Ermenegildo Zegna Group Reports First Half 2024 Revenues of €960 Million With Profit at €31 Million and Adjusted EBIT at €81 Million
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.
Il Gruppo Ermenegildo Zegna ha riportato ricavi per H1 2024 di €960,1 milioni, con un aumento del 6% rispetto a H1 2023. L'utile è stato di €31,3 milioni (margine del 3,3%) rispetto a €52,1 milioni in H1 2023. L'EBIT rettificato ha raggiunto €80,9 milioni, con un margine dell'8,4%, in calo rispetto al 13,3% in H1 2023. L'azienda ha effettuato investimenti significativi nei suoi tre marchi:
- ZEGNA: Continuazione della strategia One Brand
- Thom Browne: Rafforzamento dell'organizzazione presso la sede centrale e nelle regioni chiave
- TOM FORD FASHION: Nomina di Haider Ackermann come nuovo Direttore Creativo
Nonostante le difficili condizioni di mercato, l'azienda rimane fiduciosa nella sua strategia a lungo termine. Il margine di profitto lordo è migliorato al 66,4%, con un incremento di 220 punti base rispetto a H1 2023, grazie all'aumento delle vendite DTC e a una migliore gestione dell'inventario.
El Grupo Ermenegildo Zegna reportó ingresos de €960,1 millones en H1 2024, un aumento del 6% en comparación con H1 2023. La ganancia fue de €31,3 millones (margen del 3,3%) en comparación con €52,1 millones en H1 2023. El EBIT ajustado llegó a €80,9 millones con un margen del 8,4%, por debajo del 13,3% en H1 2023. La empresa realizó inversiones significativas en sus tres marcas:
- ZEGNA: Continuación de la estrategia One Brand
- Thom Browne: Refuerzo de la organización en la sede y regiones clave
- TOM FORD FASHION: Nombramiento de Haider Ackermann como nuevo Director Creativo
A pesar de las difíciles condiciones del mercado, la empresa sigue confiando en su estrategia a largo plazo. El margen de beneficio bruto mejoró al 66,4%, un aumento de 220 puntos básicos en comparación con H1 2023, impulsado por el aumento de las ventas DTC y una mejor gestión de inventarios.
에르메네질도 제냐 그룹은 2024년 상반기 매출이 €960.1 백만에 달한다고 보고하였으며, 이는 2023년 상반기 대비 6% 증가한 수치입니다. 이익은 €31.3 백만 (3.3% 마진)으로 2023년 상반기의 €52.1 백만과 비교됩니다. 조정된 EBIT는 €80.9 백만에 도달하였으며, 8.4%의 마진으로 2023년 상반기 13.3%에서 감소하였습니다. 이 회사는 세 개의 브랜드에 걸쳐 중대한 투자를 하였습니다:
- ZEGNA: 원 브랜드 전략에 지속적인 집중
- 톰 브라운: 본사 및 주요 지역에서 조직 강화
- TOM FORD FASHION: 하이더 아커만을 새로운 크리에이티브 디렉터로 임명
어려운 시장 여건에도 불구하고 이 회사는 장기 전략에 대한 확신을 유지하고 있습니다. 총 이익 마진은 66.4%로 개선되었으며, 이는 2023년 상반기 대비 220bp 증가한 수치로, DTC 판매 증가와 재고 관리 개선에 힘입은 결과입니다.
Le Groupe Ermenegildo Zegna a rapporté un chiffre d'affaires de €960,1 millions pour le premier semestre 2024, soit une augmentation de 6 % par rapport au premier semestre 2023. Le bénéfice s'est élevé à €31,3 millions (marge de 3,3 %) contre €52,1 millions au premier semestre 2023. L'EBIT ajusté a atteint €80,9 millions, avec une marge de 8,4 %, en baisse par rapport à 13,3 % au premier semestre 2023. L'entreprise a effectué d'importants investissements dans ses trois marques :
- ZEGNA : Poursuite de la stratégie One Brand
- Thom Browne : Renforcement de l'organisation au siège et dans les régions clés
- TOM FORD FASHION : Nommer Haider Ackermann comme nouveau Directeur Créatif
Malgré des conditions de marché difficiles, l'entreprise reste confiante dans sa stratégie à long terme. La marge brute de profit a été améliorée à 66,4 %, en hausse de 220 points de base par rapport au premier semestre 2023, grâce à une augmentation des ventes DTC et une meilleure gestion des stocks.
Die Ermenegildo Zegna Gruppe meldete für das H1 2024 einen Umsatz von €960,1 Millionen, was einem Anstieg von 6% im Vergleich zum H1 2023 entspricht. Der Gewinn betrug €31,3 Millionen (3,3% Marge) im Vergleich zu €52,1 Millionen im H1 2023. Das bereinigte EBIT erreichte €80,9 Millionen mit einer Marge von 8,4%, was einen Rückgang von 13,3% im H1 2023 bedeutet. Das Unternehmen tätigte erhebliche Investitionen in seine drei Marken:
- ZEGNA: Fortsetzung der One Brand Strategie
- Thom Browne: Verstärkung der Organisation am Hauptsitz und in wichtigen Regionen
- TOM FORD FASHION: Ernennung von Haider Ackermann als neuen Kreativdirektor
Trotz herausfordernder Marktbedingungen bleibt das Unternehmen zuversichtlich in Bezug auf seine langfristige Strategie. Die Bruttogewinnmarge verbesserte sich auf 66,4%, was einem Anstieg von 220 Basispunkten im Vergleich zum H1 2023 entspricht, getrieben durch erhöhte DTC-Verkäufe und eine bessere Lagerverwaltung.
- Revenues increased 6% year-over-year to €960.1 million
- Gross profit margin improved to 66.4%, up 220 basis points from H1 2023
- ZEGNA brand recorded 5.9% organic growth
- TOM FORD FASHION achieved 4.7% organic growth
- Direct-to-consumer revenues increased from 72% to 76% of branded group revenues
- Profit decreased to €31.3 million from €52.1 million in H1 2023
- Adjusted EBIT margin declined to 8.4% from 13.3% in H1 2023
- Thom Browne revenues decreased by 19.4% year-over-year
- SG&A expenses increased to 51.8% of revenues from 46.0% in H1 2023
- Free Cash Flow turned negative at €6.6 million compared to positive €14.0 million in H1 2023
Insights
Ermenegildo Zegna Group's H1 2024 results show a mixed performance. While revenues increased by
However, the Adjusted EBIT margin declined significantly from
The negative Free Cash Flow of
Zegna's performance reflects the broader luxury market's normalization after the post-pandemic boom. The group's strategy of heavy investment during this phase is bold but risky. The significant organic growth of
The increase in direct-to-consumer (DTC) revenues from
The appointment of Haider Ackermann as TOM FORD FASHION's Creative Director is a strategic move that could reinvigorate the brand, but its current negative Adjusted EBIT needs close monitoring.
