Ermenegildo Zegna Group Reports Robust FY2022 Financial Results in Line With Strategic Plan
Ermenegildo Zegna N.V. (NYSE:ZGN) reported a profit of €65.3 million and Adjusted EBIT of €157.7 million for the year ended December 31, 2022. Revenue for the year rose 15.5% year-over-year to €1,492.8 million, driven by a 42% increase excluding the COVID-19-impacted Greater China Region. Cash surplus stands at €122.2 million. The company anticipates double-digit growth for Q1 2023 and aims for €2 billion revenue and a 15% EBIT margin by 2025, not including TOM FORD FASHION. A proposed dividend of €0.10 per share marks an 11% rise year-over-year. Zegna’s strategy includes expanding its retail network and enhancing its brand identity while navigating potential global economic uncertainties.
- Profit of €65.3 million in 2022, a significant recovery from a loss of €127.7 million in 2021.
- Adjusted EBIT rose by 6% to €157.7 million with a 10.6% margin.
- 2022 revenue increased by 15.5% to €1,492.8 million, with a 42% growth excluding Greater China.
- Double-digit revenue growth expected for Q1 2023.
- Proposed dividend of €0.10 per share, up 11% year-over-year.
- Adjusted EBIT margin declined from 11.5% in 2021 to 10.6% in 2022.
- Corporate costs rose significantly due to public company expenses, reaching €31.9 million.
-
2022 profit of
€65.3 million 1 and Adjusted EBIT2 of€157.7 million demonstrate robust overall performance despite COVID-19-related impacts in theGreater China Region during the second and fourth quarters.
-
Cash Surplus2 was
€122.2 million atDecember 31, 2022 .
-
Double-digit revenue growth expected for the first quarter of 2023. FY2023 results expected to be on the trajectory to achieve
€2 billion revenue and15% Adjusted EBIT Margin2 by 2025 (excluding TOM FORD FASHION).
-
Proposed dividend of
€0.10 per share3, up11% year-over-year.
Ermenegildo “Gildo” Zegna, Chairman and CEO of the
“Last year, we embarked on a journey of rebranding our namesake label, as we unveiled the ZEGNA One Brand. We are still at the beginning of this journey, having just launched the second season and a number of new initiatives. 2023 is off to an encouraging start, with solid double-digit performance in the Group’s retail network, and I am optimistic that the reopening of the
“Furthermore,” he continued, “in
_______________________________ |
1 Profit refers to profit of the Group (including profit attributable to non-controlling interests). |
2 Adjusted Profit/(Loss), Adjusted EBIT, Adjusted EBIT Margin, Net Financial Indebtedness/(Cash Surplus), Adjusted Diluted Earnings per |
3 Declaration of the proposed dividend is subject to the finalization and adoption by the Board of Directors of the annual statutory accounts of the Company, provided that the distribution is permitted under Dutch law, and also subject to the approval of the proposed distribution by Zegna’s 2023 annual general meeting (currently expected to be held on |
4 Throughout this press release, growth rates refer to year-over-year growth on a current currency basis, unless otherwise indicated. |
Key Financial Highlights for the year ended
|
For the years ended |
|
Increase/(Decrease) |
||||||||||||||
(€ thousands, except percentages and per share data) |
2022 |
|
2021 |
|
2020 |
|
2022 vs 2021 |
|
% |
|
% at constant currency |
|
2021 vs 2020 |
|
% |
|
% at constant currency |
Revenues |
1,492,840 |
|
1,292,402 |
|
1,014,733 |
|
200,438 |
|
|
|
|
|
277,669 |
|
|
|
|
Profit/(Loss) |
65,279 |
|
(127,661) |
|
(46,540) |
|
192,940 |
|
n.m.(1) |
|
|
|
(81,121) |
|
n.m. |
|
|
Adjusted Profit/(Loss) |
73,629 |
|
75,322 |
|
(4,752) |
|
(1,693) |
|
( |
|
|
|
80,074 |
|
n.m. |
|
|
Adjusted EBIT |
157,729 |
|
149,115 |
|
20,013 |
|
8,614 |
|
|
|
|
|
129,102 |
|
n.m. |
|
|
Adjusted EBIT Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings per Share in € |
0.21 |
|
(0.67) |
|
(0.25) |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Diluted Earnings per Share in € |
0.25 |
|
0.33 |
|
(0.04) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues by segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Zegna(2) |
1,176,706 |
|
1,035,175 |
|
843,318 |
|
141,531 |
|
|
|
|
|
191,857 |
|
|
|
|
|
330,891 |
|
264,066 |
|
179,794 |
|
66,825 |
|
|
|
|
|
84,272 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBIT and Adjusted EBIT Margin by segment |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Zegna |
141,513 |
|
131,929 |
|
(7,243) |
|
9,584 |
|
|
|
|
|
139,172 |
|
n.m. |
|
|
|
|
|
|
( |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48,077 |
|
38,097 |
|
28,994 |
|
9,980 |
|
|
|
|
|
9,103 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
(31,861) |
|
(20,911) |
|
(1,738) |
|
(10,950) |
|
( |
|
|
|
(19,173) |
|
n.m. |
|
|
( |
|
( |
|
( |
|
|
|
|
|
|
|
|
|
|
|
|
________________________________________ |
||||
(1) |
|
Throughout this section “n.m.” means not meaningful |
||
(2) |
|
Before inter-segment eliminations. |
|
At |
|
|
||
(€ thousands) |
2022 |
|
2021 |
|
Change |
Net Financial Indebtedness/(Cash Surplus) |
(122,153) |
|
(144,769) |
|
22,616 |
Adjusted Profit/(Loss), Adjusted EBIT, Adjusted EBIT Margin, Adjusted Diluted Earnings per Share, Net Financial Indebtedness/(Cash Surplus), and revenues on a constant currency basis are non-IFRS financial measures. See the Non-IFRS Financial Measures section starting on page 13 of this press release for the definition of such non-IFRS financial measures and a reconciliation of such non-IFRS financial measures to the most directly comparable IFRS measures.
