Brunello Cucinelli Raises 2021 Sales Forecast Again

Italian luxurious group Brunello Cucinelli raised its 2021 gross sales steering for the second time this yr on Tuesday after revenues jumped within the three months to June, accelerating a restoration from the low level of the coronavirus pandemic.

The corporate mentioned revenues soared by virtually 60 % at fixed change charges within the first half of the yr to 313.7 million euros ($370.6 million) in contrast with the identical interval of 2020.

In opposition to 2019 ranges — earlier than the pandemic hit — gross sales had been up 10 % within the first half and up 13.8 % within the second quarter.

The model recognized for cashmere clothes, which had already raised its gross sales outlook in March, mentioned it now anticipated full-year progress of round 20 % and a rise of round 10 % in 2022.

In March it had forecast gross sales progress of 15-20 % for 2021 and 9-10 % for 2022.

Gross sales fell by 10 % final yr as a result of fallout from the well being disaster.

The group had posted a 7 % improve in gross sales at fixed change charges within the first quarter, with revenues coming in simply 3 % above 2019 ranges.

Comparisons with the second quarter of 2020 are beneficial for many retailers because it was notably hit by the pandemic, with the majority of retailers worldwide closed.

Cucinelli is the primary Italian luxurious group to launch second-quarter gross sales, and its efficiency provides to indicators the sector has bounced again quicker than initially anticipated.

The European market, which accounts for 43.7 % of the corporate’s complete gross sales, together with Italy, grew by 9.2 % in comparison with the primary half of 2019. Gross sales progress in Asia was double that.

The corporate lately introduced a partnership with EssilorLuxottica’s model Oliver Peoples for the launch of its first eyewear assortment.

By Claudia Cristoferi; Enhancing by Silvia Aloisi and Mark Potter