Brunello Cucinelli Reports Strong Q1 Sales Growth of 33% — Retail Bum

Italian luxury group Brunello Cucinelli, known for its cashmere apparel, experienced a substantial increase in sales in the first quarter of the year, with a growth rate of 33%.

The sales for the quarter ending in March totaled $290.6 million, which bolstered the company’s projection of a 15% sales growth for the year. The logoless luxury brand attributes its success to robust performance in the Americas and the revival of demand in Asia.

The company expects the upward trend in these geographies to persist over the long run, which will help further strengthen its position in the market.

As the luxury brand seeks to broaden its horizons and build on its ongoing momentum, it is establishing a new manufacturing facility in Penne, Italy.
The new manufacturing plant will commence operations in the final quarter of 2023, CEO Riccardo Stefanelli revealed on a call with analysts. The plant’s location is expected to help the brand raise product quality, as artisans and tailors in Penne are known for their cultural richness and craftsmanship.

When asked by analysts, Stefanelli refused to disclose the investment amount, stating that the project is in line with Cucinelli’s long-term strategy and will be gradually developed without…