Stock Track | Ermenegildo Zegna Group Reports Lower Profits in First Half of 2024

Stock Track09-18

Ermenegildo Zegna Group, the Italian luxury fashion house, reported financial results for the first half of 2024 on September 18. The key highlights are:

- Revenues increased by 6.3% year-over-year to €960.1 million, driven by growth across all brands, especially the Tom Ford Fashion segment which rose 132% due to the acquisition completed in 2023.

- However, profit declined to €31.3 million, down 39.9% from €52.1 million in the first half of 2023. The profit margin decreased from 5.8% to 3.3%.

- Adjusted EBIT (earnings before interest and taxes) was €80.9 million, with an adjusted EBIT margin of 8.4%, compared to €119.9 million and 13.3% respectively in the prior year period. This was impacted by higher marketing expenses and investments in talent and store networks.

The Group's Chairman and CEO Gildo Zegna cited important investments made across all three brands (Zegna, Thom Browne, and Tom Ford Fashion) to drive long-term value creation, despite the current normalization phase and macroeconomic uncertainties in the luxury industry.

While revenues grew, profitability was impacted by strategic investments and a higher cost base. The company remains cautious about the challenging environment but believes its actions will help unleash the brands' full potential.

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The key highlights are:\n- Revenues increased by 6.3% year-over-year to...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"ZGN","symbol_name":"Ermenegildo Zegna NV","start_time":0,"source_url":"","article_id":"1125132785","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1125132785","pubTimestamp":1726666366,"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Ermenegildo Zegna Group, the Italian luxury fashion house, reported financial results for the first half of 2024 on September 18. The key highlights are:. - Revenues increased by 6.3% year-over-year to 960.1 million, driven by growth across all brands, especially the Tom Ford Fashion segment which rose 132% due to the acquisition completed in 2023.- However, profit declined to 31.3 million, down 39.9% from 52.1 million in the first half of 2023. The profit margin decreased from 5.8% to 3.3%.- Ad","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"ZGN":"Ermenegildo Zegna NV"},"translate_title":"股票追踪Ermenegildo Zegna集团报告2024年上半年利润下降","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ZGN":1},"content_text":"Ermenegildo Zegna Group, the Italian luxury fashion house, reported financial results for the first half of 2024 on September 18. 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