Group revenue rose to €470.2 million (~$550 million) in the first quarter (Q1), up 2.5 percent year-on-year (yoy) and 7.4 percent organically, supported by strong direct-to-consumer (DTC) performance.
Ermenegildo Zegna Group reported revenue of €470.2 million (~$550 million) in the first quarter of 2026, up 2.5 percent year-on-year and organically up 7.4 percent, driven by strong DTC growth. DTC sales rose 7.8 percent to €371.9 million (~$435.12 million), while wholesale sales fell 19.1 percent. Zegna led the growth of the brand, with America being the strongest region. The group will continue with its strategy of prioritizing retail.
Ermenegildo “Gildo” Zegna, executive president of the Group, said: “We enter 2026 with growing momentum across all of our brands.” He highlighted the continued strength of the retail channel and noted that the Americas achieved another quarter of double-digit organic growth.
DTC Growth Offsets Wholesale Decline; Zegna leads brand performance
DTC revenue increased 7.8 percent to €371.9 million (~$435.12 million), with organic growth of 14.2 percent, accounting for 85 percent of branded product sales. All three brands, Zegna, Thom Browne and Tom Ford Fashion, saw strong DTC momentum across all regions.
In contrast, wholesale revenue decreased 19.1 percent to 64.3 million euros, reflecting the group’s deliberate decision to reduce channel dependence and improve brand control, exclusivity and pricing power, Zegna Group said in a press release.
By brand, Zegna remained the main growth driver, with revenue increasing 5.9 percent to €310.3 million (~$363.05 million), or 11.3 percent organically. The brand saw strong traction in the Americas and EMEA, along with a return to growth in China (including Hong Kong, Macau and Taiwan).
Thom Browne’s revenue declined 9.4 percent to €58.2 million, although organic performance was more resilient at -3.0 percent, supported by strong DTC growth and the successful launch of its collaboration with Asics.
Tom Ford Fashion posted a modest 0.4 percent growth to €67.7 million, or 5.4 percent organically, helped by retail strength and brand visibility following its March fashion show.
America leads growth; China recovers, EMEA remains stable amid mixed trends
Regionally, the Americas emerged as the strongest region, with revenue increasing 9.6 percent to €137 million and 17.5 percent organically, driven by strong demand across all brands. China returned to growth, up 0.7 percent (5.3 percent organic) to €124.1 million, indicating improving momentum.
Europe, Middle East and Africa (EMEA) revenue was broadly flat at €152.9 million, down 0.8 percent but up 1.4 percent organically, as DTC gains were offset by wholesale weakness. The rest of Asia-Pacific recorded a slight decrease of 0.6 percent to €55.5 million, although organic growth stood at 7.7 percent, led by strong results in Japan and South Korea.
The group’s textile segment also recorded steady growth, with revenue increasing by 4.3 percent to €31.2 million, while “other” revenue declined sharply due to lower deals with third-party brands.
Looking ahead, Zegna said it will maintain its “think slow, act fast” approach to navigate changing market conditions, while continuing to focus on long-term strategic goals focused on retail expansion, brand elevation and operational agility.
Fiber2Fashion News Desk (SG)
