(BFM Stock Exchange) – The small luxury player gave growth of 12.4% in the third quarter, after 10.7% over the first six months of the year. The company also responded to allegations of a seller discovered that the group would have broken the European rules concerning its activity in Russia.

The third quarter publications season for luxury will only start in a few weeks. Kering and Hermès will deliver their activity on October 22 and 23. LVMH has not yet announced the exact date but the publication is expected for the current of October.

Brunello Cucinelli, he took everyone short, by delivering preliminary data on Wednesday evening. This little Italian luxury actor bears the name of the stylist who founded her in 1978, installing the offices of the company a few years later, in Solomeo, in Umbria.

The Transalpine claw gradually was built a solid reputation, with “an accent placed on the quality and artisanal design” and “the maintenance of its supply chain in Italy”, explains Morningstar.

This positioning devoted Brunello Cucinelli as a representative of “Quiet Luxury” or “SOBRE LUXE”, with a positioning which sometimes leads him to be compared to Hermès. Even if its size remains much more modest, with revenues of 1.28 billion euros in 2024, against 15.2 billion euros for the tricolor company.

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The strongest growth in luxury?

The company displays enviable growth, even for Hermès. The figures published Wednesday evening attest to this.

Over the period from July to the end of September, Brunello Cucinelli gave income of 356 million euros, translating an increase of 12% into published data and 12.4% in comparable data. According to UBS, consensus (average analysts forecast) was 335 million euros.

The Transalpine brand accelerated the rate compared to the first semester where its sales had climbed 10.7% excluding exchange effects.

The group explains that it was made by improving its growth in North America as well as in Europe, its first market.

Bernstein analysts point out that these robust figures were “predictable”, even if the group’s growth should, according to them, be the strongest in the sector in the third quarter, “with the exception of Richemont”, the owner of Cartier.

Beyond the activity data itself, the management of the company, has during the conference calling with analysts, shows “optimism”, in particular about its collections “fall-winter” and “spring-summer”.

Morpheus attacks society

On the Milan Stock Exchange, the Brunello Cucinelli action only moderately benefits from this good publication. The title takes 1.4% in the middle of the afternoon after winning up to 4%.

“Brunello Cucinelli has recorded a new quarter of two -digit growth, but the fundamentals seem less relevant at this stage, given the recent reports of uncovered sellers and allegations of potential European trade rules with regard to Russia,” writes Royal Bank of Canada.

Morpheus Research, a seller uncovered (operators who bet downwards on a title by borrowing it and then selling it hoping to buy it at a much lower price) published a report to vitriol on Brunello Cucinelli last week.

This investment company ensured that it has conducted an investigation showing that the company operated several stores in Moscow and sold a “wide range of items” to thousands of euros.

In response to Russia’s military attack on Ukraine, the European Union has banned exports from luxury goods to Russia in the amount of more than 300 euros.

The action had unscrewed by more than 17% when the report was published on September 25.

Brunello Cucinelli vigorously challenged these allegations, ensuring that exported products respected European restrictions and said that inspections by Italian customs had confirmed compliance with these rules.

A drop in the exaggerated title

On Wednesday evening, the company explained that its own stores in Russia, three in number, were closed, but that the “Brunello Cucinelli” spaces in multi -brand brands remained operational. The company said that out of the first nine months of 2025, sales in Russia represented 1.4% of the total against 9.3% over the entire year 2021.

The group also provided many data to contradict another accusation of Morpheus Research, namely that the Italian company would have broken its prices (and therefore the value of its brand) to sell excessive stocks at low prices, going so far as to transfer its goods to Russia to liquidate them. The company, for example, explained that it considered “healthy” a stock ratio on sales from 28% to 29%, with a rate of 28.2% at the end of June against an average of 30.9% over the period 2021-2024.

Bernstein analysts do not see any reasons to fear a risk of reputation for society and confirm their opinion to “outperformance” on the title. “The recent correction of the action offers the opportunity to acquire a brand of defensive and high quality luxury at a reduced price, even if investors may take some time to regain confidence in its history,” explains the design office.

UBS judges that the recent drop in action has been exaggerated. “In a gloomy context for the luxury sector, we continue to consider Brunello Cucinelli as one of the few high -quality companies providing investors with high visibility on the trajectory of its profits, a key factor which justifies the valuation premium of the company”, decides the Swiss Bank.