Italy’s Cucinelli raises 2023 sales growth guidance again

Italian luxury group Brunello Cucinelli on Thursday raised its revenue guidance for 2023 again after posting a jump in sales at constant exchange rates in the first nine months of the year.

The group, best known for its cashmere outfits, expects revenue to grow around 20%-22% in 2023 from a previous forecast of around 19%, it said in a statement.

It confirmed its 2024 sales growth forecast at 10%.

Cucinelli expected sales in 2025 to grow by 10% thanks to a “good visibility, supported by the structural characteristics of high-end luxury demand, the potential for growth in all markets and in both channels and the selected ongoing boutique opening project,” it said in a note.

Sales in the January-September period totalled 818.4 million euros ($865.5 million), up 27.5% from 642 million euros last year.