MILAN — A few days after the unveiling of the film on his life, Brunello Cucinelli was eager to discuss the year about to close, which he described as “a record” one for his namesake company in terms of financials and brand image.
During a call with analysts at the end of trading in Milan on Wednesday, Cucinelli said he forecasts a sales gain of between 11 and 12 percent at constant exchange for 2025, which is higher than the 10 percent expected at the beginning of the year. At current exchange rates, the growth is pegged at around 10 percent.
“The fourth quarter promises to be very, very positive,” said Cucinelli, in line with the trend of the third quarter, despite a higher comparison base.
Given the orders of the fall 2026 women’s pre-collection and of the spring 2026 season, Cucinelli confirmed a projected revenue growth of around 10 percent for next year as well.
Regarding the markets, chief executive officer Luca Lisandroni said China, which accounts for 13 percent of sales, is “in excellent health and we believe in a new equilibrium” in that region. The performance in America was also described as “excellent,” and Europe is “solid, with local customers key and tourist spending positive.”
In mid-January, the company will launch a new AI-based e-commerce site. “It is not simply a revamped website, but a digital environment that reasons, interprets the visitor’s intent and responds with an experience tailored to that individual, in that specific moment,” Cucinelli said.
He emphasized that he did not expect a major uptick in sales from that channel, but that it would improve the presentation of the products online. Cucinelli’s direct online channel represents 7 percent of sales, and including other third-party platforms, it accounts for 12 to 13 percent of the total.
Lisandroni expects very positive results in the retail channel in the fourth quarter, with a “significant double-digit growth, supported by the rise on a like-for-like basis and the contribution of three new openings in Carmel, Calif., Macao and Shanghai and three expansions in London, Paris and Los Angeles.”
Next year Cucinelli will open new stores in Geneva, Switzerland; Toronto; Shanghai at Plaza 66; Mexico City; Wuhan, China, and Abu Dhabi. A new Casa Cucinelli will also open in Shanghai.
Five new concessions will open at Neiman Marcus and Lisandroni gave a shoutout to Saks Fifth Avenue, where there are already five concessions. The brand “had the best results ever at Saks in 2025, it’s a fundamental platform of the highest level,” he said.
Growth in the wholesale channel showed that “delivery dynamics supported a more pronounced increase in the third quarter compared to the final part of the year, with a slightly positive performance expected in the fourth quarter,” he added.
Ready-to-wear accounts for 85 percent of sales, with accessories representing the rest, and both are equally split between men’s and women’s collections.
In 2025, the company hired more than 200 new people.
This year saw the completion, 12 months ahead of schedule, of the 2024-26 plan dedicated to strengthening the brand’s Made in Italy manufacturing. This includes the doubling of the Solomeo factory, and the completion of two new factories dedicated to outerwear, located in Penne and Gubbio.
“Thanks to this significant investment plan, the company now considers itself ready to face the next 10 years with solidity and vision, supported by a highly solid production structure capable of confidently accompanying the brand’s future growth,” Cucinelli said.
Lisandroni made a reference to Morpheus Research’s allegations of irregularities in Cucinelli’s business activities in Russia. Morpheus, a short seller betting Cucinelli’s stock would fall, alleged the firm misled its shareholders and continues to operate stores in Moscow. Cucinelli swiftly rejected those allegations and Lisandroni said “the confidence in the brand was not dented nor were sales. The promptness with which we responded and very thoroughly was important and our reputation did not suffer from this.”
As reported, in the nine months ended Sept. 30, sales rose 10.8 percent to 1.02 billion euros, compared with 920.2 million euros in the same period last year.
In its report issued on Wednesday, RBC stated that “Brunello Cucinelli offers defensive revenue characteristics, in our view, largely supported by its 100 percent HNWI customer base and relatively inelastic demand characteristics.” Since 2012, the company has delivered a compound annual growth rate of 14 percent, “which is sector leading with the lowest relative volatility, reflecting the timeless and fashion relevance of its product portfolio. New customer recruitment from a relatively low HNWI penetration, new space opportunities, wealth transfer to younger generations and underpenetrated U.S. market remain key growth opportunities,” contended RBC analysts.
