21 Wednesday 05:31 PM The Board of Directors examines Sales Results at 31th March 2021

Press Release

BRUNELLO CUCINELLI: the BoD has examined Net Revenues of the first quarter 2021.

Revenues for Q1 2021 compared to 31 March 2020

• Net revenues of €164.6 million, +5.1% at current exchange rates (+7.0% at constant exchange rates).
• Performance by geographical area: Europe +3.9%, Italy -3.6%, Americas -4.8%, Asia +28.9%.
• Performance by distribution channel: retail +11.5%, wholesale +0.4%.

Revenues for Q1 2021 compared to 31 March 2019

• Q1 2021 saw an increase of +2.6% at current exchange rates (+3.3% at constant exchange rates).
• Strong growth in Asia (+18.2%), solid performance in America (+4.0%) and Europe (+1.5%), a
  "limited" contraction in Italy (-17.0%).
• Both sales channels are growing, with the retail channel increasing by +3.2% and the wholesale channel up by +2.2%.

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

"It is with a feeling of "great positivity" that we disclose our results achieved in the first quarter of this year 2021, which we have defined as the "year of rebalancing". It was a very, very positive quarter, which indicates a gradual return to "normality" in daily life, with a strong desire for healthy planning.

The taste that the brand represents is currently generating a strong consensus that translates into important international awards that honour our company, our culture, our land and all of us.

The more than satisfying performance of spring collection sales and the sizeable quantity of orders in the portfolio for Autumn Winter, with the resulting more than loving feedback of the world press on our collections, make us envisage a year 2021 with an "excellent" growth in turnover of between 15 and 20%. We also see a healthy increase in sales for the year 2022, i.e. around 10%."

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Solomeo, 21 April 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 examined the turnover for the first quarter of 2021 in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IAB).

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Letter of gratitude to our workers1

My esteemed friends,

My heart is with you for your courage and the patience you have so effectively demonstrated in this period of pain and uncertainty, which are the same ones I felt. If in our enterprise now economic and human positivity reigns, if we can imagine Italy enriched by the gracious reception of our creations, if all this has come about with special genius and craftmanship, I certainly owe it to you.

So how can I thank you generous souls for the responsibility, dedication, creativity, understanding, closeness, and capacity to feel the pain as a teacher? For me it is a joy recognising all of you as the most meritorious workers each in his or her own role. Particularly dear to me are the veterans, the first stewards of beauty and art that improve life. They are the ones who remind the newer ones of some universal golden rules, such as those pronounced by Confucius in the 6th century before Christ: "even simple things are worth doing well" and "work must be proportionate to a person's age and strength".

I am fascinated by rites that guide us back to natural laws and save us from uncertainty; they are the living source of human action. Artisanry also draws on rites, they are the source of its ever renewed creativity. The history of civilisation goes hand in hand with the history of craft, harmoniously joining human and natural forces. For centuries it has been the fertile fruit of our nation, and for centuries it has based its genius on rules and discipline. Indeed, artisans appear to me as real poets, they know how to seamlessly unite technical skill, artistic vision, taste, finesse and quality in original products. I believe I owe it to you if, in this period, we may have created the most beautiful collections in our history, affirming a genius that unleashes its creativity precisely when things get difficult. During this intense period we have worked with the same courage as in more serene times and this is what has kept us united.

All these merits demonstrate your love for the work. You know that economic profit is a strong spring, but in our hearts we also know that it is not the only one: through our work, we take part in the marvel of Creation that we are called upon to care for with each any every one of our individual and collective actions; through our hard work performed in respect for the planet, we show our love for our community every day. It is true, and I am grateful to you; your actions have been and are for me proof and spur that we must never lose hope or wallow in fear. Many of our conversations have brought us close to tears, knowing we are faithful navigators, soldiers mustered for the painful challenge. They bring to mind history and the great stoic philosopher, my teacher, Marcus Aurelius. Before a decisive battle, he turned to his soldiers with these moving words: "my esteemed men, tomorrow Rome will need us, may God protect us". In you I see special people who know that progress and economic development do not always go hand in hand.

1 The following letter is part of the "Philosophical and strategic report of the company" from Brunello Cucinelli and is included in the "2020 Consolidated Financial Statements" published on 26 March 2021.

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In my opinion, there is a right way to live life, and it is ethically, because ethics allows us to discern the universal in daily details and makes us universal men and women. If you climb up to the Bosco della Spiritualità in Solomeo, you will find a phrase by Saint Benedict at the entrance:

HONOUR ALL PEOPLE

I now render to you, with sincere heart, this noble honour.

Thank you,

Brunello

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The beginning of a New Time and opening of the Vaccinations Center

For us, the new year represents the beginning of the long-awaited "New Time", which has arrived also thanks to the launch of vaccination campaigns worldwide.

For months we have been engaged in a great work of trust, extreme seriousness and renewed enthusiasm for our work, where we have tried to interpret and face the pandemic with wisdom, always trying to focus on human dignity and our "way" of doing business.

We have all continued to cultivate this seed of hope with care, so sought after from the beginning of the pandemic, with the great goal of a careful but progressive return to our habits of sociality and conviviality.

