Brunello Cucinelli group’s 2025 financial statements confirm the exceptional nature of the Umbrian group. With revenue up 11.5% (1.4 billion) and net profit similarly up 10.5% (142 million), the holding company is one of a select group that has achieved positive results despite the complex economic situation. The outlook for 2026 is bright: “The excellent order intake and the signals coming from the teams in our boutiques”, said the founder, as reported by Il Sole 24 Ore, “bring us to expect solid revenue growth of around 10% again this year, along with a healthy profit”. However, observers note some signs in the group’s accounts that, while not worrying, should not be underestimated.
Bernstein’s note
“Management spent much of the investor conference reassuring investors about sales performance and unchanged expectations for the future”, Bernstein analysts say. There is a reason for this: “The stock market probably wants further evidence of normal business operations after the Morpheus report and the Saks bankruptcy in order to believe in Cucinelli”, the note continues. Bernstein believes in the group’s potential to continue performing well, given its strong position at the top of the luxury pyramid. However, the two incidents at the end of 2025 (the report on activities in Russia, which led to a stock market slump from which it has yet to fully recover, and the bankruptcy of the US retail chain) are causing concern among observers.
The folds of Cucinelli’s 2025 budget
To protect itself from any unpleasant surprises from Saks’ Chapter 11, Cucinelli has set aside “an extraordinary provision of €8.1 million to cover credit risk”. Il Giornale notes that the problem is not so much the €8.1 million itself, but the fragility of wholesale in a season where everyone, even the biggest players, is fearful: ‘The question remains as to the sustainability of a model that entrusts a significant portion of its prestige to financially unstable intermediaries. Similarly, the Milanese news source reports the doubts of Piazza Affari about the group’s decision to take on additional costs. “In 2025, the fashion house invested €146.2 million, accelerating the process to double capacity of its factories”, it concludes. “A move presented as a way to guarantee the next 15 years of production, but which inevitably weighed on the cash flow. Net debt rose to €198.4 million”.
Read also:
