Ermenegildo Zegna Group Revenues1 Reach €1.33B in the First Nine Months of 2025; Acceleration in Q3 Driven by Robust DTC Growth Across All Brands

Core Insights - Ermenegildo Zegna Group reported revenues of €1.33 billion for the first nine months of 2025, reflecting a decrease of 2.3% year-over-year from €1.36 billion in the same period of 2024, with a slight organic decline of 0.4% [2][4] - The third quarter of 2025 saw revenues of €398.2 million, a marginal increase of 0.2% year-over-year and a 3.6% organic growth [2][7] Revenue Performance - The ZEGNA brand generated €819.8 million in the first nine months of 2025, up 1.1% year-over-year, with Q3 growth of 2.0% [8][34] - Thom Browne's revenues fell to €177.4 million, down 19.4% year-over-year, with Q3 revenues of €48.2 million, a decrease of 9.6% [9][34] - TOM FORD FASHION reported revenues of €218.7 million, an increase of 2.2% year-over-year, with Q3 revenues of €66.0 million, up 0.9% [10][34] - Textile revenues decreased to €96.9 million, down 4.6% year-over-year, while other revenues increased by 16.3% to €13.1 million [11][34] Direct-to-Consumer (DTC) Channel - DTC revenues for the group reached €994.7 million in the first nine months of 2025, a growth of 4.3% year-over-year, with Q3 showing a 4.5% increase [13][14] - The ZEGNA brand's DTC revenues grew by 3.6% year-over-year, while Thom Browne and TOM FORD FASHION saw DTC growth of 2.9% and 9.4%, respectively [14][16] Wholesale Channel - Wholesale branded revenues decreased significantly to €221.2 million in the first nine months of 2025, down 24.0% year-over-year, with Q3 revenues of €67.0 million, a decline of 15.5% [19][20] - The decline in wholesale revenues is attributed to a strategic shift towards enhancing the quality of distribution and focusing on the DTC channel [7][19] Geographic Performance - Revenues in the Americas increased by 7.2% year-over-year to €384.1 million, while EMEA revenues decreased by 1.2% to €480.0 million [22][23] - The Greater China Region experienced a significant decline of 14.9% year-over-year, with revenues of €300.5 million [24] Significant Events - The company announced a partnership with Temasek, which acquired a 10% stake in the company through the purchase of treasury shares [27] - Sam Lobban was appointed as the new CEO of Thom Browne, effective September 2, 2025 [28]