What does Ermenegildo Zegna do and what are its main business segments?

What factors drove the changes in Ermenegildo Zegna's revenue and profit?

What is the market's earnings forecast for Ermenegildo Zegna next quarter?

What were the key takeaways from Ermenegildo Zegna's earnings call?

What guidance did Ermenegildo Zegna's management provide for the next earnings period?

What were the key takeaways from Ermenegildo Zegna’s earnings call?

What is Ermenegildo Zegna's gross profit margin?

What is Ermenegildo Zegna's latest dividend and current dividend yield?

- **Resilient Growth**: Q1 DTC momentum (+10% YoY) and strong performance in Tom Ford & Thom Browne offset Middle East challenges.
- **Margin Stability**: Zegna segment EBIT margin at 14.7% (excluding provisions), targeting stabilization in 2026 amid FX headwinds.
- **Strategic Initiatives**: ASICS collaboration success and cultural partnerships (Art Basel, Venice Biennale) drive new customer acquisition.
- **China Recovery**: Early signs of improvement, with cautious optimism for gradual 2026 recovery.
- **Risk Management**: €10M Saks Global provisions highlight supply chain risks, but free cash flow positive at €82M.

**【CEO Summary Section】**
- **Middle East Resilience**: Despite regional conflict, Zegna's stores remain operational, with customers showing resilience. The brand's cultural initiatives, such as the Italian Pavilion at Venice Biennale, reinforce long-term regional importance.
- **Fashion Show Success**: Tom Ford's Spring/Summer '26 collection and Thom Browne's ASICS collaboration sneakers are driving strong commercial momentum, with the latter exceeding revenue expectations.
- **China Recovery**: Q1 shows sequential improvement, particularly in Hong Kong and Macau, though 2026 guidance remains cautious due to macroeconomic uncertainties.
- **Cultural Expansion**: Zegna's partnership with Art Basel and the launch of 'Memory' fragrances highlight its strategy to blend luxury with art and culture.

**【CFO Financial Commentary】**
- **FY25 Results**: Revenue €1.917B (-1.5% YoY), adjusted EBIT €163M (€173M excluding provisions), and profit €109M (+20% YoY). Zegna segment EBIT margin improved to 14.7% (excluding provisions), driven by DTC growth (82% of branded revenue).
- **Cost Management**: SG&A rose to 53.9% of revenue due to investments in talent and store expansion, but corporate costs decreased by 20%.
- **FX Impact**: 2026 expects 2% headwind from currency fluctuations, though recent USD/EUR and RMB stabilization may mitigate部分影响.
- **CapEx Outlook**: €103M in FY25, with FY26 targeting 7% of revenue for a new shoe factory and IT upgrades.

**【Q&A Highlights】**
- **Regional Trends**: Americas and Europe resilient; China shows early signs of recovery post-Chinese New Year.
- **Margin Dynamics**: Zegna segment EBIT margin expected to stabilize at ~15%, with FX and wholesale contraction as key risks.
- **Tom Ford & Thom Browne**: Tom Ford H2 '25 turned profitable, driven by full-price sell-through; Thom Browne aims to return to double-digit EBIT margin with DTC focus.
- **Middle East Strategy**: Maintaining partnerships with local distributors (e.g., Chalhoub, Altair) to support stores and customer engagement despite geopolitical tensions.

Ermenegildo Zegna N.V. (ZGN) Q4 2025 Earnings Call Transcript

- **Revenue Beat Expectations**: Q3 organic growth of 4% driven by 9% DTC expansion, with Zegna brand up 6% and Tom Ford Fashion +16% DTC.
- **China Recovery Signs**: Top-tier spending resilient, but overall Greater China down 7%. U.S. DTC cluster grows double-digit.
- **FX Headwind**: 3-4% organic-to-reported drag in Q3, hedging in place but margin pressure persists. 2026 hedging partially mitigates risk.
- **Tom Ford Progress**: DTC momentum from new collections and openings, but wholesale decline (-10%) reflects strategic channel shift.
- **Zegna Margin Expansion**: 13-14% target for 2025 driven by price/mix and CRM efficiency.

