The Zegna Group, an Italian luxury fashion company, has announced a significant increase in sales for the third quarter of this year. The company reported a 27.5% surge in revenues during this period, driven by strong growth in Europe, the U.S., and the Middle East.
During the third quarter, the Zegna Group generated revenues of €357 million, bringing the total revenues for the first nine months of the year to €1.09 billion, a year-over-year increase of 22.9%. This growth was observed across all segments of the company, including Zegna branded products, textile, and third-party brands.
Zegna branded products experienced a revenue growth of 18.6% compared to the previous year, reaching €224 million in the third quarter. Revenues from textile also saw an impressive increase of 33.3% to €30 million, with growth reported in Lanificio Ermenegildo Zegna, Bonotto, and Dondi. Additionally, third-party brands revenues soared by 64.2%, reaching €32 million, fueled by strong contributions from brands like Tom Ford and Gucci.
The Zegna Group’s subsidiary, Thom Browne, also contributed to the company’s success with revenues of €69 million, representing a 29.5% year-over-year increase in the third quarter. The brand’s womenswear outperformed menswear and currently accounts for nearly 30% of its total revenues. Thom Browne’s growth was supported by demand from wholesalers, expansion in e-commerce through T-Mall in the Greater China region, and the opening of four new stores.
In terms of regional performance, the Zegna Group reported revenues of €116 million in the Greater China region, showing a 3% year-over-year increase. The APAC region experienced growth of 13.7%, with revenues reaching €153 million. The EMEA region, however, witnessed the strongest growth, achieving a remarkable 42.8% increase, reaching €119 million. The Middle East and Africa region played a significant role in this growth, contributing €16 million, which represented an 86.4% year-over-year increase. The UK also performed well, with revenues up 61.6% to €15 million.
The company’s distribution channels also performed well, with revenues from their directly operated store network and e-commerce reaching €217 million, a 20.7% increase. Wholesale revenues also saw a surge of 32.2%, totaling €139 million.
Chairman and CEO of Zegna Group, Ermenegildo “Gildo” Zegna, expressed satisfaction with the company’s performance in this strong quarter. He credited the exceptional performances by Zegna and Thom Browne, as well as a rebound in the Greater China region, for the success. Zegna also emphasized their commitment to sustainability and the environment, highlighting the launch of Oasi Cashmere and the receipt of the Biodiversity Conservation Award at the CNMI Sustainable Fashion Awards for promoting Oasi Zegna.
Looking ahead, the Zegna Group reaffirmed its full-year revenue guidance of mid-teens growth, demonstrating their dedication to ongoing success.
Useful links:
– Zegna Group Official Website
– Zegna Group Sustainability Initiative
