-- Q4 2025 revenues of EUR591.0 million, +0.3% YoY and +4.6% organic2
confirming a sequential acceleration versus Q3, driven primarily by the
Group's strategic priority on DTC:
-- By Channel: DTC3 +3.9% Year-on-Year (YoY) and +9.6% organic,
with robust growth across all three brands. Wholesale performance,
-12.9% YoY and -11.6% organic, reflects the Group's continued
focus in the DTC channel.
-- By Brand: ZEGNA brand +2.4% YoY and +7.4% organic with a solid
performance in DTC (+5.2% YoY and +10.3% organic), in sequential
acceleration versus Q3. Thom Browne -3.7% YoY and +1.4% organic
with positive DTC (+3.0% YoY and +11.2% organic). TOM FORD FASHION
-2.3% YoY and +1.5% organic with DTC -1.3% YoY and +4.8% organic.
-- By Geography: the Americas continued to outperform the other
regions with continued strength in EMEA.
-- FY 2025 revenues of EUR1,916.9 million, -1.5% YoY and +1.1% organic.
MILAN--(BUSINESS WIRE)--February 02, 2026--
Ermenegildo Zegna N.V. $(ZGN)$ (the "Company" and, together with its consolidated subsidiaries, the "Ermenegildo Zegna Group" or the "Group") today announced preliminary and unaudited revenues of EUR1,916.9 million for fiscal year 2025, -1.5% YoY from EUR1,946.6 million in fiscal year 2024 (+1.1% organic). In the fourth quarter of 2025 revenues reached EUR591.0 million, +0.3% YoY and +4.6% organic.
Ermenegildo "Gildo" Zegna, Executive Chairman of the Ermenegildo Zegna Group, commented: "The last quarter of the year delivered organic revenue growth of +10% in our strategic DTC channel at Group level, with a sequential improvement and the positive contribution of each of our three brands. ZEGNA, in particular, accelerated further during the quarter boosted by a double-digit organic growth in the DTC channel. This performance confirms the strength of our vision and the relevance of our strategy. 2025 was also a milestone year for our Group and for our family. I have decided to take a step forward as we empower the next generation of leaders. Gianluca Tagliabue has taken the role of Group's CEO, and I passed the torch to the fourth generation, with Edoardo and Angelo Zegna now leading the ZEGNA brand.
I remain deeply committed to protecting our legacy. Our uniqueness, our continuous pursuit of excellence and our unmatched Filiera are the essence of our heritage and the foundation of our strategy. These elements came to life in the recent ZEGNA fashion show, A Family Closet, where the brand opened the doors of the family's archives to forge beautifully crafted, timeless collections. It is with this clarity that we look ahead to the coming months. In a volatile environment, we move forward with prudence and focused priorities, grounded in the values of our unique legacy, shaped over generations and consistently embedded in our actions".
________________________________________ (1) Throughout this press release, revenues for the year 2025 and for the fourth quarter of 2025 are preliminary and unaudited. The unaudited revenues for the year 2025 included in this release are subject to the completion of accounting and annual audit procedures and therefore subject to change. (2) Revenues on an organic growth basis (organic or organic growth) and on a constant currency basis (constant currency), are non-IFRS financial measures. Constant currency growth is calculated excluding foreign exchange. Organic growth is calculated excluding (a) foreign exchange, (b) acquisitions & disposals, and (c) changes in license agreements where the Group operates as a licensee. See the non-IFRS financial measures section starting on page 7 of this press release for the definition and reconciliation of non-IFRS financial measures. (3) DTC: Direct-to-Consumer
Revenues Analysis - FY 2025 and Q4 2025
REVENUES BY BRAND AND PRODUCT LINE (Unaudited)
FY 2025 vs FY 2024 Q4 2025 vs Q4 2024
------------------------------------------ --------------------------------------
(EUR thousands,
except
percentages) 2025 2024 % Organic 2025 2024 % Organic
--------- --------- --------- --------- ------- ------- --------- ---------
ZEGNA brand 1,181,583 1,163,722 1.5% 4.7% 361,738 353,112 2.4% 7.4%
Thom Browne 268,469 314,712 (14.7%) (12.2%) 91,108 94,645 (3.7%) 1.4%
TOM FORD FASHION 317,056 314,514 0.8% 3.1% 98,322 100,590 (2.3%) 1.5%
Textile 134,229 138,153 (2.8%) (3.1%) 37,358 36,610 2.0% 1.0%
Other (1) 15,610 15,546 0.4% 0.8% 2,502 4,274 (41.5%) (40.9%)
--------- --------- ----- ----- ------- ------- ----- -----
Total revenues 1,916,947 1,946,647 (1.5%) 1.1% 591,028 589,231 0.3% 4.6%
--------- --------- ----- ----- ------- ------- ----- -----
________________________________________
(1) Other mainly includes revenues from agreements with third party brands.