Selected 2022 Highlights
- Continued Profitability Despite Challenging Global Environment and COVID-19-Related Disruptions in GCR
The soundness of the Group’s strategy, the desirability of its ZEGNA and Thom Browne brands, and the success of its Made in
- ZEGNA One Brand
Our transition to the ZEGNA One Brand, officially launched in
-
Thom Browne on Track for Sustained Growth
Despite significant disruptions during 2022, particularly in the GCR,
The Japanese market in particular performed very well last year and represents a solid base to accelerate growth in 2023.
- Progress on Our Sustainability and ESG Commitments
In May of 2022 the Group announced 27 ESG commitments that continue to build upon its legacy of caring for people and the environment. Since then, it has made progress on a number of these. Some of the key milestones achieved during 2022 include:
- Putting in place comprehensive DE&I and talent management strategies, as well as appointing a DE&I Officer.
- Strengthening the Group’s governance through the introduction of long-term equity incentive plans for eligible executives linked to achieving the stated commitments. In addition, the Board of Directors now has oversight of the Group’s ESG strategy.
- Preparing for the launch of Accademia dei Mestieri, the Group’s vocational training project, with professional training activities already started in 2022.
- Submitting the Group’s net-zero targets to the Science-Based Target initiative (SBTi).
-
Making important progress on the Road to Traceability with the launch of the Oasi Cashmere collection, with a commitment that all cashmere used in the collection will be fully traceable by 2024, as certified by the
Sustainable Fibre Alliance . -
Spearheading, along with other industry leaders and organizations, projects including the Re.
Crea Consortium to manage products at end-of-life, in partnership withCamera Nazionale della Moda Italiana and other Italian luxury brands, and The Fashion Pact-led Collective Virtual Power Purchase Agreement (CVPPA) initiative to accelerate the adoption of renewable electricity.
Review of FY 2022 Financials
Revenues
As previously communicated on
Profit/(Loss) and Adjusted Profit/(Loss)
Profit for 2022 was
Adjusted Profit/(Loss) was
For additional information regarding Adjusted Profit/(Loss), which is a non-IFRS financial measure, please see page 13.
Adjusted EBIT and Adjusted EBIT Margin
The Group’s Adjusted EBIT was
Results by Segment
Zegna Segment: Adjusted EBIT for the Zegna segment (which now excludes corporate costs previously allocated to the segment) was
Thom Browne Segment: Adjusted EBIT for the
Corporate
Starting with the year ended
Net Financial Indebtedness/(Cash Surplus),
The Group’s Cash Surplus was
Inventories reached
For additional information regarding Net Financial Indebtedness/(Cash Surplus) and
Dividend and AGM
Subject to the finalization and adoption of the annual statutory accounts of the Company, provided that the distribution is permitted under Dutch law, and also subject to the approval of the proposed distribution by Zegna’s 2023 annual general meeting (currently expected to be held on
Outlook
On
Annual Report on Form 20-F
Our annual report on Form 20-F, including the consolidated financial statements for the fiscal year ended
***
Conference Call
As previously announced, today at
All other locations: +44 (0) 3936 2999
Participant Access code: 475883
An online archive of the broadcast will be available on the website shortly after the live call and will be available for twelve months.
***
Next Scheduled Announcement
The next scheduled announcement will be on
***
About
Founded in 1910 in Trivero,
***
Forward Looking Statements
This communication, including the section “Outlook”, contains forward-looking statements that are based on beliefs and assumptions and on information currently available to the Company. 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” 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. Although the Company believes that it has a reasonable basis for each forward-looking statement contained in this communication, the Company cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. In addition, risks and uncertainties are described in the Company’s filings with the
***
FY 2022 - Group Revenues Tables
Group Revenues by Segment
|
For the years ended |
|
Increase/(Decrease) |
||||||||||||||
(€ thousands, except percentages) |
2022 |
|
2021 |
|
2020 |
|
2022 vs 2021 |
|
% |
|
% at constant currency |
|
2021 vs 2020 |
|
% |
|
% at constant currency |
Zegna Segment |
1,176,706 |
|
1,035,175 |
|
843,318 |
|
141,531 |
|
|
|
|
|
191,857 |
|
|
|
|
Thom Browne Segment |
330,891 |
|
264,066 |
|
179,794 |
|
66,825 |
|
