Brunello Cucinelli’s H1 net income hits €21.9 million, close to 2019 levels

Brunello Cucinelli generated a net revenue of €313.8 million in H1, up by 7.7% at current exchange rates, by 10% at constant rates (compared to June 30 2019), and by 52.9% at current exchange rates, and 57.7% at constant rates compared to June 30 2020. Sales in Q2 2021 were worth €149.2 million, equivalent to a 13.8% rise over to the same period in 2019.

The Italian luxury label's H1 EBITDA was €80.6 million (25.7% of revenue). It was minus €3.4 million last year, and €79.2 million as of June 30 2019. EBIT was €25.3 million (8.1% of revenue), compared with minus €53.3 million as of June 30 2020, and €39.1 million as of June 30 2019. Net income was €21.9 million (7% of revenue), compared with a loss of €47.7 million in H1 2020, and a net income of €25 million in H1 2019.

Commenting on the income statement, the label underlined that a direct comparison of the H1 2021 results with those of H1 2020, strongly influenced by the pandemic, is of limited relevance. On the other hand, both the continued effects of the pandemic in the first six months of 2021 and the outcome of the many commercial initiatives and retail expansion policies that were deployed in H1 2021 must be taken into account.

Brunello Cucinelli carried out investments worth €29.9 million in H1 2021, part of a multi-annual plan that the group is sticking to despite the pandemic. Net financial debt was €96.3 million, as opposed to €136.5 million as of June 30 2020.

“H1 2021 has closed with very, very interesting results,” said Brunello Cucinelli, the label’s executive president and creative director, about the financial statement approved by the board.

“The sales campaign for the Fall/Winter 2021 collections began very well, it seems that the label is enjoying widespread popularity both for its stylistic expression and its way of connecting with local communities and with humanity as a whole. Order levels for the Spring/Summer 2022 men’s and women’s collections, whose campaigns are almost over, were excellent,” added Cucinelli.

“All of this leads us to predict strong revenue growth for the current year, at around 20%, and to regard the current period as one of rebalancing, while for 2022 we are expecting a return to a healthy 10% growth.”