(Alliance News) - The board of directors of Brunello Cucinelli Spa on Monday reviewed preliminary consolidated net sales for the year 2022 and net debt as of Dec. 31, 2022, reporting revenues for Italy of EUR102.6 million, up 22 percent from 2021, when they amounted to EUR84.2 million.

As for Europe, revenues amount to EUR263.8 million from EUR219.1 million.

Net revenues for 2022 amounted to EUR919.4 million from EUR712.1 million in the previous year.

Thus, investments in 2022 amounted to approximately EUR73 million, plus the acquisition of a 43 percent stake in Lanificio Cariaggi Cashmere, the acquisition cost of which was EUR15.1 million.

Regarding the company's expectations, "In 2023, the important orders in the portfolio for Spring-Summer 2023, both in terms of quantity and quality, and the excellent start of the Fall Winter 2023 sales campaign contribute to our expectations for an interesting year. The men's collection will be presented to the press these days at Pitti, and the women's collection during the February Fashion Week in Milan," the company explained in a note.

"In 2023 we therefore envision revenue growth around 12 percent, reaching the very important goal of EUR1 billion in sales, with a healthy and fair profit. In 2024 we consider a revenue growth of 10 percent to be reasonable, and we finally think we can achieve the doubling of revenues significantly ahead of the initial planning of the 10-year plan started in 2019, which considered the achievement of this goal in 2028."

Finally, the company has decided to initiate a buyback plan involving the purchase of up to 47,250 Brunello Cucinelli ordinary shares for a maximum outlay of about EUR3.6 million.

On Monday, Brunello Cucinelli closed up 2.1 percent at EUR71.50 per share.

By Claudia Cavaliere, Alliance News reporter

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