The Tamesis
Ermenegildo Zegna Group, owner of Zegna and Thom Browne and licensee of Tom Ford Fashion, reported a 1.5% year-on-year revenue decline in 2025 to 1.92 million euros in the year ended December 31.
Driven by a more favorable channel mix, profits improved significantly, up 20% year-on-year, and gross margin increased 90 basis points. Direct-to-consumer (DTC) sales increased 4 percentage points to 82% of total revenue. Adjusted EBIT fell to €163 million from €184 million (the company incurred a €10 million loss on provisions for expected losses on trade receivables related to Saks Global).
The Ermenegildo Zegna brand’s full-year revenue in 2025 will be 1.18 million euros, a year-on-year increase of 1.5%. Thom Browne revenue fell 14.7% to 268.5 million euros, while Tom Ford Fashion revenue was flat, rising 0.8% to 317.1 million euros.
“Looking ahead, recent developments in the Middle East have created additional uncertainty across the industry,” executive chairman Ermenegildo Zegna said in a statement. “In this more complex environment, our priorities remain clear: disciplined growth, strong cash generation and disciplined execution to achieve our goals. While we remain alert to potential risks, our ambitions have not changed, nor has our determination to achieve these goals together.”
