The Tamesis
Ermenegildo Zegna Group, owner of Zegna and Thom Browne and licensor of Tom Ford Fashion, said revenue in the first quarter of fiscal 2026 rose 2.5% year-on-year to 458.8 million euros, exceeding analysts’ expectations. After the results were announced, the stock price rose 5%.
“Momentum is growing across all brands as we enter 2026,” Executive Chairman Ermenegildo “Gildo” Zegna said in a statement, noting that this growth is a direct result of the group’s long-term strategy. “Our retail-first organization continues to make progress, which is reflected in [7.8%] Direct-to-consumer growth [DTC] Channels, all brands and markets contributed. “DTC revenue currently accounts for 85% of the group’s sales.
By brand, thanks to the strong performance of DTC, Ermenegildo Zegna’s first quarter revenue increased 5.9% year-on-year to 310.3 million euros. The brand is particularly strong in the Americas and EMEA (Europe, Middle East and Africa) regions, both achieving double-digit growth. Thom Browne’s revenue fell 9.4% year-on-year to 58.2 million euros, with the decline in wholesale channels offsetting the double-digit growth in DTC. Creative director Haider Ackermann’s 2026 autumn and winter fashion show was warmly welcomed, and Tom Ford Fashion sales increased by 0.4% year-on-year to 67.5 million euros.
By region, growth was strongest in the Americas, with revenue rising 9.6% to €137 million. Revenue in the Europe, Middle East and Africa region fell 0.8% to €152.9 million, mainly due to weaker wholesale results. Greater China revenue increased 0.7% to 124 million euros, while the rest of Asia Pacific fell 0.6% to 55.5 million euros.
“Looking ahead, our ‘think slow, act fast’ mentality will continue to guide the group to make thoughtful decisions and implement them quickly and decisively, as we pursue our vision with rigor,” Zegna said. “This is a world where we must quickly adapt to more challenging conditions. At the same time, our long-term goals are clear and we remain committed to achieving them.”
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