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Brunello Cucinelli (brand)

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This article is about the Italian fashion house. For its founder, see Brunello Cucinelli.
Brunello Cucinelli S.p.A.
Company typeSocietà per Azioni
BIT: BC
ISINIT0004764699 Edit this on Wikidata
IndustryFashion
Founded1978; 46 years ago (1978)
Headquarters6 Piazza Carlo Alberto dalla Chiesa, (Solomeo),
Perugia
,
Italy
Key people
Brunello Cucinelli (President and CEO)
RevenueIncrease €503.6 million[1] (2017)
Increase €50.975 million (2015)
Increase €33.338 million (2015)
Number of employees
1,365 (2015 average)
WebsiteOfficial website

Brunello Cucinelli S.p.A. (Italian pronunciation: [bruˈnɛllo kutʃiˈnɛlli]) is an Italian luxury fashion brand which sells menswear, women's wear and accessories in Europe, North and South America and East Asia.[2] The company was founded by Brunello Cucinelli in 1978.

History

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Brunello Cucinelli started his couture house in 1978 with a specialty for Mongolian cashmere garments for women.[3]

In June 2014, owner Brunello Cucinelli, transferred the ownership of Fedone S.r.l. (which owned 61.56% of the fashion brand) to a new trust, Esperia Trust Company S.r.l., in a move to benefit his daughters and pursue his philanthropic work.[4]

In 2017, Brunello Cucinelli recorded 500 million euro in sales, 35% of which in North America. The company owns 94 of its 124 branded stores worldwide.[1] In January 2017, the company launched an ecommerce website.[5] In January 2018, the founder, Brunello Cucinelli, sold 4 million shares of his company (owned through his holding Fedone S.r.l.), and brought his participation down to 51% of the company's capital.[6] Through this move, 6% of the company (worth 100 million euros) was invested in his family's charitable fund.[7] In May 2018, the company opened its second store in Mexico. Both Mexican stores are located in the country's capital.[8]

In 2022, Brunello Cucinelli joined Chanel in investing in cashmere supplier Cariaggi Lanificio[9] and bought a 43 percent stake in the company.[10]

In 2023, the brand increased its sales by 24% compared to 2022, to 1.14 billion euros. The last quarter of the year recorded the highest results, with sales up +15.6% to 321 million euros.[11][12]

In 2024, Brunello Cucinelli strengthened its production line in Italy with the acquisition of the Sartoria Eugubina sewing workshop and the construction of a new factory to meet the increasing consumer demand. [13][14]

Other activities

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In 2022, Brunello Cucinelli entered into a licensing agreement with EssilorLuxottica on luxury eyewear for men and women.[15]

In 2023, Brunello Cucinelli started its first entry into the world of perfume as it introduced two scents designed with Euroitalia, a company specialized in the creation and distribution of luxury fragrances.[16]

Organization

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Cucinelli controls the company through Fedone Srl.[17] Cucinelli's family trust owns 57% of the company's stock, which went public in 2012 at €7.75 per share.[18] In 2014, Cucinelli set up a trust to benefit his daughters, Camilla and Carolina, in order to guarantee a proper handover of his namesake company.[19]

The company is headquartered in a 14th-century castle on the top of a hill in the middle of Umbria, an area known as the "green heart" of Italy.[20]

The company donates 20% of profits to its charitable foundation, and pays workers wages that are 20% higher than the industry average.[21] The company's 1,300 employees (of whom 800 work in Solomeo) do not punch a time clock; after-hours e-mails are not allowed.[18] As of June 2017, the company has a market capitalization of over €1.6 billion.[22]

See also

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References

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  1. ^ a b (in Spanish) Jennifer Braun, Brunello Cucinelli alcanza los 500 millones de euros en 2017, Fashionnetwork.com, 8 March 2018
  2. ^ "Profile: Brunello Cucinelli SpA". reuters.com. 28 Mar 2014. Retrieved 30 Mar 2014.
  3. ^ (in Spanish) Brunello Cucinelli se esfuerza para exportar el gusto italiano por el mundo, elDiario.es, 14 January 2015
  4. ^ Brunello Cucinelli transfers whole company stake to trust, Reuters, 25 June 2014
  5. ^ Sandra Salibian, Brunello Cucinelli Launches New Digital Platform, wwd.com, 30 January 2017
  6. ^ (in Spanish) Brunello Cucinelli reduce su participación en la empresa hasta el 51%, www.modaes.com, 11 January 2018
  7. ^ Rachel Sanderson, Brunello Cucinelli sells €100m stake for charitable foundation, ft.com, 10 January 2018
  8. ^ (in Spanish) Brunello Cucinelli se refuerza en México y hace doblete en la capital del país, modaes.com, 25 May 2018
  9. ^ "Chanel et Brunello Cucinelli s'allient auprès d'un fournisseur de cachemire". Journal du Luxe. 24 May 2023. Retrieved 2 April 2024.
  10. ^ Luisa Zargani (14 March 2022), Brunello Cucinelli Buys Stake in Cariaggi Women's Wear Daily.
  11. ^ "Brunello Cucinelli a boosté ses ventes de +24% en 2023". Journal du Luxe. 11 January 2024. Retrieved 29 January 2024.
  12. ^ "Brunello Cucinelli, peu affecté par les aléas du luxe, signe des ventes 2023 en hausse de 24%". Fashion Network. Retrieved 29 January 2024.
  13. ^ "Brunello Cucinelli renforce sa chaîne de production en Italie". Journal du Luxe. 2 April 2024. Retrieved 2 April 2024.
  14. ^ "Brunello Cucinelli annonce le rachat de l'atelier de couture Sartoria Eugubina et la construction d'une usine". Fashion Network. Retrieved 2 April 2024.
  15. ^ Luisa Zargani (22 March 2024), Brunello Cucinelli Extends Gentle Luxury to Eyewear with EssilorLuxottica Women's Wear Daily.
  16. ^ "Brunello Cucinelli se met au parfum". Fashion Network. Retrieved 29 January 2024.
  17. ^ Luisa Zargani (26 June 2014), Brunello Cucinelli Establishes Trust Women's Wear Daily.
  18. ^ a b Jeffrey Podolsky, "The Cucinelli Philosophy: Understated Brunello Cucinelli has become a billionaire on elegant casual wear". Barron's, November 28, 2015
  19. ^ Luisa Zargani (26 June 2014), Brunello Cucinelli Establishes Trust Women's Wear Daily.
  20. ^ Michael Williams, acontinuouslean.com Brunello Cucinelli’s Italian Shangri-la June 7, 2011
  21. ^ Om Malik, Brunello Cucinelli 2015/04/27
  22. ^ Listed stock investor.brunellocucinelli.com Accessed: June 2017
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