Brunello Cucinelli, double-digit increases in revenues and profitability in 2025

Together with Hermès (see Il Sole 24 Ore of 13 February) and the Prada group, whose official figures for 2025 are expected on 5 March, Brunello Cucinelli confirms its position as one of the three exceptions to the slowdown (in some cases more or less marked decline) in the fashion and luxury industry. Yesterday's board of directors confirmed the figures on revenues and added those on profitability ratios, all of which grew in double figures: sales reached 1.4 billion (+11.5% at constant exchange rates, +10.1% at current exchange rates); the operating result came close to 236 million (+11.4%), with margins rising from 16.6% in 2024 to 16.8%; net profit rose by 10.5% to 142.0 million, with a ratio to sales of 10.1%, in line with the figure for 2024.

The excellent performance of the last and the previous financial year has made it possible,' reads the note issued after the board meeting, 'to anticipate by six months the completion of the three-year project 2024-2026 for the made-in-Italy artisan production, "with extraordinary investments that will allow us to operate with serenity for the next 10-15 years". In 2025 alone, investments amounted to 146.2 million with an incidence of 10.4% on turnover. At the next shareholders' meeting, called for 23 April, the board of directors will propose the distribution of a dividend of EUR 1.04 per share (equivalent to a payout ratio of 50 per cent).

A distinctive feature of the financial year is the balanced geographical distribution of performance, with significant growth in all markets. At constant exchange rates, the Americas (37.0% of sales) recorded an increase of 11.9%, Asia (27.9% of sales) grew by 15.3%, and Europe (35.1% of sales) showed growth of 8.2%. 2025 is confirmed as a particularly important year for the retail channel, which accounts for 67.3% of sales and records year-on-year growth of 12.9% at constant exchange rates (11.3% increase at current exchange rates), supported both by like-for-like performance and by the contribution of selected openings and expansions of important flagship stores. This was accompanied by the positive and well-balanced contribution of the wholesale channel, which, with 32.7% of revenues, showed an increase of 8.7% at constant exchange rates and 7.9% at current exchange rates, confirming the solidity and balance of the distribution model, based on a presence with the most prestigious multi-brand partners at an international level.

Trade net working capital amounted to EUR 322.9 million, with a relative incidence on revenue of 22.9%, compared to EUR 282.8 million as at 31 December 2024 (relative incidence of 22.1%). Inventory stood at €398.3 million, compared to €370.0 million as of 31 December 2024, with an incidence on revenue of 28.3%, down from 28.9% recorded at the end of 2024. This level is deemed appropriate in relation to the breadth and depth of the offer, which encompasses the entire range of Ready-to-Wear and lifestyle product categories, with approximately 1,000 models for each season and for each gender, and is consistent with the maison's operating and management model. Over the 2012-2024 period, the historical average incidence of inventories stood at 30.9% of sales; the current figure therefore confirms a healthy and balanced profile, also in light of the significant evolution of the retail channel, whose incidence on sales rose from 27.5% in 2012 to 67.3% at 31 December 2025.

After the January appointments in Florence and Milan for the presentations of the autumn-winter 2026-2027 collections, the women's part will be unveiled on 25 February, and the way the commercial calendars of the sector are structured, the orders for these collections and those for the 2027 pre-collections allow us to make some forecasts. "The excellent order collection underway and the signals coming from the teams in our boutiques lead us to concretely imagine a balanced and solid growth in turnover of around 10% for this year as well, with the achievement of a healthy profit," commented Brunello Cucinelli, founder, in 1978, of the maison and today executive chairman, as well as creative director. A double, or rather triple, soul, of entrepreneur, manager and stylist, well told in Giuseppe Tornatore's film Brunello, the garrulous visionary, which premiered in Rome on 4 December and is about to begin a tour of previews, starting from New York on 14 April, where the Lincoln Center will host the première.