Cucinelli raises 2021 sales guidance, proposes no dividend

The luxury group Brunello Cucinelli raised its sales guidance for the year on expectations that the end of the coronavirus pandemic was near, it said on Thursday.

The company, known for its plush cashmere, expects sales to grow 15-20% this year, up from its previous guidance of 15%, and sees a 9-10% rise in 2022 sales.

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Cucinelli said it would not propose to distribute a dividend for the second year in a row as its 2020 net result turned to a loss of 32.2 million euros ($38.55 million) from a profit of 53.1 million euros a year before due to the pandemic.