|
|
|
|
84,272 |
|
|
|
|
Eliminations |
(14,757) |
|
(6,839) |
|
(8,379) |
|
(7,918) |
|
n.m. |
|
n.m. |
|
1,540 |
|
n.m. |
|
n.m. |
Total revenues |
1,492,840 |
|
1,292,402 |
|
1,014,733 |
|
200,438 |
|
|
|
|
|
277,669 |
|
|
|
|
Group Revenues by Sales Channel
|
For the years ended |
|
Increase/(Decrease) |
||||||||||||||
(€ thousands, except percentages) |
2022 |
|
2021 |
|
2020 |
|
2022 vs 2021 |
|
% |
|
% at constant currency |
|
2021 vs 2020 |
|
% |
|
% at constant currency |
Direct to Consumer (DTC) - Zegna branded products |
772,505 |
|
712,862 |
|
527,972 |
|
59,643 |
|
|
|
|
|
184,890 |
|
|
|
|
Direct to Consumer (DTC) - |
145,702 |
|
138,567 |
|
85,268 |
|
7,135 |
|
|
|
( |
|
53,299 |
|
|
|
|
Total Direct to Customer (DTC) |
918,207 |
|
851,429 |
|
613,240 |
|
66,778 |
|
|
|
|
|
238,189 |
|
|
|
|
Wholesale Zegna branded products |
151,437 |
|
134,449 |
|
108,506 |
|
16,988 |
|
|
|
|
|
25,943 |
|
|
|
|
Wholesale |
184,312 |
|
124,830 |
|
94,222 |
|
59,482 |
|
|
|
|
|
30,608 |
|
|
|
|
Wholesale Third Party Brands and Textile |
234,561 |
|
177,201 |
|
169,888 |
|
57,360 |
|
|
|
|
|
7,313 |
|
|
|
|
Total Wholesale |
570,310 |
|
436,480 |
|
372,616 |
|
133,830 |
|
|
|
|
|
63,864 |
|
|
|
|
Other |
4,323 |
|
4,493 |
|
28,877 |
|
(170) |
|
( |
|
( |
|
(24,384) |
|
( |
|
( |
Total revenues |
1,492,840 |
|
1,292,402 |
|
1,014,733 |
|
200,438 |
|
|
|
|
|
277,669 |
|
|
|
|
________________________________________ |
Zegna branded products include apparel, bags, shoes and small and large leather goods, as well as licensed goods and royalties. |
Group Revenues by Geographical Area
|
For the years ended |
|
Increase/(Decrease) |
||||||||||||||
(€ thousands, except percentages) |
2022 |
|
2021 |
|
2020 |
|
2022 vs 2021 |
|
% |
|
% at constant currency |
|
2021 vs 2020 |
|
% |
|
% at constant currency |
EMEA (1) |
520,226 |
|
380,325 |
|
315,879 |
|
139,901 |
|
|
|
|
|
64,446 |
|
|
|
|
of which |
224,342 |
|
158,722 |
|
121,202 |
|
65,620 |
|
|
|
|
|
37,520 |
|
|
|
|
of which |
53,970 |
|
37,682 |
|
32,985 |
|
16,288 |
|
|
|
|
|
4,697 |
|
|
|
|
of which MEA (2) |
69,046 |
|
44,236 |
|
24,268 |
|
24,810 |
|
|
|
|
|
19,968 |
|
|
|
|
|
294,686 |
|
191,283 |
|
131,049 |
|
103,403 |
|
|
|
|
|
60,234 |
|
|
|
|
of which |
270,312 |
|
176,059 |
|
114,818 |
|
94,253 |
|
|
|
|
|
61,241 |
|
|
|
|
|
29,889 |
|
19,971 |
|
12,915 |
|
9,918 |
|
|
|
|
|
7,056 |
|
|
|
|
APAC (5) |
644,802 |
|
696,344 |
|
551,650 |
|
(51,542) |
|
( |
|
( |
|
144,694 |
|
|
|
|
of which |
494,110 |
|
588,876 |
|
438,193 |
|
(94,766) |
|
( |
|
( |
|
150,683 |
|
|
|
|
of which |
65,445 |
|
55,479 |
|
61,523 |
|
9,966 |
|
|
|
|
|
(6,044) |
|
( |
|
( |
Other (6) |
3,237 |
|
4,479 |
|
3,240 |
|
(1,242) |
|
n.m. |
|
n.m. |
|
1,239 |
|
|
|
|
Total revenues |
1,492,840 |
|
1,292,402 |
|
1,014,733 |
|
200,438 |
|
|
|
|
|
277,669 |
|
|
|
|
________________________________________ |
||
(1) |
|
EMEA includes |
(2) |
|
MEA includes the |
(3) |
|
|
(4) |
|
|
(5) |
|
APAC includes the |
(6) |
|
Other revenues mainly include royalties. |
Group Revenues by Product Line
|
For the years ended |
|
Increase/(Decrease) |
||||||||||||||
(€ thousands, except percentages) |
2022 |
|
2021 |
|
2020 |
|
2022 vs 2021 |
|
% |
|
% at constant currency |
|
2021 vs 2020 |
|
% |
|
% at constant currency |
Zegna branded products |
923,942 |
|
847,311 |
|
636,478 |
|
76,631 |
|
|
|
|
|
210,833 |
|
|
|
|
|
330,014 |
|
263,397 |
|
179,490 |
|
66,617 |
|
|
|
|
|
83,907 |
|
|
|
|
Textile |
136,769 |
|
102,244 |
|
87,615 |
|
34,525 |
|
|
|
|
|
14,629 |
|
|
|
|
Third Party Brands |
97,792 |
|
74,957 |
|
82,273 |
|
22,835 |
|
|
|
|
|
(7,316) |
|
( |
|
( |
Other |
4,323 |
|
4,493 |
|
28,877 |
|
(170) |
|
( |
|
( |
|
(24,384) |
|
( |
|
( |
Total revenues |
1,492,840 |
|
1,292,402 |
|
1,014,733 |
|
200,438 |
|
|
|
|
|
277,669 |
|
|
|
|
________________________________________ |
Zegna branded products include apparel, bags, shoes and small and large leather goods, as well as licensed goods and royalties. |
***
Group Monobrand(1) Store Network at
|
At |
||||||||||
|
2022 |
|
2021 |
||||||||
# Stores |
Zegna |
|
|
|
Group |
|
Zegna |
|
|
|
Group |
EMEA (2) |
65 |
|
10 |
|
75 |
|
69 |
|
9 |
|
78 |
|
53 |
|
7 |
|
60 |
|
50 |
|
5 |
|
55 |
APAC |
121 |
|
46 |
|
167 |
|
126 |
|
38 |
|
164 |
Total Direct to Customer (DTC) |
239 |
|
63 |
|
302 |
|
245 |
|
52 |
|
297 |
EMEA (2) |
57 |
|
6 |
|
63 |
|
89 |
|
5 |
|
94 |
|
64 |
|
4 |
|
68 |
|
74 |
|
3 |
|
77 |
APAC |
35 |
|
32 |
|
67 |
|
32 |
|
30 |
|
62 |
Total Wholesale |
156 |
|
42 |
|
198 |
|
195 |
|
38 |
|
233 |
Total |
395 |
|
105 |
|
500 |
|
440 |
|
90 |
|
530 |
________________________________________ |
||
(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 |
|
(3) |
