Luxury group Cucinelli posts 31% sales jump in 2021

Business

Italian luxury group Brunello Cucinelli (BCU.MI) posted on Monday a 31% increase in 2021 revenue at current exchange rates, in line with its latest guidance and a touch above market expectations, after the pandemic triggered a 10% drop in 2020.

Last month the fashion house raised its 2021 sales guidance for the fourth time in a year to growth “close to 30%” and reiterated expectations for “nice, healthy and balanced growth of around 10%” in both 2022 and 2023.

The brand known for cashmere clothing confirmed the targets for coming years despite mounting global fears for the new wave of COVID-19 infections.

Net sales totalled 712 million euros ($806.3 million) last year, a 17% increase compared to 2019 sales, before the Covid pandemic.

Analysts had expected sales of 703 million euros in 2021, according to Refinitiv SmartEstimate.

($1 = 0.8831 euros)