Brunello Cucinelli S p A : Half-Year Financial Report as at 30 June 2025

About this update from Brunello Cucinelli S.p.a.

HALF-YEAR FINANCIAL REPORT AS AT 30 JUNE 2025 (COURTESY TRANSLATION FOR THE CONVENIENCE OF INTERNATIONAL READERS) CONTENTS CORPORATE DETAILS 4 CORPORATE GOVERNANCE BODIES AS AT 30 JUNE 2025 5 THE BRUNELLO CUCINELLI GROUP AS AT 30 JUNE 2025 6 GROUP STRUCTURE AS AT 30 JUNE 2025 7 DISTRIBUTION NETWORK 8 INTERIM REPORT ON OPERATIONS OF THE BOARD OF DIRECTORS AS AT 30 JUNE 2025 COMPANY INFORMATION 10 SUMMARY DATA AS AT 30 JUNE 2025 32 THE GROUP'S RESULTS FOR THE FIRST HALF OF 2025 35 ANALYSIS OF REVENUES 35 REVENUES BY GEOGRAPHICAL AREA 36 REVENUES BY DISTRIBUTION CHANNEL 38 REVENUES BY PRODUCT LINE AND END CUSTOMER 39 ANALYSIS OF THE CONSOLIDATED INCOME STATEMENT 40 EBITDA AND RESULTS 40 OPERATING COSTS 41 DEPRECIATION, AMORTIZATION, NET FINANCIAL EXPENSE AND NET PROFIT 44 ANALYSIS OF BALANCE SHEET AND FINANCIAL ITEMS 47 NET WORKING CAPITAL 47 FIXED ASSETS AND OTHER NON-CURRENT ASSETS/(LIABILITIES) 48 INVESTMENTS 49 NET FINANCIAL DEBT 51 SHAREHOLDERS' EQUITY 52 INFORMATION ON CORPORATE GOVERNANCE 53 SIGNIFICANT EVENTS DURING THE FIRST HALF OF 2025 53 RELATED PARTY TRANSACTIONS 55 FINANCIAL RISK MANAGEMENT 55 SIGNIFICANT EVENTS AFTER 30 JUNE 2025 55 MANAGEMENT OUTLOOK 55 CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS AT 30 JUNE 2025 FINANCIAL STATEMENTS AS AT 30 JUNE 2025 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2025 58 CONSOLIDATED INCOME STATEMENT AS AT 30 JUNE 2025 60 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME AS AT 30 JUNE 2025 61 CONSOLIDATED CASH FLOWS STATEMENT AS AT 30 JUNE 2025 62 CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY AS AT 30 JUNE 2025 64 EXPLANATORY NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS BASIS OF PREPARATION 66 SCOPE OF CONSOLIDATION 67 ACCOUNTING STANDARDS 69 COMMENTS ON THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION 72 COMMENTS ON THE MAIN ITEMS OF THE CONSOLIDATED INCOME STATEMENT 95 OTHER INFORMATION 100 CERTIFICATION OF THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS PURSUANT TO ARTICLE 154-BIS OF LEGISLATIVE DECREE DATED 24 FEBRUARY 1998 NO. 58 (CONSOLIDATED LAW ON FINANCE) AND ARTICLE 81 - TER OF CONSOB REGULATION NO. 11971 DATED 14 MAY 1999 AND AS AMENDED 106 REPORT OF THE INDEPENDENT AUDITORS ON THE LIMITED AUDIT OF THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS… 107 CORPORATE DETAILS Registered office of the Parent Company Brunello Cucinelli S.p.A. Viale Parco dell'Industria, 5, Solomeo hamlet Corciano - Perugia Legal data of the Parent Company Approved share capital €13,600,000 Subscribed and paid-up share capital €13,600,000 Perugia Business Registry no. 01886120540. Corporate website: https://http://investor.brunellocucinelli.com/eng/ CORPORATE GOVERNANCE BODIES AS AT 30 JUNE 2025 Board of Directors (1) Brunello Cucinelli Chairman Riccardo Stefanelli Managing Director and CEO Luca Lisandroni Managing Director and CEO Camilla Cucinelli (2) Executive director and Vice-president Carolina Cucinelli (2) Executive director and Vice-president Alessio Piastrelli Director Giovanna Manfredi Director Andrea Pontremoli Director Ramin Arani Director Maria Cecilia La Manna Independent Director Stefano Domenicali Independent Director Guido Barilla Independent Director Chiara Dorigotti Independent Director Katia Riva (3) Independent Director Lead Independent Director Maria Cecilia La Manna Control and Risk Committee Maria Cecilia La Manna Chairperson Chiara Dorigotti Katia Riva (3) Remuneration and Appointments Committee Chiara Dorigotti Chairperson Ramin Arani Katia Riva (3) Board of Statutory Auditors (1) Paolo Prandi Chairperson Dante Valobra Standing Auditor Anna Maria Fellegara Standing Auditor Isabella Ippolita Soldani Alternate auditor Myriam Amato Alternate auditor Independent auditors PricewaterhouseCoopers S.p.A. Financial Reporting Officer Dario Pipitone Appointed at the ordinary shareholders' meeting of 27 April 2023; will remain in office until the shareholders' meeting called to approve the financial statements for the year ending 31 December 2025. Vice-president designate by the Board of Directors at its meeting of 11 July 2024, following changes to the Articles of Association approved by the Extraordinary Shareholders' Meeting of 23 April 2024. Co-opted by the Board of Directors at its meeting of 11 July 2024 to replace the independent and non-executive Director, Emanuela Bonadiman, who tendered her resignation on 13 June 2024. The shareholders' meeting held on 29 April 2025 confirmed his appointment as independent and non-executive Director. The mandate will remain in effect until the expiry of the current Board of Directors. 100% Brunello Cucinelli Taiwan Ltd. 51% Brunello Cucinelli Middle East LLC 100% 51% (***) Dorica Vestis S.r.l. 60% Brunello Cucinelli Hellas SA 99% (*) Brunello Cucinelli Suisse SA 98.21 (*) SAS Brunello Cucinelli France Resort 100% Brunello Cucinelli Belgium S.r.l. 100% Brunello Cucinelli GmbH 100% Brunello Cucinelli Austria GmbH 98% (*) Brunello Cucinelli Retail Spain SL 95% (*) Brunello Cucinelli Europe S.r.l. 100% 100% 98.76% 51% Market Service US, Inc. 100% Brunello Cucinelli (Sichuan) Fashion Co., Ltd. 100% Brunello Cucinelli Singapore Pte. Ltd. SAM Brunello Cucinelli Monaco Brunello Cucinelli Canada Ltd. 100% Brunello Cucinelli Hong Kong Ltd. 100% Brunello Cucinelli (Macau) Fashion Co., Ltd. Brunello Cucinelli Japan Co., Ltd. 98% (**) 100% 99.99 (**) Brunello Cucinelli (England) Ltd. 98.54 (**) 000 Brunello Cucinelli RUS 98.00 (****) 1.22% Brunello Cucinelli S.p.A. Max Vannucci S.r.l. Brunello Cucinelli Kuwait for Readymade and Novelty Clothes' Retail WLL Pinturicchio S.r.l. 51% Logistica e Distribuzione S.r.l. 75.5% Sarl Brunello Cucinelli France 99% Brunello Cucinelli USA Inc. THE BRUNELLO CUCINELLI GROUP AS AT 30 JUNE 2025 Brunello Cucinelli Mexico S. de R.L. de C.V. (*) The remaining percentage is held by BRUNELLO CUCINELLI S.p.A. (**) The remaining percentage is held by BRUNELLO CUCINELLI EUROPE S.r.l. (***) Percentage of ownership held by virtue of voting agreements with the minority shareholder. (****) The remaining percentage is held by BRUNELLO CUCINELLI USA INC. GROUP STRUCTURE AS AT 30 JUNE 2025 Company name Location Brunello Cucinelli S.p.A. Corciano, Solomeo hamlet (PG) - Italy Brunello Cucinelli Europe S.r.l. Corciano, Solomeo hamlet (PG) - Italy Dorica Vestis S.r.l. Corciano, Solomeo hamlet (PG) - Italy Pinturicchio S.r.l. Corciano, Solomeo hamlet (PG) - Italy Max Vannucci S.r.l. Corciano (PG) - Italy Logistica e Distribuzione S.r.l. Milan - Italy Brunello Cucinelli Austria GmbH Vienna - Austria