On September 25, 2025, Morpheus Research published a report entitled “From Moscow to TJ Maxx – How Brunello Cucinelli Continues To Lie About Its Russian Business While Aggressive Discounting Damages Its Exclusive Positioning.” The report discussed how Brunello Cucinelli had represented that its Russian store locations were shut, which was consistent with laws prohibiting the sale of luxury goods in Russia after its invasion of Ukraine. Contrary to this representation, the report claimed, Brunello Cucinelli continued to conduct business in Russia.
On this news, Brunello Cucinelli American Depositary Receipts fell 17.8% on September 25, 2025.