-- Group's Q1 2026 revenues increased +2.5% year--on--year (YoY) and +7.4%
on an organic2 basis, reflecting sequential acceleration driven by
Direct-to-Consumer (DTC) and the ZEGNA brand.
-- By Channel: DTC grew +7.8% YoY to EUR371.9 million, +14.2% organic,
with all three brands delivering outstanding results and in acceleration
versus the previous quarter. Wholesale revenues at EUR64.3 million,
-19.1% YoY (-17.0% organic), continue to reflect the strategic decision
to focus on the DTC channel.
-- By Brand: ZEGNA brand revenues rose to EUR310.3 million up +5.9% YoY
and +11.3% organic. Thom Browne revenues were down -9.4% YoY and -3.0%
organic, while TOM FORD FASHION grew +0.4% YoY and +5.4% organic.
-- By Geography: the Group recorded positive performances across all
regions on an organic basis, with the Americas outperforming the other
regions (+9.6% YoY and +17.5% organic) and the Greater China Region (GCR)
turning positive.
MILAN--(BUSINESS WIRE)--April 30, 2026--
Ermenegildo Zegna N.V. $(ZGN)$ (the "Company" and, together with its consolidated subsidiaries, the "Ermenegildo Zegna Group" or the "Group") today announced unaudited revenues of EUR470.2 million for the first quarter of 2026, +2.5% YoY and +7.4% organic from EUR458.8 million in the first quarter of 2025.
Ermenegildo "Gildo" Zegna, Executive Chairman of the Ermenegildo Zegna Group, commented: "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."
________________________________________ (1) Throughout this press release, revenues for the first quarter of 2026 and 2025 are unaudited. (2) Revenues on an organic growth basis (organic or organic growth) and on a constant currency basis (constant currency), are non-IFRS financial measures. Constant currency growth is calculated excluding foreign exchange. Organic growth is calculated excluding (a) foreign exchange, (b) acquisitions & disposals, and (c) changes in license agreements where the Group operates as a licensee. Please see the non-IFRS financial measures section starting on page 6 of this press release for the definition and reconciliation of non-IFRS financial measures.
Revenues Analysis for the Three Months Ended March 31, 2026 and 2025
REVENUES BY BRAND AND PRODUCT LINE (Unaudited)
Q1 2026 vs Q1 2025
--------------------------------------
(EUR thousands, except
percentages) 2026 2025 % Organic
------- ------- --------- ---------
ZEGNA brand 310,292 292,916 5.9% 11.3%
Thom Browne 58,166 64,223 (9.4%) (3.0%)
TOM FORD FASHION 67,727 67,478 0.4% 5.4%
Textile 31,212 29,921 4.3% 3.4%
Other (1) 2,778 4,283 (35.1%) (34.5%)
------- ------- ----- -----
Total revenues 470,175 458,821 2.5% 7.4%
------- ------- ----- -----
________________________________________
(1) Other mainly includes revenues from agreements with third party brands.
In Q1 2026, revenues for the ZEGNA brand were EUR310.3 million, compared to EUR292.9 million in Q1 2025, +5.9% YoY and +11.3% organic, in sequential improvement with ongoing robust DTC performance. The Americas and EMEA continued to grow double-digit and GCR recorded a positive performance.
In Q1 2026, revenues for Thom Browne amounted to EUR58.2 million, compared to EUR64.2 million in Q1 2025, -9.4% YoY (-3.0% organic), with positive double-digit organic growth in the DTC channel offset by the decline in the wholesale channel. The brand benefitted from the positive reception of the Thom Browne collaboration with Asics, launched in March 2026.
In Q1 2026, revenues for TOM FORD FASHION (TFF) amounted to EUR67.7 million, compared to EUR67.5 million in Q1 2025, +0.4% YoY (+5.4% organic), boosted by the ongoing solid performance of the DTC channel and supported by marketing activity around the March fashion show.
