Why Brunello Cucinelli is the poster child of quiet luxury: the ‘King of Cashmere’ had a jump in profits in 2023, showing ‘stealth wealth’ fashion isn’t slowing down – especially not in China
The Italian luxury brand, known for its ultra-luxurious US$2,000 cashmere jumpers, raised its guidance for the year at the end of August after reporting a 31.9 per cent increase in profits during the first six months of the year. Sales were up 30.5 per cent on a constant currency basis during that time.
In a call with investors after reporting its results, the company’s executive chairman and creative director Brunello Cucinelli called out the quiet luxury movement as being a key contributor to its recent growth.
“This year, we’re actually harvesting the fruit of taste,” he said. “People’s taste is towards no logo … It’s about quiet luxury. So, of course, for us, this is a big advantage,” he added.
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But fashion experts say this style of dressing has emerged in part in the Western world as a reaction to the current economic climate.
“When huge bits of the population are struggling to hang onto or heat their homes, flaunting extreme expressions of wealth looks tone-deaf,” said Lorna Hall, director of fashion intelligence at trend-forecasting firm WGSN.
“Right now, we are living through times that call for that more pared-back approach,” she added.
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“They [the ultra-rich in China] care more about fine design details and sophistication rather than using luxury as a badge for broadcasting their status widely,” said Amrita Banta, managing director of luxury insights firm Agility Research & Strategy.
“They want to both keep a relatively low profile and not appear too tuhao or nouveau riche. They care more about how they appear to ‘those who know’, but not the public at large,” she added.
- The Italian fashion brand is known for its ultra-luxe US$2,000 jumpers evoking the style made popular in HBO’s Succession, which featured pieces like a US$600 Loro Piana baseball cap
- Following flashy, post-pandemic ‘dopamine dressing’, quiet luxury’s timeless, pared-back approach is more appropriate amid the current economic climate compared to loud expressions of wealth