Zegna's retail strategy shows a clear focus on strengthening its direct-to-consumer (DTC) channels. The increase in DTC revenues to
The substantial increase in capital expenditure to
The geographical performance breakdown is notably absent from this report, which would be important to understand given the varying recovery rates of luxury markets globally. Overall, Zegna's retail strategy appears sound but execution and market response in the coming quarters will be critical.
-
Revenues of
€960.1 million , up6% from H1 2023 (+8% at constant currency and -2.7% organic1) -
Profit of
€31.3 million (3.3% profit margin) compared to€52.1 million in H1 2023 (5.8% profit margin) -
Gross profit margin of
66.4% up 220bps from64.2% in H1 2023 -
Adjusted EBIT1 of
€80.9 million with an Adjusted EBIT Margin of8.4% (13.3% in H1 2023) - Important investments to further strengthen Group’s brands concentrated in H1 2024
Ermenegildo “Gildo” Zegna, Group Chairman and CEO, said: “The first half of 2024 was marked by important investments in all three of our brands to further strengthen and foster ongoing value creation for each of them. We continued to double down on the successful ZEGNA One Brand Strategy, recently exemplified by the VILLA ZEGNA event in
I believe these steps are what is needed for our Group as the luxury industry goes through an important normalization phase and continues to face macroeconomic and geopolitical uncertainties around the world. Our first half operating results – with Adjusted EBIT Margin at
________________________________________ |
1 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 8 of this press release for the definition and reconciliation of non-IFRS financial measures. |
Results of Operations |
|||||||||||
|
For the six months ended June 30, |
||||||||||
(€ thousands, except percentages) |
2024 |
|
Percentage of revenues |
|
2023 |
|
Percentage of revenues |
||||
Revenues |
960,122 |
|
|
100.0 |
% |
|
903,059 |
|
|
100.0 |
% |
Costs of sales |
(322,678 |
) |
|
(33.6 |
%) |
|
(323,228 |
) |
|
(35.8 |
%) |
Gross profit |
637,444 |
|
|
66.4 |
% |
|
579,831 |
|
|
64.2 |
% |
Selling, general and administrative expenses |
(497,612 |
) |
|
(51.8 |
%) |
|
(415,792 |
) |
|
(46.0 |
%) |
Marketing expenses |
(66,751 |
) |
|
(7.0 |
%) |
|
(47,530 |
) |
|
(5.3 |
%) |
Operating profit |
73,081 |
|
|
7.6 |
% |
|
116,509 |
|
|
12.9 |
% |
Financial income |
12,106 |
|
|
1.3 |
% |
|
15,601 |
|
|
1.7 |
% |
Financial expenses |
(29,267 |
) |
|
(3.0 |
%) |
|
(44,592 |
) |
|
(4.9 |
%) |
Foreign exchange losses |
(7,684 |
) |
|
(0.8 |
%) |
|
(7,003 |
) |
|
(0.8 |
%) |
Result from investments accounted for using the equity method |
314 |
|
|
— |
% |
|
(2,237 |
) |
|
(0.2 |
%) |
Profit before taxes |
48,550 |
|
|
5.1 |
% |
|
78,278 |
|
|
8.7 |
% |
Income taxes |
(17,218 |
) |
|
(1.8 |
%) |
|
(26,162 |
) |
|
(2.9 |
%) |
Profit |
31,332 |
|
|
3.3 |
% |
|
52,116 |
|
|
5.8 |
% |
Half Year 2024 Key Financial Highlights
Revenues
In H1 2024 the Group recorded revenues of
Gross Profit, Operating Profit and Profit
Gross profit in H1 2024 reached
Selling, general, and administrative (SG&A) expenses were
Marketing expenses in H1 2024 were
As a result of the above, the Group reported an operating profit of
Adjusted EBIT and Adjusted EBIT Margin
The table below shows the reconciliation of Profit to Adjusted EBIT and the calculation of the profit margin and the Adjusted EBIT Margin in H1 2024 and 2023. Adjusted EBIT is the main performance metric used by the Group’s management at the consolidated and reporting segment level.
|
For the six months ended June 30, |
||
(€ thousands, except percentages) |
2024 |
|
2023 |
Profit |
31,332 |
|
52,116 |
Income taxes |
17,218 |
|
26,162 |
Financial income |
(12,106) |
|
(15,601) |
Financial expenses |
29,267 |
|
44,592 |
Foreign exchange losses |
7,684 |
|
7,003 |
Result from investments accounted for using the equity method |
(314) |
|
2,237 |
Operating profit |
73,081 |
|
116,509 |
Adjustments: |
|
|
|
Net impairment of leased and owned stores |
4,979 |
|
— |
Severance indemnities and provisions for severance expenses |
1,436 |
|
738 |
Legal costs for trademark dispute |
1,388 |
|
649 |
Transaction costs related to acquisitions |
26 |
|
4,975 |
Costs related to the Business Combination |
— |
|
1,059 |
Special donations for social responsibility |
— |
|
100 |
Net income related to lease agreements |
— |
|
(4,126) |
Adjusted EBIT |
80,910 |
|
119,904 |
|
|
|
|
Revenues |
960,122 |
|
903,059 |
Profit margin (Profit / Revenues) |
|
|
|
Adjusted EBIT Margin (Adjusted EBIT / Revenues) |
|
|
|
Analysis by Segment
In H1 2024, Adjusted EBIT for the Zegna segment was
|
For the six months ended June 30, |
|
Change |
||||
(€ thousands, except percentages) |
2024 |
|
2023 |
|
2024 vs 2023 |
|
% |
Revenues |
|
|
|
|
|
|
|
Zegna |
660,538 |
|
644,310 |
|
16,228 |
|
|
Thom Browne |
166,935 |
|
207,959 |
|
(41,024) |
|
( |
Tom Ford Fashion |
148,493 |
|
64,027 |
|
84,466 |
|
|
Eliminations |
(15,844) |
|
(13,237) |
|
(2,607) |
|
n.m. (*) |
Total revenues |
960,122 |
|
903,059 |
|
57,063 |
|
|
________________________________________ (*) Throughout this document “n.m.” means not meaningful. |
|
For the six months ended June 30, |
|
Change |
||||
(€ thousands, except percentages) |
2024 |
|
2023 |
|
2024 vs 2023 |
|
% |
Adjusted EBIT |
|
|
|
|
|
|
|
Zegna |
84,695 |
|
99,718 |
|
(15,023) |
|
( |
Thom Browne |
20,186 |
|
31,521 |
|
(11,335) |
|
( |
Tom Ford Fashion |
(11,913) |
|
4,303 |
|
(16,216) |
|
n.m. |
Corporate |
(11,965) |
|
(15,626) |
|
3,661 |
|
|
Eliminations |
(93) |
|
(12) |
|
(81) |
|
n.m. |
Total |
80,910 |
|
119,904 |
|
(38,994) |
|
( |
|
|
|
|
|
|
|
|
Adjusted EBIT Margin |
|
|
|
|
|
|
|
Zegna |
|
|
|
|
|
|
|
Thom Browne |
|
|
|
|
|
|
|
Tom Ford Fashion |
( |
|
|
|
|
|
|
Zegna segment
In H1 2023, the Zegna segment (which includes ZEGNA brand, Textile and Third Party Brands) generated revenues of
Adjusted EBIT for the Zegna segment was
Thom Browne segment
In H1 2024, the Thom Browne segment generated revenues of
Adjusted EBIT for the Thom Browne segment was
Tom Ford Fashion segment
In H1 2024, the Tom Ford Fashion (“TFF”) segment generated revenues of
Additionally, since the acquisition, the Group has started to strengthen the TFF organization – investing in talent, store networks, marketing and in IT systems – to support its future growth, which also explain the increase in costs in H1 2024.
