The Italian luxury label’s H1 net revenue amounted to €313.8 million, up 7.7% at current exchange rates over June 2019. Revenue is set to grow by around 20% in the current year, and will rise by 10% in 2022.
Covid has forced the Italian luxury industry to step up the pace of its transformation and search for investors, as shown by Zegna announcing a forthcoming stock market listing, and L Catterton’s acquisition of Etro.
Italian luxury group Brunello Cucinelli raised its 2021 sales guidance for the second time this year on Tuesday after revenues jumped in the three months to June, accelerating a recovery from the pandemic.
On Wednesday, the Florentine show opened its 100th edition, hosting nearly 400 exhibitors with a cheerful mood, veined with the attending menswear professionals’ excitement at finally getting together again.
The pandemic has forced luxury goods companies to use social media, video and virtual showrooms to woo their wealthy customers in Europe when tourists, especially from China, have been absent for more than a year.