The strong performance led Cucinelli to define 2021 'one of the best years' for his namesake fashion house.
On Monday, Cucinelli confirmed his “very concrete” expectations of a balanced growth of around 10 percent for both 2022 and 2023, “given the performance of the collections, the selected boutique network development project and the like-for-like results we expect.”
The main European luxury capitals, such as Paris, Milan and London, showed a significant rebound and pointed to the customers’ desire to return to physical stores and to events, Cucinelli said, citing the inauguration of the brand’sCucinelli also cited “excellent” results in Russia, which has significantly contributed to the brand’s growth in Europe.
A growing desire to “dress well” for both men and women, a balanced presence and domestic tourism all contributed to the performance, with resorts in the U.S. becoming a reference point for exclusive stays. Online sales also helped drive sales, complementing revenues in the physical channel. Japan, which had shown some volatility during the year, thanks to an acceleration in the fourth quarter, closed 2021 substantially in line with 2019, and very solid results were achieved in South Korea and in some countries of South East Asia.
As of Dec. 31, the number of boutiques amounted to 114 compared to 107 boutiques in the prior year, with four openings and three wholesale boutique conversions, including a store in the Dubai Mall and a space in the exclusive resort town of Gstaad. Through a strong cash generation related to operating activities and a solid management of net working capital, as of Dec. 31 net financial debt decreased to about 23 million euros, compared with 93.5 million euros at the end of the previous year.
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