«Italy is the only country in the world to have an integrated textile-fashion supply chain and it is the only country in the world to have a week completely dedicated to men’s fashion: we must be proud of it and support the supply chain and the Florence axis -Milan of man». Words and deeds, as is the style of Brunello Cucinelli, who for decades has been the only one to participate, twice each year, both at Pitti Uomo which opens today in Florence, and at the men’s fashion days in Milan, which will gather the witness friday.
This time the company presents itself at the double appointment in January – which projects the entire sector forward by one year, with the autumn-winter 23-24 collections – with the best figures ever, approved by yesterday’s board of directors. Net revenues reached 919.5 million (+29.1% at current exchange rates, +24.8% at constant exchange rates); as in the first half, the main driving force came from the Americas (+40.5%), followed by Asia (+28.1%) and Europe, which grew on average by 20.8% and even one point more made the Italian market, which is worth 102.6 million, equal to 11.1% of the total. Data that show another 2022 record for Cucinelli: the export share, just below 90%, achieved by very few other high-end companies.
The year that ended was also positive for investments (73 million) and for the acquisition of 43% of Lanificio Cariaggi Cashmere, which has always been a supplier of high quality yarn. The capital structure is also solid, with net financial debt of approximately 8 million, an improvement compared to the 23 million recorded at the end of 2021.
2023, after the double showcase in Florence and Milan, foresees the February appointments dedicated to women in Milan, with a stop in Paris, where Cucinelli will receive the Neiman Marcus Award for Distinguished Service in Fashion. The forecasts for 2023 – given the orders already in the house for the spring-summer 2023 collections – are for a growth in revenues of around 12%, reaching the milestone of one billion in turnover. For 2024, a further increase of 10% is estimated (prudently, let’s add), which will make it possible to achieve the doubling of revenues significantly earlier than the initial programming of the ten-year plan started in 2019, which set the target for 2028.
«The most important thing, however, is how we are doing, we have achieved and will achieve our objectives, with a healthy and fair profit – concludes Cucinelli -. Not only that: since the pandemic broke out in 2020, we haven’t fired anyone or asked for discounts from those who work for us in the supply chain. And we have continued to invest in social and environmental sustainability projects, in Umbria and around the world».