Brunello Cucinelli (BC) Q3 2025 TU earnings summary

Executive summary

• Revenues for the first nine months of 2025 reached €1,019.6 million, up 10.8% year-over-year at current exchange rates and 11.3% at constant rates, surpassing €1 billion for the first time.

• Strong performance across all regions: Americas +9.2%, Europe +8.9%, Asia +15.5% to 15.6%.

• Retail channel grew 11.4% to €644.8 million, wholesale up 9.7% to €374.8 million year-over-year.

• Brand image, exclusivity, and positive feedback from Milan Fashion Week and new boutique openings in Abu Dhabi and Shanghai Pudong supported growth.

• Navigated short-seller allegations and maintained strong stakeholder support.

Financial highlights

• Q3 2025 sales were €333 million to €335.5 million, up 12% year-over-year.

• Retail channel accounted for 63.2% of revenues, with strong like-for-like growth and new store contributions.

• Russian market share declined to 1.4% of revenues as of September 2025.

• First Margin reported at 74.5% for both June 30, 2025, and December 31, 2024.

Outlook and guidance

• Revenue growth expected around 10% for both 2025 and 2026, supported by strong Spring/Summer 2026 order collection and healthy profits.

• EBIT margin for 2025 expected to slightly improve over 2024.

• Major investments in artisanal production and factory expansion to be completed ahead of schedule.

• Investment plans for 2026–2027 to normalize at ~7% of revenue after a peak of 10.5% in 2025.