In FY 2025, revenues for the ZEGNA brand were EUR1,181.6 million compared EUR1,163.7 million in FY 2024 (+1.5% YoY and +4.7% organic). In Q4, the brand reached revenues of EUR361.7 million, +2.4% YoY and +7.4% organic, driven by a solid sequential acceleration in the DTC channel.
In FY 2025, revenues for the Thom Browne brand amounted to EUR268.5 million, compared to EUR314.7 million in FY 2024 (-14.7% YoY and -12.2% organic). In Q4, the brand reported revenues of EUR91.1 million, -3.7% YoY and +1.4% organic, with double-digit growth in the DTC channel, offset by the continued streamlining of the wholesale business.
In FY 2025, revenues for TOM FORD FASHION (TFF) amounted to EUR317.1 million, compared to EUR314.5 million in FY 2024 (+0.8% YoY and +3.1% organic). In Q4, the brand reported revenues of EUR98.3 million, -2.3% YoY and +1.5% organic, driven by positive performance in the DTC channel.
Textile revenues were EUR134.2 million in FY 2025, compared to EUR138.2 million in FY 2024 (-2.8% YoY and -3.1% organic), with Q4 at +2.0% YoY and +1.0% organic. Other revenues were EUR15.6 million in FY 2025, compared to EUR15.5 million in FY 2024 (+0.4% YoY and +0.8% organic).
REVENUES BY DISTRIBUTION CHANNEL (Unaudited)
FY 2025 vs FY 2024 Q4 2025 vs Q4 2024
-------------------------------------------------- ----------------------------------------------
(EUR thousands,
except
percentages) 2025 2024 % Organic 2025 2024 % Organic
------------- ------------- --------- --------- ----------- ----------- --------- ---------
Direct to
Consumer (DTC)
----------------
ZEGNA brand 1,045,275 1,004,308 4.1% 7.4% 330,401 314,065 5.2% 10.3%
Thom Browne 191,493 186,066 2.9% 7.9% 60,592 58,855 3.0% 11.2%
TOM FORD FASHION 212,215 200,302 5.9% 9.8% 63,247 64,111 (1.3%) 4.8%
--------- --------- ----- ----- ------- ------- ----- -----
Total Direct to
Consumer (DTC) 1,448,983 1,390,676 4.2% 7.9% 454,240 437,031 3.9% 9.6%
As a percentage
of branded
products (1) 82% 78% 82% 80%
Wholesale branded
---------------------------------------------------------------------
ZEGNA brand 136,308 159,414 (14.5%) (12.5%) 31,337 39,047 (19.7%) (16.5%)
Thom Browne 76,976 128,646 (40.2%) (40.0%) 30,516 35,790 (14.7%) (14.1%)
TOM FORD FASHION 104,841 114,212 (8.2%) (8.3%) 35,075 36,479 (3.8%) (4.1%)
--------- --------- ----- ----- ------- ------- ----- -----
Total Wholesale
branded 318,125 402,272 (20.9%) (20.2%) 96,928 111,316 (12.9%) (11.6%)
As a percentage
of branded
products 18% 22% 18% 20%
Textile 134,229 138,153 (2.8%) (3.1%) 37,358 36,610 2.0% 1.0%
Other (2) 15,610 15,546 0.4% 0.8% 2,502 4,274 (41.5%) (40.9%)
--------- --------- ----- ----- ------- ------- ----- -----
Total revenues 1,916,947 1,946,647 (1.5%) 1.1% 591,028 589,231 0.3% 4.6%
--------- --------- ----- ----- ------- ------- ----- -----
________________________________________
(1) Branded products refer to the products sold under the three brands that
the Group operates, through the DTC or wholesale branded distribution
channels.
(2) Other mainly includes revenues from agreements with third party brands.
DTC Revenues Analysis
In FY 2025, Group DTC revenues were EUR1,449.0 million compared to EUR1,390.7 million in FY 2024 (+4.2% YoY and +7.9% organic). In Q4 the channel reported +3.9% YoY and +9.6% organic growth, reflecting sequential acceleration driven by ZEGNA and Thom Browne.
