Earnings release
Page 1
1 Press Release CASA DI MODA BRUNELLO CUCINELLI: the Board of Directors has examined the preliminary turnover figures for the first half of 2025. • Outstanding revenues of €684.0 million, with growth of +10.2% at current exchange rates (+10.7% at fixed exchange rates) compared to the first half of 2024. • Major increases in all geographical areas: Americas +8.7 % (+10.0% at fixed exchange rates), Europe +10.0% (+9.6% at fixed exchange rates), Asia +12.5% (+13.0% at fixed exchange rates). • Turnover up in both sales channels: retail +10.3%; wholesale +10. 1%, fully confirming the excellent judgment regarding the content of innovation, creativity, quality, artisanship and exclusivity of our men's and women's collections. • We are about to complete the major investment plan for Made in Italy artisan production 2024- 2026. The plan will be finished eight months in advance by November and this project will enable us to work with peace of mind until 2035. • The results achieved in the first half of the year, together with the outstanding early sales of the Fall-Winter 2025 collection, strengthen our confidence for the end of the year 2025 with healthy growth in turnover of around +10%, accompanied by fair and balanced profits. • Excellent start to the order intake for the Spring-Summer 2026 Men's Collection, presented in June at Pitti Uomo and Milan Fashion Week, with a particularly positive response from our managers, multi-brand stores and the specialist press. • From 15 to 18 May, the “ Third Universal Symposium on Soul and Economics ” was held in Solomeo, consisting of three days of intense dialogue between science, art, philosophy and technology, whose participants included some of the most authoritative international experts in technology and human artificial intelligence, who gathered to reflect on the harmonious relationship between humanism and innovation. At the event, we shared with our friends the developments of “Brunello Cucinelli AI” project, considered by many to be a “true invention” on the global scene, for this idea of uniting artificial intelligence and human creativity. • The end of a year that we expect to be prosperous, will be marked by two events of profound significance for our Casa di Moda. In London on 1st December, Brunello Cucinelli will receive the prestigious Outstanding Achievement Award conferred by the British Fashion Council, the recipients of which over the years have included Karl Lagerfeld, Ralph Lauren, Miuccia Prada and Giorgio Armani. • In December the world premiere of the documentary film on the life and works of Brunello Cucinelli will take place. Led by Oscar -winning director Giuseppe Tornatore with music by Oscar winner Nicola Piovani, it is entitled “Brunello, the Gracious Visionary”. Brunello Cucinelli, Executive Chairman and Creative Director of the Casa di Moda commented: The first half of this year has ended with excellent results; perhaps we are now reaping the rewards of our philosophy of working and living in harmony with Creation, always believing in great craftsmanship, quality and exclusivity. During our most recent quarterly company assembly, held on 3 April – the day following the announcement of the "tariffs" – we said to one another: let us consider this moment as something extraordinary, a time that demands the utmost attention. For this reason, each of us should commit even more deeply to changing what can be changed, and to accepting that which lies beyond our control. We
Page 2
2 must become even more creative, kind, gracious, amiable and open to collaboration – all with the greatest dignity and respect towards every human being, and towards ourselves. The order campaign for the Spring –Summer 2026 menswear collection, presented during the Italian Men's Fashion Week – held over three days in Florence and three in Milan – is progressing extremely well. The feedback from multibrand retailers and the interna tional specialist press has been overwhelmingly positive. The favourable atmosphere we are currently experiencing around our Casa di Moda allows us to confidently envision a sound and beautiful revenue growth of around 10% for the years 2025 and 2026. *** Solomeo, 10 July 2025 – The Board of Directors of Brunello Cucinelli S.p.A. – an Italian Casa di Moda operating in the luxury goods sector, listed on the Italian Stock Exchange (now Euronext) – today reviewed its preliminary turnover for the first half of 2025, in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board. *** We are particularly satisfied with the quality of the work done in this first half of 2025. With very high concentration, we have fully achieved the desired results and have made significant progress in all our strategic projects, continuing to look to the future with confidence and determination. Revenues were outstanding, up 10.2% on an already important basis of comparison, considering the growth of 14.1% in the first six months of 2024. As was the case last year, we achieved two equivalent quarters in absolute value, with a constant growth rate. Once again, the contribution of all geographical areas and both sales channels were very well - balanced, demonstrating full, global and harmonious growth, based on the brand’s appeal and the great appreciation of our taste and product offering. The appeal of our brand seems all the more intense the greater the perception of its exclusivity in the various markets. The equal credibility and