Cucinelli posts 33% rise in Q1 sales, confirms 2023 revenue growth forecast

Sales at Italian luxury group Brunello Cucinelli rose 33% at constant exchange rates in the first quarter, driven by strong growth in the Americas and a rebound in Asia.

Cucinelli said that the demand growth in North America looked "increasingly structural", while the "decidedly positive trend" in China continued and confirmed the future potential of this important market for the group.

Sales for the three months ending in March came to 265.3 million euros ($290.6 million).

The fashion brand, best known for its cashmere clothing, confirmed its expectations of a sale increase of around 15% this year.

Cucinelli said it had decided to set up a new production facility in Italy's Abruzzo region, in the town of Penne which is known for its tradition of handcrafted manufacturing, particularly for men's suits.

"We believe that there is great potential for growth in this specific segment", the group said in the statement.