Brunello Cucinelli S.p.A. (BCUCF) Q4 2024 Earnings Call Transcript

2025-03-13 18:20:21 ET

Brunello Cucinelli S.p.A. (BCUCF)

Q4 2024 Results Conference Call

March 13, 2025 01:00 PM ET

Company Participants

Brunello Cucinelli - Executive Chairman and Creative Director

Dario Pipitone - Chief Financial Officer

Riccardo Stefanelli - Chief Executive Officer

Luca Lisandroni - Chief Executive Officer

Conference Call Participants

Andrea Randone - Intermonte

Oriana Cardani - Intesa Sanpaolo

Melania Grippo - BNP Paribas

James Grzinic - Jefferies

Chris Huang - UBS

Natasha Bonnet - Morgan Stanley

Adrien Duverger - Goldman Sachs

Paola Carboni - Equita

Presentation

Operator

Good evening, and welcome to the presentation of Full Year '2024 Results of the fashion house Brunello Cucinelli. The speakers will be Brunello Cucinelli, Executive Chairman and Creative Director, Luca Lisandroni, CEO, Riccardo Stefanelli, CEO, Dario Pipitone, CFO, Moreno Ciarapica, Co CFO Senior and Pietro Arnaboldi, Investor Relations and Corporate Planning Director. [Operator Instructions].

Now I would like to give the floor to Brunello Cucinelli. Please, the floor is yours.

Brunello Cucinelli

Good evening and thank you. So, it is great now. The bells are ringing and it's always the right time of the day to hear the bells tolling away. So, it is always a personal pleasure to hear from you again and welcome analysts, investors and journalists. As you said, there is always so much to take away from these calls if one has the courage to listen.

This morning, we had a wonderful Board of Directors meeting where we first discussed the high-level 10-year plan from 2024, 2033, a high-level one, where we focused on high craftsmanship and tailoring and also the production because this is an important topic. And we ended our Board meeting by saying that we, see great opportunities in the offering for our brand for the coming three years and beyond. As always, we are all gathered here.

I have to say that 2024 has, ended on a high note. One thing that we are certain about, we are convinced of what we must not do because it's important to always outline what someone has should never do. What we must do, on the other hand, always stays unchanged. We must uphold the value of exclusivity and craftsmanship product wise, and it needs to be contemporary because otherwise the company does not function.

And then we need to manage growth. This is a crucial point for the life of our company. We need to manage growth. If we are able to do that, then our company could last more than a century. Then perhaps it will not happen, but we won't. We are set for that. So, I will read out the press release, then Dario, our CFO, will go into the details. Riccardo will discuss artisanal and tailoring productions, factory expansion, employee numbers and demographics.

I will take the floor again to comment on the 2024 closure and then we will begin discussing 2025 where we are the first quarter is drawing to an end.

And then we'll talk about taste, overall style. And so, let me read out the press release. Revenues EUR1,278.5 billion with an excellent growth of 12.2% at current exchange rate and 12.4% constant exchange rate. As usual, for us, current and constant are always very close. Then we have EBIT EUR211.7 million growing by 12.9% with a margin of 16.6% compared to 16.4% in 2023. ...

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