Zegna Reports €1.95B in 2024 Revenue, Highlights Growth in Luxury Menswear and DTC Channels

Ermenegildo Zegna N.V. (NYSE:ZGN) (the "Company" and, together with its consolidated subsidiaries, the "Ermenegildo Zegna Group" or the "Group") today announced unaudited revenues of €1,946.6 million for fiscal year 2024, +2.2% YoY from €1,904.5 million in fiscal year 2023 (+3.4% at constant currency and -1.9% organic). Revenues in the fourth quarter reached €589.2 million, +3.3% YoY (+3.6% at constant currency and +2.9% organic2).

Ermenegildo "Gildo" Zegna, Chairman and CEO of the Ermenegildo Zegna Group, said: "In the fourth quarter of 2024, Group revenues increased 3% boosted by the ZEGNA DTC channel which grew by +11% with double-digit growth in the US and in EMEA, sequentially accelerating compared to the previous quarter. Thom Browne and TOM FORD FASHION also reported positive growth in the highly important DTC channel in Q4.

Beyond the numbers, I feel confident in our strategic projects pipeline. The recent ZEGNA fashion show was acclaimed as one of the strongest ever for the brand with the presentation of our ultra-luxury Vellus Aureum, made by the finest wool, developed thanks to our know-how and unique Filiera. This has reaffirmed ZEGNA's position at the forefront of timeless luxury menswear. At Thom Browne, we have strengthened our global merchandising and retail teams with important additions in the US and Europe and are looking forward to seeing the brand's show in February close the New York Fashion Week. At TOM FORD FASHION, the team is fully focused on delivering strong collections under the new creative leadership of Haider Ackermann.

We expect 2025 to play out differently across various geographies. While we have seen solid performance in the Americas and EMEA in the first weeks of January, we also believe that there will be ongoing volatility with respect to consumer demand in China. We are prepared to navigate these challenges with the guidance of our talented team and a sharp focus on our priorities: continuing to build on brand equity, focusing investments on key strategic projects and doubling down on our existing strengths."