Good evening, conference call operator speaking. Welcome to the presentation of the nine-month 2021 revenues of the Brunello Cucinelli Group. I'd like to remind you that all participants are in listen-only mode. Following the initial presentation, there will be a Q&A session. Speakers will be Brunello Cucinelli, Executive Chairman and Creative Director, Luca Lisandroni, CEO, Riccardo Stefanelli, COO, Moreno Ciarapica, CFO, and Pietro Arnaboldi, Head of Investor Relations and Corporate Planning. In order to receive help from an operator during the conference call, please press star followed by zero. I'd like to give the floor to Brunello Cucinelli. Please, the floor is yours.
Here we are, good evening, everybody. Kind investors, thank you for joining us. Dear investors, analysts, journalists.
We're all here, as always, Luca, Riccardo, our CEOs sitting beside me, Moreno, the CFO, Dario, his junior CFO, and the whole team, eight of us. Well, to tell the truth, I often repeat that I really like these calls, and this is the last one this year, alas, because there's none else actually scheduled. We will have the next call in March 2022. As it is our custom, so we did this from the very beginning, when there is a call following the board of directors, we have shorter press releases, whereas when there is no call, then we have broader press releases. On January 10th, 2022, we will have a very broad press release, whereas in March it will not be so long. Personally, I really enjoy hearing from you.
You see, for me, the best thing would be to speak to you once a month, the way we did in the past year and a half, the toughest year in our lives. How about this call? How will this unfold? First of all, I will read out the highlights. Second topic, a few words about the company, which is back to business as usual, as during normal times. Third, worldwide sales. Honestly, they're doing so well, physical stores too, that we just want to devote a little amount of time to it, and then to rather devote our attention to more important topics. Fourth, product. The Designer of the Year Awards 2021. Especially I myself, are always busy with the product because I believe the product really is key. The closing of the sales campaign, spring summer 2022.
Fifth topic, the final forecast for 2021 and the fairly detailed three-year project, 2021, 2022 and 2023. It's October already, we have details for you here. Sixth, we'd like to devote some time to these new projects for the town of Solomeo, and also for the Brunello Cucinelli brand for the coming 50 years. Net revenues of EUR 502 million, up 9.4% at current exchange rates, + 12% at constant exchange rates compared to 3rd of September 2019. Excellent growth reported in Asia, + 18%, Europe + 14%. Honestly, I don't want to read the decimals, but Americas 7.9% where, this case, decimal is important with a limited decline in Italy of -6.9%, - 6.9%. Retail channel up 15.6% and wholesale up 3.3%. In the third quarter of 2021, net revenues of EUR 188.8 million, up 12.5% compared to the same time in 2019.
Now the revenues vis-a-vis 2020. Growth of 32.7% at current exchange rates compared to 3rd September 2020, 35.4% at constant exchange rates, Asia + 35.9%, Americas + 37.4%, Europe + 31.6%, Italy + 21%, with the retail channel growing by 56.5% and the wholesale channel by 13.5%. This is what my comments on the highlights. The first nine months of the year have gone very well indeed. The autumn winter 2021 collections are proving very successful worldwide, and everywhere we are seeing a strong desire to return to physical stores. We honestly couldn't have imagined such an excellent result just a year ago. All this leads us to envisage that we will end the current year with a wonderful 25% growth in turnover compared to 2020.
Also, thanks to the Designer of the Year 2021 Awards that was given to us by the prestigious British magazine, GQ, our brand is receiving countless certificates of appreciation for its stylistic expression. That's very important. As well as for the way it relates to humanity and the territory, the surroundings. With the spring summer 2022 order collection now complete. We can now envisage a next year lived in the healthy balance between work and private life, with a growth in revenues and turnover of around 10%. These are the broad highlights. I apologize. There's a figure that is wrong in revenues against 2020 growth, 32.7% at current exchange rates compared to September 2020, + 35.4% at constant exchange rates. They tell me that I misread something. Company to start with.
