Brunello Cucinelli H1 FY20 sales dip to €205 mn


Brunello Cucinelli, an Italian luxury fashion brand, reported 29.6 per cent revenue decline to €205.1 million in its first half (H1) for fiscal 2020 ended on June 30, compared to the sales of €291.4 million in the same period previous fiscal. Company incurred a net loss during H1 FY20 of €47.6 million compared to the net income of €25.0 million in H1 FY19.

 

“Following this half-year strongly impacted by the pandemic, we are now moving towards a significant trend reversal. Since July 1 we have been looking at the company with a fresh new eye, considering this to be a year of “transition” between a “past time” and a “new time”,” Brunello Cucinelli, executive chairman of the company, said in a press release.

 

Company’s operating loss during the six months period was €53.2 million compared to the operating income of €39.1 million. 

 

Revenues in Italy fell 34.7 per cent to €28.9 million (H1 FY19: €44.3 million) strongly influenced by the closure of our retail spaces. Europe revenues were down 24.1 per cent to €70.1 million (€92.4 million). In North America, revenues dropped 38.9 per cent to €57.5 million (€94.1 million). China’s revenue decreased 20.6 per cent to €22.9 million (€28.8 million). While revenues in rest of the world slipped 19.1 per cent to €25.8 million (€31.8 million).

 

Sales of retail channel plunged 31.6 per cent to €102.5 million (€149.9 million). Whereas, monobrand wholesale channel’s performance was down 25.3 per cent to €13.6 million (€18.2 million) and multibrand wholesale sales dipped 27.8 per cent to €89.0 million (€123.3 million).

 

“The Spring Summer 21 collections have been met with much success and the ensuing sizeable order intake prompts us to envisage a good 2021 with revenues increasing by around 15 per cent; in addition, the above leads us to view 2021 as the “year of rebalancing”,” Cucinelli said.

Fibre2Fashion News Desk (JL)

Brunello Cucinelli, an Italian luxury fashion brand, reported 29.6 per cent revenue decline to €205.1 million in its first half (H1) for fiscal 2020 ended on June 30, compared to the sales of €291.4 million in the same period previous fiscal. Company incurred a net loss during H1 FY20 of €47.6 million compared to the net income of €25.0 million in H1 FY19.





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