***
CONSOLIDATED STATEMENT OF PROFIT AND LOSS
for the years ended |
|||||
|
For the years ended |
||||
(€ thousands, except per share data) |
2022 |
|
2021 |
|
2020 |
Revenues |
1,492,840 |
|
1,292,402 |
|
1,014,733 |
Other income |
13,949 |
|
8,260 |
|
5,373 |
Cost of raw materials and consumables |
(311,320) |
|
(309,609) |
|
(250,569) |
Purchased, outsourced and other costs |
(437,928) |
|
(353,629) |
|
(286,926) |
Personnel costs |
(395,087) |
|
(367,762) |
|
(282,659) |
Depreciation, amortization and impairment of assets |
(173,521) |
|
(163,367) |
|
(185,930) |
Write downs and other provisions |
(14) |
|
(19,487) |
|
(6,178) |
Other operating costs |
(41,142) |
|
(180,836) |
|
(30,399) |
Operating Profit/(Loss) |
147,777 |
|
(94,028) |
|
(22,555) |
Financial income |
13,320 |
|
45,889 |
|
34,352 |
Financial expenses |
(54,346) |
|
(43,823) |
|
(48,072) |
Foreign exchange (losses)/gains |
(7,869) |
|
(7,791) |
|
13,455 |
Result from investments accounted for using the equity method |
2,199 |
|
2,794 |
|
(4,205) |
Impairments of investments accounted for using the equity method |
— |
|
— |
|
(4,532) |
Profit/(Loss) before taxes |
101,081 |
|
(96,959) |
|
(31,557) |
Income taxes |
(35,802) |
|
(30,702) |
|
(14,983) |
Profit/(Loss) |
65,279 |
|
(127,661) |
|
(46,540) |
Attributable to: |
|
|
|
|
|
Shareholders of the Parent Company |
51,482 |
|
(136,001) |
|
(50,577) |
Non-controlling interests |
13,797 |
|
8,340 |
|
4,037 |
|
|
|
|
|
|
Basic earnings per share in Euro |
0.22 |
|
(0.67) |
|
(0.25) |
Diluted earnings per share in Euro |
0.21 |
|
(0.67) |
|
(0.25) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
at |
|||
|
At |
||
(€ thousands) |
2022 |
|
2021 |
Assets |
|
|
|
Non-current assets |
|
|
|
Intangible assets |
455,908 |
|
425,220 |
Property, plant and equipment |
126,139 |
|
111,474 |
Right-of-use assets |
375,508 |
|
370,470 |
Investments accounted for using the equity method |
22,648 |
|
22,447 |
Deferred tax assets |
124,627 |
|
108,210 |
Other non-current financial assets |
36,240 |
|
35,372 |
Total non-current assets |
1,141,070 |
|
1,073,193 |
Current assets |
|
|
|
Inventories |
410,851 |
|
338,475 |
Trade receivables |
177,213 |
|
160,360 |
Derivative financial instruments |
22,454 |
|
1,786 |
Tax receivables |
15,350 |
|
14,966 |
Other current financial assets |
320,894 |
|
340,380 |
Other current assets |
84,574 |
|
68,773 |
Cash and cash equivalents |
254,321 |
|
459,791 |
Total current assets |
1,285,657 |
|
1,384,531 |
Total assets |
2,426,727 |
|
2,457,724 |
Liabilities and Equity |
|
|
|
Share capital |
5,939 |
|
5,939 |
Retained earnings |
528,320 |
|
498,592 |
Other reserves |
144,690 |
|
96,679 |
Equity attributable to shareholders of the Parent Company |
678,949 |
|
601,210 |
Equity attributable to non-controlling interests |
53,372 |
|
43,094 |
Total equity |
732,321 |
|
644,304 |
Non-current liabilities |
|
|
|
Non-current borrowings |
184,880 |
|
471,646 |
Other non-current financial liabilities |
178,793 |
|
167,387 |
Non-current lease liabilities |
332,050 |
|
331,409 |
Non-current provisions for risks and charges |
19,581 |
|
44,555 |
Employee benefits |
51,584 |
|
42,263 |
Deferred tax liabilities |
60,534 |
|
53,844 |
Total non-current liabilities |
827,422 |
|
1,111,104 |
Current liabilities |
|
|
|
Current borrowings |
286,175 |
|
157,292 |
Other current financial liabilities |
37,258 |
|
33,984 |
Current lease liabilities |
111,457 |
|
106,643 |
Derivative financial instruments |
2,362 |
|
14,138 |
Current provisions for risks and charges |
13,969 |
|
14,093 |
Trade payables and customer advances |
270,936 |
|
223,037 |
Tax liabilities |
25,999 |
|
28,773 |
Other current liabilities |
118,828 |
|
124,356 |
Total current liabilities |
866,984 |
|
702,316 |
Total equity and liabilities |
2,426,727 |
|
2,457,724 |
CONSOLIDATED CASH FLOW STATEMENT
for the years ended |
|||||
|
For the years ended |
||||
(€ thousands) |
2022 |
|
2021 |
|
2020 |
Operating activities |
|
|
|
|
|
Profit/(Loss) |
65,279 |
|
(127,661) |
|
(46,540) |
Income taxes |
35,802 |
|
30,702 |
|
14,983 |
Depreciation, amortization and impairment of assets |
173,521 |
|
163,367 |
|
185,930 |
Financial income |
(13,320) |
|
(45,889) |
|
(34,352) |
Financial expenses |
54,346 |
|
43,823 |
|
48,072 |
Foreign exchange losses/(gains) |
7,869 |
|
7,791 |
|
(13,455) |
Write downs and other provisions |
14 |
|
19,487 |
|
6,178 |
Write downs of the provision for obsolete inventory |
28,561 |
|
29,600 |
|
37,735 |
Result from investments accounted for using the equity method |
(2,199) |
|
(2,794) |
|
4,205 |
Impairments of investments accounted for using the equity method |
— |
|
— |
|
4,532 |
(Gains)/Losses arising from the disposal of fixed assets |
(1,124) |
