Before the opening of U.S. markets on July 23 (Eastern Time), the Italian luxury group Ermenegildo Zegna released its unaudited revenue results for the first half of 2026. First-half revenue reached €987.3 million, representing a 6.4% year-on-year increase compared with €927.7 million in the same period of 2025 (organic growth of 9.3%). Among this, second-quarter 2026 revenue reached €517.1 million, up 10.3% year-on-year (organic growth of 11.0%), with all brands showing sequential acceleration, led by the ZEGNA brand.
By region, revenue from Greater China reached €236.1 million in the first half of 2026 (up 5.8% year-on-year, with organic growth of 6.8%), accounting for 24% of the Group’s total first-half revenue. In the second quarter, revenue in the region was €112.0 million, up 12.2% year-on-year (organic growth of 8.6%), showing acceleration compared with the first quarter.
Group Executive Chairman Ermenegildo “Gildo” Zegna said, “I am particularly proud to report 11% organic growth in the Group’s revenues in the past quarter, with sequential acceleration across all our brands. This performance reflects the strength of our client-centric model, with Direct-to-Consumer revenues up 17% organically in the quarter and all brands delivering double-digit growth.”
He also noted that the ZEGNA brand continued to deepen its connection with clients through the milestone VILLA ZEGNA event held in Los Angeles in June. This model is built on authentic heritage developed over the long term and supported by the Group’s unique fully integrated Italian supply chain (Filiera). He added that the performances of Thom Browne and TOM FORD FASHION were also encouraging, confirming that the initiatives currently underway are on the right trajectory, although it remains the beginning of a journey and patience is required to see progress over time.
He further stated that as the year progresses, the Group will remain disciplined and focused, investing in the right priorities to achieve its objectives.
—— In terms of brand and business line performance:
- ZEGNA brand: First-half 2026 revenue was €634.6 million (up 11.2% year-on-year, with organic growth of 13.9%). Second-quarter revenue reached €324.3 million (up 16.9% year-on-year, with organic growth of 16.5%), showing sequential acceleration, driven by strong DTC performance across all regions.
- Thom Browne: First-half revenue was €123.1 million (down 4.7% year-on-year, with an organic decline of 0.1%). Second-quarter revenue was €64.9 million, flat compared with the second quarter of 2025 (organic growth of 2.7%). Positive organic growth in the DTC channel was partially offset by continued rationalisation in the wholesale channel.
- TOM FORD FASHION: First-half revenue was €156.8 million (up 2.7% year-on-year, with organic growth of 6.4%). Second-quarter revenue was €89.1 million (up 4.5% year-on-year, with organic growth of 7.1%). DTC channel performance remained solid, reflecting the success of the Spring/Summer collections.
- Textile segment: First-half revenue was €67.0 million (down 0.1% year-on-year, with an organic decline of 0.3%). Second-quarter revenue was €35.8 million (down 3.6% year-on-year, with an organic decline of 3.2%).
- “Other” mainly includes revenues from third-party brand sales, amounting to €3.0 million in the second quarter (down 26.2% year-on-year, with an organic decline of 25.9%) and €5.8 million for the first half.
—— In terms of channels:
DTC channel: Second-quarter revenue was €410.9 million (up 16.4% year-on-year, with organic growth of 17.3%), with all three brands achieving double-digit organic growth. This reflects the Group’s strategic decision to prioritise a retail-first business model and direct client engagement. First-half revenue was €782.8 million (up 12.1% year-on-year, with organic growth of 15.8%), accounting for 86% of branded product revenue (compared with 82% in the same period last year).
- ZEGNA DTC: Second-quarter revenue was €301.0 million (up 18.6% year-on-year, with organic growth of 18.4%), showing sequential acceleration. All geographic regions recorded double-digit organic growth, led by the Americas. Greater China showed sequential improvement during the quarter, while the rest of Asia Pacific continued to strengthen. In EMEA, Europe remained robust, and despite the initial impact of regional conflict, the Middle East still recorded positive growth during the quarter. As of June 30, 2026, ZEGNA operated 279 directly operated stores, unchanged from the first quarter.
- Thom Browne DTC: Second-quarter revenue was €51.8 million (up 11.8% year-on-year, with organic growth of 16.0%), driven by strong momentum in the Americas, South Korea, and Japan. As of June 30, 2026, Thom Browne operated 128 directly operated stores, with a net addition of three stores in the second quarter, including locations in Chicago and Vancouver.
- TOM FORD FASHION DTC: Second-quarter revenue was €58.1 million (up 9.9% year-on-year, with organic growth of 13.1%), supported by continued growth in the Americas and the rest of Asia Pacific, as well as strong reception of the Spring/Summer collections. As of June 30, 2026, TOM FORD FASHION operated 67 directly operated stores, with a net closure of one boutique in China during the second quarter.
Wholesale channel: Second-quarter branded wholesale revenue (excluding textiles and other) was €67.5 million (down 9.8% year-on-year, with an organic decline of 9.5%), reflecting the Group’s strategic focus on the DTC channel. First-half revenue was €131.7 million (down 14.6% year-on-year, with an organic decline of 13.3%).
- ZEGNA wholesale: Second-quarter revenue was €23.3 million (down 2.0% year-on-year, with an organic decline of 3.2%), in line with the Group’s decision to focus on a retail-first model centred on exclusive client experiences.
- Thom Browne wholesale: Second-quarter revenue was €13.1 million (down 29.5% year-on-year, with an organic decline of 29.3%). This performance was driven by two factors: continued rationalisation of the channel, as wholesale becomes less important under the retail-first strategy, and the transition of distribution in Hong Kong.
- TOM FORD FASHION wholesale: Second-quarter revenue was €31.0 million (down 4.2% year-on-year, with an organic decline of 2.6%). The decline reflects the Group’s retail-first strategy, partially mitigated by favourable delivery phasing during the quarter.
—— By region:
- EMEA (Europe, Middle East, and Africa): First-half revenue was €330.0 million (up 0.3% year-on-year, with organic growth of 1.5%), accounting for 33% of Group revenue. Second-quarter revenue was €177.1 million (up 1.3% year-on-year, with organic growth of 1.6%). Solid DTC growth across all three brands was partially offset by negative wholesale performance, while the Middle East recorded positive growth in the second quarter.
- Americas: First-half revenue was €302.3 million (up 15.1% year-on-year, with organic growth of 19.8%), accounting for 31% of Group revenue. Second-quarter revenue was €165.3 million (up 20.0% year-on-year, with organic growth of 21.8%), supported by double-digit DTC growth across all three brands.
- Greater China: First-half revenue was €236.1 million (up 5.8% year-on-year, with organic growth of 6.8%), accounting for 24% of Group revenue. Second-quarter revenue was €112.0 million (up 12.2% year-on-year, with organic growth of 8.6%), showing acceleration compared with the first quarter.
- Rest of Asia Pacific: First-half revenue was €117.6 million (up 5.4% year-on-year, with organic growth of 13.6%), accounting for 12% of Group revenue. Second-quarter revenue was €62.1 million (up 11.5% year-on-year, with organic growth of 19.3%), driven by solid growth across all markets, particularly South Korea and Japan.
｜Source: Official financial report
｜Image Credit: Group official website
｜Editor: Luxeplace
