据介绍，除参与本届展会外，两家品牌还宣布明年计划继续参展第九届中国国际进口博览会。 相关负责人表示：Calvin Klein和TOMMY HILFIGER深耕中国市场，期待在此基础上延续品牌传 承，通过竭诚服务消费者、创造积极社会影响及进行长期投资，持续推动蓬勃发展、取得丰硕成果。 作为进博"新朋友"两家品牌将通过产品叙事展现其标志性风格，Calvin Klein品牌设置手工工坊， 将牛仔制品焕新，邀请现场观众共同制作牛仔小挂件等时尚物品，将可持续发展带到消费者视野中。 TOMMY HILFIGER以赛车作为亮点，除本次进博会专属定制赛车展品，嘉宾可参与现场的桌面赛车游 戏，体验赛道运动的激情。 第八届中国国际进口博览会11月5日至10日在上海举办，全球展商携创新而来，共赴这场"双向奔 赴"的盛会。知名生活方式品牌Calvin Klein和TOMMY HILFIGER首次参加进博会并发布全新系列。 ...

Strategy & Growth - Zegna focuses on recognizability and desirability to attract new consumers [6, 8] - The company aims to build iconic product families like Oasi Cashmere, Oasi Lino, and Triple Stitch [9, 10] - Zegna's strategy is working, with the top of the pyramid (spenders > €10k) growing the fastest, contributing to 80% of the growth until 2027 [24] - The company plans to increase the frequency of launches and leverage technology to drive conversion [27] - Zegna is doubling the reasons for customers to be contacted/shop, from 4 to 8 drops [28] Personalization & Customer Experience - Personalization is a key engine behind Zegna Friends, with 40% penetration of Zegna Friends [36, 37] - Personalization customers show >2.5x frequency compared to ready-to-wear only customers [37] - Zegna is evolving personalization beyond products and stores [38] - The company emphasizes clienteling, focusing on making guests feel unique [20] Middle East & Dubai - Dubai is the epicenter of luxury, with a strong global relevance, attracting >30 nationalities to shop at Zegna Dubai Mall every day and >100 each month [41, 43] - Zegna has grown significantly beyond Dubai, becoming a Middle East success story [46] Financial Targets - The Group confirms its 2027 targets and expects to increase its Adjusted EBIT margin by 200/300 basis points by 2027 [53, 55]

Financial Data and Key Metrics Changes - The company reported an adjusted EBIT of EUR 184 million for FY 2024, down from EUR 220 million in 2023, reflecting a challenging sector environment [21][22] - Revenues for FY 2024 were confirmed at USD 1,947 million, up 2% year-on-year, driven by organic growth in the Zegna brand [15] - Gross profit rose by 230 basis points to USD 1,297 million, with a gross margin of 66.6% [16] - The effective tax rate increased to 30% from 20% in the prior year, primarily due to high non-taxable changes [24] Business Line Data and Key Metrics Changes - The Thom Browne segment experienced a 21% organic revenue decline, significantly impacting adjusted EBIT performance [22] - The Tom Ford Fashion segment reported a loss at the adjusted EBIT level, with the second half of 2024 slightly above breakeven [22] - The Vena segment generated an adjusted EBIT slightly up by 14%, reflecting strategic project pursuits despite a challenging market [23] Market Data and Key Metrics Changes - The company noted a challenging environment in Greater China, expecting a negative trend for the overall region in 2025 [12][34] - In contrast, the company reported strong performance in Europe, particularly in the Emirates, with no signs of deterioration [39] - The U.S. market showed resilience, with positive traction for both Zegna and Tom Ford brands [32] Company Strategy and Development Direction - The company is focusing on direct-to-consumer (DTC) strategies, with expectations for DTC revenues to reach 80% of branded revenues [44] - There is a commitment to sustainability and community care, with ongoing investments in traceable raw materials and diversity initiatives [11] - The company plans to continue reducing its wholesale footprint across all brands, particularly at Thom Browne [12] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the U.S. market, despite concerns about consumer slowdown [32] - The outlook for 2025 remains cautious, with expectations of low single-digit growth in revenue and adjusted EBIT [13] - Management emphasized the importance of maintaining long-term investments in marketing and CapEx despite current challenges [110] Other Important Information - The company proposed a dividend distribution of EUR 0.12 per ordinary share, totaling approximately EUR 13 million [25] - CapEx for 2025 is expected to remain in the range of 6% to 7%, with significant investments in the new factory in Parma [106] Q&A Session All Questions and Answers Question: Trends in Q1 and U.S. market outlook - Management noted resilience in the U.S. market, with good traction for Zegna and Tom Ford, while expressing concerns about Canada and Greater China [32][34] Question: EBIT margin and DTC growth - Management confirmed that DTC is expected to be the growth engine, with a shift from 73% to 78% in branded revenues [44] Question: Updates on Thom Browne product adjustments - Management indicated significant improvements in product evolution and a more commercial approach to the brand [48] Question: Growth opportunities in China - Management remains positive about China, expecting gradual improvement, particularly among high spenders [60][64] Question: Integration of Tom Ford Fashion - Integration is progressing well, with positive reactions from customers and wholesalers [67] Question: Wholesale channel rationalization - Management confirmed ongoing rationalization, with expectations of continued declines in wholesale across brands [71] Question: CapEx and supply chain updates - CapEx for 2025 is projected to be between 6% and 7%, with the new factory in Parma expected to be operational in the second half of next year [106]