28 Tuesday 05:37 PM The Board of Directors has approved the 2018 Half Year Financial Report

Press Release

BRUNELLO CUCINELLI: the Board of Directors has approved the 2018 Half-year Financial Report

• •Net revenues1of €269.5 million, an increase of 9.0% at current exchange rates (+11.9% atconstant exchange rates) compared to €247.2 million at 30 June 2017;

• •EBITDA of€46.2 million, +11.2%;

• •Normalized net profit2of€23.8 million, +19.7%;

• •Sales increase of 9.9% in the international markets and 4.8% in the Italian market;

• •Europe +12.0%, North America +2.4% (high single digit growth at constant exchange rates), Greater China +35.3%, Rest of the World +9.7%;

• •Sales growth in all distribution channels: retail +7.1%, wholesale monobrand +12.4%, wholesale multibrand +10.7%.

• •Capex of €25.2 million, as part of the three-year 2018-2020 investment plan, of considerable importance for keeping the brand's allureextremely high and supporting its exclusivity.

• •Net debt of€44.0 million at 30 June 2018, downfrom €59.4 million at 30 June 2017;

Brunello Cucinelli, Chairman and CEO, commented as follows:

"It is withgreat, great satisfaction that we are disclosing our first-half results; significant figures that report constant growth of both revenues and profit. The good performance of Fall/Winter sales allows us to confirm our positive outlook for the second half of the year. Hence, we expect 2018 to close with double-digit growth of both EBITDA and profit."

"The excellent performance of the 2019 Spring/Summer collections, both for menswear -with the sales campaign now finished-and for womenswear - which is now in the midst of the selling season-prompts us to embrace a very positive outlook for 2019, which we expect to grow double-digit."

"This is a major development, that we want to seize fully, in keeping with the founding values of ourcompany: product quality, always with high manual skills, balanced growth-which we envisage as always wisely broken down between Menswear and Womenswear, among sales in Europe, the West and the East, and among different sales channels-and our business philosophy, which is centred around respect, support and love for our land."

1Accounting standard IFRS 15 ("Revenue from Contracts with Customers"), which became effective on 1 January 2018, requires a different accounting treatment from the past for certain types of contracts for the sale of goods in multibrandspaces managed using the "concession" formula. The application of this new accounting standardled to an increase in net revenues and operating expenses (rent) by the same amount without any change occurring in absolute net income.

2Normalized net profit refers to the result at 30 June 2018 stated before the estimatedtax benefit of €2 million arising fromthe "patent box" scheme; after this estimated benefit net profit at 30 June 2018 amounts to €25.8 million,an increase of 29.9% over 30 June 2017.

Solomeo, 28 August 2018 -The Board of Directors of Brunello Cucinelli S.p.A.-an Italian maison operating in the luxury goods sector and listed on the Borsa Italiana Electronic Stock Exchange (MTA)- today examined and approved the Company's 2018 Half-year Financial Report, prepared in accordance with IAS/IFRS international accounting standards (and subjected to review).

Very goodresultswere achieved in the first half of 2018, matched by an atmosphere ofhealthy positivityand above all ofextreme creativitywithin the Company's concrete "human and sustainable" growth project.

We believe that one of the key factors behind this growth is the constant research and desire to be"special" and "contemporary", both in our collection offer and in relations with all of our "Human Resources", artisanlaboratories, trading partners and customers.

We consider that being "special" and "contemporary" enables our brand to maintain thatexclusivityandallurethatare constantly sought by buyers of the world's leading multibrandstores and Luxury Department Stores, as well as by the highly sophisticated final client.

One of our greatest commitments is to becharmingandamiable, stimulating ourselves daily in the desire forcontemporarytaste, in the yearning for change, inrelationships, incommunicationsand in thehospitalityto be found in our boutiques, aware that we are all constantly searching for something unique, something special, and all feel the need to be pampered in some way.

