Luxury Italian retailer Brunello Cucinelli closed its third quarter with positive signs of growth, citing a 3.6 percent increase compared to 2019.
The Umbria-based company saw a 29.6 percent decline in the first half of the year, parallel to most luxury brands who faced store and retail closures across the globe.
Cucinelli said its performance was driven by an increase in revenues in North America (+ 9.1 percent), Europe (+ 7.5 percent) and China including Hong Kong and Macao (+ 3.2 percent), while the turnover is dropped in Italy (-5.5 percent) and in the rest of the world (-5.7 percent). Cucinello made great gains in its wholesale channel (+ 19.4 percent), while retail was down (–15.7 percent).
In the first nine months of 2020, the Umbrian brand reported net revenues of 379 million euro, down by 17.5 percent compared to 459.2m euro at the same time last year.
The positive result of the third quarter is attributable to an entirely Italian production chain, the strategic role of the brand’s wholesale, the centrality of the American market and the brand’s vocation to be ‘domestic’ in all markets.
“We have completed the collection of orders for Spring Summer 2021 which was particularly successful in terms of numbers and image”, commented Cucinelli. “All this makes us imagine a very positive 2021 that we define as the ‘rebalancing year’, with revenue growth of around 15 percent.”
Image via Brunello Cucinelli