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Company Research26 Jan 2024
The 13 Largest Luxury Companies in the World
Explore the largest luxury companies in the world. Also, we list and visualize the 13 largest luxury companies globally by market cap.
Ermenegildo Zegna
Ermenegildo Zegna (ZGN) investor relations material
Ermenegildo Zegna Q4 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 TU earnings summary2 Feb, 2026
Executive summary
FY 2025 revenues reached EUR 1.917 billion, down 1.5% year-over-year but up 1.1% organically, with Q4 revenues at EUR 591 million, up 4.6% organically, driven by strong DTC performance.
Zegna brand led growth, achieving EUR 1.2 billion in annual revenues and a 7% organic increase in Q4, with strong DTC performance, especially in Americas and EMEA.
Strategic focus on DTC led to robust growth across all brands, while wholesale declined as part of a deliberate channel strategy.
Leadership transition completed, with Gianluca Tagliabue as Group CEO and new generation family members as Co-CEOs of Zegna brand, effective January 2026.
Financial highlights
DTC channel in Q4 grew 10% organically, now representing 82% of branded revenues for the year; wholesale branded revenues declined 20% organically.
Zegna DTC revenues grew 10% in Q4, accounting for 88% of brand revenues; Americas and EMEA posted double-digit growth.
Zegna brand accounted for 62% of FY revenues, Thom Browne 14%, and Tom Ford Fashion 17%.
Americas delivered +16% revenue growth in Q4, EMEA +7%, while Greater China declined 10% in Q4.
Wholesale channel declined, with Zegna down 17% in Q4 and Thom Browne down 14% in Q4 and 40% for the year.
Outlook and guidance
DTC momentum expected to continue, with Americas and Gulf area leading growth; China expected to remain volatile.
Wholesale channel to remain negative in 2026, with high single-digit decline at group level and low double-digit for Thom Browne.
EBIT margin for 2026 expected to be flattish due to FX headwinds, with some mitigation from hedging.
Price/mix to remain the main growth driver, with mid-single-digit price increases planned to offset currency impacts.
Management remains prudent amid a volatile environment, focusing on core values and strategic priorities.
Q4 DTC organic growth drivers by brand
Wholesale channel streamlining rationale by brand
GCR Q4 revenue slowdown factors
China retail footprint strategy for 2026
Wholesale channel's long-term revenue mix
ZEGNA retail productivity growth drivers
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Next Ermenegildo Zegna earnings date
H2 202520 Mar, 2026
Ermenegildo Zegna
Next Ermenegildo Zegna earnings date
H2 202520 Mar, 2026
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Frequently asked questions
One of the leading names in high-end fashion
Ermenegildo Zegna is a luxury fashion brand that specializes in men's clothing and accessories. The company was founded in 1910 in Italy and has since become one of the leading names in the high-end fashion industry. Some of Zegna’s competitors include Kering, Brunello Cucinelli, and LVMH.
The business model
Ermenegildo Zegna's business model is based on creating and selling high-quality, luxury products to a discerning customer base. The company's product offerings include a wide range of men's clothing, including suits, jackets, trousers, and knitwear, as well as accessories such as bags, shoes, and belts. Ermenegildo Zegna's focus on quality materials and craftsmanship has helped it to establish a reputation for excellence in the fashion industry.
How Zegna makes money
Ermenegildo Zegna generates revenue primarily through sales of its products, both through its own network of retail stores and through third-party retailers. The company's retail stores are located in major cities around the world, including Milan, London, and New York. In addition, Ermenegildo Zegna also generates revenue through licensing agreements, which allow other companies to use its brand name and logo on products such as eyewear and fragrances.
Interesting facts about Zegna
Ermenegildo Zegna is a family business that has been owned and operated by the Zegna family since its inception in 1910. The company has a strong culture of family values, with a focus on preserving the family legacy and maintaining the highest standards of quality and craftsmanship in its products.
The Zegna family has played an active role in the company's operations throughout its history. Today, the company is led by the fourth generation of the Zegna family, with Gildo Zegna serving as the current CEO.
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