We can confirm that we're all physically at work and 99% of us are vaccinated. For the remaining 1%, there are three doctors who have been here from the beginning of the pandemic. They're still with us, and they will be with us until the end of the pandemic, and they are available daily for swabs. All the stores in the world are open, and they're open with the very same staff as before the pandemic. This is very important, and perhaps it also has a very positive effect on our sales. As you know, in March 2020, we made actually 3 important decisions, very important ones. The first one, not to lay anyone off. This was March the 12th. Also, we decided to guarantee everyone the same salary as in 2019. We also decided not to ask for a discount.
You see, I keep saying it, that this is part of who we are. With all the surplus goods, we set up this project called Brunello Cucinelli for Humanity, that you are familiar with, and it really gives us beautiful human experiences. Another important thing is that we don't have any trouble or difficulties with raw materials. You see, because we have always believed in a healthy stock of raw materials, and even in 2020, it is true that for us, many raw materials really are staples for us. You have raw cashmere, and you need to dye it afterwards, so it's easier. As you know, all production is imperatively made in Italy, with a true manual labor rate of 52%, which means needle, thread, scissors, the true manual work. We have not reduced any major investments over this time, including investments in communication.
In 2020 and 2021, it was always between 5% and 6%, and it stayed the same during the pandemic. In short, we would like to call this time the year of rebalancing. Practically in all but a few points on EBITDA, I think it will be back. It will go back to balance next year. We feel, you see, inside the company, you can breathe that collective creativity on a daily basis, which I think you can only generate by working in a physical presence on-site. If you work on-site, there is a very clear-cut distinction between family life and work, collective creativity, and young people, young staff can really learn the corporate culture. Onto sales. As we said before, things are going very, very well, I would say all over the world, including in Europe.
As we were saying today at the board meeting, Europe is always very, very important for the taste and the way we showcase the product. You know that we believe in a collection that brings along the same taste anywhere in the world. Maybe sizes change. You would have more small sizes in Japan and large sizes in Germany, but the taste and the design is the same. In general, whoever you talk to, everybody says that things are going very well. There is a great deal of confidence, positivity, new projects in physical stores. Some people redeveloped the store, and there is a great craving to see, touch, try on garments, and also get advice from the salespeople, especially for men's, but also for women's. It is important to talk about one's wardrobe on how to mix and match the different garments. This is really true.
Just a few seconds on sales, but it doesn't really need any more time because everything is going well. Product and sales campaign Spring/Summer 2022. We can say that our products and consequently the brands, they are really experiencing a great momentum. We won the Designer of the Year 2021 award from the British magazine GQ. I have to say that this award makes us very proud, and it also gives the brand a very clear-cut connotation of taste and identity. As a result, perhaps it also contributes a longer life to the brand itself. Since when we were young, we have always drawn inspiration from Ralph Lauren. You see Ralph Lauren's taste is still the same, still there after 50 years.
It seems to me that there is a very strong demand for particularly well-made clothing, and we have 85% ready-to-wear, kind of clothing that is very handcrafted, exclusive, expensive, but that lasts over the years. Like if it was something you never throw away, that you can reuse, repair, recondition, and mend. This is something very contemporary. We have finished now 20 days ago, finished collecting orders for men's and women's spring/summer 2022, and the season went super well. We also received excellent feedback from the press. You know that if the feedback from the press matches the feedback from the clients, then it's easier. If there is a mismatch there, probably it means that the brand somehow, well, you need to work on it. To conclude this first part, we can say that all this leads us to look forward to a very positive 2022.
We can say that we are continuing along our path with a very long-term project, taking care of the way human beings work and the workplace. Everything needs to be special there. We try to stimulate creativity by trying to give human dignity and responsibility, because this really ranks high on the agenda. If I empower you are more creative. We try to take care of all the micro enterprises, 365 of them, the third-party manufacturers that cooperate with us, and we try to give them a kind of long life to the enterprises and to our territory. This value chain, well, we can say that altogether that we are attaching some sort of supply chain immortality to it.
