Zegna Group Q1: D2C channel and Zegna brand drive growth

The Ermenegildo Zegna Group closed the first quarter with revenues of 470.2 million euros (551 million dollars), up 2.5 percent year-over-year and 7.4 percent at constant exchange rates, driven by strong performances from the direct-to-consumer channel and the Zegna brand.

Regarding individual channels, direct-to-consumer (D2C) grew by 7.8 percent year-over-year to 371.9 million euros (+14.2 percent at constant exchange rates). All three brands recorded “excellent” results and an acceleration compared to the previous quarter, a statement explained. Wholesale revenues, amounting to 64.3 million euros, decreased by 19.1 percent YoY and 17.0 percent at constant rates. This continues to reflect the strategic decision to focus on the D2C channel, as specified by management.

Direct-to-consumer represents 85 percent of branded product revenues.

The group has a total of 472 directly operated stores, including 279 for Zegna, 125 for Thom Browne and 68 for Tom Ford Fashion. The total number of monobrand stores (including wholesale franchisees) is 662.

Zegna brand revenues rose to 310.3 million euros

Regarding individual brands, Zegna's revenues rose to 310.3 million euros, an increase of 5.9 percent YoY and 11.3 percent at constant exchange rates. Thom Browne's revenues, at 58.2 million euros, decreased by 9.4 percent YoY (-3.0 percent at constant exchange rates), while Tom Ford Fashion grew by 0.4 percent YoY (+5.4 percent organic). The company specified in a statement that results for this brand were supported by D2C and marketing activities related to the March show in Paris.

“We started 2026 with growing momentum across all our brands. The group's 7 percent organic growth is a direct result of our long-term strategy, carefully crafted and now executed with discipline and speed. Our retail-focused organisation continues to advance, as reflected by the 14 percent organic growth in the direct-to-consumer channel, with contributions from all brands and markets. The Americas stood out once again, posting another quarter of double-digit organic growth and continued acceleration. Zegna led the group's performance, reporting 11 percent organic growth. Thom Browne and Tom Ford Fashion have strengthened their distinctive positions and attracted new audiences,” said Ermenegildo “Gildo” Zegna, executive chairman of the Ermenegildo Zegna Group, in the note.

“Looking ahead, our ‘think slow, act fast’ mentality will continue to guide the group in making thoughtful decisions and implementing them quickly and decisively, pursuing our vision with rigour while remaining agile and flexible. In this world, we must adapt quickly to more challenging conditions. At the same time, our long-term goals are clear and we remain focused on achieving them,” Zegna added.

Results across core geographies

Regarding individual geographical areas, the EMEA region recorded 152.9 million euros (-0.8 percent YoY, +1.4 percent at constant rates). Direct-to-consumer is growing, while wholesale is declining.

The Americas stood at 137.0 million euros (+9.6 percent YoY, +17.5 percent at constant rates), while the Greater China Region was at 124.1 million euros (+0.7 percent YoY, +5.3 percent at constant rates).

The rest of APAC posted 55.5 million euros (-0.6 percent YoY, +7.7 percent at constant rates), driven by Korea and Japan.

Preliminary first-half results will be announced on July 23.

This article was translated to English using an AI tool.

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