Corporate costs
Corporate costs amounted to
________________________________________ |
2 Before inter-segment eliminations. |
Capital Expenditure, Trade Working Capital, Net Financial Indebtedness/(Cash Surplus) and Free Cash Flow
Capital expenditure
|
For the six months ended June 30, |
||
(€ thousands) |
2024 |
|
2023 |
Payments for property, plant and equipment |
47,926 |
|
25,699 |
Payments for intangible assets |
12,151 |
|
8,801 |
Capital expenditure |
60,077 |
|
34,500 |
Capital expenditure (capex) in H1 2024 achieved
Trade Working Capital
(€ thousands) |
At June 30, 2024 |
|
At December 31, 2023 |
|
At June 30, 2023 |
Trade Working Capital |
475,642 |
|
448,909 |
|
465,419 |
of which trade receivables |
216,670 |
|
240,457 |
|
217,208 |
of which inventories |
540,791 |
|
522,589 |
|
545,176 |
of which trade payables and customer advances |
(281,819) |
|
(314,137) |
|
(296,965) |
Trade Working Capital was
Net Financial Indebtedness/(Cash Surplus)
(€ thousands) |
At June 30, 2024 |
|
At December 31, 2023 |
|
At June 30, 2023 |
Net Financial Indebtedness/(Cash Surplus) |
65,509 |
|
10,810 |
|
17,033 |
Net Financial Indebtedness was
Free Cash Flow
|
For the six months ended June 30, |
||
(€ thousands) |
2024 |
|
2023 |
Net cash flows from operating activities |
120,448 |
|
107,583 |
Payments for property, plant and equipment |
(47,926) |
|
(25,699) |
Payments for intangible assets |
(12,151) |
|
(8,801) |
Payments of lease liabilities |
(66,950) |
|
(59,115) |
Free Cash Flow |
(6,579) |
|
13,968 |
In H1 2024 the Group generated negative Free Cash Flow of
Conference Call
As previously announced, today, at 8a.m. ET (2p.m. CET), the Group will host a live webcast and conference call.
To access the webcast please visit our website (https://ir.zegnagroup.com/financial-calendar/events/).
To participate in the call, please dial:
Access Code: 594212
Webcast link: https://events.q4inc.com/attendee/321182422
An online archive of the broadcast will be available on the website shortly after the live call and will be available for twelve months.
Upcoming Announcements
The Ermenegildo Zegna Group’s next scheduled announcement is October 22, 2024 Q3 2024 Revenues (*)
________________________________________ |
(*) Unaudited figures |
To receive email alerts of the timing of future financial news releases, as well as future announcements, please register at https://ir.zegnagroup.com.
About Ermenegildo Zegna Group
Founded in 1910 in Trivero,
Forward Looking Statements
This communication contains forward-looking statements that are based on beliefs and assumptions and on information currently available to the Company. In particular, statements regarding future financial performance and the Group’s expectations as to the achievement of certain targeted metrics at any future date or for any future period are forward-looking statements. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “target,” “seek”, “aspire,” “goal,” “outlook,” “guidance,” “forecast,” “prospect” or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Any statements that refer to expectations, projections or other characterizations of future events or circumstances, including strategies or plans, are also forward-looking statements. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements, and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in forward-looking statements as a result of a variety of factors, including: the recognition, integrity and reputation of our brands; our ability to anticipate trends and to identify and respond to new and changing consumer preference; the COVID-19 pandemic or similar public health crises; international business, regulatory, social and political risks; the conflict in
Most of these factors are outside the Company’s control and are difficult to predict. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by the Company and its directors, officers or employees or any other person that the Company will achieve its objectives and plans in any specified time frame, or at all. The forward-looking statements in this communication represent the views of the Company as of the date of this communication. Subsequent events and developments may cause that view to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company disclaims any obligation to update or revise publicly forward-looking statements. You should, therefore, not rely on these forward-looking statements as representing the views of the Company as of any date subsequent to the date of this communication.
First Half 2024 - Group Revenues Tables
Revenues by Segment (Unaudited)
|
For the six months ended June 30, |
|
H1 2024 vs H1 2023 |
|
For the three months ended June 30, |
|
Q2 2024 vs Q2 2023 |
||||||||
(€ thousands, except percentages) |
2024 |
|
2023 (1) |
|
% |
|
Organic |
|
2024 |
|
2023 (1) |
|
% |
|
Organic |
Zegna |
660,538 |
|
644,310 |
|
|
|
|
|
335,638 |
|
324,986 |
|
|
|
|
Thom Browne |
166,935 |
|
207,959 |
|
( |
|
( |
|
87,869 |
|
94,708 |
|
( |
|
( |
Tom Ford Fashion |
148,493 |
|
64,027 |
|
|
|
|
|
83,473 |
|
64,027 |
|
|
|
|
Eliminations |
(15,844) |
|
(13,237) |
|
n.m. |
|
n.m. |
|
(10,015) |
|
(8,974) |
|
n.m. |
|
n.m. |
Total revenues |
960,122 |
|
903,059 |
|
|
|
( |
|
496,965 |
|
474,747 |
|
|
|
( |
________________________________________ |
||
(1) |
Revenues from Pelletteria Tizeta, a manufacturing company of the Group, which were allocated to the Zegna segment in H1 2023, are now presented within the Tom Ford Fashion segment in H1 2024. As a result, the related revenues in H1 2023 have been reclassified from the Zegna segment to the Tom Ford Fashion segment to conform to the current period presentation. |
Revenues by Brand and Product Line (Unaudited)
|
For the six months ended June 30, |
H1 2024 vs H1 2023 |
|
For the three months ended June 30, |
Q2 2024 vs Q2 2023 |
||||||||||
(€ thousands, except percentages) |
2024 |
|
2023 |
|
% |
|
Organic |
|
2024 |
|
2023 |
|
% |
|
Organic |
ZEGNA brand |
566,067 |
|
541,319 |
|
|
|
|
|
283,197 |
|
269,430 |
|
|
|
|
Thom Browne |
166,721 |
|
206,951 |
|
( |
|
( |
|
87,514 |
|
94,399 |
|
( |
|
