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Italian firm Brunello Cucinelli's net profit jumps 42% in FY23

15 Mar '24

2 min read

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Italian company Brunello Cucinelli reported a 42 per cent increase in net profit to €123.8 million ($134.8 million) in fiscal 2023.
Revenue surged by 23.9 per cent to €1.139 billion ($1.24 billion), buoyed by growth across America, Europe, and Asia.
The company's EBIT climbed 39.4 per cent to €187.4 million.
Both retail and wholesale channels experienced growth.

Italian luxury fashion brand Brunello Cucinelli has reported a net profit increase of 42 per cent to €123.8 million (approximately $134.8 million) in fiscal 2023 (FY23), compared to €87.2 million in the previous year, impacting sales by 10.9 per cent up from 9.5 per cent in FY22. The revenue also saw an impressive increase of 23.9 per cent at current exchange rates (26 per cent at constant exchange rates), reaching €1.139 billion (approximately $1.24 billion) compared to FY22.

The company's EBIT stood at €187.4 million, marking a 39.4 per cent increase from €134.4 million at the end of December 2022, with the EBIT margin improving to 16.4 per cent from 14.6 per cent in the prior year. This growth was supported by positive contributions from all markets, with growth in America (up 21 per cent), Europe (up 17 per cent), and Asia (up 40 per cent). The revenue division was well-balanced across regions: Europe accounted for 38 per cent, America 35 per cent, and Asia 27 per cent, the company said in a press release.

Both retail and wholesale channels experienced growth, with retail sales growing by 30 per cent and wholesale by 13 per cent. The retail channel contributed 65 per cent to the total revenue, including about 10 per cent achieved within international luxury department stores, while the wholesale channel made up 35 per cent of the revenue.

“A particularly noble and fine year for our fashion house has come to an end: we delivered a 23.9% increase in turnover and a 42% rise in net profit. It has been a year in which we were awarded flattering international recognition both for our designs and for our special vision of labour, and which led us to define our style,” said Brunello Cucinelli, executive chairman and creative director of the fashion house.

Fibre2Fashion News Desk (DP)

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