Brunello Cucinelli: Another robust print and one of the best retail growth in the sector

研报英文原文证据摘录

Brunello Cucinelli: Another robust print and one of the best retail growth in the sector

J P M O R G A N Europe Equity Research

30 July 2026

Brunello Cucinelli Overweight

BCU.MI, BC IM

Another robust print and one of the best retail growth in Price (30 Jul 26):€85.40

the sector Price Target (Dec-27):€130.00

Our Take: Brunello reported today after the market close solid H1 results, with European Luxury & Sporting Goods

ACboth sales and profits a tad ahead of our expectatios. Q2 sales increased by 13% Chiara Battistini

ex-FX, led by another very strong performance in DTC, at +19% ex-FX vs JPMe (39-02) 8895-2700

+15%, following +20% last quarter and penalised by the impact from the Middle chiara.x.battistini@jpmorgan.com

East (that’s why we had placed the stock on Positive Catalyst Watch into this J.P.(AsiaMorganPacific)SecuritiesLimited plc/ J.P. Morgan Securities

update). H1 EBIT was also 1% better than our estimates, with EBIT margin +50bps

Wendy Liu

yoy largely driven by an improvement in First Margin. Encouraged by the strong (44-20) 3493-9733

H1 results, and positive order intakes into H2, Brunello Cucinelli raised its wendy.liu@jpmorgan.com

guidance to +10-11% from +10% previously. While this would imply a J.P. Morgan Securities plc

deceleration in H2, management on the call pointed to only uncertainty around Apurva Vishwaraj

external factors (geopolitical situation) as the reason to remain cautious at this apurva.vishwaraj@jpmchase.com

stage. This leaves the door open, in our view, to further upgrades in H2 if J.P. Morgan Securities plc

momentum indeed remains as healthy as it currently is. We have raised our Victoria Saden

forecasts by 1% on the slightly better H1 print and FX. With robust and steady (44-20) 3493-0435

victoria.saden@jpmorgan.com