Ermenegildo Zegna Group Revenues Reach €960 Million¹ in H1 2024, Up 6% Year-on-Year
-
H1 2024 grew 6% Year-on-Year (YoY), +8% at constant currency and -2.7% organic2.
-
In Q2 2024 revenues rose to €497 million, +5% YoY, +6% constant currency with flat organic growth:
-
ZEGNA and TOM FORD FASHION recorded solid growth of +5% YoY and +30% YoY respectively (both achieving +5% organic).
-
Direct-to-Consumer (DTC) drove the Group’s revenues growth with +10% YoY and +2% organic.
-
United States and EMEA outperformed other geographies.
-
ZEGNA and TOM FORD FASHION recorded solid growth of +5% YoY and +30% YoY respectively (both achieving +5% organic).
Ermenegildo “Gildo” Zegna, Chairman and CEO of the
ZEGNA continued to deliver robust performance with a +5.9% organic growth, driven by the DTC channel, up double-digit in EMEA and in the
At
At TOM FORD FASHION, we have just announced that
Looking ahead, I remain fully confident in the strategy we have put in place and the trajectory we are on. Our Group is a custodian of three authentic brands, each with unexplored long-term growth potential. We all recognize that 2024 will remain challenging, which is why we have been working on cost control initiatives across the Group. Nevertheless, we will continue to act with perseverance and firmness, combined with foresight and vision, to pursue our long-term ambitions.”
___________________________________________ |
1 Throughout this press release, revenues for the first half of 2024 are preliminary and unaudited. |
2 Revenues on organic growth basis (organic or organic growth) and on a constant currency basis (constant currency), are non-IFRS financial measures. Constant currency growth is calculated excluding foreign exchange. Organic growth is calculated excluding (a) foreign exchange, (b) acquisitions & disposals, (c) changes in license agreements where the Group operates as a licensee. See the non-IFRS financial measures section starting on page 8 of this press release for the definition and reconciliation of non-IFRS financial measures |
Revenues Analysis for the Six and Three Months Ended
REVENUES BY SEGMENT (Unaudited)
|
For the six months ended |
|
H1 2024 vs H1 2023 |
|
For the three months ended |
|
Q2 2024 vs Q2 2023 |
||||||||
(€ thousands, except percentages) |
2024 |
|
2023(1) |
|
Revenues Growth |
|
Organic Growth |
|
2024 |
|
2023(1) |
|
Revenues Growth |
|
Organic Growth |
Zegna |
660,538 |
|
644,310 |
|
2.5% |
|
3.5% |
|
335,638 |
|
324,986 |
|
3.3% |
|
2.7% |
|
166,935 |
|
207,959 |
|
(19.7%) |
|
(27.0%) |
|
87,869 |
|
94,708 |
|
(7.2%) |
|
(17.8%) |
Tom Ford Fashion |
148,493 |
|
64,027 |
|
131.9% |
|
4.7% |
|
83,473 |
|
64,027 |
|
30.4% |
|
4.7% |
Eliminations |
(15,844) |
|
(13,237) |
|
n.m.(2) |
|
n.m. |
|
(10,015) |
|
(8,974) |
|
n.m. |
|
n.m. |
Total revenues |
960,122 |
|
903,059 |
|
6.3% |
|
(2.7%) |
|
496,965 |
|
474,747 |
|
4.7% |
|
(0.4%) |
___________________________________________ |
|
(1) |
Revenues from Pelletteria Tizeta, a manufacturing company of the Group, which were allocated to the Zegna segment in H1 2023, are now presented within the Tom Ford Fashion segment in H1 2024. As a result, the related revenues in H1 2023 have been reclassified from the Zegna segment to the Tom Ford Fashion segment to conform to the current period presentation. |
(2) |
Throughout this section “n.m.” means not meaningful. |
REVENUES BY BRAND AND PRODUCT LINE (Unaudited)
|
For the six months ended |
H1 2024 vs H1 2023 |
|
For the three months ended |
Q2 2024 vs Q2 2023 |
||||||||||
(€ thousands, except percentages) |
2024 |
|
2023 |
|
Revenues Growth |
|
Organic Growth |
|
2024 |
|
2023 |
|
Revenues Growth |
|
Organic Growth |
ZEGNA brand |
566,067 |
|
541,319 |
|
4.6% |
|
5.9% |
|
283,197 |
|
269,430 |
|
5.1% |
|
5.0% |
|
166,721 |
|
206,951 |
|
(19.4%) |
|
(26.7%) |
|
87,514 |
|
94,399 |
|
(7.3%) |
|
(17.9%) |
TOM FORD FASHION |
148,493 |
|
64,015 |
|
132.0% |
|
4.7% |
|
83,473 |
|
64,015 |
|
30.4% |
|
4.7% |
Textile |
71,836 |
|
73,072 |
|
(1.7%) |
|
(0.6%) |
|
38,593 |
|
39,254 |
|
(1.7%) |
|
(0.5%) |
Other (1) |
7,005 |
|
17,702 |
|
(60.4%) |
|
(32.9%) |
|
4,188 |
|
7,649 |
|
(45.2%) |
|
(23.0%) |
Total revenues |
960,122 |
|
903,059 |
|
6.3% |
|
(2.7%) |
|
496,965 |
|
474,747 |
|
4.7% |
|
(0.4%) |
____________________________________________ |
|
(1) |
Other mainly includes revenues from agreements with third party brands. |
Zegna segment
In H1 2024, revenues for the Zegna segment, which includes the ZEGNA brand, textile and other, amounted to €660.5 million compared to €644.3 million in H1 2023, +2.5% YoY (+3.5% organic). Revenues in Q2 were €335.6 million, +3.3% YoY (+2.7% organic) driven by the solid performance from the ZEGNA brand.
