Brunello Cucinelli (company)
Brunello Cucinelli S.p.A. () is an Italian luxury fashion brand which sells menswear, women's wear and accessories in Europe, North America and East Asia. The brand claims deeply rooted moral values, such as being a "humanistic enterprise" and using craftsmanship to lend moral dignity to both the artisan and the owner. Background. Brunello Cucinelli started his couture house in 1978 with a specialty for cashmere garments for women. Cucinelli personally travels every year in the mountains of Mongolia to purchase cashmere directly from the producers. In June 2014, owner Brunello Cucinelli transferred the ownership of Fedone  Srl (which owned 61.56% of the fashion brand) to a new trust, Esperia Trust Company S.r.l., in a move to benefit his daughters and pursue his philanthropic work. In June 2015, Brunello Cucinelli opened its first store in Peru. In 2017, Brunello Cucinelli recorded 500 million euro in sales, 35% of which in North America. The company owns 94 of its 124 branded stores worldwide. In January 2017, the company launched an ecommerce website. In January 2018, the founder Brunello Cucinelli sold 4 million shares of his company (owned through his holding Fedone Srl), and brought his participation down to  51% of the company's capital. Through this move, 6% of the company (worth 100 million euros) was invested in his family's charitable fund. In May 2018, the company opened its second store in Mexico. Both Mexican stores are located in the country's capital. Organization. The company's products are all hand-made in Italy. Mr. Cucinelli's family trust owns 57% of the company's stock, which went public in 2012 at €7.75 per share. The company is headquartered in a 14th-century castle on the top of a hill in the middle of Umbria, an  area known as the "green heart" of Italy. The company donates 20% of profits to its charitable foundation, and pays workers wages that are 20% higher than the industry average. The company's 1,300 employees (of whom 800 work in Solomeo) do not punch a time clock; after-hours e-mails are not allowed. As of June 2017, the company has a market capitalization of over €1.6 billion. Clientele. Jeff Bezos wears Brunello Cucinelli sport coats.