Italy’s Cucinelli forecasts double-digit growth in 2013

MILAN – Italian cashmere goods maker Brunello Cucinelli forecast double-digit growth internationally in 2013 despite the recession in its domestic market reducing consumption of luxury goods.

Brunello Cucinelli Spring/Summer 2013

Total sales rose 14.4 percent in the first quarter of the year to 88.8 million euros ($116.28 million), helped by strong demand from North America and tourism flows in Europe.

However, sales in Italy declined 1.6 percent, at a slower rate than they had declined in the second half of 2012.

Net profit rose 14.8 percent to 8.2 million euros in the quarter. ($1 = 0.7637 euros)

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