In H1 2024, revenues for the ZEGNA brand were €566.1 million compared to €541.3 million in H1 2023, +4.6% YoY (+5.9% organic3). The performance was driven by ongoing robust growth in the
In H1 2024, revenues for Textile were €71.8 million compared to €73.1 million in H1 2023 (-1.7% YoY and -0.6% organic), with Q2 coming in substantially in line with Q1. Other revenues, which mainly includes revenues for third-party brands, were €7.0 million compared to €17.7 million in H1 2023 (-60.4% YoY and -32.9% organic), due to the termination of the
In H1 2024, revenues for the
Thom Browne brand results are substantially aligned to the segment, with H1 2024 revenues at €166.7 million compared to €207.0 million in H1 2023 (-19.4% YoY and -26.7% organic).6
_____________________________________ |
3
Excludes foreign exchange impact and revenues in |
4 The licensing agreement for the production and worldwide distribution of luxury men’s ready-to-wear and made-to-measure clothing, footwear, and accessories under the TOM FORD brand expired with the deliveries of the Fall/Winter 2022 collection, and a supply agreement to act as the exclusive supplier for certain TOM FORD menswear products commenced starting with the Spring/Summer 2023 collection and ended with the acquisition of TFI. |
5
Excludes foreign exchange impact and revenues in |
6
The difference between |
Tom Ford Fashion segment
Since the consolidation of
In H1 2024, revenues for the Tom Ford Fashion segment amounted to €148.5 million, +4.7% organic (compared to the last two months of Q2 2023), driven by a good performance in DTC and the
Eliminations include revenues from products that the Textile and Other lines sell to the Group’s brands.
REVENUES BY DISTRIBUTION CHANNEL (Unaudited)
|
For the six months ended |
H1 2024 vs H1 2023 |
|
For the three months ended |
Q2 2024 vs Q2 2023 |
||||||||||
(€ thousands, except percentages) |
2024 |
|
2023 |
|
Revenues Growth |
|
Organic Growth |
|
2024 |
|
2023 |
|
Revenues Growth |
|
Organic Growth |
Direct to Consumer (DTC) |
|
|
|||||||||||||
ZEGNA brand |
486,561 |
|
465,710 |
|
4.5% |
|
5.1% |
|
246,946 |
|
236,114 |
|
4.6% |
|
4.0% |
|
89,976 |
|
82,924 |
|
8.5% |
|
(12.8%) |
|
45,257 |
|
40,075 |
|
12.9% |
|
(11.6%) |
TOM FORD FASHION |
93,062 |
|
34,751 |
|
167.8% |
|
1.3% |
|
49,361 |
|
34,751 |
|
42.0% |
|
1.3% |
Total Direct to Consumer (DTC) |
669,599 |
|
583,385 |
|
14.8% |
|
2.4% |
|
341,564 |
|
310,940 |
|
9.8% |
|
1.7% |
As a percentage of branded products (1) |
76 % |
|
72 % |
|
|
|
|
|
75 % |
|
73 % |
|
|
|
|
Wholesale branded |
|
|
|||||||||||||
ZEGNA brand |
79,506 |
|
75,609 |
|
5.2% |
|
10.4% |
|
36,251 |
|
33,316 |
|
8.8% |
|
11.8% |
|
76,745 |
|
124,027 |
|
(38.1%) |
|
(36.0%) |
|
42,257 |
|
54,324 |
|
(22.2%) |
|
(22.4%) |
TOM FORD FASHION |
55,431 |
|
29,264 |
|
89.4% |
|
8.7% |
|
34,112 |
|
29,264 |
|
16.6% |
|
8.7% |
Total Wholesale branded |
211,682 |
|
228,900 |
|
(7.5%) |
|
(14.9%) |
|
112,620 |
|
116,904 |
|
(3.7%) |
|
(5.0%) |
As a percentage of branded products |
24 % |
|
28 % |
|
|
|
|
|
25 % |
|
27 % |
|
|
|
|
Textile |
71,836 |
|
73,072 |
|
(1.7%) |
|
(0.6%) |
|
38,593 |
|
39,254 |
|
(1.7%) |
|
(0.5%) |
