Zegna records a solid first quarter, especially in the United States, where sales increased by 97.2%. Among the main growth drivers was the performance of the footwear division. CEO Ermenegildo “Gildo” Zegna warned investors that 2022 will be challenging “due to geopolitical, economic and health uncertainties”. On the other hand, he points out the strength of its brands that “face challenges well: we will continue following our strategic objectives”. The group remains confident when it comes to reaching the yearly targets and the long-term ones announced previously.
Zegna records a solid quarter
During the first quarter of 2022, the group listed in New York recorded a 25.4% increase in revenue on yearly basis (377.6 million euro). The increment is to be mainly attributed to the Zegna brand and the positive performance of Thom Browne. The former increased sales by 27.1% on yearly basis (to 283.5 million euro). WWD writes that the group attributes the performance mainly to the growth of the leisure and footwear divisions, as well as the strong comeback of the made-to-measure activity. Thom Browne increased revenue by 22,3% (98,1 million euro).
Outlook
Zegna confirmed the outlook for 2022, which claimed a slight revenue growth and improved marginality. Zegna’s stock price suffered a loss on Well Street on May 5th, but it was a rough trading day for all segments.
Read also:
- Zegna, an epic 2021: doesn’t give in to hackers and will buy “small fish”
- CEO Rodrigo Bazan explains Thom Brown’s +47% in 2021
- Zegna is +27% on the year (good), but abandons fur (not good)
