Italian fashion brand Brunello Cucinelli's sales soar 14.1% in H1 FY24

Italian luxury fashion brand Brunello Cucinelli has reported preliminary revenues of €620.7 million (approximately $676.03 million) in the first half of fiscal 2024 (H1 FY24). This marks a significant growth in sales, up 14.1 per cent at current exchange rates and 14.7 per cent at constant exchange rates compared to the first half of FY23.

In Europe, revenues were €221.1 million, reflecting a 9 per cent increase from H1 FY23 and accounting for 35.6 per cent of the total revenue. The Americas saw a remarkable 19.4 per cent rise in revenues, totalling €225.6 million and representing 36.4 per cent of the overall revenue. In Asia, sales grew by 14.3 per cent to €174 million, making up 28 per cent of the company's total revenue, the company said in a media release.

The retail channel showed impressive growth, with revenues of €395.2 million, up 14.7 per cent compared to H1 FY23, and accounting for 63.7 per cent of the total revenue. The wholesale channel also performed well, with revenues of €225.5 million, up 13.1 per cent from H1 FY23, contributing 36.3 per cent to the total revenue.

“The first half of the year closed reporting excellent results in terms of turnover, and given the quality of sales, we expect the same in profits. We feel that the brand is experiencing a very positive momentum in terms of global image. This leads us to confirm our FY24 projected sales growth of around 10 per cent, as well as adequate profits,” said Brunello Cucinelli, executive chairman and creative director of the fashion house.

Fibre2Fashion News Desk (DP)