PresentationOperator Good morning everyone. Thank you for joining the Ermenegildo ZEGNA Group Q3 2025 revenues Call. Please note that today's material and presentation are available under the zegnagroup.com website. Joining us today is the ZEGNA Group senior management team, including Gianluca Tagliabue, Group CFO and COO, and Paola Durante, Chief of External Relations. Before we begin, we need to point out that the team will make certain forward-looking statements during the call. The group actual result ...

Core Insights - The global luxury apparel market is projected to experience a contraction of 2.4% in 2024 due to macroeconomic challenges, including inflation in Europe and the US, and a downturn in China affecting consumer spending [2] - From 2024 to 2029, clothing is expected to achieve the strongest category compound annual growth rate (CAGR) of 3.1%, driven by ultra-wealthy shoppers prioritizing trend-driven purchases, with womenswear anticipated to outperform [2] - The Asia-Pacific region is set to achieve the highest regional CAGR of 4.0% from 2024 to 2029, supported by the recovery of China and strong economic growth in emerging markets [3] Market Performance - Louis Vuitton remains the largest luxury apparel brand, slightly increasing its market share to 9.8% in 2024 [3] - Hermes was the biggest winner in 2024, with its market share rising by 0.7 percentage points to 6.0%, attributed to its exclusivity and superior quality [3] - The luxury market is expected to slightly outperform the total apparel market starting in 2028 as macroeconomic conditions improve [5] Category Insights - Footwear is projected to underperform until 2029, as consumers favor trainers from premium and mass-market brands [5] - The report provides insights into the drivers and inhibitors within the global luxury apparel market, highlighting the demand across various categories and brands [5] Competitive Landscape - The report includes profiles of key luxury apparel brands and their competitive positions, focusing on strategies brands are employing to stand out in the market [6][8] - Notable brands mentioned include Louis Vuitton, Hermes, Chanel, Gucci, and Burberry, among others [8]