|
1,153 |
|
1,091 |
Other non-cash expenses/(income), net |
23,063 |
|
230,812 |
|
(27,698) |
Change in inventories |
(103,112) |
|
(27,554) |
|
(39,486) |
Change in trade receivables |
(15,623) |
|
(12,294) |
|
35,675 |
Change in trade payables including customer advances |
43,511 |
|
31,426 |
|
(38,485) |
Change in current and non-current provisions for risks and charges |
(29,102) |
|
(5,498) |
|
(4,633) |
Change in employee benefits |
(8,676) |
|
(13,456) |
|
(2,360) |
Change in other operating assets and liabilities |
(38,216) |
|
38,927 |
|
(3,038) |
Interest paid |
(24,938) |
|
(17,487) |
|
(21,023) |
Income taxes paid |
(49,258) |
|
(63,300) |
|
(36,425) |
Net cash flows from operating activities |
146,398 |
|
281,155 |
|
70,906 |
Investing activities |
|
|
|
|
|
Payments for property plant and equipment |
(49,114) |
|
(79,699) |
|
(27,630) |
Proceeds from disposals of property plant and equipment |
— |
|
3,791 |
|
1,125 |
Payments for intangible assets |
(24,185) |
|
(14,627) |
|
(11,524) |
Proceeds from disposals of non-current financial assets |
2,585 |
|
1,536 |
|
45,979 |
Payments for purchases of non-current financial assets |
(111) |
|
(4,431) |
|
— |
Proceeds from disposals of current financial assets and derivative instruments |
46,487 |
|
92,021 |
|
253,201 |
Payments for acquisitions of current financial assets and derivative instruments |
(32,412) |
|
(76,058) |
|
(166,334) |
Business combinations, net of cash acquired |
(585) |
|
(4,224) |
|
(2,245) |
Acquisition of investments accounted for using the equity method |
— |
|
(313) |
|
— |
Net cash flows (used in)/from investing activities |
(57,335) |
|
(82,004) |
|
92,572 |
Financing activities |
|
|
|
|
|
Proceeds from borrowings |
— |
|
123,570 |
|
265,352 |
Repayments of borrowings |
(159,719) |
|
(160,210) |
|
(221,029) |
Repayments of other non-current financial liabilities |
(3,919) |
|
(4,287) |
|
— |
Payments of lease liabilities |
(121,633) |
|
(100,611) |
|
(90,699) |
Proceeds from capital contribution from Monterubello |
10,923 |
|
— |
|
— |
Sale of shares held in treasury |
3,390 |
|
6,343 |
|
— |
Purchase of own shares |
— |
|
(384) |
|
(945) |
Dividends to owners of the parent |
(21,852) |
|
(102) |
|
— |
Dividends paid to non-controlling interests |
(4,187) |
|
(548) |
|
(1,731) |
Purchase of own shares from Monterubello |
— |
|
(455,000) |
|
— |
Proceeds from issuance of ordinary shares upon Business Combination |
— |
|
310,739 |
|
— |
Proceeds from issuance of ordinary shares to |
— |
|
331,385 |
|
— |
Payments of transaction costs related to the Business Combination |
— |
|
(48,475) |
|
— |
Cash distributed as part of the Disposition |
— |
|
(26,272) |
|
— |
Payments for acquisition of non-controlling interests |
— |
|
(40,253) |
|
— |
Net cash flows used in financing activities |
(296,997) |
|
(64,105) |
|
(49,052) |
Effects of exchange rate changes on cash and cash equivalents |
2,464 |
|
7,454 |
|
(7,761) |
Net (decrease)/increase in cash and cash equivalents |
(205,470) |
|
142,500 |
|
106,665 |
Cash and cash equivalents at the beginning of the year |
459,791 |
|
317,291 |
|
210,626 |
Cash and cash equivalents at the end of the year |
254,321 |
|
459,791 |
|
317,291 |
Non-IFRS Financial Measures
Zegna’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, adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”), Adjusted Profit/(Loss), Adjusted Basic Earnings per Share and Adjusted Diluted Earnings per Share, Net Financial Indebtedness/(Cash Surplus),
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/(gains) 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, legal costs for trademark disputes, transaction costs related to acquisitions, severance indemnities and provisions for severance expenses, costs related to the Business Combination, net impairment of leased and owned stores, a special donation to the
Adjusted EBIT Margin is defined as Adjusted EBIT divided by revenues of the applicable period.
Zegna’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 Zegna’s underlying operating performance. Zegna’s management believes these non-IFRS financial measures are useful because they exclude items that management believes are not indicative of Zegna’s underlying operating performance and allow management to view operating trends, perform analytical comparisons and benchmark performance between periods and among segments. Zegna’s management also believes that Adjusted EBIT and Adjusted EBIT Margin are useful for investors and analysts to better understand how management assesses Zegna’s underlying operating performance on a consistent basis and to compare Zegna’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 Zegna’s operating results.
