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Luxury group Cucinelli posts 31% sales jump in 2021 -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A Brunello Cucinelli logo is displayed on the door of their headquarters in Solomeo, Italy. September 4, 2018. Picture taken September 4, 2018. REUTERS/Alessandro Bianchi/File Photo

MILAN (Reuters – Brunello Cucinelli, an Italian luxury company, reported Monday a 31% rise in its 2021 revenues at the current exchange rates. This is in line with its most recent guidance, and slightly above market expectations after the pandemic that caused a 10% decline in 2020.

The fashion house increased its 2021 sales guidance last month for the fourth year in a row to grow “close to 30 percent” and reiterated their expectations of “nice, healthy, and balanced growth” between 2022-2023.

This brand is well-known for its cashmere clothes confirmed that it will continue to target the next years, despite growing fears about the global spread of COVID-19.

The net sales were 712 million euro ($806.3 million), an 17% increase over 2019 before the Covid pandemic.

According to Refinitiv SmartEstimate, analysts had predicted sales of 703 millions euros by 2021.

($1 = 0.8831 euros)

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