ZEGNA DTC revenues grew +4.1% YoY and +7.4% organic in FY 2025. In Q4, DTC revenues reported +5.2% YoY and +10.3% organic, driven by EMEA, particularly the Middle East, and the Americas, notably the U.S. At the end of December, ZEGNA operated 282 Directly Operated Stores (DOS), unchanged from the end of September 2025.
Thom Browne DTC revenues were up +2.9% YoY and +7.9% organic in FY 2025. In Q4, DTC revenues reported +3.0% YoY and +11.2% organic, in sequential acceleration mainly driven by the Americas and Japan, supported by some significant store openings. At the end of December, Thom Browne counted 123 DOS, with 1 net closure in Q4 in Asia.
TOM FORD FASHION DTC revenues were up +5.9% YoY and +9.8% organic in FY 2025. In Q4, DTC revenues were down 1.3% YoY (+4.8% organic) driven by the positive performance in EMEA and Rest of APAC. Q4 performance was in sequential slowdown, since Q3 benefitted by a dense commercial and marketing boost. At the end of December, TOM FORD FASHION counted 66 DOS, in line with the number at the end of September 2025.
Wholesale Branded Revenues Analysis
In FY 2025, wholesale branded revenues were EUR318.1 million, compared to EUR402.3 million in FY 2024 (-20.9% YoY and -20.2% organic). In Q4, wholesale branded revenues were EUR96.9 million, -12.9% YoY and -11.6% organic.
ZEGNA wholesale revenues were EUR136.3 million in FY 2025, compared to EUR159.4 million in FY 2024 (-14.5% YoY and -12.5% organic), with Q4 down 19.7% YoY (-16.5% organic). This performance largely reflects the decision to limit the distribution of some iconic products.
Thom Browne wholesale revenues decreased to EUR77.0 million in FY 2025, compared to EUR128.6 million in FY 2024 (-40.2% YoY and -40.0% organic). Q4 performance was -14.7% YoY and -14.1% organic, reflecting the decision to defocus from this channel.
TOM FORD FASHION wholesale revenues were EUR104.8 million in FY 2025, compared to EUR114.2 million in FY 2024 (-8.2% YoY and -8.3% organic) in line with the strategy to strengthen the direct control on distribution. In Q4, TFF reported -3.8% YoY and -4.1% organic.
REVENUES BY GEOGRAPHIC AREA (Unaudited)
FY 2025 vs FY 2024 Q4 2025 vs Q4 2024
------------------------------------------ --------------------------------------
(EUR thousands,
except
percentages) 2025 2024 % Organic 2025 2024 % Organic
--------- --------- --------- --------- ------- ------- --------- ---------
EMEA (1) 683,846 680,259 0.5% 1.4% 203,883 194,673 4.7% 6.5%
Americas (2) 566,069 524,790 7.9% 12.0% 182,018 166,603 9.3% 15.6%
Greater China
Region 435,173 509,378 (14.6%) (11.9%) 134,676 156,294 (13.8%) (9.9%)
Rest of APAC (3) 228,809 229,877 (0.5%) 3.8% 69,723 71,074 (1.9%) 5.1%
Other (4) 3,050 2,343 30.2% 31.2% 728 587 24.0% 26.4%
--------- --------- ----- ----- ------- ------- ----- -----
Total revenues 1,916,947 1,946,647 (1.5%) 1.1% 591,028 589,231 0.3% 4.6%
--------- --------- ----- ----- ------- ------- ----- -----
________________________________________
(1) EMEA includes Europe, the Middle East and Africa.
(2) Americas includes the United States of America, Canada, Mexico, Brazil
and other Central and South American countries.
(3) Rest of APAC includes Japan, South Korea, Singapore, Thailand,
Malaysia, Vietnam, Indonesia, Philippines, Australia, New Zealand,
India and other Southeast Asian countries.
(4) Other revenues mainly include royalties.
In FY 2025, EMEA recorded revenues of EUR683.8 million (+0.5% YoY and +1.4% organic), representing 36% of the Group's revenues. In Q4 2025, the region recorded +4.7% YoY and +6.5% organic growth, mainly driven by solid DTC performance from both local clients and travelers.
In FY 2025, revenues in the Americas amounted to EUR566.1 million (+7.9% YoY and +12.0% organic), representing 30% of the Group's revenues. In Q4 2025, the region reported +9.3% YoY and +15.6% organic growth, with very strong results at ZEGNA and Thom Browne.