To conclude on this, we can say that with this supply chain of cashmere products, we hope that it will definitely be immortal cashmere products. We continue to believe in our way of communicating, starting from Solomeo, which we define as the hamlet of cashmere and harmony. We keep repeating that our hamlet is the hamlet of cashmere and the place where we try to live in harmony. We claim that it is important to live and work in harmony with creation. This is something really important. This is actually what we mean by human sustainability. Now, before moving on to major topics for the years to come, the project for 2021, 2022, 2023, the plan.
As we are almost at the end of October, we are trying to give you our final thoughts on this 2021, which we keep saying we have defined it as the year of rebalancing, because apart from EBITDA, everything went back to normal. Turnover up by around 25%. We grew slightly compared to the last call, but things are going so well that we feel pretty confident there. EBITDA around 13%, then inventory around 30% of turnover, and we consider this to be totally rebalanced. Net financial position, we should close with around EUR 65 million compared to EUR 93 million in 2020. We are going to rebalance here as well. Investments, always around 8% of our turnover. Clearly, sometimes, you are waiting for an opening in a specific high street, and then when this does happen, we seize the opportunity and we pull forward our investments for the year.
Usually with 8%, we can feel confident, 8% investments of turnover, that we can have modern stores, modern showrooms. Dividends going back to around 50% of profit as the ongoing plan. This is 2021. Well, hopefully, God will help us. A few highlights for 2022 and 2023. This plan envisages a growth in turnover of around 10% per year. You see, in the past, we mentioned 8%, but we thought that we have to recover - 10% last year. This year, 25%, and the coming two years, 10% per year. That together, we might then go back to our plan for the second five-year plan. We can resume our path of the 2019/2028 project. The 2023 frame was the first milestone. I think that maybe we can reach that at the end of 2022.
For the coming two years, what we envisage, turnover around 10% per year growth. EBITDA that is rebalanced. An inventory that is balanced as it is already this year, with interesting stocks, as we were saying before. Continuously improving net financial position, investments around 8%, advertising between 5% and 5.5%, 6% dividends, around 50% of profits. My esteemed friends, these are the coming three years that we are working on, and we feel pretty confident. Now, on to some major projects that we have for Solomeo and the brands. First of all, as I was saying, we were awarded this important prize in London. It is an important prize for taste, because one day, maybe the company might suffer for a season or 2, but the taste is always very well identified. Solomeo is very strongly identified as a place of cashmere.
Also identified as a way of working. cashmere, human capitalism, and human sustainability, that is very, very important. We keep working on this project, that next week in Milan, we will be presenting to national, international press this big project for Solomeo. As you know, it is taken care of by the family foundation, not by the listed company, and we think that this project, and we can't reveal anything about it, but we'll let you know in a few days. We think that it will give Solomeo further strength for the coming 50 years, 100 years, maybe 500 years. In this village, in this hamlet, we have the forest or the wood of spirituality on the hill. Coming down to the village, we have the secular temple of the art, the theater. We have the headquarters.
In the valley, we have the winery with the monument to the Earth, to Xenophanes. All things come from Earth. We have the monument, a tribute to human dignity, something really fine that you saw. On Thursday, next week in Milan, we will present this new charming project. A bit on the expensive side, I hope that you see our children and grandchildren will keep believing in this fascinating project. As far as the project that is important for the brand and for Solomeo. We have another project, a 50-year project for the company. Why you might say always talk about 50 years, 100 years ahead. This is the 43rd balance statement of financial statements this year. The first 43 years of the company, we went through COVID, and we are about to restart.
As you know, the place where we work, the buildings where we work, there's nothing new there. They have all been reclaimed. These are former buildings of the '60s and '70s that have been adjusted to modern life, modern working life. I spoke about this with the Prime Minister Draghi, too, because we, in our surroundings, you see, we have 40% of buildings that are absolutely not in use. I said to Draghi, if the government can give us a hand there, we should try and redevelop these properties, these buildings. Otherwise, our peripheries, our outskirts will be suffering. Truth be told, we had this chance here, very close to Solomeo. There is a huge area, a giant company of 50 years ago and until 30 years ago.
