Cucinelli runs on the stock exchange after first-quarter earnings release
The company boasted sales of EUR 369.1m, up 14% at constant exchange rates despite the war in Iran. Numbers beat forecasts
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(Il Sole 24 Ore Radiocor) Brunello Cucinelli is charging ahead at Piazza Affari in the aftermath of the publication of Q1 2026 revenues that came in above expectations. Moreover, the stock gives a boost to the entire fashion and luxury sector, considering that Cucinelli's sales represent the first test to understand the luxury sector's reaction to the impact of the war in Iran. However, it must be said that the Umbrian fashion house is positioned in the high-end segment and is therefore less sensitive to external shocks than other fashion and luxury groups considered more accessible.
On the other hand, the company indicated that in the Middle East it experienced a 50% drop in sales in March. The impact, however, was not felt as it was more than offset by the performance in other regions, and also taking into account that the overall weight of the Middle East region is small, amounting to 5% of the company's total sales. Overall, in Q1 2026 Cucinelli boasted sales of 369.1 million, up +14% at constant exchange rates and 8.1% at current exchange rates. This was above the consensus level of 360-361 million. The retail channel even boasted sales growth of +20.1% at constant exchange rates, while the wholesale channel recorded +4.3% at constant exchange rates, against more cautious forecasts (with stable sales).
Geographically, the trend was 'very favourable in all regions with growth at constant exchange rates of 20.3% in America, 4.4% in Europe and 17.8% in Asia'.
Analysts are positive. Bernstein recommends buying the shares ('Outperform') with a price target of EUR 108. "Management highlighted the brand strength and geographically balanced growth in the retail sector. They also pointed out that new customers are driving sales, along with higher average cart prices, particularly in Asia and the Americas. The brand was unaffected by the impact of the conflict in the Middle East on overall performance this quarter," commented the experts, who also particularly appreciated the brand's "resilient HNWI (High Net Worth Individual) customer base. Bernstein, however, also commented that 'it will take some time to fully restore the company's reputation among investors, but this is another step in the right direction', referring to last year's allegations by the US hedge fund about sales in Russia. Allegations, however, that were rejected by the company.
Brunello Cucinelli, in light of the revenues for the first part of the year and the sales campaign for the coming seasons, has confirmed its growth forecast for 2026 and also for the coming year at 10%. Thus, Bernstein is also betting that the company will close the current financial year with an organic increase in revenues of +10.8%, even though it is taking into account a negative effect of -2% due to the exchange rate.