Brunello Cucinelli Belgium S.r.l. Brussels - Belgium Brunello Cucinelli (England) Ltd. London - United Kingdom Sarl Brunello Cucinelli France Paris - France SAS Brunello Cucinelli France Resort Paris - France Brunello Cucinelli GmbH Düsseldorf - Germany Brunello Cucinelli Hellas SA Athens - Greece SAM Brunello Cucinelli Monaco Principality of Monaco OOO Brunello Cucinelli RUS Moscow - Russia Brunello Cucinelli Retail Spain SL Madrid - Spain Brunello Cucinelli Suisse SA Lugano - Switzerland Brunello Cucinelli Canada Ltd. Vancouver - Canada Brunello Cucinelli USA Inc. Ardsley (NY) - USA Market Service US, Inc. New York - USA Brunello Cucinelli (Sichuan) Fashion Co., Ltd. Chengdu - China Brunello Cucinelli Hong Kong Ltd. Hong Kong - China Brunello Cucinelli (Macau) Fashion Co., Ltd. Macao - China Brunello Cucinelli Japan Co., Ltd. Tokyo - Japan Brunello Cucinelli Singapore Pte. Ltd. Singapore Brunello Cucinelli Taiwan Ltd. Taipei - China Brunello Cucinelli Middle East LLC Dubai - United Arab Emirates Brunello Cucinelli Kuwait for Readymade and Novelty Clothes' Retail WLL Kuwait City - Kuwait Brunello Cucinelli Messico S.de R.L. de C.V. Mexico City - Mexico DISTRIBUTION NETWORK The Group offers its products on the market through a number of different distribution channels. From the standpoint of the end customer the Group is present on the market through: the retail distribution channel , i.e., the distribution channel with which the Group sells directly to the end customer through directly operated stores, so-called DOS (Directly Operated Stores) and hard shops, i.e., spaces located inside department stores and managed under the Group's responsibility and with directly employed staff. At 30 June 2025, the directly operated stores (DOS) numbered 130, along with 51 hard shops within department stores. the wholesale distribution channel , i.e., the distribution channel through which the Group sells to independent partners, with the result that in this case these resellers are the Group's customers (and not the end customer). This channel therefore includes both single-brand stores operated by third parties under commercial distribution agreements (single-brand wholesale), independent multi-brand points of sale and dedicated shop-in-shops in department stores (multi-brand wholesale). The Group avails of a network of agents and distributors for sales to a number of single-brand and multi-brand wholesale customers. At 30 June 2025 there were 27 single-brand wholesale boutiques. A summary is provided below of the Brunello Cucinelli Group's single-brand sales point network at 30 June 2025 compared to the situation at 31 December 2024 and 30 June 2024: Distribution channel 30 June 2025 31 December 2024 30 June 2024 RETAIL 130 130 126 WHOLESALE 27 27 27 The following table sets out the existing single-brand sales points at 30 June 2025 by geographical area: Europe Americas Asia Total Total Brunello Cucinelli stores 59 38 60 157 INTERIM REPORT ON OPERATIONS OF THE BOARD OF DIRECTORS AS AT 30 JUNE 2025 COMPANY INFORMATION Brunello Cucinelli S.p.A. is a Casa di Moda and Company incorporated under Italian law with registered office in Solomeo, (Viale Parco dell'Industria 5), and listed on the Euronext Milan Stock Exchange of Borsa Italiana. The business of the Casa di Moda is focused on the creation, production and sale of Brunello Cucinelli branded clothing, accessories and lifestyle which make up Women's, Men's and Children's total look collections , which are always conceived as an expression of the ethical and human values cultivated in the hamlet of Solomeo. The brand is internationally recognised as a benchmark of Made in Italy excellence and a point of reference in the luxury goods sector, with the ability to combine the timeless qualities derived from the selection of the finest materials , craftsmanship and exclusivity with contemporary creativity that is attentive to market trends and technological innovations. The company, based on the founding values of respect for human dignity and the beauty of Creation , pursues growth in line with the principles of balance, harmony and sustainability , with constant attention to the rhythms of mankind and of nature. The Brunello Cucinelli Casa di Moda is universally recognised as a prime example of "Humanistic Capitalism" , combining the safeguarding of traditions , appreciation of the "thinking souls " who work for the greater good of the company, and promotion of important projects aimed at beautifying Creation and the legacy left to future generations . THE FIRST SIX MONTHS OF 2025 First half of 2025: excellent results and balanced growth The first half of 2025 delivered very strong results, allowing us to share full satisfaction with our colleagues and to express gratitude to our clients. Revenues were excellent, up +10.2% at current exchange rates and +10.7% at constant exchange rates, with two quarters equivalent in absolute value and a steady pace of growth. We are very pleased and proud of the results achieved, the outcome of significant contributions from all geographies and reached with reassuring consistency, building on a highly challenging comparison base, given the +14.1% growth recorded in the same period of 2024. These results reflect the highest level of focus and dedication with which the Casa di Moda has faced the various characterising phases of the markets, confirming the strong appreciation for creations of outstanding quality, with the highest segment of the market once again proving to be the most resilient across all categories. Balance across geographical areas, categories, and sales channels The six-month period is distinguished by uniform growth in all markets, with solid double-digit expansion at constant exchange rates, and a perfectly balanced geographic mix: 36.4% Americas, 35.6% Europe, and 28.0% Asia. Sales are equally divided between Men and Women, confirming the brand's equal credibility and relevance in both segments. The balance across channels is equally evident: the Retail channel (63.7% of revenues) reported double-digit growth at constant exchange rates in both quarters, with a very solid like-for-like performance. The direct network is made up of 130 boutiques, a number unchanged in the first six months of the year, with new openings scheduled for the second half of 2025. The wholesale channel (36.3% of revenues) continues to play a strategic role, with punctual and complete deliveries of Spring-Summer 2025 orders, accompanied by significant in-season replenishments. "Serene" growth and an authentic bond with the client We like to define the growth observed in these first six months as "serene": a balanced