MILAN – The Zegna brand continued to be a key driver for the Ermenegildo Zegna Group last year, offset by the streamlining of the Thom Browne wholesale channel.
In the 12 months ended Dec. 31, revenues rose 2.2 percent to 1.94 billion euros compared with 1.9 billion euros in the same period last year. The performance was lifted by Zegna’s direct-to-consumer channel, which was up 11 percent with double-digit growth in the U.S.
Group organic revenues were down 1.9 percent and at constant currency they rose 3.4 percent.
Revenues in the fourth quarter reached 589.2 million euros, a 3.3 percent gain.
“Beyond the numbers, I feel confident in our strategic projects pipeline,” said Gildo Zegna, chairman and chief executive officer of the group. “The recent Zegna fashion show was acclaimed as one of the strongest ever for the brand with the presentation of our ultra-luxury Vellus Aureum, made by the finest wool, developed thanks to our know-how and unique filiera [pipeline]. This has reaffirmed Zegna’s position at the forefront of timeless luxury menswear.”
The executive highlighted the strengthening of Thom Browne’s global merchandising and retail teams “with important additions in the U.S. and Europe and [we] are looking forward to seeing the brand’s show in February close the New York Fashion Week.”
He also remarked on the arrival of Haider Ackermann as the new creative director of Tom Ford Fashion, succeeding Peter Hawkings. The designer’s first show for the brand will bow at Paris Fashion Week in March.
“We expect 2025 to play out differently across various geographies. While we have seen solid performance in the Americas and EMEA in the first weeks of January, we also believe that there will be ongoing volatility with respect to consumer demand in China,” continued Zegna. “We are prepared to navigate these challenges with the guidance of our talented team and a sharp focus on our priorities: continuing to build on brand equity, focusing investments on key strategic projects and doubling down on our existing strengths.”
By brand, Zegna sales rose 4.9 percent to 1.16 billion euros, while Thom Browne revenues fell 16.8 percent to 314.7 million euros. Sales of Tom Ford Fashion climbed 33.5 percent to 314.5 million euros.
In 2024, the EMEA region reported 3.3 percent growth in sales to 680.2 million euros, representing 35 percent of the total.
Revenues in the Americas amounted to 524.8 million euros, up 15.4 percent and accounting for 27 percent of the total.
In the Greater China region, sales fell 14.5 percent to 509.4 million euros representing 26 percent of the total, reflecting the challenging consumer environment, in particular in Mainland China.
In the rest of the Asia Pacific area, sales rose 19.4 percent to 229.9 million euros, representing 12 percent of the total.
