MILAN — The market is in a wait-and-see mode, looking for further clarity on Brunello Cucinelli ‘s stance on distribution in Russia. On Friday, shares of the Italian luxury brand closed down 1.7 percent to 83.60 euros each, for a market capitalization of 5.7 billion euros. The decline added to the steep plunge a day earlier, when shares fell 17.3 percent.

As reported, Cucinelli on Thursday afternoon firmly rejected short-seller Morpheus Research’s allegations of irregularities in the company’s business activities in Russia. Morpheus Research, which is betting Cucinelli’s stock will fall, issued a report alleging the company misled its shareholders and continues to operate stores in Moscow.

A Bernstein report stated that “initial checks in Milan during fashion week point to the id

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