Core Viewpoint - A Milan court has rejected the request to place Paul & Shark's parent company Dama SpA and Aspesi's Alberto Aspesi & C. SpA under judicial administration due to insufficient evidence of negligence in auditing their suppliers [1][2]. Group 1: Legal Proceedings - Judge Roberto Crepaldi ruled that there was no proof that the executives of Paul & Shark and Aspesi acted "in concert" in committing any offense [2]. - The case is part of a broader labor abuse investigation initiated by Milan prosecutors, who found that both companies subcontracted manufacturing to Chinese-owned firms allegedly involved in labor exploitation [3]. Group 2: Industry Context - The luxury fashion industry in Italy has faced significant scrutiny over supply chain scandals, impacting its reputation and business practices [4]. - Investigations have revealed connections between major luxury brands, including Tod's, Loro Piana, Valentino, Dior, and Giorgio Armani, and subcontractors involved in sweatshop operations [5]. - Most of these brands have been placed under judicial administration to improve audits and oversight, except for Tod's, which is awaiting a ruling from a different court [6]. Group 3: Ongoing Investigations - The maker of Gommino loafers and three of its managers are under investigation for suspected labor abuses, including ignoring inspection findings related to subcontractors [7]. - Last fall, 13 fashion companies were also scrutinized by Milan prosecutors regarding governance and supply chain audits [8].

Financial Data and Key Metrics Changes - The company reported full year 2025 revenues of EUR 1,917 million, a decrease of 1.5% year-over-year on a reported basis, but an increase of 1.1% on an organic basis [9] - Gross margin reached 67.5%, up 90 basis points, primarily driven by a shift in channel mix with Direct-to-Consumer (DTC) accounting for 82% of branded revenues compared to 78% the previous year [10] - Adjusted EBIT was EUR 163 million, which included EUR 10 million in provisions related to losses on trade receivables [9][10] - The company achieved a profit of EUR 109 million, a 20% increase from EUR 91 million in the previous year [10] - The effective tax rate decreased to 22% from 30% due to non-taxable income related to the remeasurement of put option liabilities [15] Business Line Data and Key Metrics Changes - The Zegna segment generated an adjusted EBIT of EUR 197 million with a margin of 14.4%, up from 13.9% the previous year [13] - The Thom Browne segment was significantly impacted by a reduction in revenues, achieving only EUR 1 million in adjusted EBIT [14] - The Tom Ford Fashion segment reported a loss of EUR 16 million in adjusted EBIT for the first half of the year, but showed improvement in the second half [14] Market Data and Key Metrics Changes - The Middle East region represents a mid-high single-digit share of the company's total revenues, with all stores in the area currently open and operating [18] - The Americas, particularly the United States and Latin America, showed resilience with continued growth, while Europe also remained stable despite the conflict in the Middle East [27] Company Strategy and Development Direction - The company is focusing on enhancing its brand presence through strategic collaborations, such as the Thom Browne sneaker launch with ASICS, which has exceeded revenue expectations [4][5] - Zegna aims to build a brand that integrates fashion, culture, and landscape, with upcoming events like the spring and summer 2027 fashion show in Los Angeles [8] - The company is committed to a long-term vision, investing in talent and infrastructure to support brand growth, particularly for Thom Browne and Tom Ford [11][29] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the current trends, noting slight improvements in DTC performance compared to Q4 2025, despite uncertainties from the Middle East conflict [26] - The company remains cautious about the Chinese market, expecting a flattish performance for the year while acknowledging slight improvements during the Chinese New Year [27] - Management highlighted the importance of maintaining strong relationships with customers in the Middle East and adapting strategies to the evolving market conditions [41] Other Important Information - The company plans to open new stores in Abu Dhabi by the end of the year, continuing its expansion strategy in the Middle East [116] - Capital expenditures for 2025 reached EUR 103 million, with expectations for increased investments in 2026 related to a new shoe factory [16] Q&A Session Summary Question: Update on top-line momentum and regional trends - Management noted that the year has started well with trends slightly better than Q4 2025, particularly in DTC, despite uncertainties from the Middle East conflict [26] Question: Zegna segment EBIT margin expectations - Management indicated that the Zegna segment's EBIT margin could improve, with a focus on long-term profitability rather than short-term results [29] Question: Impact of foreign exchange on profitability - Management acknowledged a potential headwind of around 2 points from currency fluctuations affecting profitability in 2026 [30] Question: Changes in consumer behavior due to the current environment - Management reported no significant changes in consumer behavior outside the Middle East, where traffic has decreased [36] Question: Pricing environment and opportunities for higher pricing - Management confirmed ongoing low to mid-single-digit price increases and an upward evolution of the product mix [47] Question: Shipment status and rent structure in the Middle East - Management confirmed that shipments to the Middle East are ongoing, with a mix of variable and fixed rents [62] Question: Profitability improvements for Tom Ford in H2 - Management highlighted improvements in gross margin and operational efficiency as key drivers for Tom Ford's profitability in the second half [64] Question: Exposure to local versus tourist spending - Management indicated that local spending is predominant, with minimal exposure to tourist spending, particularly in Greater China [68]

