Overview

• Borsa Italiana suspended trading in Brunello Cucinelli pending a company statement after the stock fell nearly 5%.
• The Morpheus report alleges the brand continued selling luxury items in Russia despite the EU ban on goods priced above €300.
• Morpheus cites a three‑month investigation with undercover purchases, interviews and corporate filings indicating about €15 million in Russian revenue in 2023–2024.
• Cucinelli says it operates in compliance with rules, reports Russia at roughly 2% of 2024 sales and describes remaining exposure as wholesale with boutiques closed.
• The report also claims aggressive discounting to clear heavy inventories, while Morpheus discloses a short position in the shares.