Although the fashion and luxury sectors in general continue to experience high volatility due to US tariffs and shaky Chinese market performance, Cucinelli and Hermès continue to grow and generate profits. In the first 9 months of 2025, the Umbrian group saw revenue increase by 10.8% to 1,019.2 million (+11.3% at constant exchange rates), this was driven by the Retail channel which increased by +11.6% to 645.8 million. The French giant, for its part, highlighted turnover growth of 6.3% to 11,906 million (+8.6% at constant exchange rates), with a particularly positive trend for the “core” leather goods sector (+10.2% to 5,278 million, +12.6% at constant exchange rates).
The margin
As for profit margins, in the first half of 2025 Cucinelli, with an increase in turnover of 10.2% to 684.1 million (+10.7% at constant exchange rates), experienced an increase in ebitda by 12.9% to 200.6 million, ebit by 8.8% to 113.8 million and net profit by 20.2% to 73.3 million; Hermès, with revenues increasing by 7.1% to 8,034 million, showed EBIT growth of 5.7% to 3,327 million, while net profit, following a tax incidence that increased from 28.2% to 35.4% due to the extraordinary contribution to the profits of large French companies, decreased by 5.2% to 2,246 million. After the revenue data released for the first 9 months of the year, for the entire 2025 financial year Cucinelli confirmed guidance indicating an increase in turnover of around 10%, a percentage that should also be confirmed in 2026. Hermès has not provided numerical guidance for the current financial year (the fourth quarter, however, should be better than the previous year), but continues to forecast sustainable revenue growth at constant exchange rates in the medium term.
Objective
Both groups implemented ambitious investment programs. Cucinelli, in the first half of 2025, made a total investment of 63.5 million (44.8 in the same period in 2024), of which 32.1 for the opening of boutiques and reorganization and 24.4 for production and logistics (expansion of the Solomeo factory). Hermès is no exception, which as of 6/30/2025 has made operational investments of 316 million, of which 159 are for opening and reorganizing boutiques and 85 in production factories.
The strategy
The strategy implemented by both groups, in line with the luxury sector as a whole, focuses on expanding the presence in the most strategic international locations (especially in non-European territories) and on expanding the product range, in both cases with a special focus on craftsmanship and production of “Made in Italy” and “Made in France” respectively.
