Brunello Cucinelli raises 2026 forecast to 12% after 10% nine-month sales gain

Brunello Cucinelli has raised its 2026 revenue forecast to 12 percent growth at constant exchange rates, up from the 10 to 11 percent it signalled in July. The Italian luxury house reported nine-month sales up 10 percent to €1.12 billion, compared with €1.02 billion a year earlier.

At constant exchange rates the same period rose 13 percent. Founder, executive chairman and creative director Brunello Cucinelli put the revision down to the closing of the first nine months with, in his words, such positive results that the estimates moved further upward.

The house, renowned for high-quality cashmere and upscale knitwear, has been built since 1978 on craftsmanship and ethical production. Chief executive Luca Lisandroni told the call that trading in the first fortnight of October was also good, and said he was confident about the remainder of the year.

Cucinelli and Lisandroni pointed to strength in retail, online, North America and China, alongside gains in the average ticket and in customer numbers. In light of the spring 2027 men's and women's collections, the house now envisages growth of around 10 percent for 2027 as well.

Speaking on a conference call at the end of trading, the chairman spoke of a brand image of absolute luxury without logo, one that stands for authenticity, style, familiarity and simplicity. He added that theirs is not a mass-market renown, describing exclusivity as of paramount importance.

The online channel accounts for just 7 percent of sales, but executives described it as a tool that drives customers into stores. Chief executive Riccardo Stefanelli touted the traffic quality of Callimacus, the platform backed by Cucinelli's Solomei AI research centre, which has doubled time spent on the site.

Stefanelli also recalled that Salesforce has invested in the platform. On generational handover, Cucinelli, who is 73, said the family keeps control of the publicly listed company, with an enduring hope the brand continues to thrive for decades to come.

He told the call that at 58 he established an irreversible trust fund in favour of his daughters Carolina and Camilla, and at 63 decided to take the executive chairman role, adding that everything had been defined for the time following his death.

Third-quarter revenues at constant exchange rates gained 13.5 percent to €374.2 million, slightly above expectations. The growth was lifted by all geographic markets and all categories, and split equally between the men's and women's collections.

Where the growth came from

European revenues in the nine months rose 6 percent to €393.9 million, representing 35.1 percent of the total, driven by a strong retail performance that held double-digit increases through the third quarter among local customers and international tourists alike.

The Americas climbed 14 percent to €418.3 million, or 20 percent at constant exchange rates, accounting for 37.2 percent of the total. Openings in Nashville and Naples, Florida, earlier in the year and in San Diego in the third quarter reflect the brand's geographic expansion.

Asia rose 10 percent to €311.4 million, or 14 percent at constant exchange rates, making up 27.7 percent of the total. Cucinelli said China keeps being among the main drivers of constant growth in the region, with Japan and South Korea delivering positive results led by local clients.

A Casa Cucinelli store opens in Shanghai next week and the Plaza 66 store in the city expands by year-end. There are now around ten Case Cucinelli stores worldwide, and the China World store in Beijing will expand next year.

Despite the war in the Middle East, the third quarter there was solid, through the natural low seasonality of July and August and reduced international tourists. An Abu Dhabi store opening planned for last month has been postponed until next year.

Retail leads the channels

Retail revenue grew 15 percent to €741 million in the nine months, representing 66 percent of the total, and 19 percent organically. The third quarter alone was up 17 percent at constant exchange rates, with like-for-like sales in line with the first half.

The period benefited from recent flagship relocations in Paris on Rue Saint-Honoré and in Los Angeles on Rodeo Drive, along with the Bond Street expansion in London. We covered that seven-floor, 2,800 square metre Paris flagship and its private members' floor when it opened.

The network totalled 142 directly operated boutiques as of 30 September. Wholesale revenue rose 2 percent to €382.5 million, or 4 percent organically. Cucinelli touted a strong relationship with Exemplar Luxury Group, owner of Saks and Neiman Marcus, citing its punctual payments.

The brand is expanding its men's and women's spaces at Bergdorf Goodman. Next week the documentary film Brunello, il visionario garbato premieres in Tokyo, Shanghai and Hong Kong, after unveilings in Rome, New York and Paris. In early November, the biennial La Paulée returns to Solomeo.

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