**【CEO/Management Remarks】**
- **Q3 2025 Organic Revenue Growth**: €398 million, up 4% organically, driven by 9% DTC channel growth. Zegna brand revenue rose 6% to €249 million, Thom Browne improved sequentially, and Tom Ford Fashion grew 4%.
- **Geographic Performance**: Americas (+13%), EMEA stable, Greater China (-7%), APAC (+3%). U.S. DTC cluster grew double-digit,1, while China showed signs of stabilization in top-tier spending.
- **Strategic Initiatives**: Zegna's Torino collection and Dubai store reopening highlighted heritage and innovation. Tom Ford Fashion's Haider Ackermann collection and store openings in Miami and Dubai drove momentum.

**【CFO Financial Commentary】**
- **Currency Impact**: Euro strength vs. USD/RMB caused 3-4% organic-to-reported drag in Q3, expected 4-5% in Q4. Hedging mitigated but not eliminated margin pressure.
- **Margin Management**: DTC gross margin expansion offset wholesale rationalization. Zegna segment margin expected 13-14% for 2025, driven by price/mix and CRM efficiency.
- **Tom Ford Integration**: DTC growth (+16%) from new collections, store openings, and CRM investments. Wholesale decline (-10%) due to selective conversions to DTC.

**【Q&A Highlights】**
- **Q4 Outlook**: Early trends align with Q3, with DTC growth sustained by CRM and new collections. China's top-tier customers performing well, but volatility persists.
- **FX Hedging**: 2026 hedging in place, but currency volatility remains a risk. Price increases offset部分 tariff impacts.
- **Tom Ford Momentum**: DTC acceleration expected with new collections and store openings. Wholesale rationalization to continue selectively.


Ermenegildo Zegna NV (ZGN) Q3 2025 Earnings Call Transcript

- **DTC Growth Drives Margin**: Gross margin +110bps to 67.5% due to 82% DTC share; Q2 EBIT expected higher than Q1.
- **Brand Performance**: Zegna strong, Thom Browne wholesale down 52%, Tom Ford investing for long-term.
- **China Risk**: GCR remains challenging, with cautious 2026 planning despite tentative stabilization.
- **Marketing Spend**: Group marketing at ~6% of sales; no consumer pushback from U.S. price increases.

**【Management Opening Remarks】**
- H1 2025 revenue: EUR 928 million (-2% organic), driven by +6% DTC organic growth.
- Gross profit margin improved 110bps to 67.5% due to higher DTC share (82% vs 76% in H1 2024).
- Adjusted EBIT: EUR 69 million (7.4% margin), down 100bps vs H1 2024, impacted by higher SG&A costs and currency headwinds.
- Q2 EBIT expected to be higher than Q1, with cautious outlook on China recovery.

**【CEO Commentary】**
- **Zegna**: Fall/Winter '25 campaign launched with Vellus Aureum fabric; Miami Design District store opened; DTC network expansion continues.
- **Thom Browne**: New CEO Sam Lobban appointed; Q2 wholesale down 52%, aiming for -20% decline in H2; EBIT contraction due to DTC expansion costs.
- **Tom Ford**: Haider Ackermann collection launched; investing in IT and talent teams for long-term growth.
- China GCR remains challenging, with tentative signs of stabilization but no solid trends.

**【CFO Financial Commentary】**
- Net profit: EUR 47.9 million (+53% YoY) due to FX gains and lower tax rate (30% vs 35% YoY).
- CapEx: EUR 54 million (6% of revenue), 2/3 for store openings; FY25 CapEx incidence expected 6-7%.
- Free cash flow: EUR 23 million (vs EUR 7 million YoY), driven by lower operating cash flow.
- China risk remains key concern, with cautious 2026 planning for 'new normal'.

