Brunello Cucinelli SpA

BC: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Brunello Cucinelli Earnings: Strong 2024 Results; Solid China Growth; Reinforced Long-Term Strategy

Jelena Sokolova , Svetlana Menshchikova

Mar 14, 2025

Narrow-moat Brunello Cucinelli closed a successful 2024 with 12% sales growth, in line with our expectations. The company achieved balanced growth across all geographies and retail and wholesale channels. Unlike most luxury peers, Brunello Cucinelli booked an 11% year-over-year sales increase in China, showing defensibility in a downcycle. It reaffirmed its long-term strategy of around 10% annual sales growth over 10 years, supported by plans to double its production capacity. While we will update our model based on full-year results, we do not anticipate major changes to our fair value estimate of EUR 64.

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Brunello Cucinelli SpA

Brunello Cucinelli Earnings: Strong 2024 Results; Solid China Growth; Reinforced Long-Term Strategy

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