relevance in the worlds of fashion for both men and women, confirmed by a perfect balance of our sales by gender, amplifies the perception of a distinctive taste, synonymous with understatement, elegance and the highest quality artisanship. The appreciation for our collections has proved to be very high, as clearly evidenced by the results achieved. The Spring-Summer 2025 collection represented the beating heart of retail sales in the half- year, whereas the order intake for the Fall-Winter 2025 collection – already concluded early this year with very positive feedback – promptly translated into revenues in the wholesale channel in the latter part of the first half. Particularly important is the contribution of genuine product innovations in all categories. The half-year ended with an equally outstanding order intake for the Spring-Summer 2026 men's collections presented at Pitti and in Milan in June, with a very favourable response to the new colour and fitting proposal, successfully conveying the seasonal novelty with immediacy while remaining consistent in our taste. The level of internal service guaranteed to multi -brand customers as well as to our direct stores is very high, with timely and complete deliveries and very important, prompt restocking during the season, made possible by a good inventory supply, constantly fed by our short and entirely Italian supply chain. The attention paid to visual merchandising at our stores and the care taken with the window displays remains constant. In this first half of the year, we note at least three symbolic images of our brand, taken during events that are particularly significant to us: the vitality of Miami, the serenity of the countryside overlooking the sea at Pietrasanta and the impressive beauty of Amalfi. These three snapshots merge into a single stylistic setting and have provided us with the perception of a deep bond, made up of esteem and trust, with many customers around the world.
Page 3
3 The progress of our strategic projects for the future is also very positive. Starting from production, the work to complete the expansion of the Solomeo factory continues at an even faster rate than originally assumed. We now expect that these new spaces will be available as early as the end of this year, thus inaugurating in advance the “Casa” that will host the growth of our production for the next decade. Commercially, there were no new boutique openings in the first half of the year, but we expanded our store in Vienna; all the construction sites for the new openings in 2025 continue without delay and we are receiving more and more prestigious proposals for new openings or expansions. We welcome these opportunities, which represent a tangible sign of the excellent health of our brand, assessing them carefully, always maintaining a balance between openness to investments and a great sense of protection towards the brand and our income statement. With a constant focus on innovation, we expect to launch our new e-commerce site by the end of this year, with new features made possible by the application of Human Artificial Intelligence. Our collaboration with EssilorLuxottica and Euroitalia continues constantly and with great satisfaction, in full compliance with the principle that has always guided us: to affirm and maintain our brand’s unique, very high and distinctive positioning, including in the worlds of eyewear and fragrances. Strong in this conviction, in June we presented the special edition of Goldcraft 1978 glasses, two models made of titanium and 18 -carat gold, made possible by the skilful craftsmanship of artisans in Fukui, Japan. These creations represent the pinnacle of our offer in this category and, in the light of early feedback received, it seems tha t we have been able to combine the prestigious materials and workmanship with an authentically contemporary style. As for fragrances, the launch of the "Incanti Poetici" family – the six new creations presented in the first part of the year – has received an excellent response. This collection will be further enriched by three new additions, scheduled for early 2026. In terms of communication, we are preparing to celebrate the prestigious “Outstanding Achievement Award” at the end of the year, to be awarded to Brunello Cucinelli by the British Fashion Council in London on 1st December. An honour of the highest profile, awarded over the years to figures such as Karl Lagerfeld, Ralph Lauren, Miuccia Prada and Giorgio Armani. With heartfelt emotions, we will be holding in December the world premiere of the documentary film “Brunello, the Gracious Visionary”, to an audience of journalists and brand’s friends from all over the world. The film, led by Oscar -winning director Giuseppe Tornatore with music by Oscar winner Nicola Piovani, will narrate and set out the life and works of Brunello Cucinelli. Third Universal Symposium on Soul and Economics, Solomeo From 15 to 18 May, Solomeo hosted the “Third Universal Symposium on Soul and Economics ”. In attendance were some of the leading experts in philosophy, technology, science and art, gathered to reflect on the harmonious relationship between humanism and innovation. On this occasion, we shared with our friends the latest developments of the BrunelloCucinelli.AI project, considered by many to be “true invention” on the global scene, for this idea of uniting artificial intelligence and human creativity. We are working on its evolution, with the goal of creating a new e -commerce site inspired by what we like to call the invention of Solomei AI. This new project will see the light of day by the end of the year. Brunello Cucinelli commented on the event as follows:
