Italy’s Cucinelli raises 2023 revenue growth forecast again

Italian luxury group Brunello Cucinelli on Wednesday raised its 2023 revenue growth forecast again, and now expects sales to slightly exceed 1.1 billion euros ($1.2 billion).

The group, best known for its cashmere outfits, said in a statement that it expects revenue to grow around 22%-23% at current exchange rates in 2023, up from a previous forecast of a 20-22% rise.

“Given the quality of sales, we expect an attractive profit”, Executive Chairman Brunello Cucinelli said in the statement referring to this year.

The group also confirmed its 2024 and 2025 sales growth forecast of around 10%.

The fashion house expects its operating profit margin to be slightly higher next year, Brunello Cucinelli said in a conference call with analysts.