MILAN – The Ermenegildo Zegna Group has for years invested in its direct-to-consumer channel and the strategy is paying off.
On Monday, the Italian fashion group reported preliminary 2025 revenues which showed organic growth of 1.1 percent to 1.91 billion euros , driven by the DTC channel at the Zegna brand. At current exchange rates, sales decreased 1.5 percent compared with 1.94 billion euros in 2024.
In the fourth quarter of 2025, revenues reached 591 million euros, up 0.3 percent. Organic sales were up 4.6 percent.
In the year, group DTC revenues rose 4.2 percent to 1.45 billion euros, with Zegna and Thom Browne accelerating in the last quarter. In the fourth quarter, the channel was up 3.9 percent at current exchange rates, but showed a 9.6 percent organic growth.
Group wholesale revenues fell 20.9 percent to 318.1 million euros, reflecting the choice to deemphasize this channel.
Gildo Zegna, executive chairman, touted the sequential improvement and positive contribution of each of the group’s three brands, Zegna, Thom Browne and Tom Ford Fashion. “Zegna, in particular, accelerated further during the quarter boosted by a double-digit organic growth in the DTC channel. This performance confirms the strength of our vision and the relevance of our strategy,” he said.
He also pointed to 2025 as “a milestone year” for the group and the Zegna family, as on Jan. 1 he passed the CEO baton to former CFO Gianluca Tagliabue and to his sons Edoardo and Angelo Zegna, representing the fourth generation leading the company as co-CEOs.
“I remain deeply committed to protecting our legacy. Our uniqueness, our continuous pursuit of excellence and our unmatched filiera [pipeline] are the essence of our heritage and the foundation of our strategy.”
He said “these elements came to life in the recent Zegna fashion show, “A Family Closet,” where the brand opened the doors of the family’s archives to forge beautifully crafted, timeless collections. It is with this clarity that we look ahead to the coming months. In a volatile environment, we move forward with prudence and focused priorities, grounded in the values of our unique legacy, shaped over generations and consistently embedded in our actions.”
In 2025, revenues at the Zegna brand totaled 1.81 million euros, up 1.5 percent versus 2024. Organically, they rose 4.7 percent. In the fourth quarter, sales amounted to 361.7 million euros, up 2.4 percent at current exchange rates and 7.4 percent organically, driven by sequential acceleration in the DTC channel.
Thom Browne sales decreased 14.7 percent to 268.5 million euros in 2025, but in the fourth quarter they were down 3.7 percent. Organically, they were up 1.4 percent to 91.1 million euros in the last quarter, with double-digit growth in the DTC channel, offset by the continued streamlining of the wholesale business.
Tom Ford Fashion revenues amounted to 317.1 million euros, up 0.8 percent at current exchange, and 3.1 percent organically. In the fourth quarter, sales amounted to 98.3 million euros, down 2.3 percent at current exchange, but up 1.5 percent organically driven by the positive performance of DTC.
In 2025, textile revenues amounted to 134.2 million euros, down 2.8 percent, but up 2 percent in the fourth quarter.
In 2025, group DTC revenues totaled 1.45 billion euros, up 4.2 percent year-on-year.
In the Europe, Middle East and Africa region, sales were up 0.5 percent to 683.8 million euros, representing 36 percent of group revenues. The region showed an acceleration in the fourth quarter, gaining 4.7 percent in the period, mainly driven by the DTC channel from both local and tourist customers.
In the Americas, sales rose 7.9 percent to 566.1 million euros, accounting for 30 percent of the total. In the last quarter, revenues advanced 9.3 percent with very strong results at Zegna and Thom Browne.
In 2025, sales in the Greater China Region decreased 14.6 percent to 435.2 million euros, representing 23 percent of the total, impacted by a slowdown at Thom Browne and Tom Ford Fashion DTC, as well as the group’s wholesale performance, influenced by different delivery timing.
In the rest of Asia-Pacific, sales totaled 228.8 million euros, slipping 0.5 percent.
