Question · Q1 2021
Guido Lucarelli of BNP Paribas requested a breakdown of retail performance by nationality, asked about the evolution of the customer mix and tourist spending since the pandemic, and questioned if online wholesale is viewed as favorably as physical wholesale.
Answer
Executive Chairman Brunello Cucinelli explained that tourist-heavy cities like Paris, London, and Milan are struggling, while the business is benefiting from a strong local consumer base across all regions. He believes this will be a year of local shopping. He reiterated his conviction that physical stores, both retail and wholesale, are superior for providing an advisory experience that online platforms cannot fully replicate.