( |
TOM FORD FASHION |
148,493 |
|
64,015 |
|
|
|
|
|
83,473 |
|
64,015 |
|
|
|
|
Textile |
71,836 |
|
73,072 |
|
( |
|
( |
|
38,593 |
|
39,254 |
|
( |
|
( |
Other (1) |
7,005 |
|
17,702 |
|
( |
|
( |
|
4,188 |
|
7,649 |
|
( |
|
( |
Total revenues |
960,122 |
|
903,059 |
|
|
|
( |
|
496,965 |
|
474,747 |
|
|
|
( |
________________________________________ |
||
(1) |
Other mainly includes revenues from agreements with third party brands. |
Revenues by Distribution Channel (Unaudited)
|
For the six months ended June 30, |
H1 2024 vs H1 2023 |
|
For the three months ended June 30, |
Q2 2024 vs Q2 2023 |
||||||||||
(€ thousands, except percentages) |
2024 |
|
2023 |
|
% |
|
Organic |
|
2024 |
|
2023 |
|
% |
|
Organic |
Direct to Consumer (DTC) |
|
|
|||||||||||||
ZEGNA brand |
486,561 |
|
465,710 |
|
|
|
|
|
246,946 |
|
236,114 |
|
|
|
|
Thom Browne |
89,976 |
|
82,924 |
|
|
|
( |
|
45,257 |
|
40,075 |
|
|
|
( |
TOM FORD FASHION |
93,062 |
|
34,751 |
|
|
|
|
|
49,361 |
|
34,751 |
|
|
|
|
Total Direct to Consumer (DTC) |
669,599 |
|
583,385 |
|
|
|
|
|
341,564 |
|
310,940 |
|
|
|
|
As a percentage of branded products (1) |
76 % |
|
72 % |
|
|
|
|
|
75 % |
|
73 % |
|
|
|
|
Wholesale branded |
|
|
|||||||||||||
ZEGNA brand |
79,506 |
|
75,609 |
|
|
|
|
|
36,251 |
|
33,316 |
|
|
|
|
Thom Browne |
76,745 |
|
124,027 |
|
( |
|
( |
|
42,257 |
|
54,324 |
|
( |
|
( |
TOM FORD FASHION |
55,431 |
|
29,264 |
|
|
|
|
|
34,112 |
|
29,264 |
|
|
|
|
Total Wholesale branded |
211,682 |
|
228,900 |
|
( |
|
( |
|
112,620 |
|
116,904 |
|
( |
|
( |
As a percentage of branded products |
24 % |
|
28 % |
|
|
|
|
|
25 % |
|
27 % |
|
|
|
|
Textile |
71,836 |
|
73,072 |
|
( |
|
( |
|
38,593 |
|
39,254 |
|
( |
|
( |
Other (2) |
7,005 |
|
17,702 |
|
( |
|
( |
|
4,188 |
|
7,649 |
|
( |
|
( |
Total revenues |
960,122 |
|
903,059 |
|
|
|
( |
|
496,965 |
|
474,747 |
|
|
|
( |
________________________________________ |
||
(1) |
|
Branded products refer to the products sold under the three brands that the Group operates, through the DTC or wholesale branded distribution channels. |
(2) |
|
Other mainly includes revenues from agreements with third party brands. |
Revenues by Geographical Area (Unaudited)
|
For the six months ended June 30, |
|
H1 2024 vs H1 2023 |
|
For the three months ended June 30, |
|
Q2 2024 vs Q2 2023 |
||||||||
(€ thousands, except percentages) |
2024 |
|
2023 |
|
% |
|
Organic |
|
2024 |
|
2023 |
|
% |
|
Organic |
EMEA (1) |
336,591 |
|
322,680 |
|
|
|
( |
|
180,029 |
|
172,572 |
|
|
|
|
|
246,046 |
|
190,112 |
|
|
|
|
|
131,869 |
|
117,705 |
|
|
|
|
|
266,324 |
|
306,835 |
|
( |
|
( |
|
126,925 |
|
142,309 |
|
( |
|
( |
Rest of APAC (3) |
109,990 |
|
82,190 |
|
|
|
|
|
57,556 |
|
41,463 |
|
|
|
|
Other (4) |
1,171 |
|
1,242 |
|
( |
|
( |
|
586 |
|
698 |
|
( |
|
( |
Total revenues |
960,122 |
|
903,059 |
|
|
|
( |
|
496,965 |
|
474,747 |
|
|
|
( |
________________________________________ |
||
(1) |
|
EMEA includes |
(2) |
|
|
(3) |
|
Rest of APAC includes |
(4) |
|
Other revenues mainly include royalties. |
Group Monobrand (1) Store Network at June 30, 2024
|
At June 30, 2024 |
|
At December 31, 2023 |
|
At June 30, 2023 |
||||||||||||||||||
Stores |
ZEGNA |
|
Thom Browne |
|
TOM FORD FASHION |
|
Group |
|
ZEGNA |
|
Thom Browne |
|
TOM FORD FASHION |
|
Group |
|
ZEGNA |
|
Thom Browne |
|
TOM FORD FASHION |
|
Group |
EMEA (2) |
75 |
|
9 |
|
7 |
|
91 |
|
71 |
|
9 |
|
4 |
|
84 |
|
69 |
|
10 |
|
4 |
|
83 |
|
64 |
|
20 |
|
12 |
|
96 |
|
59 |
|
7 |
|
12 |
|
78 |
|
55 |
|
7 |
|
11 |
|
73 |
|
82 |
|
35 |
|
11 |
|
128 |
|
79 |
|
33 |
|
10 |
|
122 |
|
79 |
|
32 |
|
11 |
|
122 |
Rest of APAC |
58 |
|
38 |
|
26 |
|
122 |
|
44 |
|
37 |
|
25 |
|
106 |
|
43 |
|
17 |
|
25 |
|
85 |
Total Direct to Consumer (DTC) |
279 |
|
102 |
|
56 |
|
437 |
|
253 |
|
86 |
|
51 |
|
390 |
|
246 |
|
66 |
|
51 |
|
363 |
EMEA (2) |
46 |
|
7 |
|
16 |
|
69 |
|
55 |
|
7 |
|
14 |
|
76 |
|
59 |
|
7 |
|
12 |
|
78 |
|
67 |
|
3 |
|
50 |
|
120 |
|
63 |
|
3 |
|
50 |
|
116 |
|
63 |
|
3 |
|
51 |
|
117 |
|
13 |
|
10 |
|
— |
|
23 |
|
13 |
|
10 |
|
— |
|
23 |
|
13 |
|
11 |
|
— |
|
24 |
Rest of APAC |
4 |
|
4 |
|
5 |
|
13 |
|
20 |
|
5 |
|
6 |
|
31 |
|
22 |
|
22 |
|
7 |
|
51 |
Total Wholesale |
130 |
|
24 |
|
71 |
|
225 |
|
151 |
|
25 |
|
70 |
|
246 |
|
157 |
|
43 |
|
70 |
|
270 |
Total |
409 |
|
126 |
|
127 |
|
662 |
|
404 |
|
111 |
|
121 |
|
636 |
|
403 |
|
109 |
|
121 |
|
633 |
________________________________________ |
||
(1) |
|
Monobrand store count includes our DOSs (which are divided into boutiques and outlets) and our Wholesale monobrand stores (including also monobrand franchisees). |
(2) |
|
Does not include any stores in |
Ermenegildo Zegna N.V. SEMI-ANNUAL CONDENSED CONSOLIDATED STATEMENT OF PROFIT for the six months ended June 30, 2024 and 2023 (Unaudited) |
||||
|
|
For the six months ended June 30, |
||
(€ thousands) |
|
2024 |
|
2023 |
Revenues |
|
960,122 |
|
903,059 |
Cost of sales |
|
(322,678) |
|
(323,228) |
Gross profit |
|
637,444 |
|
579,831 |
Selling, general and administrative expenses |
|
(497,612) |
|
(415,792) |
Marketing expenses |
|
(66,751) |
|
(47,530) |
Operating profit |
|
73,081 |
|
116,509 |
Financial income |
|
12,106 |
|
15,601 |
Financial expenses |
|
(29,267) |
|
(44,592) |
Foreign exchange losses |
|
(7,684) |
|
(7,003) |
Result from investments accounted for using the equity method |
|
314 |
|
(2,237) |
Profit before taxes |
|
48,550 |
|
78,278 |
Income taxes |
|
(17,218) |
|
(26,162) |
Profit |
|
31,332 |
|
52,116 |
Attributable to: |
|
|
|
|
Shareholders of the Parent Company |
|
25,085 |
|
45,967 |
Non-controlling interests |
|
6,247 |
|
6,149 |
|
|
|
|
|
Basic earnings per share in € |
|
0.10 |
|
0.19 |
Diluted earnings per share in € |
|
0.10 |
|
0.19 |
Ermenegildo Zegna N.V. SEMI-ANNUAL CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION at June 30, 2024 and at December 31, 2023 (Unaudited) |
|||
(€ thousands) |
At June 30, 2024 |
|
At December 31, 2023 |
Assets |
|
|
|
Non-current assets |
|
|
|
Intangible assets |
594,936 |
|
572,274 |
Property, plant and equipment |
176,094 |
|
159,608 |
Right-of-use assets |
561,176 |
|
