Ermenegildo Zegna Group reported a 1.5% year-on-year decline in revenues for 2025, ending December 31, to €1.92 million. Despite the drop, profit rose 20% and direct-to-consumer sales reached 82% of total revenues. The company highlighted uncertainties from Middle East developments ahead.
Ermenegildo Zegna Group, which owns Zegna and Thom Browne and licenses Tom Ford Fashion, disclosed its full-year 2025 financial results. Revenues fell 1.5% from the previous year to €1.92 million. Profit increased significantly by 20% year-on-year, supported by a gross profit margin expansion of 90 basis points due to a better channel mix. Direct-to-consumer sales grew to 82% of total revenues, up 4 percentage points. Adjusted EBIT decreased to €163 million from €184 million, partly due to a €10 million provision for expected losses on trade receivables linked to Saks Global. By brand, Zegna saw revenues rise 1.5% to €1.18 million. Thom Browne experienced a 14.7% decline to €268.5 million, while Tom Ford Fashion revenues were nearly flat, up 0.8% to €317.1 million. Executive chair Ermenegildo Zegna addressed future outlook in a statement: “Looking ahead, recent developments in the Middle East have introduced additional uncertainty across the sector. In this more complex environment, our priorities remain clear: disciplined growth, strong cash generation, and rigorous execution to deliver on our targets. While we remain vigilant to potential risks, our ambitions are unchanged — and so is our determination to deliver on them, together.” The group emphasized maintaining its strategy amid sector challenges.
