Brunello Cucinelli on track to hit €1 billion in revenue as sales climb 29%

*To receive the Vogue Business newsletter,* [*sign up here*](https://signup.voguebusiness.com/vb)*.* Brunello Cucinelli said sales reached €919.5 million in 2022, a 29.1 per cent increase compared to the previous year. The company is on track for the €1 billion revenue landmark in 2023 thanks to strong market demand, a standout performance in the US and the “logoless luxury” trend in China. “2022 was undoubtedly our breakthrough year,” said Brunello Cucinelli, executive chairman, founder and creative director, in a statement, noting both the sales performance as well as the brand’s global image, which has been “strongly consolidated”. The Italian luxury house forecast in December that sales would grow 28 per cent in 2022 and 12 per cent in 2023, reaching €1 billion in revenue. The company said on Monday that its forecast remains the same for 2023, and that it expects revenue to grow 10 per cent in 2024, meeting its goal ahead of its 10-year growth plan to double revenues from 2019 to 2028. Sales in the Americas grew 40.5 per cent, which the company credits to demand for high luxury consolidating, with store and boutique openings in the region and strong wholesale performance from luxury department stores. Europe saw 20.8 per cent growth (for which Italy contributed 21.8 per cent of the market’s sales growth) led by the return of international tourism, and 28.1 per cent in Asia with double-digit growth achieved in China as logoless luxury rises in popularity. The company’s wholesale channel grew 18.4 per cent and direct retail grew 36.6 per cent for the year, which the brand said has allowed it to meet demand in both big cities and in resort locations. Decisions made at the start of the pandemic are also paying off, the company said, including not laying off any staff globally and guaranteeing the same salaries as 2019; avoiding asking for discounts from anyone; saving surplus goods from closed boutiques for the “Brunello Cucinelli for Humanity” project; and maintaining strong inventory levels as normal. “Special kudos goes to our Italian welfare state, which, by allowing us during this pandemic period not to lay off any employees and supporting us in part financially, has enabled us to keep our production and business facilities at full strength,” a statement reads. “There is no doubt that in 2022 [global] demand for luxury products has exceeded supply, which for us as for many Italian companies, has brought great benefits. It will not be so easy to fully restore the world's production facilities, and so we think that perhaps Italy could still benefit to some extent in 2023 as strongly as it has benefitted in this past year.” Founded in 1978, Brunello Cucinelli is committed to “[humanistic capitalism](https://www.voguebusiness.com/fashion/brunello-cucinelli-calls-for-dignity-and-morals-at-g20)”, which the designer defines as a company that delivers profits while also improving the lives of human beings. Cucinelli has been outspoken about wanting to grow slowly and sustainably. “We do not wish to grow fast,” Cucinelli said in an interview with *Vogue Business* last year. “Rapid, sudden growth isn’t rational and it isn’t sustainable. It creates problems. Instead we work towards a gracious, stable and harmonious rate of growth: ideally around 10 per cent.” The company invested around €73 million in March of last year, with €15.05 million accounting for a 43 per cent stake in cashmere supplier Lanificio Cariaggi Cashmere. In October, Cucinelli designed an [exclusive collection for Neiman Marcus](https://www.voguebusiness.com/consumers/why-brunello-cucinelli-is-designing-an-exclusive-collection-for-neiman-marcus), and in November it was announced that he won the 2023 edition of the [Neiman Marcus Distinguished Service in the Field of Fashion Award](https://www.voguebusiness.com/consumers/neiman-marcus-ceo-geoffroy-van-raemdonck-on-rebooting-retails-most-famous-award), for which the award ceremony will take place in Paris during fashion week in March. November also saw the signing of a 10-year exclusive eyewear licensing deal with EssilorLuxottica, which came into effect on 1 January 2023. The brand will present its men’s collection during Pitti Uomo and its women’s collection during Milan Fashion Week in February. *Comments, questions or feedback? Email us at* [*feedback@voguebusiness.com*](mailto:feedback@voguebusiness.com)*.* **More from this author:** [What China’s reopening means for luxury](https://www.voguebusiness.com/consumers/what-chinas-reopening-means-for-luxury?itm_source=manual_article_recommendation){: target="_blank"} [Stella McCartney to pioneer new fibre-to-fibre textile recycling process](https://www.voguebusiness.com/sustainability/stella-mccartney-to-pioneer-new-fibre-to-fibre-textile-recycling-process?itm_source=manual_article_recommendation){: target="_blank"} [Prada announces new brand CEO amid management shakeup](https://www.voguebusiness.com/companies/prada-announces-new-brand-ceo-amid-management-shakeup?itm_source=manual_article_recommendation){: target="_blank"}

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