The following table presents a reconciliation of Profit/(Loss) to Adjusted EBIT and the calculation of the Adjusted EBIT Margin for the years ended
|
For the year ended |
||||
(€ thousands, except percentages) |
2022 |
|
2021 |
|
2020 |
Profit/(Loss) |
65,279 |
|
(127,661) |
|
(46,540) |
Income taxes |
35,802 |
|
30,702 |
|
14,983 |
Financial income |
(13,320) |
|
(45,889) |
|
(34,352) |
Financial expenses |
54,346 |
|
43,823 |
|
48,072 |
Foreign exchange losses/(gains) |
7,869 |
|
7,791 |
|
(13,455) |
Result from investments accounted for using the equity method |
(2,199) |
|
(2,794) |
|
4,205 |
Impairments of investments accounted for using the equity method |
— |
|
— |
|
4,532 |
Legal costs for trademark disputes (1) |
7,532 |
|
— |
|
— |
Transaction costs related to acquisitions (2) |
2,289 |
|
— |
|
— |
Severance indemnities and provisions for severance expenses (3) |
2,199 |
|
8,996 |
|
12,308 |
Costs related to the Business Combination (4) |
2,137 |
|
205,059 |
|
— |
Net impairment of leased and owned stores (5) |
1,639 |
|
8,692 |
|
19,725 |
Special donation to the |
1,000 |
|
— |
|
— |
Net (income)/costs related to lease agreements (7) |
(6,844) |
|
15,512 |
|
3,000 |
Other (8) |
— |
|
4,884 |
|
7,535 |
Adjusted EBIT |
157,729 |
|
149,115 |
|
20,013 |
|
|
|
|
|
|
Revenues |
1,492,840 |
|
1,292,402 |
|
1,014,733 |
Adjusted EBIT Margin (Adjusted EBIT / Revenues) |
10.6 % |
|
11.5 % |
|
2.0 % |
__________________ | |||||||
(1) |
Relates to legal costs of |
||||||
(2) |
Relates to transaction costs of |
||||||
(3) |
Relates to severance indemnities incurred by the Zegna Segment of |
||||||
(4) |
Costs related to the Business Combination of |
||||||
Costs related to the Business Combination in 2021 include: |
|||||||
|
(a) |
|
|||||
|
(b) |
|
|||||
|
(c) |
|
|||||
|
(d) |
|
|||||
|
(e) |
|
|||||
|
(f) |
|
|||||
|
(g) |
|
|||||
(5) |
Net impairment of leased and owned stores includes (i) impairment of |
||||||
(6) |
Relates to a donation of |
||||||
(7) |
Net (income)/costs related to lease agreements relate entirely to the Zegna Segment and include: |
||||||
|
|
(a) |
in 2022: (i) proceeds of |
||||
|
|
(b) |
in 2021: (i) |
||||
|
|
(c) |
in 2020: |
||||
(8) |
Other adjustments in 2021 include |
||||||
|
Other adjustments in 2020 include (i) donations of |
Adjusted EBITDA
Adjusted EBITDA is defined as profit or loss before income taxes plus financial income, financial expenses, foreign exchange losses/(gains), depreciation, amortization and impairment of assets 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, legal costs for trademark disputes, transaction costs related to acquisitions, severance indemnities and provisions for severance expenses, costs related to the Business Combination, a special donation to the
Zegna’s management uses Adjusted EBITDA to understand and evaluate Zegna’s underlying operating performance. Zegna’s management believes this non-IFRS financial measure is useful because it excludes items that management believes are not indicative of Zegna’s underlying operating performance and allows management to view operating trends, perform analytical comparisons and benchmark performance between periods. Zegna’s management also believes that Adjusted EBITDA is useful for investors and analysts to better understand how management assesses Zegna’s underlying operating performance on a consistent basis and to compare Zegna’s performance with that of other companies. Accordingly, management believes that Adjusted EBITDA provides useful information to third party stakeholders in understanding and evaluating Zegna’s operating results.
The following table presents a reconciliation of Profit/(Loss) to Adjusted EBITDA for the years ended
|
For the year ended |
||||
(€ thousands) |
2022 |
|
2021 |
|
2020 |
Profit/(Loss) |
65,279 |
|
(127,661) |
|
(46,540) |
Income taxes |
35,802 |
|
30,702 |
|
14,983 |
Financial income |
(13,320) |
|
(45,889) |
|
(34,352) |
Financial expenses |
54,346 |
|
43,823 |
|
48,072 |
Foreign exchange losses/(gains) |
7,869 |
|
7,791 |
|
(13,455) |
Depreciation, amortization and impairment of assets |
173,521 |
|
163,367 |
|
185,930 |
Result from investments accounted for using the equity method |
(2,199) |
|
(2,794) |
|
4,205 |
Impairments of investments accounted for using the equity method |
— |
|
— |
|
4,532 |
Legal costs for trademark disputes (1) |
7,532 |
|
— |
|
— |
Transaction costs related to acquisitions (2) |
2,289 |
|
— |
|
— |
Severance indemnities and provisions for severance expenses (3) |
2,199 |
|
8,996 |
|
12,308 |
Costs related to the Business Combination (4) |
2,137 |
|
205,059 |
|
— |
Special donation to the |
1,000 |
|
— |
|
— |
Net (income)/costs related to lease agreements (6) |
(6,844) |
|
15,512 |
|
3,000 |
Other (7) |
— |
|
4,884 |
|
7,535 |
Adjusted EBITDA |
329,611 |
|
303,790 |
|
186,218 |
__________________ |
|||||
(1) |
|
Relates to legal costs of |
|||
(2) |
|
Relates to transaction costs of |
|||
(3) |
|
Relates to severance indemnities incurred by the Zegna Segment of |
|||
(4) |
|
Costs related to the Business Combination of |
|||
|
|
Costs related to the Business Combination in 2021 include: |
|||
|
|
|
(a) |
|
|
|
|
|
(b) |
|
|
|
|
|
(c) |
|
|
|
|
|
(d) |
|
|
|
|
|
(e) |
|
|
|
|
|
(f) |
|
|
|
|
|
(g) |
|
|
(5) |
|
|
Relates to a donation of |
||
(6) |
|
|
Net (income)/costs related to lease agreements relate entirely to the Zegna Segment and include: |
||
|
|
|
(a) |
|
in 2022: (i) proceeds of |
|
|
|
(b) |
|
in 2021: (i) |
|
|
|
(c) |
|
in 2020: |
(7) |
|
|
Other adjustments in 2021 include |
||
|
|
|
Other adjustments in 2020 include (i) donations of |
Adjusted Profit/(Loss)
Adjusted Profit/(Loss) is defined as Profit/(Loss) adjusted for income and costs (net of related tax effects) which are significant in nature and that management considers not reflective of underlying activities, including, for one or all of the periods presented and as further described below, legal costs for trademark disputes, transaction costs related to acquisitions, severance indemnities and provisions for severance expenses, costs related to the Business Combination, net impairment of leased and owned stores, a special donation to the
Zegna’s management uses Adjusted Profit/(Loss) to understand and evaluate Zegna’s underlying performance. Zegna’s management believes this non-IFRS financial measure is useful because it excludes items that management believes are not indicative of Zegna’s underlying performance and allows management to view performance trends, perform analytical comparisons and benchmark performance between periods. Zegna’s management also believes that Adjusted Profit/(Loss) is useful for investors and analysts to better understand how management assesses Zegna’s underlying performance on a consistent basis and to compare Zegna’s performance with that of other companies. Accordingly, management believes that Adjusted Profit/(Loss) provides useful information to third party stakeholders in understanding and evaluating Zegna’s results.
