Shares in Italian luxury group Brunello Cucinelli were temporarily suspended on the Milan stock exchange following allegations that the company misled shareholders about its operations in Russia in violation of EU sanctions. The trading halt occurred after London-based Morpheus Research released a report detailing Cucinelli's activities in Russia, building on an initial investigation by investment fund Pertento that alleged breaches of luxury goods sanctions.
The cashmere company, founded in 1978 in Umbria and known for its "humanist" approach to capitalism, has denied any wrongdoing and stated it is considering legal action. According to the Morpheus report, Cucinelli "appears to have blatantly disregarded European law by continuing to sell ultra high-value luxury goods in Russia" despite public statements suggesting otherwise.
While most luxury competitors withdrew from the Russian market following the European Union's prohibition on exporting luxury goods worth more than €300 to Russia after the conflict in Ukraine began in 2022, Cucinelli's Russian subsidiary reportedly generated revenues of approximately €15 million in 2023 and 2024. The research firm noted that Cucinelli boutiques remained open in Moscow this summer, selling items recently made in Italy with prices reaching several thousand euros.
Both Pertento and Morpheus acknowledged they had built short positions in Cucinelli shares, meaning they had borrowed shares expecting their value to decline. When trading resumed after the suspension, Cucinelli's shares plummeted more than 17%, reflecting investor concerns about the allegations and potential regulatory consequences for the luxury brand.
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