Overview

• Morpheus Research alleged the Italian brand misled investors about ongoing business in Russia and used aggressive markdowns to move excess inventory.
• Trading in Milan was halted for volatility, and the stock closed down 17.28 percent at €85.08.
• The short report drew on a three‑month probe with interviews, trade‑data analysis, and visits to Moscow boutiques that it says showed 2024–2025 Italian‑made tags on items.
• Cucinelli denied wrongdoing, pointing to Italian Customs inspections it says confirmed compliance, a drop in exports to its Russian subsidiary from €16 million in 2021 to €5 million in 2024, and continued sales only within EU value limits, while weighing legal action.
• Morpheus includes alumni of Hindenburg Research, and the claims follow earlier questions from Pertento Partners as EU rules since 2022 restrict luxury exports over €300 to Russia.