533,952 |
Investments accounted for using the equity method |
19,066 |
|
18,765 |
Deferred tax assets |
165,254 |
|
160,878 |
Other non-current financial assets |
36,121 |
|
33,898 |
Total non-current assets |
1,552,647 |
|
1,479,375 |
Current assets |
|
|
|
Inventories |
540,791 |
|
522,589 |
Trade receivables |
216,670 |
|
240,457 |
Derivative financial instruments |
4,345 |
|
11,110 |
Tax receivables |
36,112 |
|
31,024 |
Other current financial assets |
99,451 |
|
90,917 |
Other current assets |
105,967 |
|
95,260 |
Cash and cash equivalents |
225,316 |
|
296,279 |
Total current assets |
1,228,652 |
|
1,287,636 |
Total assets |
2,781,299 |
|
2,767,011 |
Liabilities and Equity |
|
|
|
Equity attributable to shareholders of the Parent Company |
852,678 |
|
840,294 |
Equity attributable to non-controlling interests |
61,527 |
|
60,602 |
Total equity |
914,205 |
|
900,896 |
Non-current liabilities |
|
|
|
Non-current borrowings |
218,132 |
|
113,285 |
Other non-current financial liabilities |
141,239 |
|
136,556 |
Non-current lease liabilities |
497,543 |
|
471,083 |
Non-current provisions for risks and charges |
20,323 |
|
19,849 |
Employee benefits |
35,727 |
|
29,645 |
Deferred tax liabilities |
77,843 |
|
73,885 |
Other non-current liabilities |
4,758 |
|
9,689 |
Total non-current liabilities |
995,565 |
|
853,992 |
Current liabilities |
|
|
|
Current borrowings |
167,963 |
|
289,337 |
Other current financial liabilities |
— |
|
22,102 |
Current lease liabilities |
133,554 |
|
122,642 |
Derivative financial instruments |
2,741 |
|
897 |
Current provisions for risks and charges |
13,111 |
|
16,019 |
Trade payables and customer advances |
281,819 |
|
314,137 |
Tax liabilities |
41,957 |
|
41,976 |
Other current liabilities |
230,384 |
|
205,013 |
Total current liabilities |
871,529 |
|
1,012,123 |
Total equity and liabilities |
2,781,299 |
|
2,767,011 |
Ermenegildo Zegna N.V. SEMI-ANNUAL CONDENSED CONSOLIDATED CASH FLOW STATEMENT for the six months ended June 30, 2024 and 2023 (Unaudited) |
|||
|
For the six months ended June 30, |
||
(€ thousands) |
2024 |
|
2023 |
Operating activities |
|
|
|
Profit |
31,332 |
|
52,116 |
Income taxes |
17,218 |
|
26,162 |
Depreciation, amortization and impairment of assets |
113,527 |
|
86,983 |
Financial income |
(12,106) |
|
(15,601) |
Financial expenses |
29,267 |
|
44,592 |
Foreign exchange losses |
7,684 |
|
7,003 |
Write downs and other provisions |
1,450 |
|
962 |
Write downs of the provision for obsolete inventory |
7,775 |
|
19,292 |
Result from investments accounted for using the equity method |
(314) |
|
2,237 |
Other non-cash expenses, net |
36,124 |
|
18,839 |
Change in inventories |
(21,568) |
|
(79,454) |
Change in trade receivables |
21,286 |
|
(26,851) |
Change in trade payables including customer advances |
(28,354) |
|
3,710 |
Change in other operating assets and liabilities |
(42,268) |
|
2,870 |
Interest paid |
(19,587) |
|
(13,480) |
Income taxes paid |
(21,018) |
|
(21,797) |
Net cash flows from operating activities |
120,448 |
|
107,583 |
Investing activities |
|
|
|
Payments for property, plant and equipment |
(47,926) |
|
(25,699) |
Payments for intangible assets |
(12,151) |
|
(8,801) |
Payments for purchases of non-current financial assets |
(1,319) |
|
(585) |
Proceeds from disposals of current financial assets and derivative instruments |
15,707 |
|
221,869 |
Payments for acquisitions of current financial assets and derivative instruments |
(21,444) |
|
(6,023) |
Business combinations, net of cash acquired |
(14,608) |
|
(108,575) |
Acquisition of investments accounted for using the equity method |
— |
|
(11,228) |
Net cash flows (used in)/from investing activities |
(81,741) |
|
60,958 |
Financing activities |
|
|
|
Proceeds from borrowings |
154,713 |
|
65,000 |
Repayments of borrowings |
(174,223) |
|
(173,407) |
Payments of lease liabilities |
(66,950) |
|
(59,115) |
Payments for acquisition of non-controlling interests |
(23,502) |
|
— |
Proceeds from the exercise of warrants |
— |
|
4,409 |
Sales of shares held in treasury |
— |
|
3,654 |
Dividends paid to non-controlling interests |
(1,444) |
|
(6,068) |
Net cash flows used in financing activities |
(111,406) |
|
(165,527) |
Effects of exchange rate changes on cash and cash equivalents |
1,736 |
|
(2,295) |
Net (decrease)/increase in cash and cash equivalents |
(70,963) |
|
719 |
|
|
|
|
Cash and cash equivalents at the beginning of the period |
296,279 |
|
254,321 |
Cash and cash equivalents at the end of the period |
225,316 |
|
255,040 |
Non-IFRS Financial Measures
The Group’s management monitors and evaluates operating and financial performance using several non-IFRS financial measures including: adjusted earnings before interest and taxes (“Adjusted EBIT”), Adjusted EBIT Margin, Net Financial Indebtedness/(Cash Surplus), Trade Working Capital, Free Cash Flow, revenues on a constant currency basis (constant currency) and revenues on an organic growth basis (organic or organic growth). The Group’s management believes that these non-IFRS financial measures provide useful and relevant information regarding the Group’s financial performance and financial condition, and improve the ability of management and investors to assess and compare the financial performance and financial position of the Group with those of other companies. They also provide comparable measures that facilitate management’s ability to identify operational trends, as well as make decisions regarding future spending, resource allocations and other strategic and operational decisions. While similar measures are widely used in the industry in which the Group operates, the financial measures that the Group uses may not be comparable to other similarly named measures used by other companies nor are they intended to be substitutes for measures of financial performance or financial position as prepared in accordance with IFRS. A definition, explanation of relevance and a reconciliation of each non-IFRS financial measure to the most directly comparable measure calculated and presented in accordance with IFRS are set out below.