As things go, we were able to buy this from the court, from a tribunal a few days ago, 50 ha. Everything needs to be reclaimed, obviously, because we are talking about factories and plants of the '70s and '80s making paint. This will enable our company to expand for the next 50 years-1 00 years because we can build 70,000, 80,000 sq m. Over the years, it will be very interesting. It is a great momentum for us because on the one hand, we have the prize that we were awarded. On the other hand, we have this project of the foundation that I'll disclose next week. I'd really like you to send us an email with your feedback on this, with your opinion. I like it or I don't like it. We'd really like to receive feedback from you.
You should try and really understand. For us, you see, these buildings are not for logistics. This is a true factory. This is a plant. We manufacture here. We want to defend our know-how, our production system. Tomorrow we have visiting us from the European Community, we have the Ministers of Agriculture, because I had the pleasure about 20 days ago, I spoke at the G20 talking about human sustainability, so they're now coming to visit tomorrow. This area I mentioned before, it really gives us the possibility to imagine a factory for the coming 100 years. It is some sort of collateral or guarantee as far as spaces or surface area is concerned. There will be a growing of Solomeo, of the brand. We feel very confident because of that. I wanted to tell you something with some emotion, actually.
I'd like to disclose that at the end of next week, I have been called to give a contribution on humanistic capitalism and human sustainability in front of an audience that I would never have imagined in my life. I cannot really disclose what it is all about, but this really honors us. In front of this kind of world audience, we will have a chance to speak about humanistic capitalism, human sustainability, and relations with human beings. You know that this topic of sustainability, what I really am keen on is human sustainability. Very often we talk about emissions, and of course, it's just fair and right. We try to collect rainwater. You see, human sustainability is a great topic.
On October 31st, I have been summoned to give this contribution, and I cannot sleep at night, and hopefully, the heavens will protect us. I think it is a good thing for the company, for the corporate culture, for Italy, for Umbria, because you see, calling an entrepreneur to speak in front of such a worldwide audience to talk about humanistic capitalism and human sustainability, really, it is an honor for us. I hope that you will get to know this is something very serious and important to us. To conclude, so then you can ask all the questions that you want. We would like to consider this current year for these great events that have taken place as some sort of golden year for our company. I don't know if you agree, Luca and Riccardo.
A golden year for the prize, for the Best Designer 2021, for the brand, for Solomeo, and for the acquisition of this area that secures us for the next 100 years, and also the participation in this great world event. Very well for the brand, very well for Solomeo. You should know that we work always focused, but in a healthy mood of serenity, because going back to work a healthy amount of hours with the right focus, with the right amount of online time, I am really happy with that. This is the end of my speech. Please ask all of your questions. Pietro, on Friday morning after the Thursday, the 20th event, please send them all the communication, so they can receive everything. Thank you very much for your attention. Let's open up for questions. We are here, but of course, not just tonight.
You can ask away any time of the day. Of course, you can feel there's a lot of positivity in our words, but I am fascinated of the way our Italy is doing. I'm fascinated by our President of the Republic, of our Prime Minister Draghi, who I think they represent the best qualities of an Italian individual. I want to tell you something really interesting. The roadshow that we had in London about one month ago in presence, when we were given the prize, and it was the first roadshow after 1.5 years. For the first time, you analysts and investors, you told us that our Italy is a credible nation because you yourself taught us that credibility is in the nation first and in the business later. I said this to Draghi, I said this with everyone.
You see, investors now say that our Italy is credible. Invest in Italy. Hopefully, we will always behave well, and I'm very confident.
Conference call operator speaking. Let us now start the Q&A session. First question from the English conference call, Antoine Belge.