The following table presents a reconciliation of Profit/(Loss) to Adjusted Profit/(Loss) for the years ended
|
For the year ended |
||||
(€ thousands) |
2022 |
|
2021 |
|
2020 |
Profit/(Loss) |
65,279 |
|
(127,661) |
|
(46,540) |
Legal costs for trademark disputes (1) |
7,532 |
|
— |
|
— |
Transaction costs related to acquisitions (2) |
2,289 |
|
— |
|
— |
Severance indemnities and provisions for severance expenses (3) |
2,199 |
|
8,996 |
|
12,308 |
Costs related to the Business Combination (4) |
2,137 |
|
205,332 |
|
— |
Net impairment of leased and owned stores (5) |
1,639 |
|
8,692 |
|
19,725 |
Special donation to the |
1,000 |
|
— |
|
— |
Net (income)/costs related to lease agreements (7) |
(6,844) |
|
15,512 |
|
3,000 |
Gain on |
— |
|
(20,675) |
|
— |
Impairment of investments accounted for using the equity method (9) |
— |
|
— |
|
4,532 |
Other (10) |
— |
|
4,884 |
|
7,535 |
Tax effects on adjusting items (11) |
(1,602) |
|
(19,758) |
|
(5,312) |
Adjusted Profit/(Loss) |
73,629 |
|
75,322 |
|
(4,752) |
__________________ |
|||||
(1) |
|
Relates to legal costs of |
|||
(2) |
|
Relates to transaction costs of |
|||
(3) |
|
Relates to severance indemnities incurred by the Zegna Segment of |
|||
(4) |
|
Costs related to the Business Combination of |
|||
|
|
Costs related to the Business Combination in 2021 include: |
|||
|
|
|
(a) |
|
|
|
|
|
(b) |
|
|
|
|
|
(c) |
|
|
|
|
|
(d) |
|
|
|
|
|
(e) |
|
|
|
|
|
(f) |
|
|
|
|
|
(g) |
|
|
|
|
|
(h) |
|
|
(5) |
|
Net impairment of leased and owned stores includes (i) impairment of |
|||
(6) |
|
Relates to a donation of |
|||
(7) |
|
Net (income)/costs related to lease agreements relate entirely to the Zegna Segment and include: |
|||
|
|
|
(a) |
|
in 2022: (i) proceeds of |
|
|
|
(b) |
|
in 2021: (i) |
|
|
|
(c) |
|
in 2020: |
(8) |
|
Relates to a gain of |
|||
(9) |
|
Relates to an impairment of |
|||
(10) |
|
Other adjustments in 2021 include |
|||
|
|
Other adjustments in 2020 include (i) donations of |
|||
(11) |
|
Includes the tax effects of the aforementioned adjustments. |
Adjusted Basic Earnings per Share and Adjusted Diluted Earnings per Share
Adjusted Basic Earnings per Share and Adjusted Diluted Earnings per Share are defined as basic earnings per share and diluted earnings per share adjusted for income and costs (net of related tax effects) which are significant in nature and that management considers not reflective of underlying activities, including, for one or all of the periods presented and as further described below, legal costs for trademark disputes, transaction costs related to acquisitions, severance indemnities and provisions for severance expenses, costs related to the Business Combination, net impairments of leased and owned stores, a special donation to the
Zegna’s management uses Adjusted Basic Earnings per Share and Adjusted Diluted Earnings per Share to understand and evaluate Zegna’s underlying performance. Zegna’s management believes this non-IFRS financial measure is useful because it excludes items that it does not believe are indicative of its underlying performance and allows it to view operating trends, perform analytical comparisons and benchmark performance between periods. Accordingly, management believes that Adjusted Basic and Diluted Earnings per Share provides useful information to third party stakeholders in understanding and evaluating Zegna’s operating results.
The following table presents a reconciliation of Profit/(Loss) to Adjusted Basic Earnings per Share and Adjusted Diluted Earnings per Share for the years ended
|
For the year ended |
||||
(€ thousands, except per share data) |
2022 |
|
2021 |
|
2020 |
Profit/(Loss) |
65,279 |
|
(127,661) |
|
(46,540) |
Legal costs for trademark disputes (1) |
7,532 |
|
— |
|
— |
Transaction costs related to acquisitions (2) |
2,289 |
|
— |
|
— |
Severance indemnities and provisions for severance expenses (3) |
2,199 |
|
8,996 |
|
12,308 |
Costs related to the Business Combination (4) |
2,137 |
|
205,332 |
|
— |
Net impairment of leased and owned stores (5) |
1,639 |
|
8,692 |
|
19,725 |
Special donation to the |
1,000 |
|
— |
|
— |
Net (income)/costs related to lease agreements (7) |
(6,844) |
|
15,512 |
|
3,000 |
Gain on |
— |
|
(20,675) |
|
— |
Impairment of investments accounted for using the equity method (9) |
— |
|
— |
|
4,532 |
Other (10) |
— |
|
4,884 |
|
7,535 |
Tax effects on adjusting items (11) |
(1,602) |
|
(19,758) |
|
(5,312) |
Adjusted Profit/(Loss) |
73,629 |
|
75,322 |
|
(4,752) |
Impact of non-controlling interests (12) |
14,460 |
|
8,669 |
|
4,063 |
Adjusted Profit/(Loss) attributable to shareholders of the Parent Company |
59,169 |
|
66,653 |
|
(8,815) |
Weighted average number of shares for basic earnings per share |
237,545,736 |
|
203,499,933 |
|
201,489,100 |
Adjusted Basic Earnings per Share |
0.25 |
|
0.33 |
|
(0.04) |
Weighted average number of shares for diluted earnings per share |
240,647,513 |
|
204,917,880 |
|
201,489,100 |
Adjusted Diluted Earnings per Share |
0.25 |
|
0.33 |
|
(0.04) |
__________________ |
|||||
(1) |
|
Relates to legal costs of |
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(2) |
|
Relates to transaction costs of |
|||
(3) |
|
Relates to severance indemnities incurred by the Zegna Segment of |
|||
(4) |
|
Costs related to the Business Combination of |
