The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
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 despite mounting global fears for the new wave of Covid-19 infections.
Net sales totalled €712 million ($806.3 million) last year, a 17 percent increase compared to 2019 sales, before the Covid pandemic.
Analysts had expected sales of €703 million in 2021, according to Refinitiv SmartEstimate.
By Claudia Cristoferi; Editor: Jan Harvey
Learn more:
BoF Live: The State of Fashion 2022
BoF’s Imran Amed and McKinsey’s Achim Berg unpack the report, and talk recovery strategies, as well as what opportunities and challenges businesses should be on the lookout for.
Traditional auction houses like Christie’s, Sotheby’s and Philips — known for selling Warhols, Picassos and antiques — are using Birkins and Jordans to cultivate their next generation of collectors.
With the UK no longer offering tax breaks to international shoppers, customers are instead flocking to Paris and Milan.
At European luxury’s first major outing in the fast-growing Indian market, designer Maria Grazia Chiuri will showcase the focus on feminist values and global craftsmanship that have helped power growth for Dior, BoF can exclusively reveal.
Sunday’s show should partially reverse a steep slide in awards show ratings, and give luxury brands a big platform. That, plus what else to watch for this week.