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Company Research26 Jan 2024
The 13 Largest Luxury Companies in the World
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Ermenegildo Zegna (ZGN) investor relations material
Ermenegildo Zegna Q3 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 TU earnings summary23 Oct, 2025
Executive summary
Q3 2025 revenues were €398 million, up 4% organically, with DTC channel accelerating 9% and strong results in the Americas and EMEA, while Greater China showed sequential improvement despite a year-over-year decline.
Nine-month 2025 revenues totaled €1,326 million, down 2% year-over-year and flat organically, with DTC accounting for 82% of group revenues.
ZEGNA and TOM FORD FASHION brands posted solid organic gains in Q3, while Thom Browne improved sequentially despite a decline.
Wholesale revenues declined sharply due to a strategic focus on DTC and tighter distribution control.
Management remains confident in mid-term targets despite ongoing industry challenges and currency fluctuations.
Financial highlights
ZEGNA Q3 revenues were €249 million, up 6% organically, led by DTC in EMEA and Americas; TOM FORD FASHION Q3 revenues were €66 million, up 4% organically, with DTC up 16%; Thom Browne Q3 revenues were €48 million, DTC up 10% but wholesale down sharply.
DTC channel Q3 revenues were €297 million, up 9% organically; wholesale branded revenues down 15% organic.
Textile segment was flat, while other revenues (mainly third-party agreements) grew 12% organically.
DTC revenues for the Group rose 4.5% year-over-year and 9.1% organic in Q3.
Wholesale branded revenues fell 24% year-over-year and 23.4% organic in 9M 2025.
Outlook and guidance
Management expects a challenging environment ahead due to consumer demand uncertainties and currency volatility but remains confident in delivering on mid-term targets.
Q4 trends expected to be similar to Q3, with continued FX headwinds and challenging comparisons due to a strong Q4 last year.
Consensus for full-year revenues and EBIT is considered reasonable by management.
Wholesale channel optimization strategy
Thom Browne's strategy under new CEO
GCR recovery drivers and outlook
China traffic and spending trends by tier?
Wholesale channel rationalization outlook for 2026?
What are the key drivers for TOM FORD FASHION growth?
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Next Ermenegildo Zegna earnings date
Q4 2025 TU2 Feb, 2026
Next Ermenegildo Zegna earnings date
Q4 2025 TU2 Feb, 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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