Ermenegildo Zegna closes 2025 with revenues of 1.91 billion euros, down 1.5 percent YoY

The Ermenegildo Zegna Group closed 2025 with revenues of 1.91 billion euros, a decrease of 1.5 percent (+1.1 percent on an organic basis), compared to 1.94 billion in 2024.

Fourth-quarter 2025 revenues stood at 591 million euros. This represents a year-over-year (YoY) growth of +0.3 percent and +4.6 percent on an organic basis. The results confirm a sequential acceleration compared to the third quarter, driven mainly by the group's strategic focus on the direct-to-consumer channel.

Ermenegildo Zegna: "last quarter of the year saw organic revenue growth of +10 percent in our strategic direct-to-consumer channel"

Ermenegildo Zegna Nv, a company listed on the NYSE, announced its preliminary and unaudited revenues for 2025 today in a statement.

Ermenegildo "Gildo" Zegna, executive chairman of the group, said: "The last quarter of the year saw organic revenue growth of +10 percent in our strategic direct-to-consumer channel at the group level, with a sequential improvement and a positive contribution from each of our three brands. Zegna, in particular, accelerated further with double-digit organic growth in the direct-to-consumer channel.

"This performance confirms the strength of our vision and the relevance of our strategy. 2025 was also a pivotal year for our group and our family. I decided to take a step forward in empowering the next generation of leaders. Gianluca Tagliabue has taken on the role of group CEO, and I have passed the baton to the fourth generation, with Edoardo and Angelo Zegna now leading the Zegna brand."

For the Zegna brand, full-year 2025 revenues amounted to 1.18 billion euros (+1.5 percent compared to the same period last year). In Q4, the brand reached 361.7 million euros (+2.4 percent), driven by the direct-to-consumer channel in EMEA (especially the Middle East) and the Americas.

For Thom Browne, 2025 revenues stood at 268.5 million euros (-14.7 percent). Despite the overall decline due to the downsizing of wholesale, the direct-to-consumer channel grew by +11.2 percent on an organic basis in Q4.

Regarding Tom Ford Fashion (TFF), revenues amounted to 317.1 million euros in 2025 (+0.8 percent YoY). The Q4 performance (+1.5 percent organic) was driven by the direct-to-consumer channel in EMEA and the rest of the APAC region.

Revenues from the textile segment were 134.2 million euros in 2025 (-2.8 percent YoY).

Regarding individual geographical areas, in EMEA, the company recorded 683.8 million euros in 2025 (+0.5 percent), accounting for 36 percent of total revenues. In the Americas, the result was 566.1 million euros (+7.9 percent), representing 30 percent of the group's total.

The statement noted, "Very strong results for Zegna and Thom Browne in Q4 (+15.6 percent organic)." In Greater China, revenues amounted to 435.2 million euros (-14.6 percent YoY). The decline was due to a slowdown for Thom Browne and TFF, as well as the timing of wholesale deliveries. In the rest of APAC, the company recorded 228.8 million euros (-0.5 percent YoY), with an improvement in Q4 (+5.1 percent organic).

Furthermore, as of 1 January 2026, the company has adopted a new organisational structure. Gildo Zegna is the group's executive chairman. Gianluca Tagliabue has taken on the role of group CEO, Gian Franco Santhià is the new CFO, while Edoardo and Angelo Zegna are co-CEOs of the Zegna brand.

This article was translated to English using an AI tool.

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