Core Viewpoint - St John Knits has appointed Mandy West as CEO, effective March 6, 2026, marking an internal promotion aimed at enhancing the company's retail and commercial operations [1]. Company Summary - Lanvin Group, a global luxury fashion group, is headquartered in Shanghai, China, and Milan, Italy, managing iconic brands such as Lanvin, Wolford, Sergio Rossi, and St. John Knits [1]. - The company aims to expand its global footprint and achieve sustainable growth through strategic investments and operational expertise, focusing on the fastest-growing luxury fashion markets [1]. Leadership Background - Mandy West joined St John Knits in 2019 and previously served as Chief Commercial Officer, overseeing retail store strategy and broader commercial operations [1]. - Prior to her role at St John Knits, Ms. West held management positions at Intermix, Nike, and Tesla [1].

Group 1 - Marco Pozzo has been appointed as the CEO and Chairman of Wolford AG, effective March 1, 2026, to lead restructuring and strategic initiatives [1] - Pozzo has been a member of the Management Board since July 2025 and previously served as Deputy CEO, indicating a recognition of his performance [1] - The appointment aims to strengthen customer confidence and support the implementation of Wolford AG's strategic priorities [1] Group 2 - Lanvin Group, headquartered in Shanghai and Milan, manages several luxury brands including Wolford, and aims for sustainable growth through strategic investments [1] - The Group's shares are listed on the New York Stock Exchange under the ticker symbol "LANV" [1]

Core Insights - DME Capital Management increased its position in Capri Holdings by 2,080,410 shares during Q4 2025, with an estimated transaction value of $48.12 million, leading to a total quarter-end position value increase of $62.80 million [1][9] - Capri Holdings now represents 4.08% of DME's reported 13F assets under management (AUM), making it the seventh largest holding out of 41 [2][9] - Capri's stock price as of February 17, 2026, was $20.38, reflecting a 5.3% decline over the past year, underperforming the S&P 500 by 21.2 percentage points [2][3] Company Overview - Capri Holdings operates as a global luxury fashion group, offering luxury apparel, footwear, handbags, accessories, and licensed products under brands such as Versace, Jimmy Choo, and Michael Kors [5][8] - The company generates revenue through direct retail, wholesale distribution, e-commerce operations, and brand licensing agreements, targeting global consumers in North America, Europe, Asia, and other international markets [8] - For the trailing twelve months (TTM), Capri reported revenue of $4.33 billion and a net income of -$504 million [3] Market Position and Strategy - Capri Holdings employs a multi-brand strategy and established distribution network to enhance its competitive positioning within the luxury goods sector [5] - The company combines direct-to-consumer retail, wholesale, and licensing to diversify its revenue streams and expand its international reach [5] - The recent Supreme Court ruling against certain tariffs may positively impact Capri's gross margins as tariff changes are implemented [10]

Core Insights - The Ritz-Carlton has launched a collaboration with Kilometre Paris to create a limited-edition capsule collection inspired by its iconic coastal resorts, featuring handcrafted travel pieces such as beach totes, bucket bags, and bandanas [1][2] - A portion of the proceeds from the collection will support Community Footprints, The Ritz-Carlton's global social and environmental responsibility platform, benefiting local communities around the participating resorts [1] - The collection emphasizes craftsmanship and storytelling, with each piece designed to capture the essence of its destination, allowing guests to carry memories of their travels [1] Company Overview - The Ritz-Carlton Hotel Company operates 125 hotels in over 35 countries, focusing on delivering high-quality service and transformative travel experiences [1] - The company is committed to innovation and has introduced brand extensions such as Ritz-Carlton Reserve and The Ritz-Carlton Yacht Collection, enhancing its luxury offerings [1] Kilometre Paris Overview - Kilometre Paris is a luxury fashion brand known for its travel-inspired, handmade apparel and accessories, emphasizing ethical production and artisanal craftsmanship [2] - The brand combines traditional techniques with modern sustainability, offering unique pieces that reflect cultural respect and artisan empowerment [2]

