Brunello Cucinelli: Initiation of Coverage- Is Vertical Integration the Secret Weapon Behind Rising Margins? 

Brunello Cucinelli, a high-end fashion house known for exclusivity, craftsmanship, and contemporary design, closed 2024 with a performance that reflected both its strategic foresight and some inherent challenges. The company reported a revenue of EUR 1.2785 billion, marking a 12.2% increase at current exchange rates, with an EBIT growth of 12.9%, amounting to EUR 211.7 million. The net profit saw a notable rise of 19.5% compared to the previous year, reaching EUR 128 million. This stronger financial performance was supported by strategic investments in production capabilities and geographic and product diversification.