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Brunello Cucinelli (brand)
Brunello Cucinelli S.p.A. (Italian pronunciation: [bruˈnɛllo kutʃiˈnɛlli]) is an Italian luxury fashion brand which sells menswear, women's wear and accessories in Europe, North and South America and East Asia.[2] The company was founded by Brunello Cucinelli in 1978.[3] HistoryBrunello Cucinelli started his couture house in 1978 with a specialty for Mongolian cashmere garments for women.[4] In June 2014, owner Brunello Cucinelli, transferred the ownership of Fedone S.r.l. (which owned 61.56% of the fashion brand) to a new trust, Esperia Trust Company S.r.l., in a move to benefit his daughters and pursue his philanthropic work.[5] 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.[6] In January 2018, the founder, Brunello Cucinelli, sold 4 million shares of his company (owned through his holding Fedone S.r.l.), and brought his participation down to 51% of the company's capital.[7] Through this move, 6% of the company (worth 100 million euros) was invested in his family's charitable fund.[8] In May 2018, the company opened its second store in Mexico. Both Mexican stores are located in the country's capital.[9] In 2022, Brunello Cucinelli joined Chanel in investing in cashmere supplier Cariaggi Lanificio[10] and bought a 43 percent stake in the company.[11] In 2023, the brand increased its sales by 24% compared to 2022, to 1.14 billion euros. The last quarter of the year recorded the highest results, with sales up +15.6% to 321 million euros.[12][13] In 2024, Brunello Cucinelli strengthened its production line in Italy with the acquisition of the Sartoria Eugubina sewing workshop and the construction of a new factory to meet the increasing consumer demand. [14][15] Other activitiesIn 2022, Brunello Cucinelli entered into a licensing agreement with EssilorLuxottica on luxury eyewear for men and women.[16] In 2023, Brunello Cucinelli started its first entry into the world of perfume as it introduced two scents designed with Euroitalia, a company specialized in the creation and distribution of luxury fragrances.[17] OrganizationCucinelli controls the company through Fedone Srl.[18] Cucinelli's family trust owns 57% of the company's stock, which went public in 2012 at €7.75 per share.[19] In 2014, Cucinelli set up a trust to benefit his daughters, Camilla and Carolina, in order to guarantee a proper handover of his namesake company.[20] 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.[21] The company donates 20% of profits to its charitable foundation, and pays workers wages that are 20% higher than the industry average.[22] 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.[19] As of June 2017, the company has a market capitalization of over €1.6 billion.[23] See alsoReferences
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