MILAN — Brunello Cucinelli’s namesake firm continued to develop within the first half of the 12 months, however on Thursday the entrepreneur was extra keen to discuss a brand new company web site constructed with the assistance of synthetic intelligence.
Though the small print are nonetheless underneath wraps as a result of the official presentation of the venture will happen in Milan on Tuesday, Cucinelli admitted he couldn’t conceal his pleasure.
“After engaged on this website for 3 years, in a couple of days we’ll current our new company web site to the world in Milan, a venture imagined and constructed along with synthetic intelligence, which might be one of many first on this planet,” mentioned Cucinelli. “For us it’s one thing extraordinary that may allow our staff to have a look at AI with pleasure, confidence, familiarity and far much less worry and issues than previously.”
He additionally recalled the second Common Symposium on Soul and Economics held at his headquarters in Solomeo, reflecting on the connection between ethics and AI, and between humanism and know-how, which drew the likes of Reid Hoffman.
That mentioned, Cucinelli was clearly happy with the efficiency of the corporate, which reported a 14.1 p.c improve in preliminary revenues within the first six months of the 12 months. Within the first half ended June 30, gross sales totaled 620.7 million euros, in contrast with 544 million euros in the identical interval final 12 months.
Within the second quarter, revenues amounted to 312 million euros, in contrast with 309 million euros within the first quarter.
Luca Lisandroni, who shares the chief govt officer title with Riccardo Stefanelli, underscored that the “development pattern was registered throughout the board, and was balanced by channel, geography and gender.”
Males’s and womenswear every now signify 50 p.c of gross sales.
Brunello Cucinelli, males’s spring 2025
Courtesy of Brunello Cucinelli
The expansion pattern for the month of July was in keeping with the primary half, he mentioned responding to an analyst.
Within the first six months, the Americas actually helped the efficiency, as revenues within the area climbed 19.4 p.c to 225.6 million euros, accounting for 36.4 p.c of the entire. Progress was reported within the main cities, but additionally in resort areas and provincial cities. Responding to an analyst, Cucinelli mentioned the model had “not but seen any turbulence brought on by the elections.” Requested concerning the potential Saks and Neiman Marcus deal, he mentioned, “We’ve an exquisite relationship with each and I’m positive we’ll proceed to do an excellent job with them.”
In Europe, revenues totaled 21.1 million euros, up 9 p.c on the primary half of 2023 and representing 35.6 p.c of the entire, lifted by locals and American and Asian vacationers.
Gross sales in Asia rose 14.3 p.c to 174 million euros, accounting for 28 p.c of the entire, registering very strong ends in all areas, together with China, Japan, South Korea and the Center East. Lisandroni mentioned the model had not seen a slowdown in China and was performing properly organically. “There are new infrastructures and new malls being constructed, which result in a brand new enthusiasm,” he contended, including that the model is having “a very good second” additionally in Hong Kong.
International retail gross sales rose 14.7 p.c to 395.2 million euros, accounting for 63.7 p.c of the entire. As of June 30, there have been 126 shops. A brand new retailer within the Miami Design District opened in Could, in a “Florida that’s displaying a lot potential and brisk enterprise,” mentioned Lisandroni.
Within the second half, a retailer will open in Toronto and one in Wuhan, China, and the corporate will develop its London boutique on the finish of the 12 months or early 2025.
Wholesale gained 13.1 p.c to 225.5 million euros, representing 36.3 p.c of the entire.
The corporate is investing in doubling its manufacturing plant by restoring an present industrial website in Solomeo and Stefanelli mentioned the works ought to be accomplished in October and “assure manufacturing till 2035.”
Within the 2024-2025 interval, the corporate additionally plans to open new manufacturing websites in Italy, in Penne and in Gubbio, supporting the plans to double turnover, as anticipated by 2030.
In mild of the orders booked thus far, Cucinelli confirmed as soon as once more his expectations to extend the corporate’s gross sales by 10 p.c within the 12 months, in addition to in 2025, with a “wholesome” revenue of round 10 p.c in 2024. He spoke at size of the significance of honest wages for workers and the precise worth for the worth provided. For fall, the corporate is elevating costs by 1 to 2 p.c, avoiding “unreasonable hikes that even rich prospects don’t need to see.”
