Brunello Cucinelli lifts 2023 sales guidance after revenues jump

Italian luxury group Brunello Cucinelli on Thursday raised its 2023 sales guidance for the second time this year after posting a 27.5% jump in revenues in the second quarter, boosted by strong growth in Asia and the Americas.

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The brand, best known for its cashmere clothing, sees revenue growth of between 17% and 19% for this year, which compares with a previous estimate of around 15%.

“Thanks to the strong demand for handcrafted and exclusive products, we continue to have a very positive outlook on the absolute luxury world market,” Executive Chairman Brunello Cucinelli said in a statement.

“As a result, we are very confident about the future performance of the business for the current year,” added Cucinelli, the company founder.

Second quarter revenues totalled 278.6 million euros, which compares with analysts’ expectations of 276 million euros, according to a Reuters poll.

The company had raised its revenue guidance to 15% growth in March, from an earlier target of 12%.
Cucinelli confirmed a 10% sales growth for 2024.