As demand for luxury goods slows, the gap between the performances of different groups widens, with those focusing on the higher-end consumers tending to perform better.
A profit warning issued by Kering last month, due to a slump in sales in Asia from its star label Gucci, cast a cloud over the reporting season. Quarterly sales at LVMH, the largest luxury group, showed only a 3% rise.
Sales at Cucinelli for the three months ending in March rose to 309 million euros ($328.8 million). Revenues in the Americas rose 19.5%, while in Europe they were up 13.9%.
Sales in Asia, which analysts see as a pivotal for the industry, increased 16%.
The high-end clothing brand, best known for its cashmere products, confirmed its expectations for an increase in revenue of around 10% this year.
"The abundant accumulation of orders for the autumn-winter 2024 collections ... lead us to reiterate our expectations for the 2024 full year with renewed conviction: one of revenue growth in the region of 10% and a healthy and fair profit.", the group's founder and Executive Chairman Brunello Cucinelli said in a statement. ($1 = 0.9398 euros)
(Reporting by Elisa Anzolin, editing by Alvise Armellini/Keith Weir)
