Brunello Cucinelli S.p.A., the renowned Italian Casa di Moda, recently published its financial results for the first half of 2024, showcasing exceptional growth across revenue, profitability, and key markets. With total revenue reaching €620,7 million—a 14,1% year-on-year increase—the company demonstrated resilience and success in expanding its luxury lifestyle positioning globally. These figures align with Brunello Cucinelli’s dedication to Humanistic Capitalism and ongoing investment in both artisanal craftsmanship and sustainability.

Financial Overview

Comparison of H1 2024 to H1 2023 Financial Results

Financial Metric	H1 2024 (€’000)	H1 2023 (€’000)	% Growth
Revenue	620.662	543.942	14,1%
EBITDA	177.754	154.808	14,8%
EBITDA (excluding IFRS 16)	120.337	104.775	14,9%
Operating Income	104.587	87.693	19,3%
Profit Before Tax	95.247	85.264	11,7%
Profit for the Period	66.077	66.687	-0,9%

Revenue by Geographic Area for H1 2024 Compared to H1 2023

Region	H1 2024 Revenue (€’000)	H1 2023 Revenue (€’000)	% Growth
Europe	152.959	141.881	7,8%
Italy	68.093	60.888	11,8%
Americas	225.616	189.007	19,4%
Asia	173.994	152.166	14,3%
Total	620.662	543.942	14,1%

Revenue by Channel and Product

Retail revenues, accounting for 63,7% of the total, grew by 14,7% over the same period last year, while wholesale sales rose by 13,1%, illustrating the continued consumer demand for Brunello Cucinelli’s luxury products. The women’s collection made up 55,6% of sales, with the men’s collection comprising 44,4%. This balanced split by gender and growth across channels reflects the brand’s expanding appeal and its commitment to a luxurious yet gentle aesthetic.

Profit and Operational Costs

The company’s EBITDA increased to €177,8 million, which corresponds to 28,6% of revenue, reflecting careful cost management amidst an increase in payroll expenses from workforce expansion. Operating income grew by 19,3%, reaching €104,6 million. The company’s net financial debt rose to €68,7 million, largely due to strategic investments in Italian artisanal facilities. These investments align with Brunello Cucinelli’s goal to double its revenue by 2030 while adhering to high standards in craftsmanship.

ESG and Sustainability Achievements

Brunello Cucinelli’s commitment to “Humanistic Capitalism” shines through in its sustainability achievements, including further investment in artisanal production and a training-focused School of Arts and Crafts in Solomeo. These initiatives ensure that the company can meet growing demand sustainably and align with its ethos of supporting both the environment and traditional craft. The company also prioritised energy-efficient production processes, aligning with global sustainability standards and expanding its network of artisan partnerships.

ESG Investment and Workforce Growth in H1 2024

ESG Metric	H1 2024	Details
Total Workforce	3.021 employees	+490 YoY
Investment in Artisanal Growth	Expanded Solomeo factory, new facilities in Gubbio and Penne	Expanding traditional craftsmanship
School of Arts and Crafts	Additional apprenticeships, young artisans in Solomeo	Focus on generational craft continuity

Summary

With its strong H1 2024 performance, Brunello Cucinelli is on track for a 10% revenue growth target for the year, bolstered by expanding boutique locations, lifestyle offerings, and increasing customer loyalty. As the company moves towards its ambitious goal of doubling revenue by 2030, further analysis could explore how these investments in digital and physical retail, alongside sustained expansion of its artisanal workforce, may fuel continued growth in a fast-evolving luxury market.

Read the full Brunello Cucinelli S.p.A. report Here.

Cover Image Courtesy: Brunello Cucinelli Website