Page 4
4 During these three wonderful days spent together in Solomeo, against the enchanting backdrop of the Umbrian countryside and immersed in its Genius loci (the Spirit of the Place), we discussed the major contemporary issues, inspired by the reflections that human artificial intelligence is fostering within us all. We discussed humanity, spirituality, religion, and knowledge, exchanging our perspectives and visions. We looked toward the horizons to which innovation is leading us and attempted to imagine its resonance across communities, societies, and individuals. We spoke about democracy, participation, confrontation and synthesis, as well as how to establish common ground to foster plurality. We also envisaged the arts of the future, which will emerge from the extension of human eyes and hands made possible by tec hnology, merging humans and AI in a sort of shared creative process. (...) We also discussed the great and timeless values of generosity and empathy, whose ancient legacy will continue to inspire our vision for guiding the future of humanity. (...) Finally, we became emotional when discussing the possibility of creating a collaboration between humans and technology that would always treat the latter as our handmaiden, enabling humanity to continue exploring, understanding, dreaming and building. Precisely with respect to this latter point, to this intangible scenario where reason and the irrational meet, we have been able to appreciate the depth of the conversations at this 2025 Symposium. We are now even more convinced of how much and what benefi t humanity can derive from human technology by using it the Greek way, according to measure and utility […]". Revenues by Geographical Area Europe: turnover of €243.1 million, up +10.0% on H1 2024, with a weight of 35.5%. The predominant domestic base of our business in the various European countries contributed to double-digit growth in the first six months of the year, with a uniform sales trend in the two quarters. In Italy, sales reached €78.8 million, a year-on-year increase of +15.8%. Q2 benefited from particularly strong results in the multi -brand channel , thanks to the outstanding deliveries of the Spring - Summer 2025 and Fall-Winter 2025 collections. Americas: revenues of €245.2 million, representing 35.9% of the total, an increase of +8.7% compared to the first six months of 2024. With an increase of 10,0% at fixed exchange rates in the first half, growth remained uniform between Q1 and Q2. The performance of monobrand boutiques was very positive, as well as the one of Luxury Department Stores, where ready to wear was confirmed as one of the fastest growing categories. Asia: sales of €195.7 million, up +12.5% compared to H1 2024, accounting for 28.6% of the total. The half-year result in the Asian market is confirmed as of great importance, with full consolidation of the outstanding results achieved in Q1. 1H 2025 % on 1H 2024 % on YoY Eur '000 Revenues Eur '000 Revenues Change % Europe 243,148 35.5% 221,052 35.6% 10.0% Americas 245,237 35.9% 225,616 36.4% 8.7% Asia 195,662 28.6% 173,994 28.0% 12.5% Revenues 684,047 100.0% 620,662 100.0% 10.2% YoY Change at constant exchange rates 10.7%
Page 5
5 In particular, China recorded double-digit growth, significant and well distributed well distributed across the entire territory and in both quarters , as further confirmation of our brand’s robust trend of development. We continue to foresee highly significant growth potential in this market, which we intend to enhance while maintaining the absolute exclusivity of our brand presence. The contribution of the Middle East was very positive, where we expect to start operations in Abu Dhabi as early as Q3 this year; the results from South Korea are also solid. Japan, despite a significant drop in tourism from abroad, continues to contribute positively to the growth of the region. Revenues by Distribution Channel Retail channel: revenues of €435.8 million, up +10.3% compared to H1 2024, accounting for 63.7% of the total. In the first half of the year, the Retail channel recorded positive results in all geographical areas. Growth was supported by significant increase on a like-for-like basis, in a context with no new openings in the first six months of 2025 but benefiting from the progressive contribution of the boutiques opened in the previous months. The second quarter fully confirmed the favourable trend that had already emerged early this year, with double-digit growth at fixed exchange rates, in line with the first quarter. As of 30 June 2025, the total number of retail boutiques remained stable at 130, unchanged from the beginning of the year; the new openings scheduled for 2025 will be concentrated in the second half of the year. Wholesale channel : revenues of €248. 2 million, up +10. 1% compared to H1 2024, accounting for 36.3%. The multibrand channel is ending another particularly brilliant half-year, strengthening the strategic role we have always recognized to it. We have gained significant market share in the purchases of the most important multi -brand customers in the world, based on acknowledgement of the creative and qualitative value of the collections, punctuality of service and discipline in price manage ment. Outstanding sell-outs for the Spring-Summer 2025 collection and the deliveries of the Autumn-Winter 2025 collection were timely. The Spring-Summer 2026 men's collection presented in June w as met with enthusiasm from our managers, multi-brand customers and the specialist press and have allowed us to achieve excellent wholesale order collection. Note that the Spring -Summer 2026 women's collection will be available in boutiques from August and will be presented to the press at Milan Fashion Week in September. 1H 2025 % on 1H 2024 % on YoY Eur '000 Revenues Eur '000 Revenues Change % Retail 435,806 63.7% 395,184 63.7% 10.3% Wholesale 248,241 36.3% 225,478 36.3% 10.1% Revenues 684,047 100.0% 620,662 100.0% 10.2% YoY Change at constant exchange rates 10.7%