progression, managed in full alignment with our brand protection strategy, avoiding any form of overexposure and, when necessary, even showing the courage to forego opportunities that do not reflect our taste and positioning. Consistent with these choices, the company has deepened its commitment to building an authentic relationship with the customer, based on esteem, trust, and mutual respect. These principles are cultivated daily with constant dedication, tracing a path that begins in Solomeo, the beating heart of the company, before extending to boutiques in major international capitals, showrooms, and the Case Cucinelli, and reaching e-commerce and multi-brand spaces, where the same spirit continues to exist and renew itself. The appreciation expressed by customers in the highest segment of luxury testifies to the depth and sincerity of this bond, which creates a privileged channel for meaningful communication that enriches both the customer and the brand. During the first half of the year, several special occasions offered the opportunity to share significant moments with our clients and friends, thus strengthening the value of personal encounters. The most memorable ones included: - the dinner on 12 April in Monte Carlo, held in the charming Mareterra district during the prestigious tennis tournament; the event on 1 May in Miami, which unfolded between the Design District boutique and an Italian-themed convivial evening; the "Mediterranea" event between Pietrasanta and Amalfi, conceived as a celebration of the start of the summer season in locations of incomparable charm. These moments allow us to consolidate personal and genuine relationships, conveying the essence of an authentic bond built on care, gratitude, and shared trust. Strength of the product, quality of the offering, and global appreciation Product and creativity remain at the heart of the Casa di Moda vision. The high level of innovation in the collections, combined with the exquisite craftsmanship that has always distinguished each creation, has been a decisive factor in the positive response obtained across all markets worldwide. In particular, the introduction of genuine product innovations in all categories provided a significant contribution, receiving broad appreciation in terms of colour research and fit in the Collections offerings. These elements immediately conveyed the freshness of the season while preserving the brand's stylistic identity intact. The collections have generated significant consensus, confirmed both by multibrand partners and by the specialised press, consolidating the brand's positioning at the very top of the market. Multibrand partners have expressed growing confidence, increasing their orders and recognising the coherence of the offering, as well as the solidity and reliability of the path undertaken. Initial sales of the Fall-Winter 2025 season are also particularly encouraging, thanks to an order intake that has been highly appreciated for both the Men's and Women's collections. Our collaboration with EssilorLuxottica and Euroitalia continues constantly and with great satisfaction, in full compliance with the principle that has always guided us: to affirm and maintain our brand's unique, very high and distinctive positioning, including in the worlds of eyewear and fragrances. Strong in this conviction, in June we presented the special edition of Goldcraft 1978 glasses, two models made of titanium and 18-carat gold, made possible by the skilful craftsmanship of artisans in Fukui, Japan. These creations represent the highest end of our offer in this category and, in the light of early feedback received, it seems that we have been able to combine the prestigious materials and workmanship with an authentically contemporary style. As for fragrances, the launch of the "Incanti Poetici" family - the six new creations presented in late 2024 - has received an excellent response. This collection will be further enriched by three new products, scheduled for early 2026. Operational excellence, planning, and vision for the future The level of service guaranteed during the six-month period was particularly high, both toward the direct network and multibrand clients. On-time and complete deliveries, rapid replenishments, and efficient inventory management, made possible by a short, entirely Italian production structure, ensured constant reliability throughout the entire value chain. Attention to visual merchandising, a cornerstone of the brand's aesthetic identity, remained consistently high and meticulously curated in every detail, helping to define a coherent and distinctive experience across all spaces where the Casa di Moda is present. Strategic projects in the production area continue with strong momentum. The expansion of the Solomeo factory is progressing at a faster pace than expected and will mean that the new spaces will be ready by the end of 2025, ahead of schedule, thereby supporting production growth in the coming decade. This path is complemented by the facilities in Penne, Abruzzo, and Gubbio, Umbria, which contribute to consolidating and sustaining the expansion of artisanal production in the coming years, ensuring continuity, quality, and a long-term perspective rooted in the value of craftsmanship. In the commercial sphere, the commitment to keeping all spaces where the brand is present modern and contemporary remains a priority. To this end, investments are directed toward the refurbishment of the existing boutiques and showrooms, as well as spaces managed within the leading luxury department stores, with the goal of ensuring a presence that is always current and distinctive. This vision requires constant attention to commercial investments, accompanied by a careful search for exclusive locations and expansions of existing boutiques, so as to best enhance the brand's identity and further strengthen its international positioning. Communication and digital innovation With great emotion, preparations are under way for the December ceremony of the British Fashion Awards in London, where Brunello Cucinelli will be honoured with a prestigious award. Also in December, the premiere of the film "Il Visionario Garbato" (The Gentle Visionary), directed by maestro Giuseppe Tornatore with original music by maestro Nicola Piovani, will take place, with friends and guests from all over the world in attendance. The work, dedicated to the life of the man behind Casa di Moda, is a heartfelt and profound tribute to his unique journey as an entrepreneur, designer, and visionary of the contemporary age. Finally, with an eye to embracing innovation, the launch of the new e-commerce website is planned by