Good things come in threes: after Burberry and Richemont, Zegna group recorded a positive sign in the last quarter 2024. Especially from the States, where direct sales of the Zegna brand recorded double-digit growth, but also from EMEA (Europe, Middle East and Africa). “In the first weeks of January we observed a solid performance in the Americas and EMEA, while we expect volatility to persist in consumer demand in China”, commented Gildo Zegna, CEO of the group.
The final quarter 2024
In the fourth quarter, Ermenegildo Zegna group sales in the States rose 15% organically, offsetting the -11.4% in China. The beginning of 2025 also confirmed how healthy the local market is. “We expect 2025 to have different trends in different geographies”, the CEO said. “There will, however, continue to be volatility in consumer demand in China. We are prepared for these challenges”, while the priority is “to continue to build brand value by focusing investments on key strategic projects and enhancing our strengths”.
Group results
Ermenegildo Zegna Group ended 2024 with preliminary revenue of €1.95 billion: +2.2% at current exchange rates, +3.4% at constant rates, and -1.9% on an organic basis. Revenue exceeded company estimates of €1.91 billion reported by Reuters. Revenue in the fourth quarter reached 589.2 million euros, up 3.3%. In fiscal year 2024, the brands Zegna brand’s sales amounted to 1.35 billion euros, up 2%. Those of Thom Browne (315 million euros) decreased by 17.2%. While those of Tom Ford Fashion (314 million euros) grew 33.5%.
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