Core Insights - The Ermenegildo Zegna Group's investment in its direct-to-consumer network has resulted in accelerated sales growth in Q3 2023, with organic revenues increasing by 3.6% to 398.2 million euros compared to the same period last year [1][3] Direct-to-Consumer Performance - The direct-to-consumer channel saw a significant organic growth of 9.1% in Q3, outperforming the 6% growth in the first half of the year [2] - Zegna brand's direct-to-consumer sales rose by 7.4% to 210.3 million euros, Thom Browne's sales increased by 10% to 38.2 million euros, and Tom Ford Fashion revenues surged by 16.4% to 48 million euros [2] Overall Revenue Trends - For the first nine months of 2023, organic revenues remained stable at 1.33 billion euros, while reported sales decreased by 2.3% [3] - The wholesale channel experienced a significant decline of 23.4% to 221.2 million euros [5] Regional Performance - The Americas region showed strong performance with a 10.4% increase in organic sales to 384.1 million euros, representing 29% of total revenues [14] - The Europe, Middle East, and Africa market saw a slight organic decrease of 0.6% to 480 million euros, but Q3 showed a 2.6% increase driven by the direct-to-consumer channel [12] - The Greater China region faced a 12.7% organic decrease to 300.5 million euros, although there was a sequential improvement in Q3 [15][16] Strategic Outlook - The CEO expressed confidence in the company's mid-term targets despite acknowledging ongoing challenges in consumer demand and currency fluctuations [4] - The company is focused on enhancing retail and CRM capabilities while building a stronger team to capitalize on early positive signs of growth [5][8]

H1 2025 Financial Performance - Group revenues reached €928 million, a decrease of 3% year-on-year (YoY) and 2% on an organic basis[27] - Q2 revenues amounted to €469 million, reflecting a 6% YoY decrease and a 3% organic decline[27] - ZEGNA brand revenues, constituting 61% of H1 Group revenues, increased by 2% organically, driven by the DTC channel[33] - Thom Browne brand revenues, accounting for 14% of H1 Group revenues, experienced a 24% organic decrease due to wholesale channel streamlining[33] - TOM FORD FASHION brand revenues, representing 16% of H1 Group revenues, grew by 4% organically, propelled by the DTC channel[33] Segment Performance - Zegna segment showed positive performance, boosted by the ZEGNA brand, while the textile division contracted[28] - Thom Browne segment's revenue was impacted by the strategic decision to streamline the wholesale business[28] - Tom Ford Fashion (TFF) segment's revenues were driven by strong double-digit organic growth in the DTC channel[28] Channel Performance - DTC revenues reached €353 million, showing an 8% organic increase, with growth accelerating across all three brands, particularly ZEGNA[42] - Wholesale branded revenues decreased by 33% organically, reflecting a strategic focus on the DTC channel for each brand, especially Thom Browne[42] Geographic Performance - EMEA revenues declined by 2% organically, influenced by wholesale performance in the region[38] - Americas revenues demonstrated strong organic growth of 10%, driven by solid DTC channel results, particularly for ZEGNA and Thom Browne[38] - Greater China Region (GRC) revenues decreased by 17% organically, due to the wholesale channel[38]