the end of the year. The project, enriched with advanced functionalities, is a natural evolution of the dialogue with customers in the digital context and will be made possible thanks to the concrete and conscious application of the principles of Human-Centred Artificial Intelligence, already implemented at the time of the launch of the new corporate website. Current context In a context characterised by marked market volatility, our Casa di Moda thus faced the first half of the year with great focus, attention and full awareness of global dynamics, remaining faithful to its way of doing business, inspired by the key principles of Humanistic Capitalism and Human Sustainability. As has been the case during delicate moments in recent years, we are responding to this phase of uncertainty with renewed creative energy, placing at the centre of our activity the design and realisation of collections with strong elements of contemporaneity, modernity, and craftsmanship. It is a vision rooted in stylistic consistency and fidelity to values of authenticity, one that nurtures the deep bond that has always brought us close to our clients. This approach is reflected in the daily work of all our Human Resources, who operate with dedication, expertise, and a strong sense of responsibility. And it is precisely thanks to this shared commitment that we are able to face even the most complex challenges with balance, without ever losing sight of the principles that guide the company. With a sense of responsibility, we felt the desire to share this vision with the entire company community: store managers, sales teams, suppliers, our small craft enterprise partners, and multibrand customers. We wanted to offer all of them moments of listening and dialogue, with the heartfelt awareness that sharing becomes even more precious in times of greater complexity. The solidity of our positioning has allowed us to continue consistently along the path we have set, supporting plans for balanced and sustainable growth, in full respect of our identity and the values that inspire it. The results achieved in this first part of the year reward the great level of attention and focus with which we have faced the various phases of the markets and, at the same time, testify to the strong appreciation for creations of the highest quality, with the very top tier of luxury once again proving to be the most resilient across all reference categories. We believe that the consistent appreciation of our clientele not only reflects the craftsmanship and exclusivity of our collections but also the depth of the bond that unites us with the end customer. A bond founded on a relationship of trust, esteem, and mutual respect, which we have always cultivated with care and continuity throughout the human and professional journey travelled by our business. ARTISANAL PRODUCTION AND IDENTITY At the foundation of Brunello Cucinelli's exclusive offering lies, consistently and continuously, a distinctive production model that has always defined the identity of the Casa di Moda: an entirely Italian artisanal production, rooted in craftsmanship, in the quality and dignity of workplaces, and in the full appreciation of the human being in all its expressions. This model represents not only the industrial foundation of the company but also a resource of exceptional flexibility and solidity, capable of responding promptly and with integrity to diverse scenarios, rigorously supporting the company's growth. Italy's role as the exclusive home of production is reaffirmed with conviction. All operational structures, both those managed directly and the network of external artisanal workshops, are located within the country, in areas that preserve unique skills, the fruit of longstanding traditions and a deeply rooted culture of craftsmanship. Within this context, the artisanal workshops make a decisive contribution to maintaining a truly manual component, made of needle, thread, and scissors, which today accounts for over 60% of total processing, a share that has been steadily growing in recent years. The investments currently under way bear witness to the desire to accompany the brand's expansion with projects that prioritise and focus on quality, dignity of work, and human sustainability. They form part of the ongoing ten-year plan, which envisions doubling artisanal production capacity while fully respecting a founding principle: producing more requires more hands, more time, more care. This awareness leads to the choice of initiatives that, beyond responding to operational needs, reflect a cultural vision: each facility is conceived not only as a functional place but also as a space capable of expressing beauty, harmony, and respect, in the conviction that the places where beauty is created must themselves be beautiful. A central element of this path is the expansion of the Solomeo facility, the company's original headquarters, where work is progressing faster than expected and will allow the new spaces to be available by the end of 2025. The new building, approximately 35,000 square metres, will rise at the gates of the hamlet on a reclaimed and redeveloped former industrial site, without consuming new land, in full coherence with the company's vision focused on protecting the landscape and maintaining ties with the local community. Alongside Solomeo, three strategic initiatives are being developed in some of the most important districts of Italian artisanal tailoring, dedicated to the manufacture of outerwear and men's tailored suits: the "beautiful factories" of Penne in Abruzzo, Gubbio in Umbria, and Carrara in Tuscany. The facilities in Penne and Gubbio have been designed as welcoming, well-maintained, and spacious sites that embody the concept of the "beautiful factory" that has always inspired the company in designing work environments. Carrara, by contrast, is a virtuous example of industrial regeneration: a tailoring facility that is not only a production centre but also a symbolic place of renewal and the culture of craftsmanship. The increased manufacturing capacity also involves the inclusion of new specialised figures, considered essential for preserving the quality, craftsmanship, and taste that define the company's identity. In parallel, the contribution of more than 400 artisanal companies with which the company collaborates on a stable basis remains central: approximately 8,000 artisans in total, about 70% of them located in Umbria and the remaining 30% in other districts of excellence. Direct relationships, based on trust and generational continuity, ensure the vitality of a supply chain where the average age of the business owners 49 