MILAN — Brunello Cucinelli is closing 2024 on a high note — and 2025 looks equally promising.
On Monday, Cucinelli’s namesake company reported preliminary 2024 revenues of 1.28 billion euros, a 12.2 percent increase compared with 1.14 billion euros in 2023.
Boosted by the strong performance in the last few weeks of 2024, especially in the direct channel, the figure is even better than Cucinelli’s forecast at the end of December, when he said he expected a growth of between 11 and 12 percent. In fact, in the fourth quarter, sales amounted to 358 million euros, “the best result ever in absolute terms,” with an increase of 11.6 percent year-on-year.
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Cucinelli, who holds the role of executive chairman and creative director, said that “given the quality of sales,” he anticipated “very strong profits” for 2024. He confirmed earlier forecasts of a revenue growth of around 10 percent in both 2025 and 2026, with the intention of doubling 2023 turnover by 2030.
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Cucinelli said 2024 “has been a particularly meaningful year for consolidating our style and identity, firmly anchored in the concept of absolute luxury characterised by exclusivity, quality and craftsmanship. On a global scale, we have received recognition that honors us and strengthens the vision of work conducted with respect for the moral and economic dignity of human beings, especially in relation to the dignity of labor.”
He credited the customers’ acknowledgement of the brand’s exclusivity and positioning, their trust in the quality of craftsmanship, as well as innovation and creativity for the strong performance. The “very pleasant and familiar atmosphere” in the brand’s stores was also seen as important to strengthen fidelity.
To continue to innovate its stores and showrooms, Cucinelli last year invested approximately 108 million euros, with an impact on sales of 8.5 percent. This also includes the expansion of the company’s Solomeo headquarters, already partly operational in 2025, and the production capacity for the 10-year project running from 2024 to 2033. These investments will allow the company to pursue its objectives for the next decade. The company is also investing in the opening of new production facilities in Italy, in Penne (Abruzzo) and Gubbio (Umbria), key manufacturing hubs of men’s outerwear and tailored suits.
“We sense the desire and will of every human being to return to a greater balance in life, rediscovering the ‘living within measure’ so dearly cherished by our Greek masters,” said Cucinelli. “During this time, which we call tempus novum [new times], we have launched within the company our ‘project for the soul,’ which simply consists of living and working whilst listening to and supporting one another, especially when that unwelcome guest of ours — which we might call the ‘malady of the soul’ — becomes more pressing and burdensome. At such times, perhaps talking and actively listening can help to heal the soul.”
In 2024, sales in Italy rose 9.3 percent to 140.8 million euros, representing 11 percent of the total.
Revenues in Europe, excluding Italy, were up 5.4 percent to 315.6 million euros, accounting for 24.7 percent of the total, boosted by both local and tourist spending.
Sales in the Americas climbed 17.8 percent to 476.5 million euros, accounting for 37.3 percent of the total. “The growth in North America reaffirms and certifies the great potential we still see in this region, where the search for exclusivity, uniqueness and to ‘dress up’ in special garments is not new but is increasingly desired by a growing number of customers,” said Cucinelli.
Sales in Asia were up 12.6 percent to 345.3 million euros, accounting for 27 percent of the total. The company recorded solid growth across the board from China to Japan and from South Korea to the Middle East.
“Sales in China are confirmed to be of great value for growth and continuity of results. Increases in turnover were reported for all quarters of the year, with particularly positive results in the last part of the year and around double-digit year-on-year growth,” said Cucinelli, citing exclusive distribution, and the no-logo ready-to-wear offer among the key factors for the strong performance.
The strong demand from local customers, together with the constant and balanced contribution of tourism, had a more than positive effect on sales results in South Korea and Japan, the company said.
Retail revenues rose 14 percent to 851.2 million euros, accounting for 66.6 percent of total sales.
As of Dec. 31, there were 130 boutiques, four more compared to the end of June last year, and 50 hard shops.
The wholesale channel, which continues to be central to Cucinelli’s strategy, was up 8.8 percent to 427.2 million euros, representing 33.4 percent of sales.
As of Dec. 31, net debt stood at 105 million euros, after the distribution of 66 million euros in dividends.