Brunello Cucinelli sees sustainable growth in medium-long term

Italian luxury group Brunello Cucinelli said it expects a trend of progressive growth, which will be sustainable in the medium and long term, as the group’s sales in China grew almost 40 percent in the first nine months of the year.

The company said revenue came in at 384.2 million euros ($452 million) in the January to September period, just above a Thomson Reuters analyst poll of 383.5 million euros. The figure registered a 10.3 percent increase over last year. 

At a geographical level, Italian sales grew 9.8 percent. Europe increased 10.4 percent, North America grew 6.3 percent, while the Rest of the World rose a strong 8 percent.

For the period ending September 30, sales in China, still just under 8 percent of the total, were up a whopping 37.7 percent compared to the same period last year.

Chairman and Chief Executive Brunello Cucinelli said in a statement that he expected double-digit growth in revenues and profits both this and next year.

Like-for-like sales were up 4.2 percent between January and Nov. 5.

($1 = 0.8507 euros)