|||
|
|
Costs related to the Business Combination in 2021 include: |
|||
|
|
|
(a) |
|
|
|
|
|
(b) |
|
|
|
|
|
(c) |
|
|
|
|
|
(d) |
|
|
|
|
|
(e) |
|
|
|
|
|
(f) |
|
|
|
|
|
(g) |
|
|
|
|
|
(h) |
|
|
(5) |
|
|
Net impairment of leased and owned stores includes (i) impairment of |
||
(6) |
|
|
Relates to a donation of |
||
(7) |
|
|
Net (income)/costs related to lease agreements relate entirely to the Zegna Segment and include: |
||
|
|
|
(a) |
|
in 2022: (i) proceeds of |
|
|
|
(b) |
|
in 2021: (i) |
|
|
|
(c) |
|
in 2020: |
(8) |
|
Relates to a gain of |
|||
(9) |
|
Relates to an impairment of |
|||
(10) |
|
Other adjustments in 2021 include |
|||
|
|
Other adjustments in 2020 include (i) donations of |
|||
(11) |
|
Includes the tax effects of the aforementioned adjustments. |
|||
(12) |
|
Represents the Profit/(Loss) for the year attributable to non-controlling interests plus the impact of non-controlling interests on the adjusting items. |
Net Financial Indebtedness/(Cash Surplus)
Net Financial Indebtedness/(Cash Surplus) is defined as the sum of financial borrowings (current and non-current), derivative financial instrument liabilities, loans and certain other financial liabilities (recorded within other non-current financial liabilities in the consolidated statement of financial position), net of cash and cash equivalents, derivative financial instrument assets, securities and financial receivables (recorded within other current financial assets in the consolidated statement of financial position).
Zegna’s management believes that Net Financial Indebtedness/(Cash Surplus) is useful to monitor the level of net liquidity and financial resources available to Zegna. Zegna’s management believes this non-IFRS financial measure aids management, investors and analysts to analyze Zegna’s financial position and financial resources available, and to compare Zegna’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
|
At |
||
(€ thousands) |
2022 |
|
2021 |
Non-current borrowings |
184,880 |
|
471,646 |
Current borrowings |
286,175 |
|
157,292 |
Derivative financial instruments — Liabilities |
2,362 |
|
14,138 |
Other non-current financial liabilities(1) |
— |
|
7,976 |
Total borrowings, other financial liabilities and derivatives |
473,417 |
|
651,052 |
Cash and cash equivalents |
(254,321) |
|
(459,791) |
Derivative financial instruments — Assets |
(22,454) |
|
(1,786) |
Other current financial assets(2) |
(318,795) |
|
(334,244) |
Total cash and cash equivalents, other current financial assets and derivatives |
(595,570) |
|
(795,821) |
Net Financial Indebtedness/(Cash Surplus) |
(122,153) |
|
(144,769) |
__________________ |
||
(1) |
|
Primarily relates to loans from a related party that were outstanding at |
(2) |
|
Includes (i) the Group’s investments in securities amounting to |
Zegna’s management uses
The following table sets forth the calculation of
|
At |
||
(€ thousands) |
2022 |
|
2021 |
Current assets |
1,285,657 |
|
1,384,531 |
Current liabilities |
(866,984) |
|
(702,316) |
Working capital |
418,673 |
|
682,215 |
Less: |
|
|
|
Derivative financial instruments - Assets |
22,454 |
|
1,786 |
Tax receivables |
15,350 |
|
14,966 |
Other current financial assets |
320,894 |
|
340,380 |
Other current assets |
84,574 |
|
68,773 |
Cash and cash equivalents |
254,321 |
|
459,791 |
Current borrowings |
(286,175) |
|
(157,292) |
Current lease liabilities |
(111,457) |
|
(106,643) |
Derivative financial instruments - Liabilities |
(2,362) |
|
(14,138) |
Other current financial liabilities |
(37,258) |
|
(33,984) |
Current provisions for risks and charges |
(13,969) |
|
(14,093) |
Tax liabilities |
(25,999) |
|
(28,773) |
Other current liabilities |
(118,828) |
|
(124,356) |
|
317,128 |
|
275,798 |
of which trade receivables |
177,213 |
|
160,360 |
of which inventories |
410,851 |
|
338,475 |
of which trade payables and customer advances |
(270,936) |
|
(223,037) |
Constant Currency Information
In addition to presenting our revenues on a current currency basis, we also present certain revenue information on a constant currency basis, which excludes the effects of foreign currency translation from our subsidiaries with functional currencies different from 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.
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.
Revenues on a constant currency basis are not a substitute for revenues on a current currency basis or any GAAP-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.
***
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 years ended
|
For the years ended |
||||
(€ thousands) |
2022 |
|
2021 |
|
2020 |
Payments for property, plant and equipment |
49,114 |
|
79,699 |
|
27,630 |
Payments for intangible assets |
24,185 |
|
14,627 |
|
11,524 |
Capital expenditure |
73,299 |
|
94,326 |
|
39,154 |
***
View source version on businesswire.com: https://www.businesswire.com/news/home/20230406005128/en/
Investor Relations/Group Communications/Media
francesca.dipasquantonio@zegna.com
+39 335 5837669
clementina.tito@zegna.com
Media
Brunswick Group
briley@brunswickgroup.com / ddanelli@brunswickgroup.com / mjensen@brunswickgroup.com
+1 (917) 755-1454 / +39 348 635 1149 / +33 (0) 6 49 09 39 54
Community
+39 335 6509552
Source:
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