For the third time this year, Italian fashion house Brunello Cucinelli increased its sales forecast for 2022 on Tuesday, citing an increase in demand for luxury items.
The company, which is best known for its cashmere clothing for everyday wear, has increased its earlier October prediction of roughly 25% revenue growth to around 28 percent growth in 2022.
The business claimed that its reliable production setup and short supply chain had enabled it to meet the high demand, which it anticipates will persist.
In terms of number and quality, the orders for Spring-Summer 2023 are very significant, according to firm founder and executive chairman Brunello Cucinelli.
In 2023, when it aims to achieve 1 billion euros in revenues, up from 712 million euros in 2021, it increased its sales growth prediction by almost 12%.
It then anticipates revenue growth to continue in 2024 at a rate of roughly 10%, enabling it to achieve its long-term goal of doubling sales by 2024 before schedule.
The company recorded sales of 642 million euros ($674 million) for the first nine months in October.
Shares of Cucinelli were trading 2.63 percent lower at 63.00 euros at Tuesday’s close, falling short of their all-time high of 66.45 euros set last Friday.
