Brunello Cucinelli raises 2022 revenue guidance after sales jump in Q2

MILANO (Reuters) – Italian luxury group Brunello Cucinelli said on Tuesday it had raised again its revenue guidance for 2022 after posting a 46.4% sales jump in the second quarter of the year.

The brand known for cashmere clothing sees a revenue growth of 15% for this year which compares with a previous estimate of around +12%.

Cucinelli confirmed a revenue growth of around 10% in 2023 and said it expects revenues of approximately 1 billion euros ($1.01 billion) in 2024, it said in a statement.

After a 20% sales growth in the first quarter, the company’s sales accelerated in the second quarter totalling 218.3 million euros, which compares with analysts’ expectations of 212 million euros, according to a Reuters poll.

($1 = 0.9933 euros)

(Reporting by Claudia Cristoferi and Gianluca Semeraro, editing by Federico Maccioni)