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Ermenegildo Zegna N.V. (symbol: ZGN) is a renowned luxury fashion company founded in 1910 in Trivero, Italy by Ermenegildo Zegna. The Zegna Group specializes in designing, creating, and distributing high-end menswear and accessories under the Zegna brand, as well as luxury womenswear, menswear, and accessories under the Thom Browne brand. The Group is also distinguished for its luxury textile laboratory platform, which is dedicated to preserving the artisanal mills in Italy that produce the finest fabrics.
The Zegna Group operates through three primary segments: the Zegna segment, the Thom Browne segment, and the Tom Ford Fashion segment. The Zegna segment includes Zegna Branded Products, Textile, and Third Party Brands, and it generates the majority of the company’s revenue. With over 500 stores in 80 countries globally, including 297 directly operated stores, the Group ensures that its high-quality products are accessible to a broad audience.
Over the decades, Zegna Group has transformed from a producer of superior wool fabric into a global luxury powerhouse. This growth has been marked by significant milestones, including the company’s listing on the New York Stock Exchange on December 20, 2021. The company continues to innovate and expand its offerings, maintaining a commitment to quality and craftsmanship in every product.
Recently, Zegna Group has embarked on several noteworthy projects and partnerships. These initiatives are aimed at reinforcing its market position and responding to the evolving demands of luxury consumers. Financially, the company has shown resilience and growth, reflecting its strategic operations and robust business model.
Monterubello, the controlling shareholder of Ermenegildo Zegna Group (NYSE:ZGN), has purchased 913,000 shares and plans to acquire an additional 2 million shares in the coming weeks. The company, owned by the Zegna family, currently holds 60% of ZGN's 252,416,479 outstanding ordinary shares as of October 31, 2024. Chairman and CEO Ermenegildo 'Gildo' Zegna stated that the family believes the current stock valuation doesn't reflect the company's true potential, citing market volatilities and uncertainty.
Ermenegildo Zegna Group reported revenues of €1.357 billion for the first nine months of 2024, a 1.7% YoY increase but a 4% organic decline. Q3 2024 revenues were €397 million, marking a 7.8% YoY decrease and a 6.7% organic decline. The ZEGNA brand saw a 3.4% YoY increase in 9M 2024 and a 0.9% YoY increase in Q3, driven by positive DTC performance, particularly in the Americas, EMEA, and Japan. Thom Browne and Tom Ford Fashion reported mixed results, with Thom Browne seeing a 21.7% YoY decline in 9M 2024 and Tom Ford Fashion showing a 54.4% YoY increase. The company noted challenges in the Greater China Region due to declining consumer confidence. Looking ahead, Zegna anticipates an uncertain environment but remains confident in its brand strength and management team.
Ermenegildo Zegna Group reported H1 2024 revenues of €960.1 million, up 6% from H1 2023. Profit was €31.3 million (3.3% margin) compared to €52.1 million in H1 2023. Adjusted EBIT reached €80.9 million with an 8.4% margin, down from 13.3% in H1 2023. The company made significant investments across its three brands:
- ZEGNA: Continued focus on One Brand Strategy
- Thom Browne: Reinforced organization at HQ and key regions
- TOM FORD FASHION: Appointed Haider Ackermann as new Creative Director
Despite challenging market conditions, the company remains confident in its long-term strategy. Gross profit margin improved to 66.4%, up 220bps from H1 2023, driven by increased DTC sales and better inventory management.
TOM FORD has appointed Haider Ackermann as Creative Director, effective immediately. Ackermann will lead creative efforts across all TOM FORD fashion categories, including menswear, womenswear, accessories, and eyewear. The brand is owned by The Estée Lauder Companies Inc. (NYSE:EL), with fashion licensed to Ermenegildo Zegna Group and eyewear to Marcolin SpA.
Ackermann, known for blending luxurious fabrics with impeccable tailoring, will debut his first collection at Paris Fashion Week in March 2025. He will be based in Paris, reporting to Guillaume Jesel, President and CEO of TOM FORD, and Lelio Gavazza, CEO of TOM FORD FASHION. Founder Tom Ford expressed excitement about Ackermann's appointment, praising his work and shared design sensibilities.
Ermenegildo Zegna Group reported €960.1 million in revenues for H1 2024, up 6.3% year-over-year. Key highlights:
- ZEGNA brand revenues grew 4.6% YoY to €566.1 million
- Thom Browne revenues declined 19.4% YoY to €166.7 million
- TOM FORD FASHION revenues reached €148.5 million
- Direct-to-Consumer channel drove growth, up 14.8% YoY
- Strong performance in U.S. and EMEA markets
- Greater China Region faced challenges with single-digit negative organic growth
The company remains confident in its long-term strategy despite a challenging 2024 outlook. Cost control initiatives are being implemented across the group while continuing to invest in growth opportunities for its three core brands.
Ermenegildo Zegna Group (NYSE: ZGN) announced the adoption of all resolutions presented at its annual general meeting on June 26, 2024. Key among these is the approval of a dividend distribution of EUR 0.12 per ordinary share, totaling approximately EUR 30 million. Dividends will be paid in USD, based on the June 26, 2024 exchange rate set by the European Central Bank. Important dates include the ex-date and dividend record date on July 5, 2024, and the payment date on July 30, 2024. Further details on the exchange rate and dividend taxation will be accessible from June 28, 2024, on the company's investor relations website.
Ermenegildo Zegna Group (NYSE: ZGN) has released the convocation notice for its 2024 Annual General Meeting (AGM), scheduled for June 26, 2024, at the Steigenberger Airport Hotel in Amsterdam. The meeting materials, including the 2023 statutory audited financial statements, are accessible on the company's website. The Board of Directors recommends a dividend distribution of €0.12 per share, totaling approximately €30 million, subject to shareholder approval. If approved, the dividend will be paid in USD on July 30, 2024, with an ex-date of July 5, 2024. Additionally, Thom Browne has exercised his right to sell 2.05% of Thom Browne Inc. to Ermenegildo Zegna Group for around $25 million, increasing the Group's ownership to approximately 92%.
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