Releasing preliminary figures for the year to December 31, 2019, Italian luxury house of Brunello Cucinelli S.p.A. said net revenues for 2019 were equal to 607.8 million euros (679.5 million dollars), an increase of 9.9 percent at current exchange and 8.6 percent at constant exchange rates. The company’s home market, Italy reported growth of 1.9 percent with revenues at 89.9 million euros (100.5 million dollars), while sales in the European market increased 12.9 percent to reach a turnover of 184.9 million euros (206.7 million dollars).
Commenting on the annual trading report, Brunello Cucinelli, the company’s Chairman and CEO, said in a statement: “Following the good increase in turnover and given the excellent quality of sales, we expect healthy, balanced and sustainable profits. Given the excellent sell-out of the past autumn-winter, the good orders intake for the spring-summer 20 collection, and the “very favourable” start of the autumn-winter 20 collections, we keep working with peace of mind and expect a 2020 of good growth in turnover, profits and image.”
Sales in the North American market increased of 8.9 percent with sales of 203.8 million euros (227.8 million dollars). Brunello Cucinelli added that China witnessed growth of 14.7 percent, with sales reaching 63 million euros (70.4 million dollars). Revenues in the Rest of the World segment increased 12.3 percent, with sales rising to 66.2 million euros (74 million dollars).
The company further said that retail monobrand channel saw increase of 14.6 percent with revenues at 339.5 million euros (379.5 million dollars), with like-for-like growth of 4.2 percent. As at September 30, 2019, the network consisted of 106 boutiques compared to 100 as at December 31, 2018, with three more openings in the last quarter of 2019.
Wholesale monobrand channel sales grew 7.7 percent to 32.5 million euros (36.3 million dollars). The network has 30 boutiques compared to 27 as at December 31, 2018. Wholesale multibrand channel posted an increase of 4.1 percent, with revenues at 235.7 million euros (263.5 million dollars) compared to 2018.
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