**【Q&A Highlights】**
- **Gross Margin**: H2 gross margin expected to remain above 67%, supported by DTC quality and full-price sell-through.
- **Zegna Segment**: 2025 EBIT margin expected 13-14%, with investments in Miami event and marketing.
- **Thom Browne**: Long-term EBIT target >10%, with focus on DTC and cost control.
- **China**: Q3 comps easier, but cautious on single-digit decline; no material impact from U.S. price increases.
- **Marketing Spend**: Group-level marketing at ~6% of sales for FY25.

Ermenegildo Zegna N.V. (ZGN) Q2 2025 Earnings Call Transcript

- **Americas Dominance**: Q1 U.S. DTC growth (+double digits) drives overall momentum, offsetting Greater China (-12%) softness.
- **DTC Shift**: All brands prioritize DTC (86% Zegna, +3% Thom Browne, +9% Tom Ford), with wholesale declining 19% overall.
- **Tariff Mitigation**: Mid-single-digit price hikes for fall/winter '25 to offset 10% U.S. tariffs, with no manufacturing relocation.
- **China Stabilization**: Zegna shows early signs of recovery (positive AUR/conversion), but traffic remains challenging.
- **EBIT Guidance**: Low single-digit growth expected, supported by DTC focus and cost control.

**【Management Opening Remarks】**
- Q1 2025 revenue: EUR 459 million (-1% YoY, organic basis). Americas (+9%) and APAC (Japan, Singapore) outperform, while Greater China (-12%) remains cautious.
- **Brand Performance**: 
  - Zegna: +3% driven by DTC in EMEA and U.S., with 86% of revenue from DTC. Key launch of Moccasin shoes saw strong global response.
  - Thom Browne: -9% due to wholesale reduction, but DTC +3% with new store openings (Palm Beach, Los Angeles).
  - Tom Ford: +3% from DTC momentum post-Haider Ackermann's fashion show, with new store in Puerto Banus.

**【CFO Financial Commentary】**
- **Tariff Strategy**: 10% U.S. tariff hike countered by mid-single-digit price increases for fall/winter '25 collections. No manufacturing relocation; Italy-based production maintained.
- **EBIT Guidance**: Low single-digit growth for 2025, supported by DTC focus and cost control (e.g., selective wholesale reductions).
- **Wholesale Outlook**: Zegna and Tom Ford wholesale expected to decline 25-30% YoY, with Thom Browne wholesale down 48% Q1 but stabilizing through the year.

**【Q&A Highlights】**
- **U.S. Momentum**: Zegna DTC growth (+double digits) across regions (NY, Florida, California), offsetting Greater China softness. Moccasin shoes and summer drop drove Q1 success.
- **Haider Ackermann Impact**: Fall/winter '25 collection to launch in September, with early 'see now, buy now' results encouraging. Full design impact expected in Q3.
- **Greater China Strategy**: Prudent approach with initial signs of stabilization at Zegna (positive KPIs like AUR and conversion rates despite traffic decline).
- **Tariff Confidence**: Pricing adjustments balanced against volume risk, with luxury consumers less price-sensitive. No material demand impact seen post-tariff hike.


Ermenegildo Zegna N.V. (ZGN) Q1 2025 Earnings Call Transcript

- **2024 Performance**: €184 million adjusted EBIT, 67% gross margin, driven by DTC growth and brand investments. 
- **Brand Momentum**: Tom Ford show success, Thom Browne US expansion, Zegna Dubai launch. 
- **2025 Targets**: Low-single-digit revenue growth, €250-300 million EBITDA. 
- **China Challenges**: 2025 expected to remain negative, with gradual recovery in 2026+. 
- **DTC Expansion**: DTC share to 80% by end-2025, Zegna near 90%. 
- **Sustainability**: 50% managerial roles held by women, artisanal craftsmanship preservation. 
- **Tom Ford Vision**: Women's and accessories line expansion in 2026, DTC conversion acceleration.

