Cucinelli posts rise in Q1 sales, confirms 2022 revenues growth forecast

MILAN (Reuters) – Revenues at Italian luxury group Brunello Cucinelli rose 19.6% at current exchange rates in the first quarter, as all geographical areas contributed positively to the company’s performance, it said in a statement on Wednesday.

The fashion brand, which posted revenues of 196.9 million euros ($214.15 million) in the January-to-March period, said that international markets reported their best first quarter on record and that “the retail channel showed extremely positive sell-outs for the Spring Summer 2022 collections.”

Based on the performance in the first part of the year, the company confirmed its estimates of a revenue growth of around 12% and 10% for 2022 and 2023, respectively.

The company added that the conflict between Russia and Ukraine had no impact on its “fully Italian supply and production chains.”

($1 = 0.9195 euros)

(Reporting by Federico Maccioni, editing by Maria Pia Quaglia)