Italian luxury house Brunello Cucinelli gains double-digit sales growth in North American and Greater China in 2014 from a year earlier, reported Financial Times.
The fine results were majorly driven by “top-end tourism” in “leading cities and resorts”, according to the Solomeo-based company.
Known for its expensive made-in-Italy cashmere products costing more than €2,000 ($2,357), Cucinelli also gained a strong sales rise in China in 2013. Compared with 2012, the company said its sales in Greater China were up over 50 percent in 2013.
Brunello Cucinelli, chairman and chief executive of the brand felt “confident and positive” on the coming year,
“We are convinced that this year 2015 might be just as special; we forecast double-digit growth in terms of both revenues and margins, but a gracious growth, a usual.”
Sales of many of Cucinelli’s competitors have slowed down, due to China’s ongoing anti-corruption efforts. However, it seems the graft clampdown has not imposed too much influence on the sales figure of the Italian luxury house. As the China continues its anti-corruption campaign in the new year, Cucinelli might also face a more challenging Chinese market as other luxury brands.