunello Cucinelli released its financial results for the third quarter and first nine months of 2024, ending on September 30:
Revenue for the third quarter increased by 9.2% year-on-year to €300 million, which the company noted was particularly valuable given last year’s strong performance. For the first nine months, revenue reached €920.2 million, a 12.4% increase compared to the same period in 2023, calculated at current exchange rates (12.7% at constant exchange rates).
Although the third-quarter growth of 9.2% was notably lower than the 14.1% growth in the first half of the year, it is still impressive given the current challenging global market conditions.
Brunello Cucinelli achieved balanced and solid results in both the Western markets (Americas up 17.6%, Europe up 8.0%) and Eastern markets (Asia up 12.2%) during the first nine months. Notably, the sales quality in the Chinese market remains very high, with significant growth in the third quarter.
Retail channel sales grew by 13.3%, while wholesale channels saw a growth of 11.0%.
As of the close of trading on October 18, Brunello Cucinelli’s share price rose by 4.66% to €96.5, bringing the market capitalization to €6.64 billion. Over the past 12 months, the share price has increased by 34.87%.
Brunello Cucinelli, Executive Chairman and Creative Director, commented, “We are particularly pleased with the highly positive momentum our brand is currently enjoying from all perspectives. We have always sought to build an authentic relationship with our esteemed clients, one that allows us to enhance and deepen the “special” connection that binds us, including through what we like to call “artisan” events. We can clearly feel the genuine trust our clients place in our work. The outstanding results from the first nine months of the year, the excellent sales of the Fall-Winter 2024 collections, and our ongoing commitment to garments of the highest craftsmanship allow us to confidently maintain our revenue growth forecast of approximately +10% for 2024.”
He added, “We see significant opportunities in the exclusive, true luxury market for our brand as well, driven by the appreciation for the style, exclusivity, and craftsmanship embodied by our collections,” which include:
- An exclusive network of directly operated boutiques, continuously striving to offer customers a modern, appealing space that aligns with the brand’s aesthetic values;
- A dynamic wholesale channel, with broad and balanced geographic distribution, allowing for long-term planning in partnership with clients;
- Balanced revenue distribution across international markets;
- A discreet and elegant communication style that reflects the brand’s core values, fostering genuine and important connections with end customers;
- A well-balanced contribution from both menswear and womenswear collections, demonstrating stable and nearly equal growth;
- Continued synergy across product categories (apparel, accessories, fragrances, and eyewear), defining a unique taste identity and guaranteeing value for money.
On September 12, Brunello Cucinelli showcased its second fragrance collection, set to launch in late 2024, to 200 global multi-brand clients at its headquarters in Solomeo. The first fragrance collection was launched in March 2023, featuring both men’s and women’s scents, including a 100ml bottle priced at RMB 1,595. The second collection, named “Incanti Poetici” (Poetic Charms), will feature six new fragrances, positioned at the ultra-premium segment, with distribution strategies aligned with the brand’s key principles.
—Performance by Market in the First Nine Months—
In Europe, Brunello Cucinelli achieved stable and positive results, both in major cities and high-end resort destinations, driven by strong local customer contributions and resilient tourism during the reporting period. Retail sales grew across all regions, with a more diverse mix of tourist nationalities than in previous seasons. Multi-brand channel performance was also strong, with excellent results at the close of the 2024 Spring/Summer season and the start of the Winter collection, particularly in Italy, where final-quarter shipments supported the brand’s performance.
The 2025 Spring/Summer women’s collection presentation during Milan Fashion Week in September also received highly positive feedback. In addition to significant order volumes, both domestic and international media praised the brand’s designs.
In the Americas, North America remains a core market for Brunello Cucinelli, with a highly loyal customer base that continues to demand unique, high-quality garments with exceptional craftsmanship. “New customers are also drawn to our distinctive products and the brand’s appeal, and they share our appreciation for the ‘healthy profit’ philosophy underpinning our collections,” the company said.
Both sales channels performed well, with a strong start to winter sales and significant growth in order activity for the 2025 Spring/Summer collections.
In the Asian market, results were strong across the region, including in China, Japan, South Korea, and the Middle East, with all countries achieving steady growth. The sales quality in China remains high, with notable third-quarter growth. Brunello Cucinelli emphasized that this is closely related to the brand’s market positioning, exclusive distribution in China, and the high craftsmanship of its handmade garments, as well as the aesthetic appeal of its collections, which align with the expectations and needs of local customers.
Sales in Japan and South Korea were also very positive, supported by strong local demand and contributions from tourism. Performance in the Middle East was equally satisfactory, with local customers and international tourists driving further growth in the Gulf region.
—Performance by Channel in the First Nine Months—
Retail channel sales showed strong, double-digit growth in both the first nine months and the third quarter. Brunello Cucinelli noted that this performance was particularly impressive given the high comparative base from last year.
In terms of physical stores, Brunello Cucinelli opened a flagship store in Miami in May 2024, and added two new stores by the end of the third quarter, bringing the total number of boutiques in its global network to 128 as of September 30, 2024.
Digital sales also saw steady growth, partly driven by the launch of the new Brunello Cucinelli AI website in mid-July 2024, which attracted increased attention and traffic. The new website, which took three years to develop, has led to a significant rise in overall traffic, more frequent interactions, and longer visitor engagement.
The wholesale channel also performed strongly in sales of the 2024 Fall/Winter collection, with positive results from the 2024 Spring/Summer collection as well, supported by timely restocking. Overall growth in the wholesale channel was driven by early demand for Fall/Winter 2024 garments, with deliveries starting as early as the end of the second quarter. Brunello Cucinelli noted, “Given this demand, slightly earlier than last year when the sales of the Fall-Winter 2023 collections had carried more weight in the following weeks, we are fully satisfied with the very high quality and timing of our deliveries, which enabled us to meet the requirements of wholesale partners in the best way.”
Looking ahead, Brunello Cucinelli reaffirmed its growth forecast of around 10% annually for the three-year period from 2024 to 2026, with balanced and healthy profits. The company continues to target a doubling of revenue by 2030 compared to 2023.
This forecast is supported by important investment plans, including new store openings already signed for 2025, and further expansion of handmade production facilities as part of the brand’s strategy to secure production capacity for the next decade. This includes doubling the size of the factory at the company’s headquarters in the village of Solomeo and building new production facilities in Italy.
｜Source: Brunello Cucinelli official website and financial reports, Luxe.CO historical reports
｜Image Credit: Brunello Cucinelli official website
｜Editor: Wang Jiaqi