In FY 2025, the Greater China Region (GCR) recorded revenues of EUR435.2 million (-14.6% YoY and -11.9% organic), representing 23% of the Group's revenues. In Q4, GCR revenues were -13.8% YoY and -9.9% organic. The slight deterioration compared to Q3 was driven by a slowdown at Thom Browne and TFF DTC, as well as the Group's wholesale performance, influenced by different delivery timing.
In FY 2025, revenues in the Rest of APAC reached EUR228.8 million (-0.5% YoY and +3.8% organic). Q4 2025 revenues were -1.9% YoY and +5.1% organic, driven by sequential improvement at ZEGNA and solid performance by TFF in the region.
Group Monobrand(1) Store Network at December 31, 2025
At December 31, 2025 At September 30, 2025 At December 31, 2024
----------------------------- ----------------------------- -----------------------------
TOM TOM TOM
Thom FORD Thom FORD Thom FORD
Stores ZEGNA Browne FASHION Group ZEGNA Browne FASHION Group ZEGNA Browne FASHION Group
----- ------ ------- ----- ----- ------ ------- ----- ----- ------ ------- -----
EMEA 79 10 12 101 78 10 12 100 76 9 11 96
Americas 76 35 14 125 76 35 13 124 72 28 13 113
Greater
China
Region 74 36 12 122 75 38 13 126 78 40 12 130
Rest of
APAC 53 42 28 123 53 41 28 122 55 39 28 122
----- ------ ------- ----- ----- ------ ------- ----- ----- ------ ------- -----
Total
Direct to
Consumer
(DTC) 282 123 66 471 282 124 66 472 281 116 64 461
----- ------ ------- ----- ----- ------ ------- ----- ----- ------ ------- -----
EMEA 41 4 16 61 41 5 16 62 44 5 16 65
Americas 57 1 46 104 59 1 46 106 59 1 46 106
Greater
China
Region 9 9 -- 18 9 10 -- 19 11 10 -- 21
Rest of
APAC 5 4 3 12 5 5 1 11 4 5 2 11
----- ------ ------- ----- ----- ------ ------- ----- ----- ------ ------- -----
Total
Wholesale 112 18 65 195 114 21 63 198 118 21 64 203
----- ------ ------- ----- ----- ------ ------- ----- ----- ------ ------- -----
Total 394 141 131 666 396 145 129 670 399 137 128 664
----- ------ ------- ----- ----- ------ ------- ----- ----- ------ ------- -----
________________________________________
(1) Monobrand store count includes our DOS (which are divided into
boutiques and outlets) and our Wholesale monobrand stores (including
also monobrand franchisees).
***
SIGNIFICANT EVENTS IN THE FOURTH QUARTER OF 2025
New Leadership Structure
On November 24, 2025, Ermenegildo Zegna Group announced a new leadership structure for the Group and for the ZEGNA brand, effective January 1, 2026. Ermenegildo "Gildo" Zegna has assumed the role of Group Executive Chairman, Gianluca Tagliabue has assumed the role of Group CEO subject to shareholders' approval at the next annual general meeting while Gian Franco Santhià has been appointed as Group CFO. Edoardo and Angelo Zegna, members of the fourth generation of the Zegna family, have been appointed as Co-CEOs of the ZEGNA brand.
SIGNIFICANT EVENTS AFTER DECEMBER 31, 2025
SAKS GLOBAL
On January 13, 2026, Saks Global filed for bankruptcy protection under Chapter 11 of Title 11 of the United States Code. At the time of this press release, Saks Global is negotiating terms with vendors, including the Ermenegildo Zegna Group, with respect to past due payables. At present, the Company does not have sufficient information to comment further.
About Ermenegildo Zegna Group
Founded in 1910 in Trivero, Italy, the Ermenegildo Zegna Group (NYSE:ZGN) is a global luxury company with a leading position in the high-end menswear business. Through its three complementary brands, the Group reaches a wide range of communities and market segments across the high-end fashion industry, from ZEGNA's timeless luxury to the modern tailoring of Thom Browne, to luxury glamour with TOM FORD FASHION. The Ermenegildo Zegna Group is internationally recognized for its unique Filiera, owned and controlled by the Group, which is made up of the finest Italian textile producers fully integrated with unique luxury manufacturing capabilities, to ensure superior excellence, quality and innovation capacity. The Ermenegildo Zegna Group has more than 7,200 employees and recorded revenues of EUR1.92 billion in 2025.
