Brunello Cucinelli, the Italian designer with a love for cashmere, is feeling chafed by his stock price with shares down 24 percent this year. To combat the flagging stock price, Cucinelli has embarked on a $56 million expansion plan to open six new stores worldwide.
The chairman and CEO is attempting to broaden the brands’ appeal to more than just bankers. “Whether or not men work in finance, suits are going to be a very important outfit in the future,” says Cucinelli hopefully. “And there are more young people nowadays who appreciate a more formal way of dressing.”
By “young” he’s referring to 30- to 40-something urban professionals who can afford his suits.
Starting in April, his stores will sprout up in Vienna, Sao Paulo, Taipei, Seoul, San Francisco and Atlanta to compliment his flagship store on Madison Ave.