The Italian luxury fashion house Brunello Cucinelli generated sales growth of 31 percent to 543.9 million euros in the first half of the year. Profit (EBIT) rose by 51.8 percent from EUR 57.8 million in the previous year to EUR 87.7 million. The half year ended on June 30th.
In addition to the increased sales, the good result was ensured by a healthy EBIT margin of 16.1 percent, “a balanced cost structure and the complete elimination of the temporary effects of the pandemic that had characterized the previous periods,” says the press release.
The growth in operating expenses reflects the expansion of business activities, the development of new initiatives, the targeted growth of the network and the significant investments in communications. As of June 30, 2023, these amounted to EUR 36.3 million, compared to EUR 20.4 million in the same period of the previous year.
The good performance makes the company optimistic for the year as a whole. The excellent results of the first half of the year and the good sales development mean that sales growth of around 19 percent can be expected for 2023.
Brunello Cucinelli, Executive Chairman and Creative Director, describes the year to date as “very impressive”. Cucinelli: “The first half of 2023 ended with excellent results, both in terms of sales and profit. We believe that there is a strong global demand for ready-to-wear clothing characterized by high quality and craftsmanship, with a particular emphasis on the exclusivity and rarity of these pieces. All of this means great satisfaction for “positioning our brand” at the top of the luxury pyramid.”