Italian luxury group Cucinelli again raises its sales forecast for 2021 By Reuters

Italian luxury group Cucinelli again raises its sales forecast for 2021 By Reuters

Italian luxury group Cucinelli again raises its sales forecast for 2021 By Reuters

© Reuters. FILE PHOTO: A Brunello Cucinelli label is seen on a shirt at the factory in the village of Solomeo near Perugia, Italy, September 4, 2018. Photo taken on September 4, 2018. REUTERS / Alessandro Bianchi

MILAN (Reuters) – Italian luxury group Brunello Cucinelli raised its sales guidance for 2021 for the second time this year on Tuesday after revenue surged in the three months to June, accelerating a recovery from the pandemic’s lowest point. of coronavirus.

The company said revenue soared nearly 60% at constant exchange rates in the first half of the year to € 313.7 million ($ 370.6 million) compared to the same period in 2020.

Compared to 2019 levels, before the pandemic, sales increased 10% in the first half and 13.8% in the second quarter.

The brand known for cashmere clothing, which had already raised its sales outlook in March, said it now expected annual growth of around 20% and an increase of around 10% in 2022.

In March, it had forecast sales growth of 15-20% for 2021 and 9-10% for 2022.

Sales fell 10% last year due to the consequences of the health crisis.

The group had posted a 7% increase in sales at constant exchange rates in the first quarter, with revenue exceeding 2019 levels by just 3%.

Comparisons to the second quarter of 2020 are favorable for most retailers, as it was particularly hard hit by the pandemic, with most stores closed around the world.

Cucinelli is the first Italian luxury group to post second-quarter sales, and its performance adds to signs that the sector has recovered faster than initially expected.

The European market, which represents 43.7% of the company’s total sales, including Italy, grew by 9.2% compared to the first half of 2019. Sales growth in Asia was double.

The company recently announced a partnership with Essilor Luxottica brand Oliver Peoples for the launch of its first eyewear collection.

($ 1 = 0.8464 euros)

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