- Prachi Singh |
For the first nine months of 2018, Brunello Cucinelli S.p.A. said that the company’s net revenues of 422.1 million euros (483.5 million dollars), were up 8.3 percent at current exchange and 10.9 percent at constant exchange rates.
Commenting on the company’s performance, Brunello Cucinelli, the company’s Chairman and CEO, said in a statement: “2018 is drawing to a close and - to our immense pleasure – further growth was confirmed in terms of both double-digit revenues and profitability, but also and above all in terms of brand positioning and credibility. The positive performance of our winter collections and the appreciation displayed for the next summer ones also in terms of order collection lead us to envisage further double-digit increase in 2019.”
The company posted sales growth in all markets with sales in Italy up 5.5 percent, Europe, 9.7 percent, North America, 3.3 percent with high single digit growth at constant exchange rates, 29.2 percent growth in Greater China and 9.5 percent in the rest of the world. The company also witnessed sales increase in all distribution channels with retail up 6.8 percent, wholesale monobrand, 11.2 percent and wholesale multibrand, 9.5 percent.
The retail monobrand network consisted of 100 boutiques at September 30, 2018 with two openings in the first nine months of 2018, to which should be added the four conversions to the wholesale monobrand channel concerning the two Singapore boutiques in June and the St. Petersburg and Copenhagen boutiques in July. Wholesale monobrand channel consisted of 27 boutiques, with four conversions to the direct channel and the opening of the prestigious Dubai Mall in the first quarter of 2018.