Page 6
6 *** Our expectations The very positive trend in the first half of the year, in terms of both quantity and quality, together with the favourable opening of sales of the Fall-Winter 2025 collections, strengthen our confidence in the possibility of achieving, also for the whole of 2025, very beautiful growth in turnover of around +10%, accompanied by fair and balanced profits. We expect a second half full of initiatives, starting in London in July, when we will be hosting an event at Harrods during Wimbledon. In autumn, we will then be shifting to Japan and South Korea, thus reaffirming the desire for a presence with the same dedication and attention in all geographical areas. The year will end with two major celebrations: the prestigious Outstanding Achievement Award to be bestowed upon Brunello Cucinelli by the British Fashion Council on 1 st December in London; and the world premiere of “Brunello, the Gracious Visionary ”, a documentary film on the life and works of Brunello Cucinelli, due to be held in December. Also as a result of these activities and the full implementation of the planned new openings for the year, we expect growth for the whole of 2025 distributed harmoniously in the quarters , across the various geographical areas and distribution channels. In this context, our investment plan for the 2024–2026 three-year period is progressing with confidence, allowing us to work with peace of mind through to 2035. Works on expanding the Solomeo facilities are proceeding faster than expected, and we imagine to achieve completion already for the end of this year. We will therefore be able to start using the new spaces in 2025, several months earlier than initial estimates. Looking ahead to 2026, our confidence has been bolstered even further also thanks to the opening of order intake for the new Spring-Summer 2026 Men's collection, after presentations at Pitti Uomo in Florence and during Milan Fashion Week. The positive feedback obtained from buyers, multi -brand partners and the specialist press further confirms the quality of our work. In light of all these factors, we can confirm a positive and consistent outlook, with expectations of steady growth in turnover of around +10%, also for 2026, accompanied by robust and balanced economic results. *** Pursuant to and for the purposes of Article 154 -bis(2) of Legislative Decree 58/1998, the Financial Reporting Officer, Dario Pipitone, hereby declares that the information contained in this press release corresponds to the documented results, as well as to the accounting books and records. It should be noted that the turnover figures in this press release have not been audited. This press release may contain forward -looking statements concerning future events and operating, economic and financial results of the Brunello Cucinelli S.p.A. Group. These forecasts have by their very nature a component of risk and uncertainty, as they depend on the occurrence of future events and developments. *** Brunello Cucinelli S.p.A. is an Italian Casa di Moda founded in 1978 by the eponymous designer and entrepreneur and is listed on the medium and large companies stock exchange (MTA) of Borsa Italiana (now Euronext). Long rooted in the medieval Umbrian hamle t of Solomeo, the company is guided by an entrepreneurial philosophy that focuses on the major themes of “Harmony with Creation”, respect for the dignity of every living being, and the pursuit
Page 7
7 of balanced growth in full accordance with the ethical values embodied in the founding principles of Humanistic Capitalism and Human Sustainability. Initially specialising in the production of cashmere of the highest quality, the brand has expanded to include a lifestyle and ready-to-wear and casual chic offer, expressing a refined, discreet, yet versatile and everyday style. The collections seek to interpret the most authentic spirit of the Italian way of life, recreating with passion and ethics a taste perpetually balanced between elegance, creativity, contempo raneity and craftsmanship, one rooted in the values of tailoring and high craftsmanship peculiar to the Italian tradition and the Umbrian region, and deftly combined with an emphasis on innovation and contemporary style. Through a path of healthy, fair and sustainable development, the company seeks to generate profits with integrity and harmony, while respecting the moral and economic dignity of the more than 3,000 people who work for our Group. *** Contacts: Investor Relations & Corporate Planning Pietro Arnaboldi Brunello Cucinelli S.p.A. Tel. +39 075/69.70.079 Media Maria Vittoria Mezzanotte Brunello Cucinelli S.p.A. Tel. +39 02/34.93.34.78 Corporate website: www.brunellocucinelli.com