MILAN — Brunello Cucinelli moved up the release of his namesake company’s 2025 financial results by almost a month Wednesday for two reasons — being free to openly discuss business during Milan Fashion Week starting next week, and because he was eager to talk about the relationship with Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman in the wake of the Chapter 11 bankruptcy of Saks Global.

“We have had an excellent relationship of more than 30 years with Saks, Neiman Marcus and Bergdorf Goodman, and I underscore that we don’t comment on the merger but we have always differentiated each department store with their own distinctive identity,” Cucinelli said during a conference call with analysts. “We know that only a small percentage of customers overlap.”

He praised the value of these department stores and said they account for between 6 and 7 percent of his company’s sales.

“In 2025, business with all three brands was very positive, in both the men’s and women’s collections, with growth in sales to end customers in all spaces, including in the last quarter, despite a slowdown in shipments related to payment times,” Cucinelli continued. He added that in 2026 so far, the company is “observing a continuation of the very positive trend in sales to end customers, with growth in both spending per customer and the average value of individual purchases. Since the end of January, we have resumed regular shipments of the spring 2026 collection, receiving payments on time.”

The recent closures of certain Saks Global stores have a marginal impact on Cucinelli’s distribution, and he praised the new management — chief executive officer Geoffroy van Raemdonck, and his team, including Lana Todorovich, chief global brand partnerships officer — for choosing to focus “on a more select number of stores and a curated selection of brands, increasingly high end.”

Cucinelli CEO Luca Lisandroni said the company is planning the conversion into five concessions in 2026 at Neiman Marcus and will see two renovated spaces at Bergdorf Goodman.

The company earmarked an extraordinary provision of 8.1 million euros in the financial statements related to Saks Global as of Dec. 31, with no expected impact on 2026.

In its report, Bernstein analysts said Cucinelli’s 2025 results — excluding the Saks provision — “largely beat consensus.”

In 2025, net profit totaled 142 million euros, a 10.5 percent increase compared with 128.5 million euros, just above expectations of 141 million euros.

Earnings before interest, taxes, depreciation and amortization totaled 408.4 million euros, up 12 percent on 2024.

Turnover was up 10.1 percent to 1.4 billion euros, compared with 1.28 billion euros in 2024. At constant currency it increased by 11.5 percent.

Normalized operating profit amounted to 235.9 million euros, up 11.4 pecent and representing a margin of 16.8 percent on the total. The normalized EBIT neutralized the extraordinary provision of 8.1 million euros to cover potential losses on trade receivables from Saks Global.

EBIT, including this extraordinary provision, amounted to 227.8 million euros, up 7.6 percent, compared to 211.7 million euros in 2024.

“Gross margins came in above consensus at 75.2 percent versus 74.6 percent, supported by the favorable channel, geographical and product mix, as well as the evolution of operating costs. Normalized operating margins reached 16.8 percent, just above consensus at 16.7 percent,” Bernstein stated.

Cucinelli reiterated its estimate of 10 percent sales growth in 2026 and in 2027, with an improving operating profit, based on the strong order intake for the fall collections and the encouraging first quarter.

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“Retail showed an excellent performance in the beginning of the year and wholesale has also been very positive, with growth across the board in markets and in both men’s and women’s categories,” said Lisandroni, citing an acceleration in the fourth quarter in North America, which is showing an “excellent” performance in 2026 so far.

“Europe is also performing very well and the local customer has been key,” he added, citing the expansion of the London and Paris flagships as positive notes.

“Asia is excellent and China has shown constant growth over the 12 months,” he said, forecasting that the region could account for 33 percent of total sales in three to five years, from the 13 percent share today.

He also remarked on an increased number of customers, between 5 to 10 percent, and a higher average ticket, while he expects foreign exchange currencies “to normalize from April.”

In the year, Cucinelli plans to open stores in Mexico City, a second unit in Abu Dhabi, one in Wuhan, China, and two in Florida, in Boca Raton and Naples, and will expand the Geneva, Switzerland, Toronto and Plaza 66 stores. A new Casa Cucinelli will open at the end of August in Shanghai.

As of Dec. 31, the network of directly operated boutiques comprised 136 stores, compared to 130 at the end of 2024.

Geographic markets

In 2025, sales in Europe reached 495 million euros, up 8.4 percent on the previous year, and accounting for 35.1 percent of total revenues.

The Americas were up 9.2 percent to 520.5 million euros, representing 37 percent of the total, growing double digits in every quarter at constant exchange rates, peaking at a 14.2 percent gain in the fourth quarter.

Sales in Asia rose 13.7 percent to 392.6 million euros, accounting for 27.9 percent of total turnover.

Retail revenues rose 11.3 percent to 947.1 million euros, accounting for 67.3 percent of total sales, 

Wholesale revenues were up 7.9 percent to 461 million euros, representing 32.7 percent of the total.

Investments

In 2025, total investment reached 146.2 million euros, an increase from 109.5 million euros in the previous year, completing the three-year plan 2024-26 dedicated to the development of Made in Italy artisanship six months ahead of schedule.

The impact of investment on revenues exceptionally reached 10.4 percent as the company expects the production needs to be satisfied for the next 10 to 15 years through the doubling of the Solomeo manufacturing facility and the completion of the factories dedicated to outerwear, located in Penne and Gubbio.

As of Dec. 31, net debt stood at 198.4 million euros, reflecting the significant investments made and the distribution of 68.8 million euros in dividends, and compared with 103.6 million euros at the end of December 2024.

A gradual improvement in the financial position is expected, helped by the return to “ordinary” investment levels from 2026, following the completion of the production plants.

Cucinelli also proudly said that on April 14, the documentary “Brunello, the Gentle Visionary” will premiere in New York at Lincoln Center, following the unveiling of the film directed by Giuseppe Tornatore in December at Rome’s Cinecittà. The premieres will continue in the major world capitals and will conclude in December in the Middle East.