MILAN — The yr 2021 is trying promising for Brunello Cucinelli SpA, because the namesake entrepreneur additionally reported “a strong acceleration” within the males’s put on class and a return to the swimsuit and dressing nicely.
Cucinelli mentioned the model’s males’s collections are registering a good sooner restoration in comparison with girls’s. The males’s fall 2021 collections “are already showing very interesting sell-out figures, which we could consider somewhat ‘surprising’ at this time of the year. The comparison with our multibrand customers confirms this great desire for novelty on the part of the male clientele, which is often described to us as ‘disoriented’ in the face of a growing fashion component of the market offer,” Cucinelli mentioned.
The entrepreneur reiterated that males now are “looking for an even more sophisticated look, in which jackets are once again playing a primary role. We imagine that the pleasure of dressing well will start again also from the suit, symbol of elegance by definition, but we believe that it must be reinterpreted in a modern key, casual and free from the previous formal canons.”
The Italian luxurious firm on Tuesday reported preliminary first-half revenues, evaluating them with the identical interval of 2019, contemplating a comparability with the primary half of 2020 “of limited relevance” given the lockdowns and the closure of many boutiques globally, particularly within the second quarter final yr.
In the six months ended June 30, revenues rose 7 % to 313.7 million euros, in contrast with 291.4 million euros within the first half of 2019. Compared with the identical interval final yr, sale climbed 52.9 %.
The firm registered 13.8 % progress in revenues within the second quarter of 2021, reaching 149.1 million euros, in comparison with the identical interval in 2019.
“We are particularly pleased with the results achieved in this half year and even more so with the great attention we are receiving for our brand,” mentioned govt chairman and artistic director Brunello Cucinelli. He mentioned gross sales of the spring 2021 assortment “have been very good,” and the start of the autumn 2021 season “confirms the wonderful sensations that we had already felt during the collection of orders,” additionally touting the suggestions acquired from the boys’s spring 2022 assortment.
He expressed delight within the upcoming collaboration with Oliver Peoples, managed by Luxottica, which is able to permit the model to launch its first eyewear capsule assortment subsequent October, as reported.
“All these considerations allow us to look forward to the second half of the year with fresh and very confident eyes, expecting excellent sales growth for the whole of 2021,” within the area of a 20 % enhance in comparison with 2020, and a progress of round 10 % in 2022.
Cucinelli mentioned he anticipated his namesake firm to proceed to develop in 2023, “fully realigning with the objectives of the first five-year period (2019-23) of the 2019-2028 10-year plan, which should lead us to double our revenues to around 1.1 billion euros in 2028.”
Compared to the primary half of 2019, gross sales in Europe rose 9.2 % to 95.9 million euros, representing 43.7 % of whole revenues, together with Italy. Local, and bodily, buying helped ship a powerful efficiency notably within the Russian Federation, in Central Northern Europe and basically in second-tier cities all through Europe.
Cucinelli inspired a return to bodily buying by the group of a collection of unique occasions in a number of boutiques world wide. The most important European cities and capitals confirmed a marked enchancment within the second quarter, partly because of the reopening of shops, with a partial restoration of regional vacationer flows. The firm cited the enlargement of the London and Paris boutiques as serving to to contribute to the uptick in gross sales.
Revenues in Italy declined 7.5 % to 41 million euros, however reported a major enchancment in efficiency within the second quarter, thanks additionally to the reopening of boutiques and the elevated presence of consumers in the principle cities.
Sales within the Americas grew 5.1 % to virtually 100 million euros, registering marked progress in site visitors and leads to luxurious department shops, following a rise in gross sales in specialty shops within the previous months.
Revenues within the Asian market climbed 19.7 % to 76.8 million euros, representing 24.5 % of the corporate’s whole revenues, reporting even stronger will increase in mainland China. “Growth in domestic China, whose potential is of primary interest in our long-term plan, is favored both by purchases by traditional customers and by new customers, who approach our brand guided by the evolution of their taste, interest in the product and adherence to the values that our brand expresses,” said the corporate on Tuesday. “Macau’s results for the first half of the year were also positive; there was a marked improvement in performance in Hong Kong, where we expect a gradual return to normality only after the reopening of borders.”
The Korean market confirmed vitality, whereas Japan was nonetheless penalized by the instability of site visitors in the principle department shops.
In the primary half of 2021, retail gross sales had been up 10.3 % to 165.3 million euros, in comparison with the primary half of 2019, accounting for 52.7 % of gross sales. In the second quarter, retail revenues grew 16.6 % in comparison with the identical interval in 2019.
Cucinelli underscored that the expansion of the corporate mirrored the loyalty of the model’s clients, “the predominant domestic nature of our business in many markets and the contribution of new customers.”
As of June 30, the retail community comprised 112 boutiques, in comparison with 107 boutiques on the finish of June final yr.
The wholesale channel grew by 4.9 % to 148.3 million euros in comparison with the primary half of 2019, representing 47.3 % of the full.
Cucinelli, a powerful believer within the multibrand channel, famous that there had been 10 conversions to direct administration of the model’s outlets in luxurious department shops within the first six months of 2021.
With an ongoing deal with the product, Cucinelli trumpeted the standard of deliveries, which “confirm the value and the precious contribution of the solid productive structure of our company, with more than 350 artisan laboratories, all based in Italy, able to guarantee at the same time a manual component of more than 50 percent in our collections, and a modern and reliable work organization. This organization has already allowed us in recent months to return perfectly in line with the ideal timing of production, with a very important advantage in deliveries.”