Core Insights - Ralph Lauren Corporation reported strong financial results for Q3 fiscal 2026, with an EPS of $6.22, surpassing the estimated $5.80, and revenue of approximately $2.41 billion, exceeding the estimated $1.82 billion [2][6] - The company raised its full-year outlook, reflecting confidence in continued performance, and received a new price target of $420 from Evercore ISI, indicating a potential stock increase of about 24.4% from its trading price of approximately $337.61 [3][6] Financial Performance - The earnings per share (EPS) for Ralph Lauren was reported at $6.22, exceeding expectations [6] - Revenue for the company reached approximately $2.41 billion, surpassing estimates of $1.82 billion [2][6] Stock Performance - Ralph Lauren's stock is currently priced at $344.55, reflecting a daily increase of $5.89 or 1.74% [4] - The stock has shown volatility, with a trading range between a low of $337.09 and a high of $347.23 during the trading day, and a yearly high of $380 and a low of $176.61 [4] Market Position - The market capitalization of Ralph Lauren Corporation is approximately $20.89 billion, with a trading volume of 518,299 shares [5]

Financial Data and Key Metrics Changes - The Ermenegildo Zegna Group reported total revenues of EUR 1.917 billion for FY 2025, representing a 1% increase compared to the previous year, with Q4 revenues reaching EUR 591 million, up 4.6% organically [13][16] - The Zegna brand achieved revenues of EUR 1.2 billion, with Q4 revenues of EUR 362 million, reflecting a 7% growth driven by the DTC channel [3][15] - Thom Browne reported Q4 revenues of EUR 91 million, a 1.4% organic increase, while Tom Ford Fashion reached EUR 98 million, up 1.5% [14][15] Business Line Data and Key Metrics Changes - The DTC channel for the group grew by 10% in Q4, accounting for 82% of the group's branded revenues for FY 2025 [18][19] - Zegna DTC revenues grew 10% in Q4, representing 88% of the brand's full-year revenues, with strong performance in the Americas and EMEA regions [19] - Thom Browne's DTC revenues increased by 11% in Q4, driven by new store openings, while the wholesale channel reported a decline of 14% [20] - Tom Ford Fashion's DTC growth was 5% in Q4, with a 4% decline in the wholesale channel [21] Market Data and Key Metrics Changes - Europe, the Middle East, and Africa accounted for 36% of total revenues, with a 7% increase in Q4, while the Americas represented 30% of revenues, showing a 16% increase in Q4 [16][17] - The Greater China region accounted for 23% of total revenues, but reported a 10% decline in Q4, attributed to the wholesale channel's performance [17] - The rest of the Asia Pacific region saw a 5% growth in Q4, driven by improvements in Japan and Korea [17] Company Strategy and Development Direction - The company aims to strengthen its DTC channel and reduce reliance on wholesale, with a focus on elevating product offerings and enhancing customer experiences [8][19] - The leadership transition, with Gianluca Tagliabue as Group CEO, is expected to drive integration and accelerate ambitions across brands [12][3] - The company plans to continue expanding its retail presence, with new store openings in key markets, including Paris and the U.S. [83][107] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a "new normal" characterized by uncertainty and volatility, emphasizing the need for agility and coherence in strategy execution [10] - The outlook for 2026 includes expectations of continued growth in the U.S. market, despite potential challenges from the wholesale channel and the situation with Saks Global [75][76] - Management remains optimistic about the resilience of high-spending customers and plans to focus on this segment for future growth [90] Other Important Information - The company is closely monitoring the Chapter 11 bankruptcy situation of Saks Global, which has a limited impact on Zegna Group revenues [23][46] - The company is implementing a pricing strategy with mid-single-digit increases to offset currency fluctuations [89] Q&A Session Summary Question: What is the growth rate of Zegna brand DTC excluding China? - Management confirmed that the growth rate is around high teens percentage year-over-year, excluding China [25][28] Question: What FX impact is expected for 2026? - A headwind of approximately 2-3% is anticipated due to currency fluctuations, with some mitigation through hedging [28] Question: What are the key drivers for Zegna retail productivity? - Key drivers include mix and price, with a focus on elevating product offerings and customer experiences [41] Question: What is the exposure to Saks Global? - The overall exposure to Saks Global is in the low single-digit range of the group's revenues [46] Question: What are the expectations for wholesale performance in 2026? - Wholesale is expected to decline, with high single-digit negative growth anticipated for the group, particularly for Thom Browne [55][56] Question: How is the U.S. market performing? - The U.S. market continues to show strong performance, with good traction across all brands [75][76] Question: What is the strategy for Tom Ford moving forward? - The strategy includes expanding the store base and enhancing marketing efforts to maintain momentum [100]

