Italy's Cucinelli defies slowdown fears with 16.5% growth in sales
Reuters
Published Apr 17, 2024 17:18
MILAN (Reuters) -Italian luxury group Brunello Cucinelli said on Wednesday its sales rose 16.5% at current exchange rates in the first quarter, driven by growth in all regions, including Asia.
As demand for luxury goods slows, the gap between the performances of different groups widens, with those focusing on the higher-end consumers tending to perform better.
A profit warning issued by Kering (LON:0IIH) last month, due to a slump in sales in Asia from its star label Gucci, cast a cloud over the reporting season. Quarterly sales at LVMH (EPA:LVMH), the largest luxury group, showed only a 3% rise.
Sales at Cucinelli for the three months ending in March rose to 309 million euros ($328.8 million). Revenues in the Americas rose 19.5%, while in Europe they were up 13.9%.
Sales in Asia, which analysts see as a pivotal for the industry, increased 16%.
The high-end clothing brand, best known for its cashmere products, confirmed its expectations for an increase in revenue of around 10% this year.
"The abundant accumulation of orders for the autumn-winter 2024 collections ... lead us to reiterate our expectations for the 2024 full year with renewed conviction: one of revenue growth in the region of 10% and a healthy and fair profit.", the group's founder and Executive Chairman Brunello Cucinelli said in a statement. ($1 = 0.9398 euros)
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Written By: Reuters
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