**【CEO Summary Section】**
- **2024 Financial Highlights**: Adjusted EBIT of €184 million, driven by Zegna brand organic growth. Tom Ford Fashion show in Paris received record media impact, with customer interest in the collection already emerging.
- **Brand Performance**: 
  - **Tom Ford**: Fall/Winter '25 collection saw double the media impact of previous shows; See Now Buy Now pieces sold out quickly. 
  - **Thom Browne**: New US stores opening in Palm Beach, LA, and NYC; February fashion show received strong customer feedback. 
  - **Zegna**: Vellus Aureum collection outperformed expectations, attracting new customers. Dubai launch in June will expand brand presence in high-growth markets.
- **Mid-Term Targets (2025-2027)**: 
  - 2025: Revenue growth of low-single digits, adjusted EBITDA of €250-300 million. 
  - 2027: Revenue of €2.2-2.4 billion, adjusted EBITDA of €250-300 million. 
  - China expected to remain challenging in 2025, with gradual recovery anticipated.
- **Sustainability & Culture**: 50% of managerial roles now held by women; Accademia dei Maestri launched to preserve artisanal craftsmanship.

**【CFO Financial Commentary】**
- **2024 Financials**: 
  - Total revenue: €1.947 billion (+2% YoY). 
  - Gross margin: 67% (up 230bps YoY). 
  - Adjusted EBIT: €184 million (-16% YoY). 
  - Net profit: €91 million. 
- **Key Drivers**: 
  - DTC channel now 78% of total revenue (vs. 73% in 2023). 
  - Cost of sales reduced by €11.6 million YoY due to Tom Ford PPA charges. 
  - SG&A expenses increased 51.8% of revenue (vs. 47.3% in 2023) due to brand investments and store openings. 
- **2025 Outlook**: 
  - CapEx of 6-7% of revenue for factory expansion and IT upgrades. 
  - Free cash flow expected to remain positive despite elevated CapEx.

**【Q&A Key Takeaways】**
- **Q1 2025 Trends**: 
  - US market resilient; Europe and Middle East performing well. 
  - China (esp. Hong Kong) remains challenging, with similar Q1 trends to Q4 2024. 
  - Thom Browne wholesale down 33% YoY, but DTC growth expected to offset. 
- **Zegna Margin Outlook**: 
  - 2024 adjusted EBIT margin of 13.9% expected to improve with DTC expansion. 
  - 2025 focus on CRM, marketing, and store investments for long-term growth. 
- **Tom Ford Integration**: 
  - Fall/Winter '25 collection saw wholesale orders up vs. previous season. 
  - Women's and accessories line expected to expand in 2026. 
- **Channel Mix**: 
  - DTC share target of 80% by end-2025 (Zegna near 90%). 
  - Thom Browne wholesale expected to decline 10-20% YoY in 2025. 
- **Supply Chain**: 
  - New Parma factory to be operational by H2 2026. 
  - Streamlined fabric cutting operations to reduce costs.


Actual														0.181
Forecast														0.2075
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-12.77%

Actual	--	--	--	--	--	--	--	--	--	--	--	--	--	1.16B
Forecast	--	--	--	--	--	--	--	--	--	--	--	--	--	1.16B
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.37%

ZGN

ZGN fundamentals

ZGN Q4 2025 Earnings

Earnings Call

You can ask Aime

ZGN

ZGN fundamentals

ZGN Q4 2025 Earnings

Earnings Call

ZGN Earnings Call Summary for Q4/2025Invalid Date on Mar 20, 2026

ZGN Earnings Call Summary for Q3/20257:00 AM on Oct 23, 2025

ZGN Earnings Call Summary for Q2/20258:00 AM on Sep 5, 2025

ZGN Earnings Call Summary for Q1/20258:00 AM on Apr 24, 2025

ZGN Earnings Call Summary for Q4/20248:00 AM on Mar 27, 2025

You can ask Aime