Financial Data and Key Metrics Changes - The Ermenegildo Zegna Group reported total revenues of EUR 1.9 billion for FY 2025, with the Zegna brand contributing EUR 1.2 billion [3] - Q4 revenues reached EUR 591 million, reflecting a 4.6% organic growth [13] - The Zegna brand specifically saw Q4 revenues of EUR 362 million, up 7% driven by the DTC channel [14] Business Line Data and Key Metrics Changes - The DTC channel for the group reported a 10% growth in Q4, with Zegna DTC revenues growing 10% and accounting for 88% of full year 2025 brand revenues [17][18] - Thom Browne reported Q4 revenues of EUR 91 million, up 1.4% organic, while Tom Ford Fashion reached EUR 98 million, up 1.5% [13][14] - The textile segment grew by 1% [14] Market Data and Key Metrics Changes - Europe, the Middle East, and Africa represented 36% of total revenues for FY 2025, with a 7% increase in Q4 [15] - The Americas accounted for 30% of total revenues, recording a 16% increase in Q4 [15] - Greater China accounted for 23% of total revenues, but reported a 10% decrease in Q4 [16] Company Strategy and Development Direction - The company aims to strengthen its DTC channel and reduce reliance on wholesale, with a focus on elevating brand offerings and customer experiences [4][9] - The strategy includes enhancing the Zegna brand's presence through fashion shows and partnerships, such as the Airbus collaboration [4] - The company is committed to maintaining its heritage while adapting to market changes, emphasizing agility and innovation [10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the uncertain and volatile market environment, particularly in Greater China, but expressed optimism about the resilience of the U.S. market [10][73] - The leadership team is focused on executing strategies to enhance brand momentum and expand the high-end customer base [7][8] - The company is monitoring the situation with Saks Global, which filed for Chapter 11 bankruptcy, but believes it can absorb the impact due to limited revenue exposure [21][46] Other Important Information - The company is planning to open new stores in key markets, including the U.S. and the Middle East, while rationalizing its retail footprint in China [107] - The management highlighted the importance of personalization and high-end product offerings to attract high-spending customers [88][92] Q&A Session Summary Question: Zegna brand DTC growth and 2026 outlook - Management confirmed that excluding China, Zegna brand DTC growth was around high teens percentage year-over-year, with resilience expected in the U.S. market [24][30] Question: FX impact for 2026 - The company anticipates a 2-3% headwind from currency fluctuations in 2026, partially mitigated by hedging strategies [27] Question: Zegna retail productivity and perfume rollout - Zegna's retail productivity is close to EUR 20,000 per square meter, with expectations for high single-digit improvement driven by product mix and pricing strategies [36][40] Question: Exposure to Saks Global - The group's revenue exposure to Saks is in the low single-digit area, and management is closely monitoring the situation [46] Question: U.S. market performance and customer acquisition - The U.S. market continues to show strong performance, with both new customer acquisition and returning customers contributing to growth [70][74] Question: Wholesale channel expectations for 2026 - The wholesale channel is expected to remain negative in 2026, with a high single-digit decline anticipated for the group [55][58] Question: Pricing environment and high spending cohort - The company plans mid-single-digit price increases to offset currency fluctuations, with a focus on high-spending customers driving growth [87][92]

Core Insights - Another Tomorrow has joined the Aura Blockchain Consortium to introduce a digital product passport (DPP) for its Winter/Spring 2026 collection, marking a significant innovation in the fashion industry [1][2] - The brand emphasizes transparency and accountability, aiming to empower customers through the use of blockchain technology [2] - The Aura Blockchain Consortium, co-founded by major luxury brands, seeks to enhance sustainability and traceability in luxury product supply chains [3] Company Overview - Another Tomorrow is a luxury label founded by Vanessa Barboni-Hallik, who has a background in investment banking, specifically as a former managing director at Morgan Stanley [2] - The brand focuses on circularity and digitalization, receiving a $2 million investment from Una Terra in March 2024 as part of its Series A funding round [2] - Angelina Jolie serves as a strategic advisor to Another Tomorrow, highlighting the brand's commitment to industry transformation [2] Industry Context - The Aura Blockchain Consortium was established in 2021 by prominent luxury brands including LVMH and Prada Group to promote sustainable practices in the luxury sector [3] - The consortium aims to address supply chain opacity and set new standards for transparency and traceability in the industry [3] - Marcel Härtlein, CEO of Aura, notes that Another Tomorrow's adoption of blockchain-enabled DPPs exemplifies how technology can enhance customer experiences through transparency and circularity [4] Technology Implementation - Each product from Another Tomorrow will feature traceability technology with dual NFC and QR code connectors, developed by Temera, a partner in the Aura ecosystem [4] - Temera's platform ensures the integrity of product-related data from sourcing to production [4]