Italian luxury house Brunello Cucinelli is raising its estimates for 2023 as the company forecasts revenue to increase 15 percent, instead of 12 percent.
The Perugia-based fashion business ended 2022 with a net profit of 87.2 million euros, an increase of 54.9 percent compared to the previous financial year.
Cucinelli made several key investments in 2022, including a 15.05 million euro stake I Lanificio Cariaggi Cashmere.
“2022 was a year for our fashion house that we define as one of high inspiration, of consistent growth, but above all of an incisive connotation of the brand for its identity in style, in the craftsmanship, in the exclusivity and in the way of placing oneself with respect to Creation,” commented executive president and creative director Brunello Cucinelli in a statement.
“Let's consider this 2023 as the beginning of a new time, defined by the awakening of great values and great ideals; and maybe it's time to imagine something current in the world of blue-collar work, restoring moral and economic dignity to artisan trades, since Italy is a manufacturing country well-liked by the whole world.”
The company posted an excellent first quarter, which led to raising its revenue and growth estimates. For 2024 Cucinelli is forecasting growth of 10 percent.