Brunello Cucinelli fourth-quarter revenue rose 12 percent as the Italian luxury cashmere maker bucked the slowing growth trend consuming much of the luxury industry and confirmed its outlook for 10 percent revenue growth this year.
Revenue at constant exchange rates in the quarter ended Dec. 31 rose to €388.6 million ($453.7 million), Cucinelli reported on Monday. The near industry-leading growth came despite a particularly difficult comparative figure, with the company having also posted 12 percent growth year on year in the fourth quarter of 2024.
While Cucinelli isn’t considered an industry bellwether because it sits near the top of the luxury pyramid where a sweater can cost several thousand euros, its strong fourth-quarter revenue figures kick off the earning seasons on a cheerful note ahead of upcoming company reports. However, investor enthusiasm for the sector may remain muted since the current, two-year luxury slump has mostly affected brands selling less expensive products.
Revenue in the Americas, Cucinelli’s largest market, accounting for over a third of annual sales, rose 14 percent in the fourth quarter of last year — after 18 percent growth YoY in the fourth quarter of 2024. Revenue in Asia, which accounts for less than a third of annual sales, rose 15 percent in 2025 while Europe advanced 8.1 percent. Cucinelli credited an uptick in tourism towards the end of the year for the improvement in Europe, which, if confirmed across the larger industry could boost the broader sector.
In addition to confirming its 10 percent growth outlook for this year, the company also forecast revenue in 2028 of €1.8 billion, which implies average growth of about 7.5 percent in 2027 and 2028.
The Italian company’s forecast is well ahead of the wider industry. Analysts are expecting revenue growth for the sector this year to come in at about 5–6 percent with the aspirational end of the market still struggling to catch up.
The next luxury company to report is Richemont, which on Thursday will give more texture to the state of the industry, but also isn’t considered a benchmark given its focus on high-end jewellery and watches.
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