years signals an ongoing generational transition, while the average age of the artisans 43 years highlights the presence of young yet already skilled craftsmen and women. The transmission of knowledge is equally fundamental, carried out through the schools of high craftsmanship where many young people have found opportunities to learn and build a professional path: many have joined the company's workforce on a permanent basis, while others have launched new entrepreneurial ventures, helping to strengthen the widespread network of craftsmanship. BRAND POSITIONING We believe that the results achieved in this first half of the year are the natural consequence of a clear and consistent positioning in the highest tier of the luxury market a segment that, over time, has demonstrated solid resilience and a constant openness to offerings of the very highest quality. In this context, the Casa di Moda has chosen to offer a collection composed of special garments, the result of masterful craftsmanship, a careful selection of materials, and complex processes, in which aesthetics combine elegance and modernity. Each creation is designed to stand the test of time, preserving a value that goes beyond the season and embodying an idea of beauty that is sober, authentic, and lasting. To consolidate this positioning, a decisive contribution comes from the special relationship that unites the brand with its clientele, based first and foremost on building a bond and sharing experiences. It is precisely this discreet and respectful human connection that has nurtured, season after season, an authentic and profound relationship with the brand, making the customer an active participant in a shared project where style, quality, and values intertwine harmoniously. This dimension of balance and authenticity is home to one of the Casa di Moda's main strengths: the ability to offer a measured and profoundly human form of luxury, in tune with the sensibility of those who choose consciously, appreciating discretion, refinement, and the quality of well-made things. PRODUCT, BRAND, AND CUSTOMER RELATIONSHIP The value of the product and of the brand represents, today more than ever, the solid and living foundation upon which our Casa di Moda's results are built. On one hand, the extraordinary artisanal quality, the exceptional creative content, and the constant focus on contemporaneity make each collection an authentic expression of our aesthetic vision; on the other, the strength of the brand is reflected in its ability to convey, with coherence and sobriety, a world view inspired by beauty, balance, and respect. Alongside these two pillars stands a third, equally indispensable for us: the authentic and profound relationship with the end customer, which has always been the beating heart of our philosophy. It is in the harmony among these three elements - product, brand, and relationship - that our balanced growth and the international recognition accompanying our journey are rooted. In this context, our Retail spaces assume a central and strategic role. We believe that each boutique should be not only a place of sale but also a vibrant and meaningful meeting point, curated in every detail, welcoming, contemporary, and coherent with the brand's identity. The concept of hospitality, so dear to us, guides every choice: from the way we welcome guests in 'Casa Cucinelli,' to the bar corners in our boutiques, and the experiences we offer to visitors of Solomeo. Every detail is thoughtfully crafted to foster an atmosphere of warmth, familiarity, and genuine care for each person. In this spirit, our commitment extends to organizing intimate, familiar gatherings, designed to naturally and meaningfully deepen our bond with each guest. Several events animated the first half of the year, each conceived as an opportunity to offer time, attention, and a sense of closeness: on 12 April in Monte Carlo, in the evocative Mareterra district, we shared a special evening with customers and friends of the Casa; on 1 May in Miami, within the boutique in the Design District, we welcomed our guests with an experience intertwining Italian fashion and flavours; finally, the beginning of summer was celebrated with the "Mediterranea" event between Pietrasanta and Amalfi. These events were intentionally limited in attendance, born from the desire to strengthen personal relationships, and reflect our idea of luxury as an expression of care, humanity, and shared beauty. HUMANISTIC CAPITALISM AND HUMAN SUSTAINABILITY The founding values of the company, inspired by the philosophy of Humanistic Capitalism, continue to represent the deep roots and constant reference point for every action of the Casa di Moda. A focus on human dignity, protection of the territory, promotion of culture, and support for new generations are integral to an entrepreneurial vision that, while rooted in tradition, renews itself with energy through contemporary and high-profile initiatives. From this perspective, several initiatives have recently been launched to enhance and modernise the core areas of our commitment: the care of landscapes and local spaces, support for art and humanistic reflection, the education and training of young people, and the dialogue between technology and humanism. These initiatives testify to the relevance and vitality of a business model that unites ideals and concreteness, culture and responsibility, vision and action. The "Week of Guardianship" On 12 June, a new and important project called "Settimana della Custodia" (Week of Guardianship) was presented, conceived by Brunello Cucinelli himself and his family. The initiative, which will take place in Perugia from 15 to 21 September, is dedicated to the architectural and landscape wonders of the entire municipality of the Umbrian capital and also aims to raise awareness among citizens of the promotion of a civic culture of preservation, care, and beautification. The project was warmly welcomed by the Municipality of Perugia, which will play the primary role in its implementation, as well as by the Umbria Region, the University of Perugia, the University for Foreigners, and the Academy of Fine Arts of Perugia. The aim is to instil a collective sense of responsibility for the care of the assets and beauty that belong to the community and, by identifying and enhancing specific areas within both the urban and suburban parts of the Umbrian capital, to also collectively safeguard the city's authentic memory and identity. The noble purpose of the initiative is that every citizen feels involved in this collective act of beautification, starting from small gestures such as improving the facade of their