Italian luxury group Cucinelli has raised its sales forecast for 2021 following a surge in revenue during the second quarter. The company, famous for its luxurious cashmere clothing, reported a nearly 60% increase in revenues for the first half of the year, amounting to €313.7 million ($370.6 million), compared to the same period in 2020.

Sales in the first half of 2021 were up 10% compared to pre-pandemic levels in 2019, and the second quarter saw a 13.8% increase. These strong results prompted Cucinelli to revise its sales outlook for the full year. The company now expects a growth rate of around 20% in 2021 and a further increase of approximately 10% in 2022. This marks an upward revision from the previous forecast in March, which predicted sales growth of 15-20% for 2021 and 9-10% for 2022.

The luxury sector as a whole has experienced a faster-than-expected recovery, and Cucinelli’s positive results in the second quarter reflect this trend. Comparisons with the same period in 2020 are favorable for most retailers, as that was when the pandemic had its largest impact and many stores were forced to close. Cucinelli’s European market, which contributes 43.7% of its total sales (including Italy), saw a growth rate of 9.2% compared to the first half of 2019. Sales in Asia saw double the growth rate.

In addition to its strong sales performance, Cucinelli has recently announced a partnership with Oliver Peoples, a brand under EssilorLuxottica, to launch its first eyewear collection. This collaboration showcases the brand’s commitment to broadening its product offerings and reaching a wider range of customers.

Cucinelli’s upward revision of its sales forecast and its continued growth indicate a positive outlook not only for the Italian luxury group but also for the wider luxury sector. As the world emerges from the challenges of the pandemic, consumers are eager to invest in high-quality, luxury products, and Cucinelli is well-positioned to meet this demand. With its focus on timeless elegance and craftsmanship, the brand’s future prospects look promising.

Links:
Cucinelli Official Website
EssilorLuxottica Official Website