Overview

• Brunello Cucinelli moved its board discussion forward and used an analyst call to reject Morpheus Research’s claims about undisclosed Russian operations and discounting.
• Management reported Russia now represents about 1.4% of sales, said directly managed boutiques there remain closed, and noted any activity relies on pre‑existing stock and EU‑compliant shipments to partners.
• Executives cited public data showing exports to the Russian subsidiary fell from €16.8 million in 2021 to €5.9 million in 2024, alongside a reduction in local headcount and retail footprint.
• The company defended inventory levels as healthy with an inventory‑to‑sales ratio around 28–29% and said customs checks since 2022 reported no anomalies.
• Nine‑month revenue rose 10.8% to €1.02 billion, third‑quarter sales reached €335.5 million, guidance for roughly 10% growth in 2025–2026 was reaffirmed, and shares remain under scrutiny after a 17.3% plunge when the report was published.