home, tending the plants in their garden, or keeping their gate clean. All of this is undertaken in the spirit of civic commitment and collective generosity, in constant collaboration with local schools, families, neighbourhood associations, businesses, and traders, so that each individual may select one or more days during the Week of Guardianship on which to perform their personal act of care for Perugia. Brunello Cucinelli commented: "I like to think that this Week of Guardianship will see the joyful participation of all Perugians and others from further beyond, urging them to recognise the importance of each person caring for a small part of our splendid city of Perugia, a heritage of humanity. We are all temporary guardians of Beauty, and the Beauty found in Perugia's monumental stones, parks, gardens, and orchards awaits daily, gracious, and gentle acts of care from everyone: residents, students, and the tourists who visit and are charmed by the city. The ancient Athenians taught us: 'If the doorway to your home is clean, the whole city is clean,' and 'it is our duty to leave the city more beautiful than when we inherited it.' I believe that everything can start with caring for our own front door. A cleaned and polished door will be more beautiful; a well tended garden will be more beautiful; and then a pavement, a bench, a wall, a plaque, a flower pot, a path, a fountain, a little park, a public square, and so on will all regain new light and beauty". This will thus trigger a virtuous circle in which everyone feels responsible for the city's beauty and respectful of its territory. I am certain that, when we restore dignity to certain places, to certain corners of the city, our very souls will benefit and feel much lighter. In Siena, in the town hall, the fresco 'The Allegory of Good Government,' masterfully painted by Benozzo Gozzoli for our instruction and pleasure, depicts the Sienese Constitution of 1309, the supreme expression of the norms regulating civic, political, and judicial life, where we can read: 'Those who govern must hold the beauty of the city foremost in their hearts for the delight and joy of visitors, for the honour, prosperity, and growth of the city and its citizens'. Letter to the young for a Humanistic Revolution Young people have been the focus of a new letter from Brunello Cucinelli, a call for them to undertake a "human-istic revolution" in the name of the universal values: "of brotherhood, gentleness, and moderation". Brunello Cucinelli sought to inspire younger generations to embark, with hope, courage, and respect, on the path of a Tempus novum always guided by the humanistic ideals that, both then and now, guide every action. Brunello recalls: "If there is a stage of life where values are born, it is youth when every feeling, every boldness, every passion is intertwined with the overwhelming vigour of nature: the blazing sunsets, the sublime dawns, the wind, the sun, and the fragrance of countless flowers that grow wild in the fields from who knows where in the world. I see you, young people, as one of those flowers, full of vitality, imbued with the scent of your dreams, and reaching toward the distant horizons where your soul dwells. For me, youth is the most enchanted and fertile land; every memory I have of those times is infused with an excess of meaning that now I only glimpse briefly in rare moments. I know that nothing can ever be as it once was, when our imagination turned a simple carved wooden boat into a steamer crossing the ocean, and that little piece of wood became infinitely more than its shape or material. (…) I do not know, my dear young friends, whether these words will caress your soul, but if you wish to desire the New Time, if you choose to make it real and alive, you must inhabit it with the measure the Greeks taught us: gradually, and with reverence as children of Creation. Only then will it not be consumed by the wind, but endure eternally. And I am convinced that none of this can happen without a humanistic revolution, one that you have the power to lead" (...). Third Universal Symposium on Soul and Economics, Solomeo From 15 to 18 May, Solomeo hosted the Third Universal Symposium on Soul and Economics. Some of the leading experts in philosophy, technology, science and art attended, including: Yuval Noah Harari, Reid Hoffman, Nicholas Thompson, Audrey Tang, Sougwen Chung, Jim Breyer, Sarah Ladipo Manyika, Chris Anderson, Andrea Pontremoli, Peggy Johnson, JR, Alec Ross, Yasmin Green, Carme Artigas, Nirav Tolia, Vilas Dhar, Eva Maydell and many other very important and authoritative guests. The event follows the first two Universal Sympo-sia, held in Solomeo in 2019 and 2024. Brunello Cucinelli commented on the event as follows: During these three wonderful days spent together in Solomeo, against the enchanting backdrop of the Umbrian countryside and immersed in its Genius loci (the Spirit of the Place), we discussed the major contemporary issues, inspired by the reflections that human artificial intelligence is fostering within us all. We discussed humanity, spirituality, religion, and knowledge, exchanging our perspectives and visions. We looked toward the horizons to which innovation is leading us and attempted to imagine its resonance across communities, societies, and individuals. We spoke about democracy, participation, confrontation and synthesis, as well as how to establish common ground to foster plurality. We also envisaged the arts of the future, which will emerge from the extension of human eyes and hands made possible by technology, merging humans and AI in a sort of shared creative process. (...) We also discussed the great and timeless values of generosity and empathy, whose ancient legacy will continue to inspire our vision for guiding the future of humanity. (...) Finally, we became emotional when discussing the possibility of creating a collaboration between humans and technology that would always treat the latter as our handmaiden, enabling humanity to continue exploring, understanding, dreaming and building. Precisely with respect to this latter point, to this intangible scenario where reason and the irrational meet, we have been able to appreciate the depth of the conversations at this 2025 Symposium. We are now even more convinced of how much and what benefit humanity can derive from human technology by using it the Greek way, according to measure and utility (…)". Brunello Cucinelli: the honorary doctorate awarded in Architecture On 3 April, in the Aula Magna of the Rectorate of the University of Campania "Luigi Vanvitelli" in Caserta, the Department of Architecture awarded Brunello Cucinelli an honorary