Ermenegildo Zegna's Flat Q4 Revenue Raises Questions About Brand Momentum.

Ermenegildo Zegna reported flat Q4 revenue of €591,028,000 and a slight full-year decline to €1.92 billion. Despite steady quarterly sales, the modest full-year decline and resilient fourth-quarter sales shape the company's investment narrative. The focus remains on believing in the long-term appeal of its luxury brands and improving profitability, rather than rapid top-line growth. Emerging risks include leadership change coinciding with softer growth expectations.