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Company Research26 Jan 2024
The 13 Largest Luxury Companies in the World
Explore the largest luxury companies in the world. Also, we list and visualize the 13 largest luxury companies globally by market cap.
Ermenegildo Zegna (ZGN) investor relations material
Ermenegildo Zegna H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary5 Sep, 2025
Executive summary
H1 2025 revenues were €928 million, down 2% organically and 3% year-over-year, with DTC organic growth of 6%.
Net profit rose 53% to €48 million, with profit margin up to 5.2% from 3.3% in H1 2024, driven by higher financial income and FX gains.
Adjusted EBIT was €69 million (7.4% margin), down from €81 million (8.4%) in H1 2024, impacted by higher SG&A and currency effects.
Strategic investments focused on expanding the DTC store network and supporting long-term growth projects.
Strategic transformation at Thom Browne and Tom Ford Fashion weighed on group results.
Financial highlights
Gross profit margin improved to 67.5% (up 110bps), driven by a higher DTC channel mix (82% of branded revenues).
SG&A costs were €502 million, with incidence on revenue rising to 54.1% from 51.8%.
CapEx was €54 million, mainly for DTC network and new shoe plant in Parma.
Free cash flow was negative €23 million, mainly due to investments in store network expansion.
Net debt at June end was €92 million, stable versus December 2024.
Outlook and guidance
Management remains confident in achieving 2027 targets despite sector and currency headwinds.
Low single-digit organic revenue growth expected for the full year, with consensus reflecting currency impacts.
Adjusted EBIT consensus of $173 million is seen as realistic.
Zegna segment margin expected between 13%-14% for 2025, with a long-term target of 15%.
Main risk for H2 and 2026 outlook is continued volatility and slow recovery in China.
How do segment investments affect Group EBIT?
DTC channel shift: margin impact
What drives negative Free Cash Flow?
Thom Browne's path to double-digit EBIT?
Tom Ford Fashion: When will investments yield profit?
Zegna segment H2 margin: What drives the moderation?
How will Thom Browne's new CEO drive EBIT recovery?
How do strategic investments affect group EBITDA margin
How does China's "new normal" shape future growth plans
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Next Ermenegildo Zegna earnings date
Q3 2025 TU23 Oct, 2025
Next Ermenegildo Zegna earnings date
Q3 2025 TU23 Oct, 2025
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Frequently asked questions
One of the leading names in high-end fashion
Ermenegildo Zegna is a luxury fashion brand that specializes in men's clothing and accessories. The company was founded in 1910 in Italy and has since become one of the leading names in the high-end fashion industry. Some of Zegna’s competitors include Kering, Brunello Cucinelli, and LVMH.
The business model
Ermenegildo Zegna's business model is based on creating and selling high-quality, luxury products to a discerning customer base. The company's product offerings include a wide range of men's clothing, including suits, jackets, trousers, and knitwear, as well as accessories such as bags, shoes, and belts. Ermenegildo Zegna's focus on quality materials and craftsmanship has helped it to establish a reputation for excellence in the fashion industry.
How Zegna makes money
Ermenegildo Zegna generates revenue primarily through sales of its products, both through its own network of retail stores and through third-party retailers. The company's retail stores are located in major cities around the world, including Milan, London, and New York. In addition, Ermenegildo Zegna also generates revenue through licensing agreements, which allow other companies to use its brand name and logo on products such as eyewear and fragrances.
Interesting facts about Zegna
Ermenegildo Zegna is a family business that has been owned and operated by the Zegna family since its inception in 1910. The company has a strong culture of family values, with a focus on preserving the family legacy and maintaining the highest standards of quality and craftsmanship in its products.
The Zegna family has played an active role in the company's operations throughout its history. Today, the company is led by the fourth generation of the Zegna family, with Gildo Zegna serving as the current CEO.
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