Adjusted EBIT and Adjusted EBIT Margin
Adjusted EBIT is defined as profit or loss before income taxes plus financial income, financial expenses, foreign exchange losses and the result from investments accounted for using the equity method, adjusted for income and costs which are significant in nature and that management considers not reflective of underlying operating activities, including, for one or all of the periods presented and as further described below, net impairment of leased and owned stores, severance indemnities and provisions for severance expenses, legal costs for trademark dispute, transaction costs related to acquisitions, costs related to the Business Combination, special donations for social responsibility and net income related to lease agreements.
Adjusted EBIT Margin is defined as Adjusted EBIT divided by revenues of the applicable period.
The Group’s management uses Adjusted EBIT and Adjusted EBIT Margin for internal reporting to assess performance and as part of the forecasting, budgeting and decision-making processes as they provide additional transparency regarding the Group’s underlying operating performance. The Group’s management believes these non-IFRS financial measures are useful because they exclude items that management believes are not indicative of the Group’s underlying operating performance and allow management to view operating trends, perform analytical comparisons and benchmark performance between periods and among segments. The Group’s management also believes that Adjusted EBIT and Adjusted EBIT Margin are useful for investors and analysts to better understand how management assesses the Group’s underlying operating performance on a consistent basis and to compare the Group’s performance with that of other companies. Accordingly, management believes that Adjusted EBIT and Adjusted EBIT Margin provide useful information to third party stakeholders in understanding and evaluating the Group’s operating results.
The following table presents a reconciliation of Profit to Adjusted EBIT and the calculation of the profit margin and the Adjusted EBIT Margin for the six months ended June 30, 2024 and 2023:
|
For the six months ended June 30, |
||
(€ thousands, except percentages) |
2024 |
|
2023 |
Profit |
31,332 |
|
52,116 |
Income taxes |
17,218 |
|
26,162 |
Financial income |
(12,106) |
|
(15,601) |
Financial expenses |
29,267 |
|
44,592 |
Foreign exchange losses |
7,684 |
|
7,003 |
Result from investments accounted for using the equity method |
(314) |
|
2,237 |
Operating profit |
73,081 |
|
116,509 |
Adjustments: |
|
|
|
Net impairment of leased and owned stores (1) |
4,979 |
|
— |
Severance indemnities and provisions for severance expenses (2) |
1,436 |
|
738 |
Legal costs for trademark dispute (3) |
1,388 |
|
649 |
Transaction costs related to acquisitions (4) |
26 |
|
4,975 |
Costs related to the Business Combination (5) |
— |
|
1,059 |
Special donations for social responsibility (6) |
— |
|
100 |
Net income related to lease agreements (7) |
— |
|
(4,126) |
Adjusted EBIT |
80,910 |
|
119,904 |
|
|
|
|
Revenues |
960,122 |
|
903,059 |
Profit margin (Profit / Revenues) |
|
|
|
Adjusted EBIT Margin (Adjusted EBIT / Revenues) |
|
|
|
________________________________________ |
||
(1) |
|
Net impairment of leased and owned stores of |
(2) |
|
Relates to severance indemnities of |
(3) |
|
Relates to legal costs of |
(4) |
|
Relates to transaction costs of |
(5) |
|
Costs related to the Business Combination of |
(6) |
|
Relates to donations to support initiatives related to humanitarian emergencies in |
(7) |
|
Net income related to lease agreements of |
Net Financial Indebtedness/(Cash Surplus)
Net Financial Indebtedness/(Cash Surplus) is defined as the sum of financial borrowings (current and non-current) and derivative financial instrument liabilities, net of cash and cash equivalents, derivative financial instrument assets, securities (recorded within other current financial assets in the semi-annual condensed consolidated statement of financial position).
The Group’s management believes that Net Financial Indebtedness/(Cash Surplus) is useful to monitor the level of net liquidity and financial resources available to the Group. The Group’s management believes this non-IFRS financial measure aids management, investors and analysts to analyze the Group’s financial position and financial resources available, and to compare the Group’s financial position and financial resources available with that of other companies.
The following table sets forth the calculation of Net Financial Indebtedness/(Cash Surplus) at June 30, 2024, at December 31, 2023 and June 30, 2023:
(€ thousands) |
At June 30, 2024 |
|
At December 31, 2023 |
|
At June 30, 2023 |
Non-current borrowings |
218,132 |
|
113,285 |
|
112,747 |
Current borrowings |
167,963 |
|
289,337 |
|
283,077 |
Derivative financial instruments — Liabilities |
2,741 |
|
897 |
|
2,186 |
Total borrowings, other financial liabilities and derivatives |
388,836 |
|
403,519 |
|
398,010 |
Cash and cash equivalents |
(225,316) |
|
(296,279) |
|
(255,040) |
Derivative financial instruments — Assets |
(4,345) |
|
(11,110) |
|
(17,985) |
Other current financial assets (1) |
(93,666) |
|
(85,320) |
|
(107,952) |
Total cash and cash equivalents, other current financial assets and derivatives |
(323,327) |
|
(392,709) |
|
(380,977) |
Net Financial Indebtedness/(Cash Surplus) |
65,509 |
|
10,810 |
|
17,033 |
________________________________________ |
||
(1) |
|
Includes (i) the Group’s investments in securities amounting to |
Trade Working Capital
Trade Working Capital is defined as current assets less current liabilities adjusted for derivative assets and liabilities, tax receivables and liabilities, cash and cash equivalents, borrowings, lease liabilities, and certain other current assets and liabilities.
The Group’s management uses Trade Working Capital to understand and evaluate the Group’s liquidity generation/absorption. The Group’s management believes this non-IFRS financial measure is important supplemental information for investors in evaluating liquidity in that it provides insight into the availability of net current resources to fund our ongoing operations. Trade Working Capital is a measure used by management in internal evaluations of cash availability and operational performance.
