Brunello Cucinelli: two co-CEOs join founder at Italian fashion label's helm
Last year, Brunello Cucinelli heralded his intention of stepping down from the role of CEO of the eponymous Italian luxury menswear, womenswear and childrenswear label he founded in 1978. The new composition of the label’s senior management team has been ratified by the shareholders’ AGM, which also approved the financial statement for 2019. Two co-CEOs will now be working alongside Cucinelli.
At the AGM, the label's newly appointed, 12-member board of directors put Executive President Brunello Cucinelli in charge of style, design and communication, confirming his role as creative director. The board also appointed Luca Lisandroni and Riccardo Stefanelli as co-CEOs, Lisandroni in charge of the commercial side of the business and Stefanelli of product development and operations.
“I look towards the future of humankind and of our industry with a good deal of emotion and hope,” said Cucinelli in a press release, adding that “my vision is that these two experienced young men, genuine professionals who are passionate about the universal ideals of truth, beauty and humanity, will be able to lead the company for a long time, an example of stewardship for future generations.”
Riccardo Stefanelli is the husband of Cucinelli’s eldest daughter Camilla, and has been with the label for 14 years, while Lisandroni joined Brunello Cucinelli four years ago from Luxottica.
The label’s new board members are Brunello Cucinelli (who is also board president), Riccardo Stefanelli, Luca Lisandroni, Camilla Cucinelli, Carolina Cucinelli, Giovanna Manfredi, and independent directors Stefano Domenicali, Annachiara Svelto, Andrea Pontremoli, Ramin Arani and Maria Cecilia La Manna. The independent directors were selected from a list submitted by majority shareholder Fedone Llc, the holding company which has a 51% stake in the label and of which Cucinelli is president and CEO. Fedone Llc is in turn owned by Spafid Trust Llc, as a trustee of the Brunello Cucinelli Trust, which was set up on June 25 2014. The board’s final independent director is Emanuela Bonadiman, selected from a list submitted by a pool of asset management companies and institutional investors.
The AGM ratified the financial statement of Brunello Cucinelli S.p.A. as of December 31 2019. Net revenue was €607.8 million, an increase of 9.9% over the revenue of €553 million recorded in 2018. Normalised net income was €49.3 million, up 7.1% over the figure of €46 million for the 2018 financial year. Finally, the AGM ruled that the year’s operating profit, worth over €57.2 million, should be retained and set aside as reserves.
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