Italian luxury group Brunello Cucinelli on Monday posted a 29.1 percent increase in 2022 revenue at current exchange rates, a touch above its latest guidance and market expectations.

The brand known for cashmere clothing last month raised its sales guidance for the third time in a year to indicate growth of around 28 percent for 2022.

On Monday it stuck to a projection of a 12 percent increase in sales this year and of about 10 percent in 2024.

Cucinelli’s sales reached 919.5 million euros ($988.1 million) last year, compared with an average 915 million euro analyst forecast based on a SmartEstimates consensus provided by Refinitiv.

Cucinelli said revenues in the Americas jumped by 40.5 percent in 2022 while they grew by 28.1 percent in Asia with “double digit growth” in China. Sales in Europe grew by more than 20 percent.

By Claudia Cristoferi, editing by Valentina Za

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Cucinelli Sees 28% Sales Growth This Year, Strong Demand in 2023

Italian fashion group Brunello Cucinelli on Tuesday raised its sales guidance for 2022 for the third time this year, saying that demand for luxury goods had outpaced supply.