Yes. Good evening. It's Antoine Belge at Exane BNP Paribas. Two question, if I may. First of all, regarding China. In the third quarter, there's been some restriction due to COVID. Is it fair to say that you may have had a bit of a weaker month in August, and since then have recovered in September? Also, say a few words about how the Golden Week went for you in October. My second question relates about potential new product categories for Brunello Cucinelli, especially, I think maybe areas like eyewear or perfume or jewelry. Finally, a bit of a more technical question. I think there was some impact of conversion of some doors from wholesale to retail, notably in the U.S. Is it possible to quantify what was the impact in euro millions, both in a negative way for wholesale and positive for retail?
Thank you very much.
Antoine, I'll answer you the first question as far as China is concerned. Revenues 32% in the U.S., in the Americas, 44% in Europe, 25% in the East. This is our breakdown in sales, 15% of the 25% in China. I have to say that we didn't feel anything of what you mentioned. On the contrary, things are going very well. Antoine, we can say that the most important thing here is that the brand is very healthy, and the taste is very healthy too. As you know, usually there are five years cycles when there is a louder taste and then followed by five years of a more understated, softer taste. This seems to be the time of the understated taste. That's why we are going well. We're not impacted. Other categories, then eyewear.
We started this great partnership with this exceptional company belonging to Luxottica of my esteemed friend. We did something very nice, we think. They have Oliver Peoples, this great company, about EUR 100 million in the West Coast in the U.S., with a fascinating style that is very much along of our lines. We have partnered together to design this collection. It's not a license, mind you. You see, the eyewear pieces will show the logo, Brunello Cucinelli and Oliver Peoples. Things are going very well there, especially taste-wise. I always like Hermès when they say, "It's a different trade." We are ready-to-wear. This eyewear experience, we are very happy with the partnership. Maybe, Luca, we can talk about the conversion in the U.S.
As far as conversion of stores in the U.S. is concerned, in America, we refer to Nordstrom, and we are now switching some doors from wholesale to concession with them. As you can see from the general figures, Antoine, growth is common in both retail channels and growth channels, and the effect of this conversion is not very much material in the first nine months of the year. Of course, we keep looking at both channels with a lot of interest, and we are always ready to operate, in most cases, with wholesalers. If the structure of our clients or their strategic positioning foresees a switch to concession, we can then accept. This is not something we're looking for, but it is an activity whereby we can adjust to the people and their strategic orientation.
Yes, I'd like to add one thing. At the end of the year, our revenues will be 60% retail and 40% wholesale. You know that we always attach a lot of importance to wholesale because precisely the other day, talking to a very fascinating company, one of the best in the world, they were saying, when you discuss with competitors, you grow. Discussing with the wholesale, talking about the collection, and you see there is less risk if you talk to your wholesalers. Thank you, Antoine.
Thank you very much.
Next call from the conference call in Italian by Flavio Cereda, Jefferies.
Thank you. Good evening, Brunello, and congratulations on the prize, first of all.
Thank you. Yes, thank you.
I have four questions tonight.
No problem from us.
The first one, you spoke about the importance of physical stores. You said that all stores are open now, or were they open the whole quarter?
No, the whole quarter, the whole three months they were open. That's what I said. You see, when I summarized, they have been open for quite a while now.
New openings, new spaces. What about the plan there? Has anything changed there?
Absolutly no change there. We want to have two openings a year always. Maybe an extension of two, three beautiful stores, as it will happen in Madison Avenue in 15, 20 days, as it happened, as was the case in London. This is the plan, and it has not changed at all. For the whole of 2022, it is all secured. We are very pleased to say that.
The other question is, considering your long-term view, what about the dynamics? Menswear, womenswear, clothing, accessories, are there any trends that you envisage, maybe different trends to the past, or have we just gone back to normal in terms of the way people shop?
Yes, it's a great question. Thank you, Flavio. What we noticed is a great attention, a focus on menswear. You see, in the past three or four years, menswear maybe was a little bit out of focus, perhaps because taste was coming along for us.