***
Forward Looking Statements
This communication contains forward-looking statements that are based on beliefs and assumptions and on information currently available to the Company. In particular, statements regarding future financial performance and the Group's expectations as to the achievement of certain targeted metrics at any future date or for any future period are forward-looking statements. In some cases, you can identify forward-looking statements by the following words: "may," "will," "could, " "would," "should," "expect," "intend," "plan," "anticipate," "believe, " "estimate," "predict," "project," "potential," "continue," "ongoing," "target," "seek", "aspire," "goal," "outlook," "guidance," "forecast," "prospect" or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Any statements that refer to expectations, projections or other characterizations of future events or circumstances, including strategies or plans, are also forward-looking statements. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements, and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in forward-looking statements as a result of a variety of factors, including: the recognition, integrity and reputation of our brands; our ability to anticipate trends and to identify and respond to new and changing consumer preference; pandemics or other public health crises; international business, regulatory, social and political risks; restrictions on trade and the imposition of tariffs among countries; political instability, geopolitical tensions or conflicts and the imposition of sanctions (including armed conflicts, such as the war in Ukraine and the conflict in the Middle East, and sanctions imposed onto Russia); the occurrence of acts of terrorism or similar events, conflicts or civil unrest; existing or future disputes, proceedings or litigation; future sales of our securities in the public market; our ability to maintain compliance with applicable listing standards; volatility in our share price; our ability to implement our strategy; recent and potential future acquisitions; disruption to our manufacturing and logistics facilities, as well as our directly operated stores; risks related to the sale of our products through our direct-to-consumer channel; risks related to our wholesale channel, including as concerns points of sale operated by third parties, the risk of insolvency of our wholesale customers, and our dependence on our local partners to sell our products in certain markets; fluctuations in the price or quality of, or disruptions in the availability of, raw materials; our ability to negotiate, maintain or renew our license or co-branding agreements with high end third party brands; tourist traffic and demand; our dependence on certain key senior personnel as well as skilled personnel; our ability to protect our intellectual property rights; any malfunction or disruption in our information technology and networks, including as a result of cybercrime; the theft or unauthorized use of personal information of our customers, employees or other parties; fluctuations in currency exchange rates or interest rates; credit risk; the high level of competition in the industry in which we operate; global economic conditions and macro events, including inflation; changes in, or failures to comply with, applicable laws and regulations, or actions taken by regulatory authorities; climate change and other environmental impacts and our ability to meet our customers' and other stakeholders' expectations on environment, social and governance matters; the enactment of tax reforms or other changes in tax laws and regulations; and other risks and uncertainties, including those described in our filings with the SEC.
Most of these factors are outside the Company's control and are difficult to predict. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by the Company and its directors, officers or employees or any other person that the Company will achieve its objectives and plans in any specified time frame, or at all. The forward-looking statements in this communication represent the views of the Company as of the date of this communication. Subsequent events, factors and developments may cause that view to change, and it is not possible to assess the impact of such event, factor or development on the Company's and the Group's business. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company disclaims any obligation to update or revise publicly forward-looking statements. You should, therefore, not rely on these forward-looking statements as representing the views of the Company as of any date subsequent to the date of this communication.
***
Appendix
REVENUES BY SEGMENT (Unaudited)
FY 2025 vs FY 2024 Q4 2025 vs Q4 2024
-------------------------------------------- ---------------------------------------
(EUR thousands,
except
percentages) 2025 2024 % Organic 2025 2024 % Organic
---------- ---------- --------- --------- -------- -------- -------- ---------
Zegna 1,363,177 1,348,839 1.1% 3.7% 411,944 404,426 1.9% 6.0%
Thom Browne 268,899 314,818 (14.6%) (12.1%) 91,248 94,417 (3.4%) 1.8%
Tom Ford Fashion 317,056 314,514 0.8% 3.1% 98,322 100,586 (2.3%) 1.5%
Intersegment
eliminations (32,185) (31,524) n.m.(*) n.m. (10,486) (10,198) n.m. n.m.
--------- --------- --------- --------- ------- ------- -------- ---------
Total revenues 1,916,947 1,946,647 (1.5%) 1.1% 591,028 589,231 0.3% 4.6%
--------- --------- ----- ----- ------- ------- ---- ----
________________________________________
(*) Throughout this section "n.m" means not meaningful.
Intersegment eliminations include revenues from products that the Textile and Other lines (included in the Zegna segment) sell to the Group's brands.
