MILAN — Double-digit growth across the Zegna and Thom Browne businesses, a rebound in China and momentum in the U.S. and Europe helped Ermenegildo Zegna Group report 23.9 percent growth in the first half.
In the six months ended June 30, revenues amounted to 903 million euros compared with 729 million euros in the same period last year. Revenues for the first half of 2023 reflect the consolidation of Tom Ford International starting from April 29, as well as the consolidation of tannery Pelletteria Tizeta.
Related Articles
In the second quarter of 2023, sales rose 35.1 percent to 474.7 million euros, led by double-digit organic performance in all major geographies and notable strength in the U.S.
You May Also Like
Zegna revenues increased 17.9 percent to 651.8 million euros, up from 553 million euros last year. This was helped by a positive performance of Zegna-branded products and the textile product line in the second quarter.
Thom Browne sales climbed 11.9 percent, reaching 208 million euros compared with 185.8 million euros last year, as direct-to-consumer performance offset a slight decline in its wholesale business. In addition, the expansion of the brand’s store network, which added 13 new stores since June 30, 2022, also boosted tallies.
In the period from April 29 to June 30 of this year, Tom Ford Fashion reported revenues of 64 million euros. Chairman and chief executive officer Gildo Zegna expressed an eagerness to work with Lelio Gavazza, who was recently appointed to the newly created position of chief executive officer of Tom Ford Fashion, effective Sept. 18.
“In partnership with the Estée Lauder Companies, we will build upon Tom’s legacy to grow this iconic, one-of-a-kind luxury brand globally.…We have started our journey to make Tom Ford Fashion among the top ten luxury fashion names in the world,” he said.
Gains in the first half were mainly driven by a 23.8 percent increase in revenues from the EMEA region to reach 322.7 million euros, a 28.9 percent rise in revenues in the U.S., reaching 156.8 million euros, and a strong performance in Japan and the rest of Asia. Revenues in the Greater China region amounted to 306.8 million euros in the first half of 2023, up 24.1 percent compared with the same period last year.
Zegna’s direct-to-consumer channel’s momentum was robust across both Zegna and Thom Browne, which grew 32.7 percent and 25.3 percent respectively in the second quarter of 2023.