Italian fashion group Brunello Cucinelli on Thursday rejected reports by short sellers that it is still conducting substantial business in Russia, saying its reduced activities in the area are in full compliance with European Union regulations.

See fashion show

Following Russia's invasion of Ukraine in 2022, the EU banned exports of luxury goods worth more than 300 euros ($350.28) to Russia, designed as a blow to the country's elite. Earlier on Thursday, financial analysis group Morpheus Research published a report saying it had shorted Cucinelli's Milan-listed shares.

It claimed the company misled investors and keeps operating several stores in Moscow, selling a wide range of high-end clothing and accessories, and still trading with Russian partners despite sanctions. The fashion com

See Full Page