On April 30, Italian luxury group Ermenegildo Zegna released its unaudited financial results for the period ending March 31: revenue increased by 2.5% year-on-year to €470.2 million (organic growth of 7.4%). Revenue in Greater China (GCR) rose by 0.7% year-on-year to €124.1 million (organic growth of 5.3%), accounting for 26% of the Group’s total revenue.
Ermenegildo Zegna Group Executive Chairman Ermenegildo “Gildo” Zegna said, “We entered 2026 with growing momentum across all our brands. The Group’s 7% organic growth is a direct result of our long-term strategy, thoughtfully crafted and now being executed with discipline and pace. Our retail-first organization continues to progress, as reflected in 14% organic growth in the Direct-to-Consumer channel, with all brands and markets contributing. The Americas stood out once again, delivering another quarter of double-digit organic growth and continued acceleration. ZEGNA led the Group’s performance, reporting 11% organic growth. Thom Browne and TOM FORD FASHION strengthened their distinctive positions and attracted new audiences.
Looking ahead, our “think slow, act fast” mindset will continue to guide the Group in taking thoughtful decisions and implementing them quickly and decisively – as we pursue our vision with rigor while remaining agile and flexible. In this world, we must adapt rapidly to more challenging conditions. At the same time, our long-term objectives are clear, and we remain focused on achieving them.”
As of the close on April 30, Zegna’s share price rose by 5.3% from the previous trading day to $12.12, bringing its latest market capitalisation to $3.252 billion.
—— By Brand and Product Line ——
- ZEGNA:
In the first quarter, the ZEGNA brand reported revenue of €310.3 million, up 5.9% year-on-year, with organic growth of 11.3%. Performance improved steadily quarter-on-quarter, supported by continued strength in the DTC channel.
The EMEA region and the Americas maintained double-digit growth, while performance in Greater China showed improvement.
- Thom Browne:
Revenue declined by 9.4% year-on-year to €58.2 million, with an organic decrease of 3.0%. The DTC channel achieved double-digit positive organic growth, but this was offset by a decline in wholesale revenue.
The Thom Browne collaboration collection with ASICS launched in March 2026 was well received by the market, providing positive support to brand performance.
- Tom Ford Fashion:
Revenue increased slightly by 0.4% year-on-year to €67.7 million, with organic growth of 5.4%. Supported by the steady performance of the DTC channel and marketing activities surrounding the March fashion show, overall performance improved.
- Textile business and others
In the first quarter, the Group’s textile business revenue increased by 4.3% year-on-year to €31.2 million, with organic growth of 3.4%.
Other business revenue mainly came from sales to third-party brands. In the first quarter, revenue declined by 35.1% year-on-year to €2.8 million, with an organic decrease of 34.5%.
—— By Distribution Channel ——
—— DTC channel
In the first quarter of 2026, revenue from the DTC channel increased by 7.8% year-on-year to €371.9 million, with organic growth of 14.2%, accounting for 85% of the Group’s branded product revenue. All three brands delivered strong performance in this channel, maintaining stable organic growth.
- ZEGNA: DTC revenue rose by 8.6% year-on-year to €272.3 million, with organic growth of 14.1%. The Americas and EMEA recorded double-digit growth, while Greater China and the rest of APAC also contributed positively, driving accelerated performance on a quarter-on-quarter basis. As of March 31, 2026, ZEGNA operated 279 directly operated stores (DOS), with a net reduction of 3 stores.
- Thom Browne: DTC revenue increased by 9.9% year-on-year to €50.9 million, with organic growth of 20.2%. The successful launch of the Thom Browne x ASICS sneakers attracted both new and existing customers to stores, boosting channel growth, with the Americas outperforming other regions. As of March 31, 2026, Thom Browne operated 125 directly operated stores (DOS), with a net increase of 2 stores.
- Tom Ford Fashion: DTC revenue rose by 1.5% year-on-year to €48.8 million, with organic growth of 9.2%. All regions achieved steady growth, with particularly strong performance in the Americas. The Spring 2026 collection was well received, and the March Paris fashion show further enhanced brand visibility, supporting channel performance. As of March 31, 2026, the brand operated 68 directly operated stores (DOS), with a net increase of 2 stores.
—— Wholesale Channel
In the first quarter of 2026, excluding the textile and other businesses, wholesale revenue for branded products declined by 19.1% year-on-year to €64.3 million, with an organic decrease of 17.0%. This was partly due to the Group’s continued strategic focus on the DTC channel, as well as the decline in wholesale revenue from the Thom Browne brand.
- ZEGNA: Wholesale revenue declined by 9.8% year-on-year to €38.0 million, with an organic decrease of 5.3%, reflecting the Group’s strategic shift towards DTC, aiming to strengthen control over the retail network, enhance brand exclusivity, and safeguard core iconic products.
- Thom Browne: Wholesale revenue dropped by 59.3% year-on-year to €7.3 million, with an organic decrease of 58.6%. This was primarily due to the brand’s ongoing strategy to streamline its wholesale network. Additionally, some product deliveries were postponed from the first quarter of 2026 to the second quarter, which had a short-term impact on performance.
- Tom Ford Fashion: Wholesale revenue declined by 2.4% year-on-year to €19.0 million, with an organic decrease of 3.3%, also in line with the Group’s strategy to prioritise the DTC channel.
—— By Region ——
- EMEA: Revenue decreased slightly by 0.8% year-on-year to €152.9 million, with organic growth of 1.4%, accounting for 33% of total Group revenue. Solid growth in the DTC channel across all three brands offset weaker wholesale performance.
- Americas: Revenue increased by 9.6% year-on-year to €137.0 million, with organic growth of 17.5%, accounting for 29% of total revenue, with all brands delivering strong growth.
- Greater China (GCR): Revenue increased by 0.7% year-on-year to €124.1 million, with organic growth of 5.3%, accounting for 26% of total revenue, with all brands showing signs of recovery.
- Rest of APAC: Revenue declined slightly by 0.6% year-on-year to €55.5 million, with organic growth of 7.7%, accounting for 12% of total revenue. Strong growth in South Korea and Japan across all three brands supported overall regional performance.
｜Source: Official press release
｜Image Credit: Official press release, brand websites
｜Editor: Luxeplace
