Cucinelli chairman flags strong first quarter, including in China
Reuters
Published Apr 10, 2024 13:47
MILAN (Reuters) - Italian luxury group Brunello Cucinelli performed well in the first quarter, including in the Unites States and China, the group's founder and executive chairman said on Wednesday.
The group, which is focused on high-end clothing and accessories, expects to raise prices by 1-2% this year, after a 4% increase last year, Executive Chairman Brunello Cucinelli said at an event in Milan.
Cucinelli is due to publish first quarter results on Apr. 17.
WHY IT'S IMPORTANT
Investors are bracing for a steep slowdown in sales when luxury companies report their first quarter results, reflecting lacklustre Chinese demand and comparisons with last year when the lifting of COVID curbs in mainland China boosted sales.
KEY QUOTES
The first quarter was "very, very, very good", Cucinelli said on the sidelines of a presentation of his family's investment in Italian biotech company TES Pharma. China and Unites States did "very well", he added.
CONTEXT
* Operating profit at Cucinelli rose 39.4% last year. In March the group confirmed its expectations for sales growth of around 10% in 2024 and added the first quarter was ending "with particularly pleasing results".
* Sales rose 23.9% last year, preliminary data showed in January, defying a sector slowdown thanks to a focus on the industry's high end.
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Written By: Reuters
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