PhD in "Design for Made in Italy: Identity, Innovation and Sustainability", with his doctoral lecture entitled "The Genius Loci, Master of the Arts". A highly significant acknowledgement, which the Rector of the University himself, Prof Gianfranco Nicoletti, called " a dutiful recognition for those who, like him, have brought Made in Italy to the highest levels, as a perfect ambassador of Italian elegance as a synthesis of culture and tradition, as well as an enlightened and sensitive entrepreneur with exceptional innovation skills" . Brunello Cucinelli commented on the award as follows: "I feel particularly honoured to have received this prestigious acknowledgement, which I wish to consider a tribute to my family and especially to my grandchildren, who cheer me up every day at work and at home. The Greeks knew that mind and soul are both necessary for the human being, for which reason they had Apollo and Dionysus. Above all, it is up to young people, leaders of a new humanistic revolution at the dawn of a tempus novum, to follow Greek wisdom, summarised in the phrases inscribed on the Temple of Delphi: "Know thyself", and "None too much". Humanistically, they can therefore experience the feeling that leads to emotion, imagination and creativity. Vitruvius said that architecture must be robust, practical and beautiful. I was inspired by this paradigm, feeling a little like the "architect of the company", for having conferred the specific qualities suggested by the great Augustan architect and essayist. In Solomeo, we attempted to listen to the genius loci, the master of the arts in the conservation and construction of the hamlet and the valley. This is the immense gift given to us by architecture. It is no coincidence that the University of Campania bears the name of a very refined architect, Luigi Vanvitelli, who designed the wonderful Royal Palace of Caserta. Enlightened by the taste for classical renewal, he created the magnificent Italian style, admired all over the world. I therefore consider universities a fertile breeding ground for knowledge, nourishment for the spirit as well as for the mind, instilling in me a devotion to those who are engaged in the priceless cultural endeavour of their transmission. Thank you, thank you from the bottom of my heart to this wonderful University, to its wise Academic Senate and to the esteemed Rector Nicoletti for such a unique and special gift, which I cherish with joy and gratitude". COLLECTIONS, LIFESTYLE AND NEW CATEGORIES The Brunello Cucinelli lines have been developed to attain their fullest expression with the launch of the Fragrances, which naturally joined the Men's and Women's Collections, the Eyewear line, the Kids and Newborn Collections, and the Lifestyle Collection. Together, these universes weave a coherent and organic whole, perfectly attuned to the ethical and aesthetic ideals that have always inspired the Casa di Moda of Solomeo. Starting from the concept of the total look, the brand has evolved to fully and recognisably express its vision of an integrated lifestyle, reflected in every detail of everyday life. A lifestyle where understated beauty, artisanal excellence, respect for humanity, and reverence for Creation come together in a harmonious balance, offering the world an authentic and universal message born in the heart of Umbria. Each collection is developed around the pursuit of a sober, balanced elegance that gracefully blends contemporary taste with a timeless aesthetic, grounded in solid sartorial and artisanal traditions. This stylistic evolution remains faithful to a relaxed and comfortable aesthetic, achieved through the meticulous selection of raw materials and the creation of versatile garments designed to accompany every moment of the day. The attention to gentle and modern elegance, which balances naturalness and refinement, fully meets the expectations of the contemporary customer -particularly the younger generations - who are increasingly oriented toward a fluid, authentic, and flexible personal image capable of reflecting a modern and conscious taste. The creative dialogue between inspirations drawn from both the professional and leisure worlds, between the ease of everyday life and the enduring value of craftsmanship, remains at the heart of the creative team's focus and commitment. It is precisely from this fertile exchange that the wardrobe's iconic elements are continually renewed, reinterpreted through precious materials and refined techniques, giving rise to collections able to express, season after season, a language of contemporary, understated elegance, fully aligned with the brand's aesthetic and ethical vision. In the Men's Fall-Winter 2025 Collection , a new idea of stylistic balance is explored, expressed through the skilful combination of distinctive elements capable of synthesising precision and dynamism, quality and spontaneity. Each garment is conceived as part of a harmonious whole: relaxed silhouettes define a gentle elegance, while artisanal details lend a sense of refinement, even to the most casual pieces. The dialogue between classic and contemporary elements creates inspired harmonies: refined jackets worn with denim trousers, tailored suits softened by vibrant knits, and essential, flowing coats designed for effortlessly composed yet relaxed looks. Colours take on a key role, becoming the pivot around which the entire stylistic narrative revolves. Deep seasonal shades - amaranth, pumpkin, radicchio, sapphire, and cloud - come to life through thoughtful pairings with the brand's iconic men's classics: rich greys, refined beiges, and the signature blues that define the brand. In knitwear, new buttoned yarns, rare fibres, Shetland-inspired details, and ethereal crafting techniques add texture and refinement, delivering a sense of enveloping, precious comfort. A sense of lightness, central to the collection, flows seamlessly across all categories, particularly in the rich outerwear selection, designed to accompany everyday movements with natural ease. For the new Men's Spring-Summer 2026 Collection , presented in June during Pitti Uomo and Milan Fashion Week, masculine elegance is expressed in a cultured, refined, and never ostentatious way. Gliding gracefully between fluid silhouettes and sartorial precision, between freedom and nonchalance, each combination tells a story of beauty that shuns ostentation. The quality of wool, silk, and linen shapes flowing, sophisticated silhouettes, crafted in fresh and lightweight fabrics. The most vivid colors - orange, apricot, royal blue, and coral red - act as subtle protagonists, integrated into refined harmonies and always balanced by