Overview

• Borsa Italiana suspended Brunello Cucinelli shares after a sharp intraday fall and the stock later closed down 17.3% at €85 following their readmission.
• Morpheus Research, which disclosed short positions, released a three‑month investigation citing mystery shoppers, company documents, and customs checks.
• The report alleges continued sales into Russia via boutiques and partners such as Tsum, including possible triangulations through third countries like Lithuania and China.
• Cucinelli rejects the claims, says it complies with EU rules, reports Russia at about 2% of 2024 revenue, and cites Italian customs checks confirming procedural compliance.
• The firm is weighing legal action to protect its reputation as Italy’s industry minister voiced confidence in the brand, and prior concerns from Pertento Partners were noted by the Financial Times.