Our collection offer strives to proposeproducts of the utmost quality and craftsmanshipcharacterized by a "young" and "modern"taste, whose value we always seek to enhance with the painstaking work carried out by ourVisual Merchandising.

We believe that our visual merchandising team, dynamic and attentive to trends, plays anextremely importantrole in fully interpreting the taste of the collection in all the spaces where the brand can be found, ranging from the monobrand channel and physical multibrand channel to the e-commerce.

We believe that theability to listenis a key factor in supporting the sustainability of growth, both with reference to the product and in relations with our partners, customers and all our stakeholders.

We therefore give the utmost attention to the opinions expressed on our collections by the specialist international press and by the buyers of the most prestigious multibrand stores, the Luxury Department Stores and the increasingly important Specialty Stores.

Current sales of the2018 fall/wintershow a very positive trend, as well as the trend of theSpring Summer 2019orders collection, both in terms of the men's offer, whose collection ended in recent weeks, and for the women's collections, with a very good order intake, thanks to collections judged particularly beautiful, young and modern.

Regarding the2019 spring/summermen's collection, which made its first appearance in June in Florence and then in Milan, we are highly excited to mention that the Robb Report, the world bible for luxury menswear, described Ralph Lauren and Brunello Cucinelli as the two designers who haveredefined men's fashion over the lastthree decades: Ralph Lauren for"championing iconic American style"and Brunello Cucinelli for"pioneering the 21st century's casual dress code". We feel deeply honored to have received this recognition and it is compelling for us to be considered a global reference point for theluxury sporting chicmale taste.

We think that there are considerable opportunities for our brand in the whole of the men's styleworld; we have always believed in a man who pays attention to detail and looks for quality tailoring, elegance and innovation,with respect to that "casual chic" taste that is so dear to us. His goal is to createa look with contemporary appealby way of a proposal which constantly renewed through small niceties can easily be matched with the clothes a customer already has in his wardrobe.

Collectionswere judged to beinnovativeand ingood taste, with considerable attention being given to detail and what is more-an aspect we always consider to be of utmost importance-itconsists of "wearable clothes" that can be put on at any moment of the day, allowing us always tofeel at our ease.

We follow the development of the fascinating"internet world"with especial attention and believe that our variousopenings towards the new technologieshave made it possible to keep thebusiness modernover the years.

At the same time we are still aware and convinced that these technologies should never "steal our soul" and the precious time we can dedicate to our personalfeelings. Which is why each day we endeavor to find theright balance between technology and humanism.

We seek this balance on a daily basis in both the physical and the digital channels, in particular in the relationships with our customers, and try to build a relationship of esteem which finds its basis not so much in the quantity of the data and information we can gather but rather in the quality of this relationship, at the basis of which we place respect forHuman Privacy, that so much desired privacy.

In May we met in Solomeo with our collaborators who arrived from all over the world, together with the people who work in the spaces dedicated to the brand in the leading Luxury Department Stores.

At this time of dialogue we highlighted the centrality of the extremely important subject ofHuman Privacy, which we would always like to act as a guide in the relationship between our customers and the Industry as we seek in some manner to be "friendly advisers".

Another aspect that was discussed was the "value of waiting" in the belief that this can addexclusivity and allure when a person thinks of buying a luxury crafted product.

We believe that the increasing attention being placed by the new "millennials" on the brand is ofgreat interest, as is also the relationship we are building together.

We know that the first time they approach the brand and the Company's philosophy is often in the digital world, which is why we place considerable strategic importance on the value of the way in which ourcorporate websiteandonline boutiqueare able to communicate and be places where people can breathe ourlifestyle, the hamlet of Solomeo and the taste of our collections.

To maintain ourallureat the highest level we give agreat deal of attention to investmentsthatallow us to support the brand's exclusivity, in the awareness that in many sectors, but especially inthe fashion world, everything passes very quickly, and the digital world makes this need even more pressing.

