Ermenegildo “Gildo” Zegna is succession planning. On Monday, the Zegna Group chair and CEO announced a new leadership structure for the group and its namesake brand, effective January 1, 2026.
Gildo Zegna, who turned 70 in September and has been CEO of the Milanese label since 2005, will assume the role of group executive chair, with a focus on “safeguarding the legacy and integrity of Zegna Group’s three brands — Zegna, Thom Browne and Tom Ford Fashion”. He will also retain oversight of Zegna Group’s textiles division, its general counsel’s office and the external relations department, which includes sustainability, investor relations and corporate communications.
The executive, who calls himself “a man of targets”, had decided that when he reached 70, he would plan ahead. “And that’s what I did,” Gildo tells me. “The journey started one year ago. We looked outside, we were not convinced; but we felt that inside, we had good talents and a good possibility to make it happen… It’s good timing.”
These internal talents include group chief financial and operating officer Gianluca Tagliabue, who will succeed Gildo as group CEO, subject to shareholder approval. “I spent 10 years working with [Gianluca] on numerous projects that felt like mission impossible — Covid, the IPO [in 2021], the acquisition of Thom Browne [in 2018], of Tom Ford Fashion [in 2023], some of the restructuring — he passed the test and I think that he was ready to do more,” Gildo says. “At the moment, we still have many opportunities to seek.”
Gildo’s sons, Edoardo and Angelo Zegna, who are 39 and 37, respectively, will become co-CEOs of the Zegna brand. Edoardo, currently Zegna chief marketing and digital officer, as well as group chief sustainability officer, will lead all aspects of brand strategy, from image to marketing, as well as design-focused matters alongside artistic director Alessandro Sartori. Angelo, currently Zegna CEO for the EMEA region and global client strategy director, will oversee product development, merchandising and commercial strategy.
“ It’s a nice experience to promote two young men,” Gildo says, referring to his two sons. “I have the courage to make it happen in a moment in which I’m still very healthy and very energized. For me, it’s to step ahead, not backwards.”
The Zegna brand has been resilient during the luxury downturn, thanks to a focus on top customers and markets such as the US and the Middle East. “We brought a fashion show and Villa Zegna [a private, members-only pop-up] to Dubai. We had incredible results locally and we are seeing the effect of that investment around the world, which gave us the confidence to do more in the years to come,” Gildo says.
Zegna sales were up 2% in the third quarter of fiscal 2025. Thom Browne, however, has taken a hit from wholesale exposure. “We have a very iconic brand, very recognized in some parts of the world, like Japan and Korea, and [we are] strengthening our position in China. But we were [relying] too much on wholesale, so we decided to cut wholesale abruptly and had to learn how to run retail properly,” says Gildo. “These are some of the opportunities and challenges that will be brought forward in 2026.” Sales at Thom Browne were down 9.6% in Q3.
Meanwhile, 0.9% sales growth at Tom Ford Fashion indicates the brand is heading in a positive direction. “With [creative director] Haider Ackermann, I think we made the right choice. It’s doing pretty well. We are strengthening our retail, our presence in womenswear, in leather — and we want to create a stronger fashion brand,” Gildo says. As for the group, revenues rose 0.2% to €398.2 million in Q3 2025. “The new organization will help propel the strategy,” he adds. “It will also foster focus, speed and execution for the three brands.”
These moves mark “the first step toward a long-awaited succession plan”, according to Jefferies analysts.
“Amid the debate over whether Angelo or Edoardo Zegna would succeed Gildo Zegna as Zegna brand CEO, the decision to appoint them as co-CEOs delivers the best of both worlds,” Jefferies analysts added in a note. “Recently, expectations leaned toward Angelo, who is based in Milan — versus Edoardo in London — and who has greater visibility among investors. But Angelo’s hands-on experience and Edoardo’s broader divisional expertise creates a well-balanced leadership mix.”
Mario Ortelli, managing partner at Ortelli Co., agrees. “Investors should be pleased. The family has highlighted a clear succession plan, with continuity in mind: Gianluca has been in the company as CFO for almost 10 years and will reinforce the organization for the next generation,” he says. “Gildo’s sons are now at the helm of the group’s flagship brand, Zegna, showing the full commitment of the next generation.”
