“Coronavirus is affecting the economic situation, for the time being, but we will soon solve this problem. In fact, it does not look like the crisis that broke out in 2008: that was a heavily structural issue, which seriously engaged our efforts for several years”. Such is the comment made by Brunello Cucinelli who is looking at the current situation with “well-balanced anxiety”. Yet, most of all, he also “wants to be prepared in due time, when economic recovery starts again”. At the end of 2019, the net revenues of the company, led by the Umbrian entrepreneur, amounted to 607.8 million euros, therefore increasing by +9.9% at current rates of exchange and rising by +8.6% at fixed rates of exchange. Normalized net profits reached 49.3 million euros: they went up by 7.1%.
Being optimistic anyway
After enjoying “an extraordinary year”, as he himself spoke about 2019, Cucinelli keeps being optimistic about the future. “We look ahead at 2020 with a positive attitude of mind, though we are aware we will have to act, throughout the year, with caution and attention. However, it is not going to have any impact on our 2019-2022 project nor on our ten-year (2019-2028) strategy: in fact, we are planning to double our turnover and achieve sound, well-balanced and sustainable profits”. The fashion brand also aims to safeguard and boost their “craftsmanship workshops, where artisans manufacture the company’s precious products, which are the core of our own collections”.
Safeguard and commitment
The entrepreneur, from Solomeo, illustrated the way the company is facing Coronavirus and dealing with this phase: “We are leading our enterprise while striving hard to implement all guidelines and rules issued by the World Health Organization and by Italian government. Likewise, we are fully committed to safeguarding relations with our Italian manufacturing external industry”. In his report, he ultimately emphasized their relationship with Jeff Bezos, from Amazon, “a lovely friend”. For the records, Bezos has recently launched a ten-billion-dollar project, whose name is Bezos Earth Fund: Cucinelli has joined the initiative.
In the Imagoeconomica picture, Brunello Cucinelli