Brunello Cucinelli (brand)

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This article is about the Italian fashion house. For its founder, see Brunello Cucinelli.
Brunello Cucinelli S.p.A.
Company typeSocietà per Azioni
BIT: BC
FTSE MIB
IndustryFashion, Luxury
Founded1978; 48 years ago (1978)
HeadquartersSolomeo,
Perugia
,
Italy
Key people
Brunello Cucinelli (Executive Chairman and Creative Director)
Revenue€1.28 billion[1][2][3] (2024)
Number of employees
3,101[4] (2024)
Websiteshop.brunellocucinelli.com

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 and South America and East Asia.[5] The company was founded by Brunello Cucinelli in 1978.[6]

History

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Brunello Cucinelli founded the company in 1978, focusing on artisanal women’s knitwear in coloured cashmere—unusual at the time.[7][8] In 1985 he acquired the 14th-century castle of Solomeo, a small medieval village on the outskirts of Perugia; after a two-year restoration, the company’s headquarters were moved there in 1987.[9] In 2001, following the redevelopment of several disused factories, the main offices were relocated to the valley at the foot of the village.[10]

The regeneration of the surrounding area continued and, after several years of work, the Park of Beauty was inaugurated in 2014.[11] The company was listed on the Italian Stock Exchange (Borsa Italiana) in 2012, and in 2023 it joined the FTSE MIB index with a market capitalisation of about €5.7 billion.[12] Production is carried out entirely in Italy, primarily in the Umbria region, and the manufacturing process retains an artisanal component. In line with this approach, the School of Crafts in Solomeo was established to pass on manufacturing skills to new generations.[13]

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.[14]

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.[15] In January 2017, the company launched an ecommerce website.[16] 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.[17] Through this move, 6% of the company (worth 100 million euros) was invested in his family's charitable fund.[18]

In 2022, Brunello Cucinelli joined Chanel in investing in cashmere supplier Cariaggi Lanificio[19] and bought a 43 percent stake in the company.[20]

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.[21][22] A year later in 2024, Brunello Cucinelli strengthened its production line in Italy with the acquisition of the Sartoria Eugubina sewing workshop and the construction of a new factory to meet the increasing consumer demand.[23][24]

Other activities

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In 2022, Brunello Cucinelli entered into a licensing agreement with EssilorLuxottica on luxury eyewear for men and women.[25]

In 2023, Brunello Cucinelli 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.[26]

Corporate Ethics

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The company adopts the principles of “humanistic capitalism,” a term coined by Brunello Cucinelli, which frames profit in ethical terms and links it to economic growth balanced by initiatives that support workers, the environment, and the community.[27][28] The approach centers the individual and protects moral and economic dignity, including through welcoming, light-filled workspaces and adherence to set working hours.[29][30]

Organization

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Cucinelli controls the company through Foro delle Arti S.r.l. (formerly Fedone S.r.l.). The Brunello Cucinelli Trust holds approximately 50.05% of the company’s share capital,[31] and the company went public in 2012 at €7.75 per share.[32]

In 2014, Cucinelli set up a trust to benefit his daughters, Camilla and Carolina, in order to guarantee a proper handover of his namesake company.[33]

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.[34]

As of June 2017, the company has a market capitalization of over €1.6 billion.[35] The company donates 20% of profits to its charitable foundation.[36][32]

See also

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References

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  1. ^ [1]
  2. ^ [2]
  3. ^ [3]
  4. ^ [4]
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  14. ^ Brunello Cucinelli transfers whole company stake to trust, Reuters, 25 June 2014
  15. ^ (in Spanish) Jennifer Braun, Brunello Cucinelli alcanza los 500 millones de euros en 2017, Fashionnetwork.com, 8 March 2018
  16. ^ Sandra Salibian, Brunello Cucinelli Launches New Digital Platform, wwd.com, 30 January 2017
  17. ^ (in Spanish) Brunello Cucinelli reduce su participación en la empresa hasta el 51%, www.modaes.com, 11 January 2018
  18. ^ Rachel Sanderson, Brunello Cucinelli sells €100m stake for charitable foundation, ft.com, 10 January 2018
  19. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  20. ^ Luisa Zargani (14 March 2022), Brunello Cucinelli Buys Stake in Cariaggi Women's Wear Daily.
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  25. ^ Luisa Zargani (22 March 2024), Brunello Cucinelli Extends Gentle Luxury to Eyewear with EssilorLuxottica Women's Wear Daily.
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  31. ^ [5]
  32. ^ a b Jeffrey Podolsky, "The Cucinelli Philosophy: Understated Brunello Cucinelli has become a billionaire on elegant casual wear". Barron's, November 28, 2015
  33. ^ Luisa Zargani (26 June 2014), Brunello Cucinelli Establishes Trust Women's Wear Daily.
  34. ^ Michael Williams, acontinuouslean.com Brunello Cucinelli’s Italian Shangri-la June 7, 2011
  35. ^ Listed stock investor.brunellocucinelli.com Accessed: June 2017
  36. ^ Om Malik, Brunello Cucinelli 2015/04/27
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