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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 America and East Asia.[2] The company was founded by Brunello Cucinelli in 1978.

History

When Brunello Cucinelli turned 25, he came up with idea of manufacturing cashmere garments. He wanted to do 'made in Italy' products that were very high quality, with a bit of innovation.

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 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.[9][10] Also in 2023, the brand 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.[11]

Organization

Cucinelli's family trust owns 57% of the company's stock, which went public in 2012 at €7.75 per share.[12] 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.[13]

The company donates 20% of profits to its charitable foundation, and pays workers wages that are 20% higher than the industry average.[14] 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.[12] As of June 2017, the company has a market capitalization of over €1.6 billion.[15]

See also

References

  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. ^ "Brunello Cucinelli a boosté ses ventes de +24% en 2023". Journal du Luxe. Retrieved 29 January 2024.
  10. ^ "Brunello Cucinelli, peu affecté par les aléas du luxe, signe des ventes 2023 en hausse de 24%". Fashion Network. Retrieved 29 January 2024.
  11. ^ "Brunello Cucinelli se met au parfum". Fashion Network. Retrieved 29 January 2024.
  12. ^ a b Jeffrey Podolsky, "The Cucinelli Philosophy: Understated Brunello Cucinelli has become a billionaire on elegant casual wear". Barron's, November 28, 2015
  13. ^ Michael Williams, acontinuouslean.com Brunello Cucinelli’s Italian Shangri-la June 7, 2011
  14. ^ Om Malik, Brunello Cucinelli 2015/04/27
  15. ^ Listed stock investor.brunellocucinelli.com Accessed: June 2017

External links

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