“2019 was an excellent year, one of the most wonderful in our history. The first one of the growth plan with the goal of doubling our revenue over 10 years”, said Brunello Cucinelli (in picture by imagoeconomica), in the note containing the preliminary results for 2019. Moreover, 2020 seems to be on its way to continue on this path. The Solomeo-based company (near Perugia), says its sell-out of the past Spring-Summer items was “optimal”. While “appealing” was the term used for the status of orders collected by its 2020 Spring-Summer goods. Last but not least, the starting point for the Fall-Winter 2021 collection was said to be “very favorable”.
The numbers
2019’s net revenue is of 607.8 million euro: +9.9% at current rates and +8.6% at constant rates. With the fastest growth rate (+14.7%) is China, which generated 63 million in sales, of 10.4% of the brand’s total. The most important market, which accounts for 1/3 of revenue is the North American one: +8.9%. equal to 203.8 million euro. The slowest market is that of Italy: +1.9% and 89.9 million euro (worth 14.8% of the total). With regards to distribution, all channels perform positively: +14.6% for retail, +7.7% branded wholesale, +4.1% for multibrand wholesale.
The comment
Brunello Cucinelli, president and CEO, commented: “2019 was an “excellent” year for our company. Both for its results and its “Italian” company image, which is very dear to us. We expect healthy, balanced and sustainable profits. By working with peacefulness, we expect 2020 to be a year of growth for our revenue, profits and image”. The company highlights how the investments made during 2019 (53 million euro in total) are destined to improve production, logistics and digital IT.
