Brunello Cucinelli (BC) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenues reached €341.5 million, up 10.5% year-over-year at current exchange rates, with strong growth across all geographies and channels.

• Retail sales grew 11.9% and wholesale 8.2%, reflecting robust demand for high-end clientele and positive reception of new collections.

• Management reaffirmed its 2025 outlook for approximately 10% revenue growth and healthy profitability, expressing confidence despite global uncertainties.

• The company maintains its 2024-2026 investment plan, advancing new factory construction and Solomeo facility expansion to double artisanal production capacity by 2033.

• No major changes to investment or expansion plans; focus remains on artisanal production and selective retail growth.

Financial highlights

• Net revenues reached €341.5 million in Q1 2025, up 10.5% year-over-year from €309.1 million.

• Retail channel revenues grew 11.9% to €211.0 million; wholesale channel up 8.2% to €130.5 million.

• Americas revenue: €125.9 million (+10.3%), Europe: €119.7 million (+10.1%), Asia: €95.9 million (+11.3%).

• Retail accounted for 61.8% of total sales, wholesale 38.2%.

• Growth was consistent across all months and geographies, with no new retail openings in Q1 2025.

Outlook and guidance

• 2025 and 2026 revenue growth is projected at around 10%, with balanced profitability.

• Capital investments expected at 10%-10.5% in 2025, then 7.5% in 2026 and 7% in 2027.

• No changes to strategy or expansion plans; three to four new stores to open annually.

• U.S. price lists for Fall-Winter 2025 will reflect higher duties, but no significant impact on American client demand is expected.

• Two major brand events in H2 2025 are anticipated to boost visibility and growth into 2026-2027.