The following table sets forth the calculation of Trade Working Capital at June 30, 2024, at December 31, 2023 and June 30, 2023:
(€ thousands) |
At June 30, 2024 |
|
At December 31, 2023 |
|
At June 30, 2023 |
Current assets |
1,228,652 |
|
1,287,636 |
|
1,262,741 |
Current liabilities |
(871,529) |
|
(1,012,123) |
|
(1,021,920) |
Working capital |
357,123 |
|
275,513 |
|
240,821 |
Less: |
|
|
|
|
|
Derivative financial instruments - Assets |
4,345 |
|
11,110 |
|
17,985 |
Tax receivables |
36,112 |
|
31,024 |
|
17,734 |
Other current financial assets |
99,451 |
|
90,917 |
|
109,918 |
Other current assets |
105,967 |
|
95,260 |
|
99,680 |
Cash and cash equivalents |
225,316 |
|
296,279 |
|
255,040 |
Current borrowings |
(167,963) |
|
(289,337) |
|
(283,077) |
Current lease liabilities |
(133,554) |
|
(122,642) |
|
(121,761) |
Derivative financial instruments - Liabilities |
(2,741) |
|
(897) |
|
(2,186) |
Other current financial liabilities |
— |
|
(22,102) |
|
(23,373) |
Current provisions for risks and charges |
(13,111) |
|
(16,019) |
|
(15,458) |
Tax liabilities |
(41,957) |
|
(41,976) |
|
(46,928) |
Other current liabilities |
(230,384) |
|
(205,013) |
|
(232,172) |
Trade Working Capital |
475,642 |
|
448,909 |
|
465,419 |
of which trade receivables |
216,670 |
|
240,457 |
|
217,208 |
of which inventories |
540,791 |
|
522,589 |
|
545,176 |
of which trade payables and customer advances |
(281,819) |
|
(314,137) |
|
(296,965) |
Trade Working Capital increased by
Free Cash Flow
Free Cash Flow is defined as net cash flows from operating activities less payments for property, plant and equipment (net of proceeds from disposals), intangible assets and lease liabilities.
The Group’s management believes that Free Cash Flow is a useful metric for management, investors and analysts to evaluate and monitor the Group’s ability to generate cash, including in comparison to other companies. Free Cash Flow is not representative of residual cash flows available for discretionary purposes.
The following table sets forth the Free Cash Flow for the six months ended June 30, 2024, and 2023:
|
For the six months ended June 30, |
||
(€ thousands) |
2024 |
|
2023 |
Net cash flows from operating activities |
120,448 |
|
107,583 |
Payments for property, plant and equipment |
(47,926) |
|
(25,699) |
Payments for intangible assets |
(12,151) |
|
(8,801) |
Payments of lease liabilities |
(66,950) |
|
(59,115) |
Free Cash Flow |
(6,579) |
|
13,968 |
Revenues on a constant currency basis (constant currency)
In addition to presenting our revenues on a current currency basis, we also present certain revenue information on a constant currency basis (constant currency), which excludes the effects of foreign currency translation from our subsidiaries with functional currencies different from the Euro.
We calculate constant currency revenues by applying the current period average foreign currency exchange rates to translate prior period revenues of foreign subsidiaries expressed in local functional currencies different than the Euro.
We use revenues on a constant currency basis to analyze how our underlying revenues have changed between periods independent of the effects of foreign currency translation.
Revenues on a constant currency basis are not a substitute for revenues on a current currency basis or any IFRS-related measures, however we believe that revenues excluding the impact of foreign currency translation provide additional useful information to management and to investors in analyzing and evaluating our revenues and operating performance.
Revenues on an organic growth basis (organic growth or organic)
In addition to presenting our revenues on a current currency basis, we also present certain revenue information on an organic growth basis (organic growth or organic). Organic growth is calculated as the change in revenues from period to period, excluding the effects of (a) foreign exchange, (b) acquisitions and disposals and (c) changes in license agreements where the Group operates as a licensee.
In calculating organic growth, the following adjustments are made to revenues:
(a) |
|
Foreign exchange – Current period average foreign currency exchange rates are used to translate prior period revenues of foreign subsidiaries expressed in local functional currencies different than the Euro. |
(b) |
|
Acquisitions and disposals – Revenues generated by businesses and operations acquired in the current year are excluded. Revenues generated by businesses and operations acquired in the prior year are excluded from the current year for the same period that corresponds to the pre-acquisition period in the prior year. Additionally, where a business or operation was a customer prior to an acquisition, the related pre-acquisition revenues are excluded from the current and prior periods. Revenues generated by businesses and operations disposed of in the current year or prior year are excluded from both periods as applicable. |
(c) |
|
Changes in license agreements where the Group operates as a licensee – Revenues generated from license agreements where the Group operates as a licensee that are new or terminated in the current year or prior year are excluded from both periods (except if the effects are already included in acquisitions and disposals). Additionally, revenues generated from license agreements where the Group operates as a licensee that experienced a structural change in the scope or perimeter in the current year or prior year are excluded from both periods, including changes to product categories, distribution channels or geographies of the underlying license agreements. |
We believe the presentation of organic growth is useful to better understand and analyze the underlying change in the Group’s revenues from period to period on a consistent perimeter and constant currency basis.
Revenues on an organic growth basis are not a substitute for revenues on a current currency basis or any IFRS-related measures, however we believe that revenues excluding the effects of (a) foreign exchange, (b) acquisitions and disposals and (c) changes in license agreements where the Group operates as a licensee provide additional useful information to management and to investors in analyzing and evaluating our revenues and operating performance.
The tables below show a reconciliation of reported revenue growth to constant currency, excluding the effects of foreign exchange, and to organic, which excludes also acquisitions and disposals and changes in license agreements where the Group operates as a licensee, by segment, by product line, by distribution channel and by geographic area for the six months ended June 30, 2024 compared to the six months ended June 30, 2023 (H1 2024 vs H1 2023) and for the three months ended June 30, 2024 compared to the three months ended June 30, 2023 (Q2 2024 vs Q2 2023).
