Brunello Cucinelli (company)

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Brunello Cucinelli S.p.A.
Società per Azioni
Traded asBITBC
IndustryFashion
Headquarters6 Piazza Carlo Alberto dalla Chiesa, (Solomeo), ,
Key people
Brunello Cucinelli (President and CEO)
RevenueIncrease €503.6 million[1] (2017)
Increase €50.975 million (2015)
Increase €33.338 million (2015)
Number of employees
1,365 (2015 average)
WebsiteOfficial website

Brunello Cucinelli S.p.A. is an Italian luxury fashion brand which sells menswear, women's wear and accessories in Europe, North America and East Asia.[2] The brand has deeply rooted moral values, such as being a "humanistic enterprise" and using craftsmanship to lend moral dignity to both the artisan and the owner.[3]

Background[edit]

Brunello Cucinelli started his couture house in 1979 with a specialty for cashmere garments for women. Cucinelli personally travels every year in the mountains of Mongolia to purchase cashmere directly from the producers.[4]

In June 2014, owner Brunello Cucinelli transferred the ownership of Fedone Srl (which owned 61.56% of the fashio brand) to a new trust, Esperia Trust Company S.r.l., in a move to benefit his daughters and pursue his philantropic work.[5] In June 2015, Brunello Cucinelli opened its first store in Peru.[6]

In 2017, Brunello Cucinelli recorded 500 million euro in sales, 35% of which in North America. The company owns 94 of its 124 branded stores worldwide.[1] In January 2017, the company launched an ecommerce website.[7] In January 2018, the founder Brunello Cucinelli sold 4 million shares of his company (owned through his holding Fedone Srl), and brought his participation down to 51% of the company's capital.[8] Through this move, 6% of the company (worth 100 million euros) was invested in his family's charitable fund.[9]. In May 2018, the company opened its second store in Mexico. Both Mexican stores are located in the country's capital.[10].

Organization[edit]

The company's products are all hand-made in Italy.[11] Mr. Cucinelli's family trust owns 57% of the company's stock, which went public in 2012 at €7.75 per share.[11] The company is headquartered in a 14th-century castle on the top of a hill in the middle of Umbria, an area known as the "green heart" of Italy.[12]

The company donates 20% of profits to its charitable foundation, and pays workers wages that are 20% higher than the industry average.[13] The company's 1,300 employees (of whom 800 work in Solomeo) do not punch a time clock; after-hours e-mails are not allowed.[11] As of June 2017, the company has a market capitalization of over €1.6 billion.[14]

See also[edit]

References[edit]

  1. ^ a b (in Spanish) Jennifer Braun, Brunello Cucinelli alcanza los 500 millones de euros en 2017, Fashionnetwork.com, 8 March 2018
  2. ^ "Profile: Brunello Cucinelli SpA (BCU.MI)\". reuters.com. 28 Mar 2014. Retrieved 30 Mar 2014.
  3. ^ "Brunello Cucinelli | Impresa Umanistica". www.brunellocucinelli.com. Retrieved 2019-05-01.
  4. ^ (in Spanish) Brunello Cucinelli se esfuerza para exportar el gusto italiano por el mundo, Eldiario.es, 14 January 2015
  5. ^ Brunello Cucinelli transfers whole company stake to trust, Reuters, 25 June 2014
  6. ^ (in Spanish) Azucena León Italiana Brunello Cucinelli estrena boutique en San Isidro, Elcomercio.pe, 15 June 2015
  7. ^ Sandra Salibian, Brunello Cucinelli Launches New Digital Platform, wwd.com, 30 January 2017
  8. ^ (in Spanish) Brunello Cucinelli reduce su participación en la empresa hasta el 51%, www.modaes.com, 11 January 2018
  9. ^ Rachel Sanderson, Brunello Cucinelli sells €100m stake for charitable foundation, Ft.com, 10 January 2018
  10. ^ (in Spanish) Brunello Cucinelli se refuerza en México y hace doblete en la capital del país, Modaes.com, 25 May 2018
  11. ^ a b c Jeffrey Podolsky, "The Cucinelli Philosophy: Understated Brunello Cucinelli has become a billionaire on elegant casual wear". Barron's, November 28, 2015
  12. ^ Michael Williams, acontinuouslean.com Brunello Cucinelli’s Italian Shangri-la June 7, 2011
  13. ^ Om Malik, Brunello Cucinelli 2015/04/27
  14. ^ Listed stock investor.brunellocucinelli.com Accessed: June 2017

External links[edit]