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Cucinelli Sees Strong Gains in 2008

Italian cashmere firm Brunello Cucinelli said it expected profits to increase 32 percent in fiscal 2008 and forecast revenue gains of 10.4 percent in 2009

PARIS – At least the sun is shining in Solomeo.

Italian cashmere firm Brunello Cucinelli, which is based in the Umbrian village of Solomeo, said Wednesday it expected profits to increase 32 percent in fiscal 2008 and forecast revenue gains of 10.4 percent in 2009.

For the 12 months ending Dec. 31 Cucinelli reported preliminary earnings before taxes of 8.7 million euros, or $11 million, in 2008 at current exchange, compared to 6.6 million euros, or $9 million, in 2007. Sales in 2008 gained 19.3 percent to 144 million euros or $182.9 million and are estimated to hit 159 million euros or $202 million in 2009.

Sales were split 36.4 percent in Italy, nearly 54 percent in “traditional” markets, and 9.7 percent in emerging “growing” markets.

“We can’t do anything to change the state of the economy, but we can pay closer attention to the details, be more creative, [and] be nearer to our partners; in short, do better with dedication and simplicity,” Brunello Cucinelli founder, chairman and managing director of the same name said in a statement.