MILAN — Brunello Cucinelli SpA closed the year of its initial public offering with an increase in profits and sales.
Expansion at both the retail and wholesale channels outside Italy helped the luxury firm increase net profits by 26.2 percent to 26.5 million euros, or $34 million, excluding nonrecurring costs related to the IPO, and compared with profits of 21 million euros, or $29.2 million, in 2011. Costs related to the IPO totaled 6.2 million euros, or $8 million, and were incurred as part of the listing process.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"