Italy’s Cucinelli 9-month net profit little changed

MILAN – Italian cashmer maker Brunello Cucinelli said on Monday its net profit in the first nine months was flat as higher costs offset a 15 percent rise in sales.

In a statement the maker of 1,200-euro colourful cashmere jackets said its net profit in the period was 17 million euros, while sales were 222 million euros.

It said normalised net profit, excluding the one-off costs for listing on the stock market, was 21.3 million euros.

Cucinelli, who listed on the Milan stock exchange in May, said in October he was very happy with spring-summer orders and expected a very positive 2012 despite the recession in Italy and softer growth in China.

The global luxury market will grow at a slower pace in 2012 as Chinese and European customers rein in spending, consultancy Bain & Co and Italian luxury body Altagamma said.

Reporting by Antonella Ciancio

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