13 Tuesday 05:40 PM The Board of Directors has examined the Preliminary Net Revenues for the first half of 2021

Press Release

BRUNELLO CUCINELLI: the Board has examined the Preliminary Net Revenues of the first half of 2021.

Revenues for the first half 2021 compared to 30 June 2019

• Net revenues of €313.7 million, up +7.7% at current exchange rates (+10.0% at constant exchange rates) compared to June 30, 2019;
• Excellent growth in Asia (+19.7%), important increase in Europe (+9.2%) and America (+5.1%), limited decline in Italy (-7.5%);
• Very favorable results both in the retail channel (+10.3%) and in the wholesale channel (+4.9%);
• The second quarter of 2021 reported sales of €149.1 million, up +13.8% compared to the same period in 2019.

Revenues for the first half 2021 compared to 30 June 2020

• Growth compared to June 30, 2020 of +52.9% at current exchange rates: Asia +49.4%, Europe +43.4%, Americas +72.4%, Italy +42.1%, with the retail channel growing by +61.3% and wholesale by +44.6%.

Brunello Cucinelli, Executive Chairman and Creative Director of the Company, commented as follows:

"We are particularly pleased with the results achieved in this half-year and even more so with the great attention we are receiving for our brand.

The sales of this Spring Summer 2021 have been very good, and the start of the Fall Winter 2021 season confirms the wonderful sensations that we had already felt during the collection of orders.

The presentation of the Spring Summer 2022 Men's Collection was met with enthusiastic comments from the trade press and the excellent start to the order collection confirms the customers' desire for contemporary elegance and refinement. Now we are focusing on the forthcoming presentation of the

Spring Summer 2022 Women's Collection.

We are very proud to have started a collaboration with Oliver Peoples, a brand of the "majestic" Luxottica, which will enable us to create our first eyewear capsule collection next October.

All these considerations allow us to look forward to the second half of the year with fresh and very confident eyes, expecting excellent sales growth for the whole of 2021, in the region of +20% compared to 2020, with an equally positive and balanced increase for the year 2022 of around +10%."

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Solomeo, 13 July 2021 - The Board of Directors of Brunello Cucinelli S.p.A. - an Italian maison operating in the luxury goods sector and listed on the Electronic Stock Exchange (MTA) of Borsa Italiana

• today reviewed preliminary first-half 2021 net revenues in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board.

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Methodological note

The 2021 first half figures are commented on and compared with the same period figures for 2019 (growth of +7.7% at current exchange rates and +10.0% at constant exchange rates).

The comparison of 2021 first half with 2020 first half of +52.9% is of limited relevance; in fact, sales reported at June 30, 2020 had been heavily impacted by the closure of a significant number of boutiques worldwide, particularly in the second quarter.

As we are used to do in the communication of preliminary figures, in the absence of the conference call with the financial community that follows the communication of reported results, the dynamics and strategies are already fully analysed in the press release. Through this we would therefore like to give full evidence of the activities achieved, the market trends and the new ideas and projects that will come to life in the coming months.

Analysis of Revenues for the first half of 2021

The excellent performance of the first half of 2021 confirms the very favorable trend of the last 12 months, after the isolated parenthesis of the results of the second quarter of 2020.

Revenues for the first half of 2021 amounted to €313.7 million, with growth at current exchange rates of +7.7% (+10.0 at constant exchange rates) compared to €291.4 million as of June 30, 2019.

The second quarter of 2021 reported sales of €149.1 million, up +13.8% compared to the same period in 2019.

	First Half	%	First Half	%	YoY	First Half	Var. %
	2021		2020		Change %	2019
	Eur '000		Eur '000		First Half		First Half
			'21/		'21/
					First Half '20		First Half '19
Europe	95,901	30.6%	66,881	32.6%	+43.4%	87,838	+9.2%
Italy	41,030	13.1%	28,869	14.1%	+42.1%	44,340	-7.5%
Americas	99,939	31.9%	57,976	28.3%	+72.4%	95,046	+5.1%
Asia	76,839	24.5%	51,418	25.1%	+49.4%	64,188	+19.7%
Net Revenues	313,709	100.0%	205,143	100.0%	+52.9%	291,413	+7.7%
YoY Change at constant exchange rates			+57.7%		+10.0%

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The European market1 (+9.2% compared to the first half of 2019) reports an excellent result, of absolute importance for us given the relative weight on our total sales (43.7% including Italy), and the guiding role in defining fashion trends.

In the markets and cities characterized by the presence of the local customer, sales were particularly strong; sales therefore reported considerable increases in the Russian Federation, in Central- Northern Europe and in general in 2nd tier cities throughout Europe.

In all European cities, as already happened in China and then in the USA, we perceived a strong desire to return to the physical experience of shopping, an expression of the natural desire of human beings to meet and socialize. This return was greatly encouraged and supported by the organization of a series of very exclusive events in several of our boutiques around the world.

The main European cities and capitals showed a marked improvement in the second quarter, partly thanks to reopenings after periods of closure, with a partial recovery in regional tourism flows; in the case of London and Paris, we were very pleased with the positive contribution of the major expansions that took place last year.

Italy(-7.5% compared to the first half of 2019) reports a significant improvement in performance in the second quarter, thanks also to the reopening of boutiques and the increased presence of customers in the main cities. The multibrand channel contributes in particular to the results in provincial cities, confirming the strategic importance of the complementarity between the monobrand and multibrand channels and the great territorial rooting of specialty stores.