For example, in number of pieces we do, SKUs is half and half, whereas in value it's 58 and 42. Because womenswear costs slightly more, it's more expensive. The most fascinating trend, I would say, is that men and women both want to dress well. Social events have started, so presentations and stuff. It is very good. It reminds us of 1920, the Roaring 1920s, when in the U.K., you see the Prince Edward said we need to go back to dressing well. There was the famous decade. What we are seeing very strongly is that what we mostly sell is exclusive garments, expensive garments. Garments that are not very easy to throw away, that are long-lasting, durable goods.
Although you see ladies will definitely keep shopping, but as opposed to three years ago, they keep saying, "This is a kind of a garment that I can keep in my wardrobe, I can use for the years to come." There's a different awareness nowadays. You see, yesterday, Riccardo, you went to speak to Prince Charles in the U.K. about sustainability. Elegance and garments that you do not throw away, high quality, that can be reused. A lot of attention there. What I say, Flavio, is that this is something we were not envisaging in the physical channel. You see people crave entering into stores, crave touching and being advised.
Two more questions. China, as my colleague said before, you have a no-logo product and a kind of luxury that is not loud, it is understated. Do you have any concerns or worries about the populism we are seeing nowadays in China, or do you think that you are pretty confident?
Well, this is something that we mentioned also during the meeting of the board today. I see a huge future giant for us in China, but for everybody. One thing is for sure, we need to get to know their culture better, and we need to maybe approach them in a slightly better way. This is what we want to do in our company. We hold courses and classes on Chinese culture, on how to approach them. Maybe, Luca, you can dwell on this, on what the consul yesterday said at this great meeting in Milan. It's very interesting. Listen to Luca.
Yes, I liked it very much, Flavio.
I liked to hear the Chinese consul that just took up term in Milan, who met different people from different companies active in China and Italy, and he said, "We do not want to dominate at all. We just want to offer our citizens a good life, and we will keep doing that by paying a lot of attention to the balance between economic growth and social stability." In these words, we do not see a threat at all, Flavio. No way. On the contrary, we believe that it is the natural development model of a country that has a lot to offer from the cultural point of view. We belong to this association, Italy-China. What I say, and please be mindful of this, we want to approach China the way we did with U.S. and Germany years ago. A lot of respect for their culture.
You see, there is a golden century ahead for them, for us, for mankind. At least in my case, I want to display respect for them, because if you don't have respect, everything changes for the worse. I can see it from the interviews. We had a lot of interviews with them this year. They're really seeking sustainability, beautiful things, exclusive things, the great values, especially the younger. You see, there is a change underway, a strong, a powerful one. We want to have an amiable approach to this celestial empire. That's the way we dubbed it. My contribution on the 31st of October, I can tell you where I will hold this speech, but there will be some important representatives of Chinese culture, too.
The last topic I want to touch upon.
We have all the time in the world.
The Solomeo project and this event, you'll give us the details. About the industrial project, the timing, do you think that you will start with that in 2022?
Well, no. Thank you for your question. As we said, until 2023, we are catered for. The space that we have is enough. We have made the purchase of the land. Now we will start reclaiming in 2022, and we will start the first redevelopment works at the end of 2020, in 2023. That already in 2024, there will be something, but we will not build many cubic meters. We will expand 10,000 meters a time, following on the growth of the company. The idea is that in 2028, we will have doubled the revenues vis-a-vis 2018.
It is a constant gradual growth, and it is not too challenging in terms of investments because it is sometimes made stepwise. Thank you very much. Thank you. Milan is playing very well. AC Milan is playing very well, so you will be happy. It's true. That's Italy, too, isn't it, Flavio? Italy won many different medals and trophies. We are Italians, and we won the first prize there, too. Very well. You see, it's part of the really good mood that surrounds Italy nowadays, the government and less arrogance. Today, too, the Ministry of Economy and Finance, who does not speak a lot, but he also said we can enjoy good growth. We like this momentum for Italy.
Next question from Paola Carboni, Equita.
