MILAN — A rise in global exports and growth in all its sales channels lifted Brunello Cucinelli SpA revenues in the first six months of the year. In the period ended June 30, the Italian luxury firm posted preliminary revenues of 175.8 million euros, or $239 million, up 11.6 percent compared with 157.6 million euros, or $206.4 million, in the same period last year.
“We are really proud of the way our industry is performing. We have the impression that at a global level a clear-cut distinction is emerging between products strongly exhibiting quality, exclusivity, manual work and recognizability — clearly expensive products — on the one hand, and other well-made industrially manufactured products that are manufactured anywhere else in the world and sold at a convenient price on the other hand,” said Brunello Cucinelli, chairman and chief executive officer. “We therefore keep supporting and investing strongly in our uniqueness and in the recognizability of Made in Italy.
“Given the time of the year, the orders that have already been placed and the quality of the sales, we can envision another special year with a double-digit growth in terms of both revenues and profitability.”
The entrepreneur highlighted a perception of “important signs that point to an economic recovery of our country, but also to a moral, civil, spiritual and political one.”
In the first half, exports grew 15 percent and accounted for 79.4 percent of revenues.
The North American market rose 18.2 percent to 55.4 million euros, or $75.3 million, representing 31.5 percent of total sales.
Revenues in Europe climbed 9.5 percent to 60 million euros, or $81.6 million, accounting for 34.2 percent of total sales, lifted by a dynamic top-end tourist flow.
Greater China grew 43.5 percent to 10.4 million euros, or $14.1 million, representing 5.9 percent of total sales. The performance was boosted by the conversion of wholesale boutiques to directly operated units, including three in Hong Kong in the past 12 months. At the end of June, the group counted 19 boutiques in Greater China.
Sales in the Rest of the World rose 10.3 percent to 13.7 million euros, or $18.6 million, representing 7.8 percent of total sales. The company recently opened boutiques in Seoul and São Paulo, which it cited as an important reference point for the domestic customer and a starting presence for future growth in the Brazilian market.
Italy inched up 0.2 percent to 36.3 million euros, or $49.3 million, representing 20.6 percent of total sales. The company noted a pickup in the trend of sales locally in the first half of the year, bolstered by the results of the monobrand boutiques and orders in the multibrand channel. It also pointed to a “large flow of foreign tourists.”
Dollar amounts are converted at average exchange for the periods to which they refer.
The retail monobrand channel rose 22.9 percent to revenues of 62.4 million euros, or $84.8 million, representing 35.5 percent of total sales.
The wholesale monobrand channel grew 6 percent to 21.8 million euros, or $29.6 million, accounting for 12.4 percent of total sales.
The multibrand sales channel increased 6.3 percent to 91.6 million euros, or $124.5 million (52.1 percent of total sales).
Full financial reports for the first six months of the year will be released on Aug. 27.