Ermenegildo Zegna Group: €1.33B Revenue in First Nine Months of 2025; Strong Q3 Growth Driven by DTC

Jam • • Markets • 13 views

Ermenegildo Zegna N.V. reported a 2.3% YoY decrease in revenue for 9M 2025, totaling €1,325.9 million. Q3 2025 revenues, however, grew slightly by 0.2% YoY to €398.2 million, with a 3.6% organic increase. DTC channel sales rose 4.5% YoY (9.1% organic), while wholesale declined. Zegna brand led the growth, with Thom Browne experiencing a decline. The Americas region showed strong organic growth. The company anticipates a challenging environment due to consumer demand and currency fluctuations.

“`html

10/23/2025 – 06:02 AM

  • Q3 2025 revenues of €398.2 million, +0.2% YoY and +3.6% organic2:

  • By Channel: DTC3 +4.5% Year-on-Year (YoY) and +9.1% organic, with all three brands recording solid growth. Wholesale performance, -15.5% YoY and -14.7% organic, reflects the strategic decision to enhance quality of the distribution and to focus on the DTC channel.

  • By Brand: ZEGNA brand +2.0% YoY and +5.6% organic with ongoing solid growth in DTC (+3.3% YoY and +7.4% organic). Thom Browne -9.6% YoY and -4.6% organic with positive DTC (+2.8% YoY and +10.0% organic). TOM FORD FASHION +0.9% YoY and +4.3% organic with DTC +11.5% YoY and +16.4% organic.

  • By Geography: all key regions showed improved performance on an organic growth basis. The Americas outperformed the other regions.

  • 9M 2025 revenues of €1,325.9 million, -2.3% YoY and -0.4% organic.

MILAN – Ermenegildo Zegna N.V. (NYSE:ZGN) today announced its unaudited revenues for the first nine months of 2025, totaling €1,325.9 million, a 2.3% year-over-year (YoY) decrease from €1,357.4 million in the first nine months of 2024 (-0.4% organic). However, the third quarter of 2025 saw revenues reach €398.2 million, marking a slight 0.2% increase YoY and 3.6% organic growth. The diversified luxury group, which includes Zegna, Thom Browne, and TOM FORD FASHION, is navigating a complex global market with a strategic emphasis on direct-to-consumer (DTC) channels and brand integration.

Ermenegildo “Gildo” Zegna, Chairman and CEO of the Ermenegildo Zegna Group, highlighted this strategic shift, stating, “Q3 2025 Group revenues showed an acceleration in the Direct-to-Consumer channel, which recorded a solid +9% organic growth versus the +6% organic reported in the first half of the year… I am pleased with the continued growth of the ZEGNA brand DTC channel, led by the Americas and EMEA, and also delighted to see the meaningfully improved performance of TOM FORD FASHION and Thom Browne, whose DTC channel grew by double digits on an organic basis this quarter.”

While overall revenue growth remains modest, the performance reflects Zegna’s intensified focus on higher-margin DTC operations, a strategy increasingly adopted by luxury brands seeking greater control over brand experience and customer relationships. Analysts are watching closely Zegna’s ability to execute this transition, particularly as wholesale channels face headwinds.

Looking ahead, Zegna acknowledged industry-wide challenges. “Looking ahead, we expect the environment to remain challenging for our industry, with ongoing uncertainties in consumer demand and currency fluctuations.” The CEO, however, expressed confidence in the future, citing positive reception to recent fashion shows and upcoming projects. “However, the success of the recent fashion shows at TOM FORD and Thom Browne, the good reception of our Fall/Winter drops at ZEGNA, and the multiple projects in our pipeline give me confidence that we will continue to deliver on our mid-term targets.” Successful navigation of currency fluctuations and continued execution of brand-specific growth initiatives will be key to reaching these targets.

________________________________________

1 Throughout this press release, revenues for the first nine months and for the third quarter of 2025 and 2024 are unaudited.

2 Revenues on organic growth basis (organic or organic growth) and on a constant currency basis (constant currency), are non-IFRS financial measures. Constant currency growth is calculated excluding foreign exchange. Organic growth is calculated excluding (a) foreign exchange, (b) acquisitions & disposals, (c) changes in license agreements where the Group operates as a licensee. See the non-IFRS financial measures section starting on page 7 of this press release for the definition and reconciliation of non-IFRS financial measures.

3 DTC: Direct-to-Consumer

Revenues Analysis for the Nine and Three Months Ended September 30, 2025

REVENUES BY BRAND AND PRODUCT LINE (Unaudited)

 

9M 2025 vs 9M 2024

 

Q3 2025 vs Q3 2024

(€ thousands, except percentages)

2025

 

2024

 

%

 

Organic

 

2025

 

2024

 

%

 

Organic

ZEGNA brand

819,845

 

810,610

 

1.1

%

 

3.6

%

 

249,436

 

244,543

 

2.0

%

 

5.6

%

Thom Browne

177,361

 

220,067

 

(19.4

%)

 

(17.8

%)

 

48,207

 

53,346

 

(9.6

%)

 

(4.6

%)

TOM FORD FASHION

218,734

 

213,924

 

2.2

%

 

3.9

%

 

66,019

 

65,431

 

0.9

%

 

4.3

%

Textile

96,871

 

101,543

 

(4.6

%)

 

(4.6

%)

 

29,810

 

29,707

 

0.3

%

 

(0.4

%)

Other (1)

13,108

 

11,272

 

16.3

%

 

16.6

%

 

4,757

 

4,267

 

11.5

%

 

12.0

%

Total revenues

1,325,919

 

1,357,416

 

(2.3

%)

 

 <

Original article, Author: Jam. If you wish to reprint this article, please indicate the source:https://aicnbc.com/11454.html

Like (0)

About Author

Jam

Jam

Jan, a seasoned journalist, specializes in major corporations' stock industry and the IT tech internet field. With years of experience, she's known for dissecting global tech giants' stock moves, analyzing financial impacts and industry trends. Jan excels at simplifying complex data and tech concepts, and her work appears in renowned financial and tech publications.
Previous 1 day ago
Next 1 day ago

Related News