Non-IFRS Financial Measures
The Group's management monitors and evaluates operating and financial performance using several non-IFRS financial measures including: revenues on a constant currency basis (Constant Currency) and revenues on an organic growth basis (organic or organic growth). The Group's management believes that these non-IFRS financial measures provide useful and relevant information regarding the Group's financial performance and financial condition, and improve the ability of management and investors to assess and compare the financial performance and financial position of the Group with those of other companies. They also provide comparable measures that facilitate management's ability to identify operational trends, as well as make decisions regarding future spending, resource allocations and other strategic and operational decisions. While similar measures are widely used in the industry in which the Group operates, the financial measures that the Group uses may not be comparable to other similarly named measures used by other companies nor are they intended to be substitutes for measures of financial performance or financial position as prepared in accordance with IFRS Accounting Standards. A definition, explanation of relevance and a reconciliation of each non-IFRS financial measure to the most directly comparable measure calculated and presented in accordance with IFRS Accounting Standards are set out below.
Revenues on a constant currency basis (Constant Currency)
In addition to presenting our revenues on a current currency basis, we also present certain revenue information on a constant currency basis (Constant Currency), which excludes the effects of foreign currency translation from our subsidiaries with functional currencies different from the Euro.
We calculate Constant Currency revenues by applying the current period average foreign currency exchange rates to translate prior period revenues of foreign subsidiaries expressed in local functional currencies different than the Euro.
We use revenues on a Constant Currency basis to analyze how our underlying revenues have changed between periods independent of the effects of foreign currency translation.
Revenues on a Constant Currency basis are not a substitute for revenues on a current currency basis or any IFRS-related measures, however we believe that revenues excluding the impact of foreign currency translation provide additional useful information to management and to investors in analyzing and evaluating our revenues and operating performance.
Revenues on an organic growth basis (organic or organic growth)
In addition to presenting our revenues on a current currency basis, we also present certain revenue information on an organic growth basis (organic or organic growth). Organic growth is calculated as the change in revenues from period to period, excluding the effects of (a) foreign exchange, (b) acquisitions and disposals and (c) changes in license agreements where the Group operates as a licensee.
In calculating organic growth, the following adjustments are made to revenues:
(1) Foreign exchange -- Current period average foreign currency exchange
rates are used to translate prior period revenues of foreign
subsidiaries expressed in local functional currencies different than
the Euro.
(2) Acquisitions and disposals -- Revenues generated by businesses and
operations acquired in the current year are excluded. Revenues
generated by businesses and operations acquired in the prior year are
excluded from the current year for the same period that corresponds to
the pre-acquisition period in the prior year. Additionally, where a
business or operation was a customer prior to an acquisition, the
related pre-acquisition revenues are excluded from the current and
prior periods. Revenues generated by businesses and operations disposed
of in the current year or prior year are excluded from both periods as
applicable.
(3) Changes in license agreements where the Group operates as a licensee --
Revenues generated from license agreements where the Group operates as
a licensee that are new or terminated in the current year or prior year
are excluded from both periods (except if the effects are already
included in acquisitions and disposals). Additionally, revenues
generated from license agreements where the Group operates as a
licensee that experienced a structural change in the scope or perimeter
in the current year or prior year are excluded from both periods,
including changes to product categories, distribution channels or
geographies of the underlying license agreements.
We believe the presentation of revenues on an organic basis is useful to better understand and analyze the underlying change in the Group's revenues from period to period on a consistent perimeter and constant currency basis.
Revenues on an organic basis are not a substitute for revenues on a current currency basis or any IFRS-related measures, however we believe that revenues excluding the effects of (a) foreign exchange, (b) acquisitions and disposals and (c) changes in license agreements where the Group operates as a licensee provide additional useful information to management and to investors in analyzing and evaluating our revenues and operating performance.
The tables below show a reconciliation of reported revenue performance to Constant Currency, excluding the effects of foreign exchange, and to organic performance, which excludes also acquisitions and disposals and changes in license agreements where the Group operates as a licensee, by segment, by brand and product line, by distribution channel and by geographic area for the year ended December 31, 2025 compared to the year ended December 31, 2024 and for the three months ended December 31, 2025 compared to the three months ended December 31, 2024.
