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Ermenegildo Zegna Group, owner of Zegna and Thom Browne and licensee of Tom Ford Fashion, said that revenues rose slightly — 0.2 per cent — to €398.2 million for the third quarter of fiscal 2025, just beating the group’s consensus of €396 million.
It’s an improvement on last quarter, where revenues fell 6 per cent. This improvement was driven by a solid direct-to-consumer (DTC) performance across brands; group-wide DTC revenues were up 4.5 per cent. Wholesale revenues, though, were down across the board. The group said that the team is now happy with the brands’ wholesale distributions, and that next year’s decline should be muted.
“I am pleased with the continued growth of the Zegna brand DTC channel, led by the Americas and EMEA [Europe, the Middle East and Africa], and also delighted to see the meaningfully improved performance of Tom Ford Fashion and Thom Browne, whose [combined] DTC channel grew by double digits on an organic basis this quarter,” CEO and chair Ermenegildo ‘Gildo’ Zegna said in a statement.
By brand, Zegna revenues for the third quarter were up 2 per cent to €249.4 million. Thom Browne revenues fell 9.6 per cent to €48.2 million, and Tom Ford Fashion revenues were up 0.9 per cent to €65.4 million.
CFO and COO Gianluca Tagliabue referenced the Tom Ford and Thom Browne Spring/Summer 2026 shows this past fashion month. “Both received enthusiastic recognition from the press and from our clients, reflecting continued progress along the path set for this project,” he said. Tom Ford Fashion was a highlight, while new creative director Haider Ackermann’s first collection, which arrived in stores at the end of August, boosted results, Tagliabue added. “[The collection] was well received.”
“Of course, these are early signs, and while we are pleased to see such a positive start, we are aware that the journey to fully unlock Tom Ford Fashion’s potential is still ahead of us and that it might not be a straight line,” he continued. “We must continue building this momentum.” The goal, Tagliabue said, is to elevate the client.
By region, EMEA revenues were up 1.4 per cent to €151 million. Paola Durante, chief of external relations, said that, as well as Europe, performance in the Middle East was strong during Q3. Americas revenues rose 8.2 per cent to €111.2 million. Consumers responded positively to September price increases due to tariffs, Tagliabue added, noting no negative reaction. Durante noted that, while the US remains strong, Latin America is the region positing notable growth. In December, Zegna will host an event at Art Basel Miami, as part of the brand’s multi-year collaboration with Art Basel that began in Basel this past June.
Greater China was a sore spot, with revenues down 10.8 per cent to €86.8 million, while the rest of Asia-Pacific was down 2.5 per cent to €48.8 million. “In this quarter, the performance in the [China] region remained volatile, and I have to say it remains volatile and it’s still difficult to read,” Durante noted. Tagliabue maintained that China remains a “cornerstone” for the luxury sector and Zegna Group. “We see settling into a new normal,” he said, referencing some improvement in Tier 2 cities outside of Beijing and Shanghai. “The other important cities — Shenzhen, Chengdu, Hanzhou — are performing slightly better than the two big ones,” Tagliabue said. The company will continue to consolidate its stores in the coming years, a strategy it began in 2025, he said. Singapore had strong growth, and there were improvements in South Korea and Hong Kong, also.
For the fourth quarter, Tagliabue said that though it is too soon to comment on performance just a few weeks in, the company is not seeing any trends substantially different from the third quarter.
“In this environment, we know how important it is to stay sharply focused on the key priorities we have to find for each of the three brands and to deliver on that,” Tagliabue said. “The direction is clear, the projects in our pipeline are being implemented with discipline. This gives us a solid base to remain cautiously confident as we navigate the period ahead of us.”
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