Makinginvestments, in order to keep the brand contemporary and fresh-by enlarging a number of existing boutiques in beautiful locations and limiting new openings to a few stores each year-and revamping our showrooms seasonally so that the collection always looks fresh, young and contemporary, are crucial for our brand image.

Sales Analysis

Net revenues at 30 June 2018reached €269.5 million, increasing by 9.0% at current exchange rates (+11.9% at constant exchange rates) compared to €247.23million at 30 June 2017. All geographical areas and all distribution channels posted an increase in revenues.

Total revenues, whichinclude other operating income, rose by 8.7% to €270.1 million from €248.4 million at 30 June 2017.

Revenues by Geographical Area

Italian market- revenues up by 4.8% or €43.8 million compared to €41.8 million in the first half of2017, representing 16.3% of the total.

The result is of particular significance given the importance placed on the domestic market, and we consider it representative of the appreciation for the collection taste.

European market- a rise of 12.0% in sales which reached €84.3 million compared to €75.2million at 30 June 2017, representing 31.3% of the total.

There were important results in all the countries concerned and in all channels and an increase in both the local and top-end "tourist" customer.

North American market-high single digit growth at constant exchange rates with sales reaching€86.3 million, an increase of 2.4% at currentexchange rates compared to €84.3million at 30 June 2017, representing 32.0% of the total.

3Revenues at 30 June 2017 have been reclassified in order to provide a consistent comparison with the figures at 30 June 2018, which have been recognized in accordance with IFRS 15. By applying the same accounting standard to revenues at 30 June 2017 sales rise from€243.3 million to€247.2 million.

Solid sales results in both the retail and multibrand channels with our collections being highly appreciated by final client in both our boutiques and in the large Luxury Department Stores.

Greater China-substantial growth although still with respect to limited amounts; sales, which rose by 35.3%, reached €24.9million at 30 June 2018 compared to €18.4 million at 30 June 2017 andrepresented 9.2% of the total.

The increase in sales covered all the markets concerned such as Continental China, Macao, Taiwan and Hong Kong; in terms of new customers there was a rise in the proportion ofmillennialswho approach the brand for the first time, attracted by an exclusive offer which is simultaneously modern.

The rise in revenues in the direct boutique network was accompanied by the positive contribution provided by sales in the new spaces dedicated to the brand in the most exclusive multibrand stores that are gradually developing in Continental China.

Rest of the World-sales rose by +9.7%, with revenues reaching€30.2 million compared to €27.6million at 30 June 2017, representing 11.2% of the total.

Solid results were achieved in all geographical areas due also to the presence of new customerswho were an addition to the brand's traditional customers.

Revenues by Distribution Channel

Retail monobrand channel- an increase in revenues of 7.1% which reached €133.9 million compared to €125.0 million in the first half of last year and represented 49.7% of the total.

The first 6 months of 2018 saw sustainable growth of 3.8%4in Like-for-Like as the result of the positive sell-outs of the 2018 spring/summer collection.

Sales of the 2018 fall/winter collections have started very well, especially in the resort localities where tourists are already focusing on their purchases for the next winter season.

The network reached 97 boutiques at 30 June 2018 (94 at 31 December 2017) with just one opening in the first six months of 2018, to which the conversions of the two Singapore boutiques from the wholesale monobrand channel in June should be added.

Wholesale monobrand channel- sales rose by 12.4% to reach €19.8 million at 30 June 2018 compared to €17.6 million in 2017, representing 7.3% of the total.

The opening of the prestigious Dubai Mall in the first quarter of 2018 made a positive contribution; the network consisted of 29 boutiques at 30 June 2018 (30 at 31 December 2017), with 2 wholesale monobrand boutiques in Singapore converting to the direct channel.

4

Like-for-Like in 2018 is calculated as the increase in revenues at constant exchange rates in the DOS existing at 1

January 2017.