Segment
|
H1 2024 vs H1 2023 |
||||||||||
|
Revenues
|
|
less
|
|
Constant
|
|
less Acquisitions and disposals |
|
less Changes in license agreements where the Group operates as a licensee |
|
Organic |
Zegna |
|
|
( |
|
|
|
|
|
|
|
|
Thom Browne |
( |
|
( |
|
( |
|
|
|
—% |
|
( |
Tom Ford Fashion |
|
|
( |
|
|
|
|
|
—% |
|
|
Total |
|
|
( |
|
|
|
|
|
( |
|
( |
|
Q2 2024 vs Q2 2023 |
||||||||||
|
Revenues
|
|
less
|
|
Constant
|
|
less Acquisitions and disposals |
|
less Changes in license agreements where the Group operates as a licensee |
|
Organic |
Zegna |
|
|
( |
|
|
|
|
|
|
|
|
Thom Browne |
( |
|
( |
|
( |
|
|
|
—% |
|
( |
Tom Ford Fashion |
|
|
( |
|
|
|
|
|
—% |
|
|
Total |
|
|
( |
|
|
|
|
|
( |
|
( |
Product line
|
H1 2024 vs H1 2023 |
||||||||||
|
Revenues
|
|
less
|
|
Constant
|
|
less Acquisitions and disposals |
|
less Changes in license agreements where the Group operates as a licensee |
|
Organic |
ZEGNA brand |
|
|
( |
|
|
|
|
|
—% |
|
|
Thom Browne |
( |
|
( |
|
( |
|
|
|
—% |
|
( |
TOM FORD FASHION |
|
|
( |
|
|
|
|
|
—% |
|
|
Textile |
( |
|
( |
|
( |
|
( |
|
—% |
|
( |
Other |
( |
|
( |
|
( |
|
( |
|
( |
|
( |
Total |
|
|
( |
|
|
|
|
|
( |
|
( |
|
Q2 2024 vs Q2 2023 |
||||||||||
|
Revenues
|
|
less
|
|
Constant
|
|
less Acquisitions and disposals |
|
less Changes in license agreements where the Group operates as a licensee |
|
Organic |
ZEGNA brand |
|
|
( |
|
|
|
|
|
—% |
|
|
Thom Browne |
( |
|
( |
|
( |
|
|
|
—% |
|
( |
TOM FORD FASHION |
|
|
( |
|
|
|
|
|
—% |
|
|
Textile |
( |
|
( |
|
( |
|
—% |
|
—% |
|
( |
Other |
( |
|
—% |
|
( |
|
—% |
|
( |
|
( |
Total |
|
|
( |
|
|
|
|
|
( |
|
( |
Distribution channel
|
H1 2024 vs H1 2023 |
||||||||||
|
Revenues
|
|
less
|
|
Constant
|
|
less Acquisitions and disposals |
|
less Changes in license agreements where the Group operates as a licensee |
|
Organic |
Direct to Consumer (DTC) |
|
|
|
|
|
|
|
|
|
|
|
ZEGNA brand |
|
|
( |
|
|
|
|
|
—% |
|
|
Thom Browne |
|
|
( |
|
|
|
|
|
—% |
|
( |
TOM FORD FASHION |
|
|
( |
|
|
|
|
|
—% |
|
|
Total Direct to Consumer (DTC) |
|
|
( |
|
|
|
|
|
—% |
|
|
Wholesale branded |
|
|
|
|
|
|
|
|
|
|
|
ZEGNA brand |
|
|
( |
|
|
|
( |
|
—% |
|
|
Thom Browne |
( |
|
—% |
|
( |
|
( |
|
—% |
|
( |
TOM FORD FASHION |
|
|
( |
|
|
|
|
|
—% |
|
|
Total Wholesale branded |
( |
|
( |
|
( |
|
|
|
—% |
|
( |
Textile |
( |
|
( |
|
( |
|
( |
|
—% |
|
( |
Other |
( |
|
( |
|
( |
|
( |
|
( |
|
( |
Total |
|
|
( |
|
|
|
|
|
( |
|
( |
|
Q2 2024 vs Q2 2023 |
||||||||||
|
Revenues
|
|
less
|
|
Constant
|
|
less Acquisitions and disposals |
|
less Changes in license agreements where the Group operates as a licensee |
|
Organic |
Direct to Consumer (DTC) |
|
|
|
|
|
|
|
|
|
|
|
ZEGNA brand |
|
|
( |
|
|
|
|
|
—% |
|
|
Thom Browne |
|
|
( |
|
|
|
|
|
—% |
|
( |
TOM FORD FASHION |
|
|
( |
|
|
|
|
|
—% |
|
|
Total Direct to Consumer (DTC) |
|
|
( |
|
|
|
|
|
—% |
|
|
Wholesale branded |
|
|
|
|
|
|
|
|
|
|
|
ZEGNA brand |
|
|
( |
|
|
|
( |
|
—% |
|
|
Thom Browne |
( |
|
—% |
|
( |
|
|
|
—% |
|
( |
TOM FORD FASHION |
|
|
( |
|
|
|
|
|
—% |
|
|
Total Wholesale branded |
( |
|
( |
|
( |
|
|
|
—% |
|
( |
Textile |
( |
|
( |
|
( |
|
—% |
|
—% |
|
( |
Other |
( |
|
—% |
|
( |
|
—% |
|
( |
|
( |
Total |
|
|
( |
|
|
|
|
|
( |
|
( |
Geographic area
|
H1 2024 vs H1 2023 |
||||||||||
|
Revenues
|
|
less
|
|
Constant
|
|
less Acquisitions and disposals |
|
less Changes in license agreements where the Group operates as a licensee |
|
Organic |
EMEA (1) |
|
|
( |
|
|
|
|
|
( |
|
( |
|
|
|
|
|
|
|
|
|
( |
|
|
|
( |
|
( |
|
( |
|
|
|
—% |
|
( |
Rest of APAC (3) |
|
|
( |
|
|
|
|
|
( |
|
|
Other (4) |
( |
|
—% |
|
( |
|
|
|
—% |
|
( |
Total |
|
|
( |
|
|
|
|
|
( |
|
( |
|
Q2 2024 vs Q2 2023 |
||||||||||
|
Revenues
|
|
less
|
|
Constant
|
|
less Acquisitions and disposals |
|
less Changes in license agreements where the Group operates as a licensee |
|
Organic |
EMEA (1) |
|
|
|
|
|
|
|
|
( |
|
|
|
|
|
( |
|
|
|
|
|
( |
|
|
|
( |
|
( |
|
( |
|
|
|
( |
|
( |
Rest of APAC (3) |
|
|
( |
|
|
|
|
|
( |
|
|
Other (4) |
( |
|
( |
|
( |
|
|
|
—% |
|
( |
Total |
|
|
( |
|
|
|
|
|
( |
|
( |
________________________________________ |
||
(1) |
|
EMEA includes |
(2) |
|
|
(3) |
|
Rest of APAC includes |
(4) |
|
Other revenues mainly include royalties. |
Capital expenditure
Capital expenditure is defined as the sum of cash outflows that result in additions to property, plant and equipment and intangible assets.
The following table shows a breakdown of capital expenditure by category for the six months ended June 30, 2024 and 2023.
|
For the six months ended June 30, |
||
(€ thousands) |
2024 |
|
2023 |
Payments for property, plant and equipment |
47,926 |
|
25,699 |
Payments for intangible assets |
12,151 |
|
8,801 |
Capital expenditure |
60,077 |
|
34,500 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240918607067/en/
Paola Durante, Chief of External Relations
Alice Poggioli, Investor Relations Director
Clementina Tito, Head of Corporate Communication
ir@zegna.com / corporatepress@zegna.com
Source: Zegna Group
FAQ
What were Ermenegildo Zegna Group's (ZGN) revenues for H1 2024?
How did ZGN's profit in H1 2024 compare to H1 2023?
What was ZGN's Adjusted EBIT for H1 2024?
How did the ZEGNA brand perform in H1 2024?