The American market(+5.1% compared to the first half of 2019, with even more positive growth at constant exchange rates), continues to demonstrate the strength of local demand and the convinced return of customers to purchasing in physical spaces, to which is added the type of tourism that favors "domestic" resort locations.

After the gradual return of many people to their main residences, the desire for "rediscovered" normality and social relations has, in fact, led customers to resume travel within their own country, favored by the personal perception of greater security compared to international travel.

The marked growth in traffic and results in Luxury Department Stores certainly to be considered very positive, accompanying the increases characterized the trend in Specialty Stores of the preceding months.

in major American cities is in sales that had already

The Asian market(+19.7% compared to the first half of 2019), which overall weighs 24.5% of the company's total revenues, continues its excellent growth path, with even stronger increases in Mainland China.

Growth in domestic China, whose potential is of primary interest in our long-term plan, is favored both by purchases by traditional customers and by new customers, who approach our brand guided by the evolution of their taste, interest in the product and adherence to the values that our brand expresses.

Macao's results for the first half of the year were also positive; there was a marked improvement in performance in Hong Kong, where we expect a gradual return to normality only after the reopening of borders.

1 Starting from the Q1 2021, sales will be presented by market based on the geographical affiliation (Europe, Americas, Asia) of the different countries that the Group operates in, maintaining a specific focus on Italy. This mode of presentation makes it possible to give greater emphasis to the weight that each geographical area holds for the Group. In this regard, sales in countries that were previously included in the

"Rest of the World" category were allocated to the specific geographical areas of reference.

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In the rest of the Asian continent, the Korean market showed positive vitality, whilst in Japan the half- year was less linear and still penalized by the instability of traffic in the main Department Stores.

Revenues by Distribution Channel

	First Half	%	First Half	%	YoY	First Half	Var. %
	2021		2020		Change %	2019
	Eur '000		Eur '000		First Half		First Half
			'21/		'21/
					First Half '20		First Half '19
Retail	165,330	52.7%	102,517	50.0%	+61.3%	149,947	+10.3%
Wholesale	148,378	47.3%	102,627	50.0%	+44.6%	141,466	+4.9%
Net Revenues	313,709	100.0%	205,143	100.0%	+52.9%	291,413	+7.7%

In the first half of 2021, the retail channelachieved +10.3% growth compared to the first half of 2019, slightly increasing its relative weight from 51.5% to 52.7%, and with an increase in sales of +16.6% in the second quarter compared to the same period in 2019.

The Retail network totalled 112 boutiques as of June 30, 2021, compared to 107 boutiques as of June 30, 2020, with the prestigious boutique expansions in London, Paris, St. Petersburg, Shanghai, Tokyo, and the conversion of two wholesale monobrand boutiques, including the important space in Dubai Mall.

We are very pleased with the climate of faith that is increasingly consolidating inside our stores, with an atmosphere of renewed energy and a strong desire to return to normality, which we have tried to intercept by organizing, with imagination and creativity, moments to be together with our customers.

The wholesale channelgrew by +4.9% compared to the first half of 2019, with a relative weight of 47.3% (48.5% in the first half of 2019).

The continuity over time of the positive results of the wholesale channel certifies, in our opinion, the full health of the distribution network, which reports positive sell-outs, also thanks to the punctuality and quality of deliveries guaranteed by our company.

We are very satisfied with the reported result, also in consideration of the 10 conversions to direct management in the luxury Department Stores, occurred in the first 6 months of 2021.

This choice confirms the flexibility with which we are able to operate within the luxury Department Stores. In fact, we can manage the spaces in which we are present both through a traditional wholesale relationship, in those realities with a buying team capable of representing our collections in a unique and fascinating way, and directly, where market conditions and the very characteristics of our partner make it appropriate.

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In recent weeks the activity of our Vaccine Center, which we created here in Solomeo, in the Park of Beauty, has proceeded with great vigor.

This activity, which started in the first days of April following the health protocols and priority rules defined by the institutions, has given us the opportunity to contribute to the coverage of the community and our human resources.

It is therefore with great pride and satisfaction that we can say that we have concluded the vaccination campaign for the people of our company, thanks to the operation of the vaccination center on the basis of three daily shifts and the availability of everyone to vaccinate at any time of day or night.

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Outlook

Sales for the Spring Summer 2021 season are very meaningful, and the initial sell-outs for the Fall Winter 2021 season show equally positive signs.

The order collection for the Men's collections for the Spring Summer 2022 season, presented during Milan Fashion Week and Pitti, has also started very well, and we are preparing with great enthusiasm the next presentation of the Women's Spring Summer 2022 collection.

Within the retail channel, we appreciate the solid trend of like-for-like sales, which accompanies the careful development of the network, with exclusive openings and surface expansions.

We can therefore imagine for the 2021, the year of rebalancing, an excellent growth around +20% compared to 2020, with an increase of about +10% compared to 2019.

These elements lead us to estimate very nice growth for 2022 as well, which we think it could be around +10%.

We also expect to continue our healthy development path in 2023, fully realigning with the objectives of the first five-year period (2019-2023) of the 2019-2028 10-yearplan, which should lead us to double our revenues to around €1.1 billion in 2028.

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