Good evening, everybody. Good evening, Brunello. I had two questions. You already answered the first one, the investments vis-a-vis the new industrial plan.
This has been answered. What I was intrigued to understand, if you can give us a few colors on the positive surprise for you in this strong performance of sales. We had a +20% for 2021. That was the guidance, it's +25%. Yes. Thank you.
Paola, we can say that the first good surprise was Europe, first and foremost, because we have many local customers there. You see, they would say Europe without tourists, that was the first to suffer. Secondly, Americas is also performing very well. If you were to ask me, are any countries lagging behind? I would say none. Maybe you see there are companies that really make billions in those countries, that's when everything becomes more sensitive. It is not our case.
As you will have seen, we only spoke about sales for one minute. Even at the board meeting this morning, we said, let us talk about sustainability, 10 year, 20-year plans, and not specific sales at this moment in time, because sales are going even too well, I might say. In terms of distribution channel, was retail stronger than expected? No, I have to say the wholesale, too, is going very well. They have a whole range of events, beautiful windows, shop windows. I know that we keep talking about wholesale, but I am fully convinced that you can actually feel how contemporary your brand is from them. Things are really faring very well. Well, Paola, then, of course, the prize that we received has definitely bolstered the visibility of our taste, that's for sure.
Thank you very much.
Next call, Daria Nasledysheva, Bank of America.
Good evening. Thank you very much for taking my questions. I have three ones. The first one, could you please elaborate a little bit about demand by nationality, especially on a two-year basis? Chinese, Americans, Europeans, what have you been seeing there in particular? Not just by geography, but by nationality. My second question would be, could you please talk about how significantly Italian revenues were impacted by wholesale timing and deceleration versus any weakness in the retail channel that you might be seeing because of lack of tourism? How can that drop be best described quarter-on-quarter? Also a small housekeeping question. What was the constant currency growth in the third quarter on a two-year stack?
Can you repeat the last question, please? Can you hear me?
Yeah, of course. Yeah. What was the constant currency growth in the third quarter on a two-year stack? Because the numbers that you report constant currency are slightly different from the algorithmic calculation, so just wanted to confirm. Thank you very much.
Well, the last question was not really clear on the calculation. As far as the weight of China in the world, we have 15% in that world in China. If 4% or 5% might come from Chinese customers that travel the world. This is not very easy to have a breakdown because we have the wholesale too, but today, we can say that 20% of our revenues comes from that magnificent place. As far as Italy is concerned, we have more or less 12% to 13%, but Italy plays a very important role for us because nearly everybody comes to Italy and to France and to London to see how the goods are displayed, how the brand is faring, and you can see it very clearly from how this happens in some stores. For the last question, I did not understand it properly.
If I understood properly, Luca said, I think that the difference vis-a-vis the recalculation of the basis of 2019 can only be linked to the different geographical areas. In 2019, we still had an area that was rest of the world. This area does not exist anymore because it is part of the three continents. The only exception to continents is Italy, because this is a domestic market, so we keep keeping it apart. As far as the whole figure is confirmed, I can confirm the growth to 2019 in the quarter is 12.5%, and vis-a-vis 2020, it is 9%. Was it clear for you? Or if you want, you can ask some more questions.
No. versus 2019 in the third quarter is 12.5%. Okay. Thank you.
Yes, 12.5%. That's right. Yes. We now break down the world in three geographies, Americas, Europe, including Italy and Asia. This is the new breakdown. As I was saying, Asia, 24, 25 points at the end of the year. We estimate that 14 of this is China.
Thank you.
Thank you . There are no other questions in the list.
We'd like to thank you immensely for listening to us. I apologize for the fact that the next call will happen in March, but hopefully, we can meet before that in person, in the U.S., in London to speak to each other. Please call us, contact us, and thank you very much. You can maybe perceive the pride that we feel for these prizes and contribution, but thank you. Thank you very much for your attention.
Conference call operator speaking, the conference call has ended you can now disconnect your phone. Thank you.