Financial Data and Key Metrics Changes - For H1 2025, the group revenues reached €928 million, down 3% year-on-year and 2% in organic terms, with a solid performance in the DTC channel showing 6% organic growth [20][21] - Q2 2025 revenues were €469 million, down 3% organically, with positive performance in the Zegna and Tom Ford segments, while Thom Browne experienced negative performance [21][22] Business Line Data and Key Metrics Changes - Zegna brand showed solid performance in Q2 with 2% organic growth, driven by the DTC channel, particularly in the Americas and EMEA regions [21][26] - Thom Browne reported a 24% decline in organic growth in Q2 due to the decision to streamline the wholesale channel [22] - Tom Ford Fashion achieved 4% organic growth in Q2, driven by the DTC channel [22][31] Market Data and Key Metrics Changes - The Americas region showed a 10% organic growth in Q2, driven by the DTC channel, with new store openings contributing to this growth [23][26] - Greater China reported a 17% decline in Q2, primarily due to the wholesale channel, while DTC performance remained stable [24][40] - EMEA recorded a 2% organic decline, reflecting negative trends in the wholesale channel, although DTC performance was positive [23] Company Strategy and Development Direction - The company aims to enhance its DTC channel, focusing on a client-first culture and evolving store concepts to provide immersive experiences [8][10] - The partnership with Temasek is expected to strengthen the company's profile and support the development of its brand portfolio [5][6] - The company is committed to innovation, quality, and a timeless proposition while maintaining a vigilant approach to costs and inventory [18] Management Comments on Operating Environment and Future Outlook - Management acknowledged the challenging environment in Greater China but expressed confidence in long-term strategies to adapt to the new normal [39][42] - The U.S. market remains resilient, with strong customer loyalty and conversion rates, particularly in key locations [54][56] - Management expects the trends observed in the first half of the year to continue into the second half, with specific regions like the Gulf and Americas performing well [82] Other Important Information - The company has opened new retail spaces, including exclusive lounges, to enhance customer engagement and provide personalized shopping experiences [12][26] - The company is focused on maintaining exclusivity in its product offerings by limiting distribution in the wholesale channel [29] Q&A Session Summary Question: Insights on Greater China revenue decline and Tom Browne's management priorities - Management noted that Greater China remains challenging, with traffic not meeting expectations, and emphasized the need for a more personalized service approach [38][40] - Regarding Tom Browne, the new CEO is expected to focus on enhancing brand awareness and customer experience [44] Question: Current consumer environment in the U.S. and wholesale trends - Management described the U.S. market as resilient, with strong traffic and conversion rates, and noted that the wholesale channel is expected to see continued streamlining [54][67] Question: Comments on margins and liquidity of shares - Management indicated that the wholesale business is profitable, but the current streamlining may impact margins in the short term [75][78] - There are no immediate plans for dual listing, and management remains confident in the liquidity of shares despite a slight decrease in free float [86][88]