Cucinelli Confirms Growth Goal as It Rejects Short-Seller Claims
(Bloomberg) -Brunello Cucinelli SPA confirmed the full-year growth target as sales increased by 11% in the first nine months that maintained the company’s demand for luxury cashmere products. The Italian Fashion Group rejected the allegations by a short seller, which led to the steep decline in the record of his shares.
In a statement on Wednesday, the company said that this year was on the way to meet the 10% revenue increase target and that the short seller Morpheus Research has released a few days after a report, just a few days after a report, a few days after claiming that investors were misleading about the Russian department and discount applications.
Morpheus, which contains graduates of Hindenburg research, said that even if the company said that the company has closed them, Cucinelli showed that stores in Russia continued to operate. Sales of luxury goods in Russia have been approved by the European Union since the country’s 2022 Ukraine invasion. He also claimed that Cucinelli made very little discount to get rid of excess stock.
Cucinelli rejected the allegations and said that the Russian subsidiary was completely compatible with all regulations. He said he was thinking of legal action to protect his reputation.
The company said on Wednesday, “the country’s image in the country, all built or expanded just before the beginning of the conflict, three direct high street stores, the sanctions have always been closed after the introduction.” He said.
Cucinelli shares have healed since 19% after Morpheus’s report.
The Company has declined in 2021 by Casa di Moma in Russia, which was 9.3% in 2021, has declined since the beginning of the conflict, equal to € 30.6 million ($ 35.9 million) or 2.4% of total revenues in 2024.
In 1978, Italian entrepreneur Brunello Cucinelli founded anonymous label in the central region of the country, still president and creative director. At that time, he made a name for himself with the idea of revolutionary cashmere and the advocate of a more “humanistic” form of capitalism.
-Help from Daniele Lepido.
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