Sales at Italian luxury group Brunello Cucinelli rose 23.9% in 2023, a touch above its latest guidance and market expectations, defying a sector slowdown thanks to its focus on the industry’s high end.

Investors have lowered forecasts for luxury sector sales in recent months as its growth returns to more normal levels after a strong post-pandemic rebound, with labels catering to wealthier consumers seen outperforming those more dependent on more aspirational shoppers.

Cucinelli said that, according to preliminary figures, its sales rose to 1.14 billion euros ($1.25 billion) last year, a touch above a 1.13-billion-euro consensus forecast provided by LSEG.

The first luxury group to report 2023 preliminary sales said last year’s revenues rose by 20.8% in the Americas, 40.4% in Asia and 16.8% in Europe.

The group added it expected “a very good profit” for the year and its chief executive said strong performance should continue this year.

“The great orders in our portfolio for the Spring-Summer 2024 collection and the excellent start of sales… result in a most optimistic outlook for the first half of this year”, Executive Chairman Brunello Cucinelli said a press release.

The fashion house last month raised its 2023 revenue growth forecast for the fifth time in a year to indicate a sales growth of around 22-23% at current exchange rates.

The company confirmed on Monday a projection of around 10% increase in sales this year and in 2025.

Cucinelli added that revenues were up 15.6% to 321 million euros in the fourth quarter alone, “the best result ever in absolute value”.