Italian fashion group Brunello Cucinelli on Tuesday raised its sales guidance for 2022 for the third time this year, saying that demand for luxury goods had outpaced supply.

The group, best known for its everyday cashmere outfits, now expects its revenues to grow around 28 percent in 2022 from a previous forecast of around 25 percent made in October.

The company said its solid production set-up and short supply chain had helped it respond to strong demand which it expects to continue.

“The orders for Spring-Summer 2023 are very substantial in terms of both quantity and quality,” said Brunello Cucinelli, the company founder who is executive chairman.

It raised its sales growth forecast to around 12 percent for 2023, when it expects to reach 1 billion euros in sales, compared to a figure of 712 million euros in 2021.

It then sees revenue growth continuing in 2024 at about 10 percent, allowing it to meet ahead of schedule a target of doubling sales set out in its 2019-2028 long-term plan.

The company reported in October sales in the first nine months at 642 million euros ($674 million).

At Tuesday’s closing, shares in Cucinelli were down 2.63 percent at 63.00 euros, shy of their all-time peak of 66.45 euros reached last Friday.

By CarloGiovanni Boffa and Alessandro Parodi; Editing by Keith Weir

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