Luxury Group Cucinelli Posts 31 Percent Sales Jump in 2021

January 11, 2022Updated: January 12, 2022

MILAN—Italian luxury group Brunello Cucinelli posted on Monday a 31 percent increase in 2021 revenue at current exchange rates, in line with its latest guidance and a touch above market expectations, after the pandemic triggered a 10 percent drop in 2020.

Last month the fashion house raised its 2021 sales guidance for the fourth time in a year to growth “close to 30 percent” and reiterated expectations for “nice, healthy, and balanced growth of around 10 percent” in both 2022 and 2023.

The brand known for cashmere clothing confirmed the targets for coming years.

Net sales totaled 712 million euros ($806.3 million) last year, a 17 percent increase compared to 2019 sales, before the COVID-19 pandemic.

Analysts had expected sales of 703 million euros in 2021, according to Refinitiv SmartEstimate.

($1 = 0.8831 euros)