Segment
FY 2025 vs FY 2024
-------------------------------------------------------------------------------
less Changes
in license
agreements
less less where the
Revenues Foreign Constant Acquisitions Group operates
Growth exchange Currency and disposals as a licensee Organic
----------- ----------- ---------- -------------- -------------- ---------
Zegna 1.1% (2.7%) 3.8% 0.1% --% 3.7%
Thom
Browne (14.6%) (2.5%) (12.1%) --% --% (12.1%)
Tom Ford
Fashion 0.8% (2.3%) 3.1% --% --% 3.1%
----- --- ---- --- ------ ---- ------- --------- -----
Total (1.5%) (2.6%) 1.1% --% --% 1.1%
----- ---- --- ------ ---- ------- --------- -----
Q4 2025 vs Q4 2024
-------------------------------------------------------------------------------
less Changes
in license
agreements
less less where the
Revenues Foreign Constant Acquisitions Group operates
Growth exchange Currency and disposals as a licensee Organic
----------- ----------- ---------- -------------- -------------- ---------
Zegna 1.9% (4.1%) 6.0% --% --% 6.0%
Thom
Browne (3.4%) (5.2%) 1.8% --% --% 1.8%
Tom Ford
Fashion (2.3%) (3.8%) 1.5% --% --% 1.5%
---- --- ---- --- ---- --- --- -------- --------- ----
Total 0.3% (4.3%) 4.6% --% --% 4.6%
---- ---- ---- --- ---- --- --- -------- --------- ----
Brand and product line
FY 2025 vs FY 2024
-------------------------------------------------------------------------------
less Changes
in license
agreements
less less where the
Revenues Foreign Constant Acquisitions Group operates
Growth exchange Currency and disposals as a licensee Organic
----------- ----------- ---------- -------------- -------------- ---------
ZEGNA
brand 1.5% (3.2%) 4.7% --% --% 4.7%
Thom
Browne (14.7%) (2.5%) (12.2%) --% --% (12.2%)
TOM FORD
FASHION 0.8% (2.3%) 3.1% --% --% 3.1%
Textile (2.8%) 0.3% (3.1%) --% --% (3.1%)
Other 0.4% (0.4%) 0.8% --% --% 0.8%
----- --- ---- --- ------ --- -------- --------- -----
Total (1.5%) (2.6%) 1.1% --% --% 1.1%
----- ---- --- ------ --- -------- --------- -----
Q4 2025 vs Q4 2024
-------------------------------------------------------------------------------
less Changes
in license
agreements
less less where the
Revenues Foreign Constant Acquisitions Group operates
Growth exchange Currency and disposals as a licensee Organic
----------- ----------- ---------- -------------- -------------- ---------
ZEGNA
brand 2.4% (5.0%) 7.4% --% --% 7.4%
Thom
Browne (3.7%) (5.1%) 1.4% --% --% 1.4%
TOM FORD
FASHION (2.3%) (3.8%) 1.5% --% --% 1.5%
Textile 2.0% 1.0% 1.0% --% --% 1.0%
Other (41.5%) (0.6%) (40.9%) --% --% (40.9%)
----- ---- --- ------ --- -------- --------- -----
Total 0.3% (4.3%) 4.6% --% --% 4.6%
----- --- ---- --- ------ --- -------- --------- -----
Distribution channel
FY 2025 vs FY 2024
-------------------------------------------------------------------------------
less Changes
in license
agreements
less less where the
Revenues Foreign Constant Acquisitions Group operates
Growth exchange Currency and disposals as a licensee Organic
----------- ----------- ---------- -------------- -------------- ---------
Direct to
Consumer
(DTC)
----------
ZEGNA brand 4.1% (3.4%) 7.5% 0.1% --% 7.4%
Thom Browne 2.9% (5.0%) 7.9% --% --% 7.9%
TOM FORD
FASHION 5.9% (3.9%) 9.8% --% --% 9.8%
----- --- ---- --- ------ ---- ------- --------- -----
Total
Direct to
Consumer
(DTC) 4.2% (3.7%) 7.9% --% --% 7.9%
Wholesale
branded
----------
ZEGNA brand (14.5%) (2.0%) (12.5%) --% --% (12.5%)
Thom Browne (40.2%) (0.2%) (40.0%) --% --% (40.0%)
TOM FORD
FASHION (8.2%) 0.1% (8.3%) --% --% (8.3%)
----- ---- ---- ------ ---- ------- --------- -----
Total
Wholesale
branded (20.9%) (0.7%) (20.2%) --% --% (20.2%)
Textile (2.8%) 0.3% (3.1%) --% --% (3.1%)
Other 0.4% (0.4%) 0.8% --% --% 0.8%
----- --- ---- --- ------ ---- ------- --------- -----
Total (1.5%) (2.6%) 1.1% --% --% 1.1%
----- ---- --- ------ ---- ------- --------- -----
