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Cucinelli 2020 sales drop 10%, seen growing this year

·1-min read
Logo of Brunello Cucinelli is seen on a door at their company headquarters in Solomeo village, near Perugia

MILAN (Reuters) - Italian luxury group Brunello Cucinelli posted a 10% drop in 2020 revenues, in line with the company's guidance and a touch better than analyst expectations, due to a strong rebound in the second part of the year despite the COVID-19 pandemic.

The company, known for its cashmere clothing, said on Monday sales decreased last year to 544.1 million euros ($662.12 million) compared with a Refinitiv consensus of 536 million euros.

Sales growth accelerated in the fourth quarter from the 3.4% increase recorded in the previous three months, leading to an overall rise of 7.2% at current exchange rates for the second half of the year.

Cucinelli reiterated it expects to grow sales 15% this year and to double turnover in the 2019-2028 period.

($1 = 0.8222 euros)

(Reporting by Claudia Cristoferi; editing by Agnieszka Flak)