In Q1 2026, Textile revenues were EUR31.2 million, compared to EUR29.9 million in Q1 2025, +4.3% YoY (+3.4% organic). Other revenues, which mainly include revenues from sales to third party brands(3) , were EUR2.8 million in Q1 2026, compared to EUR4.3 million in Q1 2025, -35.1% YoY (-34.5% organic).
________________________________________ (3) Includes revenues from the sale of finished products (Ready-to-Wear) to luxury brands outside the group, with which we have long term supply contracts
REVENUES BY DISTRIBUTION CHANNEL (Unaudited)
Q1 2026 vs Q1 2025
----------------------------------------------
(EUR thousands, except
percentages) 2026 2025 % Organic
------- ------- --------- ---------
Direct to Consumer (DTC)
------------------------
ZEGNA brand 272,288 250,795 8.6% 14.1%
Thom Browne 50,864 46,288 9.9% 20.2%
TOM FORD FASHION 48,768 48,051 1.5% 9.2%
------- ------- ----- -----
Total Direct to Consumer
(DTC) 371,920 345,134 7.8% 14.2%
As a percentage of
branded products (1) 85% 81%
Wholesale branded
------------------------
ZEGNA brand 38,004 42,121 (9.8%) (5.3%)
Thom Browne 7,302 17,935 (59.3%) (58.6%)
TOM FORD FASHION 18,959 19,427 (2.4%) (3.3%)
------- ------- ----- -----
Total Wholesale branded 64,265 79,483 (19.1%) (17.0%)
As a percentage of
branded products 15% 19%
Textile 31,212 29,921 4.3% 3.4%
Other (2) 2,778 4,283 (35.1%) (34.5%)
------- ------- ----- -----
Total revenues 470,175 458,821 2.5% 7.4%
------- ------- ----- -----
________________________________________
(1) Branded products refer to the products sold under the three brands that
the Group operates, through the DTC or wholesale branded distribution
channels.
(2) Other mainly includes revenues from agreements with third party brands.
DTC Revenues Analysis
In Q1 2026, DTC revenues were EUR371.9 million, compared to EUR345.1 million in Q1 2025, +7.8% YoY (+14.2% organic), representing 85% of the Group's branded products revenues. All three brands recorded strong performance and sustained organic growth in the channel.
ZEGNA DTC revenues were EUR272.3 million, +8.6% YoY (+14.1% organic), in sequential acceleration driven by double-digit growth in the Americas and EMEA and a positive contribution from GCR and Rest of APAC. At March 31, 2026, ZEGNA counted 279 directly operated stores (DOS), with 3 net closures in the first quarter of the year.
Thom Browne DTC revenues were EUR50.9 million, +9.9% YoY (+20.2% organic), driven by accelerated growth thanks to the successful launch of the sneakers in collaboration with Asics which drove both existing and new customers to the stores. The Americas outperformed the other regions. At March 31, 2026, Thom Browne had 125 DOS, with 2 net openings in the first quarter of the year.
TOM FORD FASHION DTC revenues were EUR48.8 million, +1.5% YoY (+9.2% organic), driven by consistent growth across all the regions, particularly in the Americas. The channel performance was also supported by the strong reception of the Spring collection and the brand momentum boosted by the show in Paris in March 2026. At March 31, 2026, TOM FORD FASHION had 68 DOS, with 2 net openings in the first quarter of the year.
Wholesale Branded Revenues Analysis
In Q1 2026, wholesale branded revenues (excluding the Textile and Other) were EUR64.3 million, compared to EUR79.5 million in Q1 2025, -19.1% YoY (-17.0% organic), reflecting the continued effects of our strategic decision to focus on the DTC channel, as well as a decline in the Thom Browne brand.
ZEGNA wholesale revenues were EUR38.0 million, -9.8% YoY (-5.3% organic) reflecting the decision to focus on the DTC channel in order to maintain direct control on the network, enhance exclusivity and safeguard the icons.
Thom Browne wholesale revenues were EUR7.3 million in Q1 2026, -59.3% YoY (-58.6% organic). This performance reflects the continued impact of the decision to streamline the wholesale channel and -- to a lesser extent - the timing of certain deliveries shifting from Q1 to Q2 2026.
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