Brunello Cucinelli turnover grows by 31% in 2021, rising 17% over 2019
Italian cashmere specialist Brunello Cucinelli recorded a revenue of €712 million in 2021, equivalent to a 30.9% increase over the previous year, and to a remarkable 17.2% rise over 2019.
The label recorded revenue growth in all its regions, posting a 23.2% rise in Italy (which was down 6.2% on 2019), a 26.5% rise in the rest of Europe (up 23.8% over 2019), a 36.7% increase in the Americas (up 15.8% over 2019) and a 32.9% growth in Asia (up 26% over 2019).
“The great European luxury capitals, such as Paris, Milan and London, have shown significant responsiveness in terms of sales recovery, and especially in the desire of customers to ‘enjoy’ the stores’ physical spaces again, something which led us to organize several events and meetings inside our stores. We were particularly excited about the ‘official’ inauguration of the new boutiques in London on New Bond Street and in Paris on Avenue Montaigne. With their charm and warmth, they are both an excellent example of our idea of hospitality,” stated the label in a press release.
“In addition to the excellent results in Russia, a country that during these months made an important contribution to our growth in Europe, in the second half of the year we appreciated the contribution of central and northern Europe and of second-tier cities, as well as our progressive recovery in the Mediterranean area, also thanks to the rise in regional tourism flows and renewed visits by our international customers, particularly from North America."
Distribution-wise, the direct retail channel (accounting for 58.9% of total revenue and consisting of 114 monobrand stores and 44 department store concessions), grew by 56% over 2020 and by 23.5% over 2019. The wholesale channel’s growth was weaker at 6.3% (but the channel was up 9.1% over 2019), and the channel's share of revenue fell to 41.1%, from 44.1% two years ago.
“The year 2021 has been one of the best ever for our fashion house. We achieved significant results both in terms of financials and worldwide brand image, which have led us to label this year as the year of rebalancing,” said Executive President and Creative Director Brunello Cucinelli. “The Spring/Summer 2022 collections and the Fall/Winter 2022 pre-collections have been greatly appreciated by both buyers and the international media. Building on these results, we imagine a fine, well-informed and balanced growth of around 10% for the current year. All this will enable us to work with healthy focus and dedication, envisaging a bright future for our house, for our region and the next generations."
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