Rise in Net Profit for Brunello Cucinelli

This headline was corrected at 11:57 a.m. ET. The original version misspelled Cucinelli as Cuicnelli.

This headline was corrected at 11:57 a.m. ET. The original version misspelled Cucinelli as Cuicnelli.

This headline was corrected at 11:57 a.m. ET. The original version misspelled Cucinelli as Cuicnelli.

Rise in Net Profit for Brunello Cucinelli

Italian luxury-fashion brand Brunello Cucinelli has reported a significant increase in net profit for the first half of the year and has revised its full-year revenue growth guidance to be at the higher end of expectations.

In the period ending June 30, the company achieved a net profit of €61.78 million ($66.9 million), compared to €46.59 million in the same period last year. Earnings before interest and taxes also saw a substantial increase of 52% to reach €87.7 million, with a margin of 16.1% compared to 13.9% in the first half of 2022.

Brunello Cucinelli confirmed that its previously announced revenue for the period stood at €543.9 million, representing a 30.5% increase compared to the previous year at constant currency rates.

The company now expects its full-year revenue growth to reach 19%, which is at the upper end of its previously announced target range of 17%-19%. Additionally, Brunello Cucinelli anticipates achieving "healthy margins" and "very attractive growth" in earnings.

According to the brand, these expectations are supported by the results of the first half of the year, strong business performance, a robust order intake for the autumn-winter 2023 collections, and high demand for handcrafted and exclusive products.