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Brunello Cucinelli's Q1 revenues hit by Covid-19

By Prachi Singh

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Business

Net sales in the first quarter at Brunello Cucinelli amounted to 156.7 million euros (171.4 million dollars), with a performance at current exchange rates of negative 2.3 percent and negative 2.9 percent at constant exchange rates.

Commenting on the first quarter trading, Brunello Cucinelli, the company’s Chairman and CEO, said in a statement: “The current year got off to a very, very good start from an economic point of view, and remained so until 29 February, with the exception of China; therefore, today we are commenting on the figures for the first quarter, where we achieved a turnover substantially in line with 2019. We think that today’s circumstances are strongly temporary, therefore very different from 2008, a tough year burdened by a structural downturn and a lack of vision for the future.”

Performance of Brunello Cucinelli across geographies

The company’s revenues in the Italian market reached 24.4 million euros (26.6 million dollars), down 13.9 percent compared to 28.4 million euros as of 31 March 2019. Sales in the European market of 51 million euros (55.7 million dollars), were down 2.2 percent compared to 52.1 million euros in the same period last year. North American market reported a 9.5 percent rise in revenues to 50.8 million euros (55.5 million dollars). In China, turnover of 11.2 million euros (12.2 million dollars), was down 27.1 percent versus the first quarter of 2019. Rest of the World sales equalled to 19.3 million euros (21.1 million dollars), up 6.6 percent.

Revenues registered by the retail monobrand channel were equal to 66 million euros, down 7.2 percent reflecting sharply positive results and LFL, combined with increases in sell-outs of the spring summer 2020 collections in the first half of the quarter followed by net of the impact of the health emergency in China and Asia. The company said, closure of a considerable number of boutiques had a more significant impact on the second half of the quarter. As of March 31, 2020, the store network amounted to 107 boutiques with the new New York boutique in the Meatpacking District opening in the first quarter 2020.

Wholesale monobrand channel posted sales of 11.2 million euros (12.2 million dollars), up 0.4 percent. The network includes 30 boutiques, unchanged compared to December 31, 2019. Wholesale multibrand channel turnover of 79.5 million euros (86.9 million dollars), was up 1.8 percent.

Picture:Brunello Cucinelli website

Brunello Cucinelli
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