Cucinelli sticks to FY outlook as H1 sales rise 15%

MILAN (Reuters) -Italian luxury goods group Brunello Cucinelli on Thursday posted a 14.7% increase in first-half revenues at constant currencies, defying a slowdown in the industry thanks to its focus on the top tier of the market.

Sales were boosted by double-digit growth in the Americas and Asia, which accounted respectively, for 36% and 28% of overall revenue in the period.

Cucinelli said that China, where other luxury brands are suffering, continued to show "very high potential" as a market for the fashion house.

Second quarter sales totalled 312 million euros ($339 million), broadly in line with analyst expectations of 310 million euros, according to a Reuters poll.

"We feel that the brand is experiencing a very positive momentum in terms of global image," Executive Chairman Brunello Cucinelli said in a statement.

"This leads us to confirm our 2024 projected sales growth of around 10%, as well as adequate profits."

The group also announced "major investments in the two-year period 2024-2025, guaranteeing manufacturing capacity for the next decade and supporting the plans to double turnover, as expected, by 2030", without providing financial details.

The investment plans will see Cucinelli double the size of its factory in Solomeo, the picturesque central Italian hilltop town where the company has its headquarters.($1 = 0.9203 euros)

(Reporting by Elisa Anzolin, editing by Alvise Armellini and Valentina Za)