The decision to open a Vaccination Centre in Solomeo, promptly accepting the invitation of the esteemed President of the Council of Ministers of the Italian Republic Mario Draghi, has only reinforced this basic attitude, where for us trust in medical researchers and gratitude to healthcare professionals represent further elements of hope and positivity.

The work of our Vaccination Centre started in early April, following the health protocols and priority rules defined by the authorities. Hopefully, starting in May - depending on the number of vaccines available - we will be ready to organise three shifts per day so that any young person who wants to can get vaccinated at any time of the day or night.

We believe that the sooner we complete the vaccination campaign the more lives will be saved, and the sooner the country's economy can start growing again.

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Our First Quarter 2021

We are very, very pleased with the figures for Q1 2021, which maintained the positive trend that started as early as H2 of last year.

The great positivity with which we communicate the performance of this beginning of the year - which we have defined as a "year of rebalancing" - is coloured by the awareness that we have taken the first steps on the path back to the "normality" of daily life, with a strong desire for healthy planning.

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Our vision of the global market is very positive, with growth that is well-distributed across geographic markets and distribution channels, balanced in the men's and women's collections and in the different product categories.

We believe that the quarter's results were underpinned by three dynamics:

• The strong "domestic" component of our sales.
• The vitality of the physical retail channel, especially in America and part of Europe.
• The evolution of customer interests and a return to the "pleasure of dressing nicely".

Local customers were the main drivers of these first three months of 2021. This was true in all areas, both in structurally domestic markets such as the United States, China and Japan, and in those where tourists have a greater relative weight such as Europe and Italy.

We are particularly pleased with our results achieved in Europe, given the overall weight of this market on our sales (equal to 45%) and its importance in defining fashion trends.

The American market continues to achieve excellent results, in continuity with H2 2020, but with a growing physical component of sales.

For several weeks now we have been sensing that our American customers have a strong desire to get back to physical stores and the personal interaction with our sellers.

Based on the constant dialogue we have had with customers over the last year, we can definitely say that people want to progressively return to sociality.

Where possible, during the last month we have encouraged a return to physical boutiques through the organisation of small events, very personal trunk shows that have been quite popular and produced excellent results.

This clear trend in the American market is common across both sales channels and increasingly geographically distributed throughout the nation, along with the gradual return of many to their primary residences.

We are confident that this dynamic, already evident in China since April of last year and today very concrete in the United States, will soon reach the European continent as well.

We have also noted that the expected and imminent return to habits of sociality and conviviality is progressively refocusing customer preferences and interests on the pleasure of dressing nicely.

In this first part of 2021 we have seen that our customers are looking for garments that, while maintaining the same characteristics of "comfort" of the way of dressing that has accompanied us in the past months, elevate their look in the search for a sober elegance.

We have the feeling that this evolution is representative of the "New Time" that we all seek, and that the way we dress will help us to put the past year behind us and return to that daily life of relationships and spending time together that the pandemic put on hold.

We believe that our collection offering and our taste satisfy this desire, and sales in the first quarter have already confirmed this market trend.

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The collections

We believe that product offering was once again decisive in achieving this result.

The Spring/Summer 21 collections, currently in stores, were well received by end customers worldwide, with a performance of spring sales that we consider "more than good".

The freshness of the collections and the total absence of items from the previous season were decisive in stimulating customer interest and winning them over.

We are equally excited about the very positive feedback received from wholesale customers and journalists on our Fall/Winter 2021 collections.

The large number of orders we have received confirm our outlook for 2021. The amount of attention paid to our collections by the trade press also leads us to imagine that the sell-out will continue to be significant through the winter.

The taste and identity of our brand

We have always worked with the idea and goal of developing and consolidating a specific distinctive taste.

We feel we can say that we have managed to achieve this ambitious result, making our brand clearly recognizable.

We have received international recognitions from the international press and partners regarding the recognition of the brand, which have honored us and given us the strength to continue to believe in our taste, and in its contemporaneity.

In the last years, these recognitions have taken a lot of relevance and turned into great awards: in 2018, the NY Times defines our way "of dressing appropriate for young CEOs", in 2019, GQ UK elected Brunello Cucinelli "the runner-upamong the most stylish men in the world", and finally in December 2020, the Telegraph UK called him "The most stylish man of the last ten years".

We are convinced that the ability to affirm a distinctive taste has been a fundamental prerequisite for the company's growth, and it continues to be a very important distinctive element for projecting our brand into the coming years.

We have established our identity in the Ready-to-Wear segment, a category that possesses a strong element of style.

We chose not to entrust our recognisability to a logo but rather to a look combining materials, colours and forms that our customers mentally associate with our territory.

We invested heavily in visual merchandising, emphasising the harmony of the men's and women's collections, guaranteed by the same creative direction and constantly driven by the search for innovation thanks to the many young people who work in our creative departments.

Our communications then had the role of reinforcing this idea of a specific lifestyle by focusing on the transmission of values based on the quality of life, on the close relationship between the beauty of art and nature instead of being based on product images.

This work now returns a characteristic of our brand that is very dear to us, which is balance.

In fact, we believe that today our brand is equally credible and recognisable for both women and men, equally appealing to people of different ages and from different continents, evident in product categories that all share the same attention to quality, creativity and craftsmanship.

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