Italian luxury brand Brunello Cucinelli reiterated today that it has operated in Russia in full compliance with European Union regulations, while also announcing a 12% increase in group revenue for the third quarter, reaching EUR336 million.
The fashion house faced heavy selling last week following allegations from hedge funds of suspected irregularities in its Russian sales.
"In light of our routine checks and the examination of export documentation for shipments destined for Russia, and taking into account the results of inspections carried out by the Italian customs authority, we have found no violations of EU restrictions regarding the products shipped," the company stated today.
"We believe that the reported data provide a clear framework for this matter and rule out any hypothesis of using the Russian market to reduce inventory or dispose of surplus stock in violation of EU regulations."
The company expects to close the year with a revenue increase of around 10%, while maintaining healthy and balanced profits, according to a statement.
Revenues for the first nine months amounted to EUR1,019.6 million, marking an 11.3% increase at constant exchange rates. Sales in Asia grew by 15.6%, while the Retail channel saw an 11.4% rise.
(Italian version by Valentina Consiglio, editing by Claudia Cristoferi)