luminous whites and elegant neutrals.d by luminous whites and elegant neutrals. Blue total looks reinterpret an iconic shade of men's collections, perfectly balancing the pleasure of colour with timeless style. Inspired by the idea of dynamic tailoring, the boundaries between formal and informal dissolve. The jackets are slightly elongated, referencing the elegance of the early 1990s. The trousers maintain soft lines while preserving a rigorous silhouette. Lightness characterises the entire outerwear category: trenches and coats are designed for natural movement, pure silk fabrics combine nobility and fluidity, while jackets fuse grit and refinement through tailored patterns. Knitwear explores fresh, whisper-light textures, in the most delicate finenesses. Leathers, precious in their silky touch and light shades, convey refined luxury, while footwear is reimagined through a deconstructed approach. Somewhere between past and present, structure and flow, precision and spontaneity, a new idea of men's style takes shape: a man can be elegant while staying effortlessly relaxed. The Women's Fall-Winter 2025 Collection tells the story of a natural and inner world, of the tensions and harmony between instinct and reason, two universal forces that guide both our daily lives and our grandest dreams. Natural shades, artisanal craftsmanship, effortless ease, graceful nonchalance, and the simple pleasures of touch embody the instinctive spirit, conveying a sense of well-being that speaks directly to the heart of Brunello Cuc-inelli's values. The finest sartorial tradition, together with exceptional materials and craftsmanship, brings order and refinement, elevating taste through aesthetic codes that are timeless yet infused with creative impulses, those imperfect touches, instinctive 'errors' or 'misplaced' details that add authenticity and charm. Artisanal techniques are reinterpreted in an urban and everyday key, offering a contemporary take on the great classics of the woman's wardrobe. Silhouettes open up to new expressive possibilities, translating cultured yet accessible elegance, perfectly aligned with the philosophy of "gentle luxury". In the language of colour, the collection's two poles engage in their most intense dialogue: soft shades of Panama and sand awaken the textures of traditional weaves, while deep burgundy and dark brown introduce rich, captivating tensions, shaping a complete and nuanced feminine expression. Three accessories take centre stage in this feminine narrative: boots, belts, and gloves, conceived not merely as decorative elements, but as stylistic storytelling tools. Soft leathers, artisanal craftsmanship, and fine details create a harmonious interplay, reflecting the identity of a modern woman who is both free and fully confident in her own style. The new Women's Spring-Summer 2026 Collection , presented internally in late July, is already recording strong order volumes, ahead of its official launch to the press and public at Milan Fashion Week on 24 September. The Boys' and Girls' Collections represent a natural extension of the Brunello Cucinelli aesthetic universe, where the distinctive traits of the Men's and Women's lines take on light, playful proportions, without ever compromising the quality, craftsmanship, and taste that characterise every offering from the Casa di Moda in Solomeo. The brand's iconic characteristics are reinterpreted here in a refined and joyful mini-me version, enriched with specific elements designed specifically for children: comfort, freedom of movement, and ease of wear. The harmony between aesthetics and functionality conveys a precious and authentic idea of childhood, where each garment reflects the desire to celebrate every stage of childhood with style, respect, and understated beauty. Designed to accompany the discovery of the world, the Girls' Fall-Winter 2025 Collection draws inspiration from the imagery of the mountains, horse riding, and winter traditions. It is an invitation to embrace each day with curiosity and free from worries, amid imagined adventures and genuine smiles. Cheerful yet refined, the design intertwines functionality and beauty, offering comfortable, dynamic, and joyful garments, where the theme "Let the Adventure Be-gin" embodies an untamed, poetic spirit. The Boys' Fall-Winter 2025 Collection gracefully combines technical style with everyday elegance. Pieces inspired by the sports world, finished with sartorial details, express a relaxed elegance suitable for a range of occasions: from playtime to leisure, and even more formal moments. Created for lively, curious children, the collection stands out for its versatility: the items are easily mixed and matched and suitable for a variety of occasions. Playful prints and original details add a touch of lightness even to the most refined pieces, creating a perfect balance throughout the collection. For the Fall-Winter 2025 season, the Newborn capsule is renewed with an even richer and more refined offering, designed to accompany the first months of a baby's life with delicacy and style. Each piece is crafted with careful attention to comfort, quality, and style, resulting in a seamless blend of craftsmanship, functionality, and understated elegance. New sizes, garments, and accessories complete the newborn wardrobe with a spirit increasingly inspired by the ready-to-wear world. From baby's very first days, Brunello Cucinelli's stylistic DNA reveals itself in the quiet poetry of everyday gestures, spoken through natural materials, flawless finishes, and a symphony of harmonious colours. The identity of the Fall-Winter 2025 Lifestyle Collection is rooted in an intimate and familial heritage, deeply connected to a convivial, discreet, and unassuming Italian way of life. It is an aesthetic of balance, where simplicity embodies authentic refinement and conveys the feeling of "being at home" wherever one may be. Every piece is designed to create harmony among the senses: the brand's iconic colours mingle with enveloping textures, soft finishes, and evocative scents, shaping a quiet yet unmistakable language that defines the collection's understated aesthetic identity. The collection flows effortlessly across three thematic universes: Home & Studio, Convivium, and Leisure & Travel, designed to accompany every setting with ease from country estates to city homes, from summer retreats to leisurely moments. Each category is enriched with new pieces that expand the collection's expressive range. Materials, techniques, and craftsmanship remain at the highest level, blending innovation with time-honoured artisanal quality.

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