Q4 2025 vs Q4 2024
-------------------------------------------------------------------------------
less Changes
in license
agreements
less less where the
Revenues Foreign Constant Acquisitions Group operates
Growth exchange Currency and disposals as a licensee Organic
----------- ----------- ---------- -------------- -------------- ---------
Direct to
Consumer
(DTC)
----------
ZEGNA brand 5.2% (5.2%) 10.4% 0.1% --% 10.3%
Thom Browne 3.0% (8.2%) 11.2% --% --% 11.2%
TOM FORD
FASHION (1.3%) (6.1%) 4.8% --% --% 4.8%
----- ---- --- ------ ---- ------- --------- -----
Total
Direct to
Consumer
(DTC) 3.9% (5.8%) 9.7% 0.1% --% 9.6%
Wholesale
branded
----------
ZEGNA brand (19.7%) (3.2%) (16.5%) --% --% (16.5%)
Thom Browne (14.7%) (0.6%) (14.1%) --% --% (14.1%)
TOM FORD
FASHION (3.8%) 0.3% (4.1%) --% --% (4.1%)
----- ---- ---- ------ ---- ------- --------- -----
Total
Wholesale
branded (12.9%) (1.3%) (11.6%) --% --% (11.6%)
Textile 2.0% 1.0% 1.0% --% --% 1.0%
Other (41.5%) (0.6%) (40.9%) --% --% (40.9%)
----- ---- --- ------ ---- ------- --------- -----
Total 0.3% (4.3%) 4.6% --% --% 4.6%
----- --- ---- --- ------ ---- ------- --------- -----
Geographic area
FY 2025 vs FY 2024
-------------------------------------------------------------------------------
less Changes
in license
agreements
less less where the
Revenues Foreign Constant Acquisitions Group operates
Growth exchange Currency and disposals as a licensee Organic
----------- ----------- ---------- -------------- -------------- ---------
EMEA (1) 0.5% (0.9%) 1.4% --% --% 1.4%
Americas
(2) 7.9% (4.1%) 12.0% --% --% 12.0%
Greater
China
Region (14.6%) (2.7%) (11.9%) --% --% (11.9%)
Rest of
APAC (3) (0.5%) (4.3%) 3.8% --% --% 3.8%
Other (4) 30.2% (1.0%) 31.2% --% --% 31.2%
----- --- ---- --- ------ --- -------- --------- -----
Total (1.5%) (2.6%) 1.1% --% --% 1.1%
----- ---- --- ------ --- -------- --------- -----
________________________________________
(1) EMEA includes Europe, the Middle East and Africa.
(2) Americas includes the United States of America, Canada, Mexico, Brazil
and other Central and South American countries.
(3) Rest of APAC includes Japan, South Korea, Singapore, Thailand,
Malaysia, Vietnam, Indonesia, Philippines, Australia, New Zealand,
India and other Southeast Asian countries.
(4) Other revenues mainly include royalties.
Q4 2025 vs Q4 2024
-------------------------------------------------------------------------------
less Changes
in license
agreements
less less where the
Revenues Foreign Constant Acquisitions Group operates
Growth exchange Currency and disposals as a licensee Organic
----------- ----------- ---------- -------------- -------------- ---------
EMEA (1) 4.7% (1.9%) 6.6% 0.1% --% 6.5%
Americas
(2) 9.3% (6.3%) 15.6% --% --% 15.6%
Greater
China
Region (13.8%) (3.9%) (9.9%) --% --% (9.9%)
Rest of
APAC (3) (1.9%) (7.0%) 5.1% --% --% 5.1%
Other (4) 24.0% (2.4%) 26.4% --% --% 26.4%
----- --- ---- --- ----- ---- ------- --------- -----
Total 0.3% (4.3%) 4.6% --% --% 4.6%
----- --- ---- --- ----- ---- ------- --------- -----
________________________________________
(1) EMEA includes Europe, the Middle East and Africa.
(2) Americas includes the United States of America, Canada, Mexico, Brazil
and other Central and South American countries.
(3) Rest of APAC includes Japan, South Korea, Singapore, Thailand,
Malaysia, Vietnam, Indonesia, Philippines, Australia, New Zealand,
India and other Southeast Asian countries.
(4) Other revenues mainly include royalties.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260202516609/en/
CONTACT: Paola Durante, Chief of External Relations and Sustainability
Alice Poggioli, Investor Relations Director
ir@zegna.com / corporatepress@zegna.com
(END) Dow Jones Newswires
February 02, 2026 06:35 ET (11:35 GMT)
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