Other (2) |
7,005 |
|
17,702 |
|
(60.4%) |
|
(32.9%) |
|
4,188 |
|
7,649 |
|
(45.2%) |
|
(23.0%) |
Total revenues |
960,122 |
|
903,059 |
|
6.3% |
|
(2.7%) |
|
496,965 |
|
474,747 |
|
4.7% |
|
(0.4%) |
__________________________________________ |
|
(1) |
Branded products refer to the products sold under the three brands that the Group operates, through the DTC or wholesale branded distribution channels. |
(2) |
Other mainly includes revenues from agreements with third party brands. |
DTC Revenues Analysis
In H1 2024, DTC revenues were €669.6 million compared to €583.4 million in H1 2023 (+14.8% YoY and +2.4% organic). ZEGNA DTC revenues drove the Group’s performance, increasing by 4.5% YoY and +5.1% organic growth, thanks to the solid performance in the
Thom Browne DTC revenues were +8.5% YoY in H1 2024. Excluding the effect of the acquisition of the
TOM FORD FASHION DTC revenues reached €93.1 million, with 56 DOS at the end of June, including two net openings in the second quarter.
Wholesale Branded Revenues Analysis
In H1 2024, wholesale branded revenues were €211.7 million compared to €228.9 million in H1 2023 (-7.5% YoY and -14.9% organic).
ZEGNA wholesale revenues were €79.5 million compared to €75.6 million in H1 2023 (+5.2% YoY and +10.4% organic), mainly driven by different timing in deliveries.
TOM FORD FASHION wholesale revenues were €55.4 million.
REVENUES BY GEOGRAPHIC AREA (Unaudited)
|
For the six months ended |
|
H1 2024 vs H1 2023 |
|
For the three months ended |
|
Q2 2024 vs Q2 2023 |
||||||||
(€ thousands, except percentages) |
2024 |
|
2023 |
|
Revenues Growth |
|
Organic Growth |
|
2024 |
|
2023 |
|
Revenues Growth |
|
Organic Growth |
EMEA (1) |
336,591 |
|
322,680 |
|
4.3% |
|
(1.5%) |
|
180,029 |
|
172,572 |
|
4.3% |
|
2.8% |
|
246,046 |
|
190,112 |
|
29.4% |
|
6.7% |
|
131,869 |
|
117,705 |
|
12.0% |
|
4.5% |
|
266,324 |
|
306,835 |
|
(13.2%) |
|
(11.7%) |
|
126,925 |
|
142,309 |
|
(10.8%) |
|
(10.0%) |
Rest of APAC (3) |
109,990 |
|
82,190 |
|
33.8% |
|
5.4% |
|
57,556 |
|
41,463 |
|
38.8% |
|
5.9% |
Other (4) |
1,171 |
|
1,242 |
|
(5.7%) |
|
(17.5%) |
|
586 |
|
698 |
|
(16.0%) |
|
(21.2%) |
Total revenues |
960,122 |
|
903,059 |
|
6.3% |
|
(2.7%) |
|
496,965 |
|
474,747 |
|
4.7% |
|
(0.4%) |
__________________________________________ |
|
(1) |
EMEA includes |
(2) |
|
(3) |
Rest of APAC includes |
(4) |
Other revenues mainly include royalties. |
In H1 2024, EMEA recorded revenues of €336.6 million (+4.3% YoY and -1.5% organic), accounting for 35% of Group’s revenues. Performance for the region was influenced by strong ZEGNA results, offset by the negative results of
Revenues in the
The GCR recorded revenues of €266.3 million (-13.2% YoY and -11.7% organic), accounting for 28% of the Group’s revenues, impacted by a still-subdued consumer confidence, with ZEGNA continuing to outperform in the region. Revenues in the rest of APAC grew to €110.0 million (+33.8% YoY and +5.4% organic), driven by the strong double-digit organic performance in the Japanese market offset by the performance of the other markets in the region.
Group Monobrand(1) Store Network at
|
At |
|
At |
|
At |
||||||||||||||||||
Stores |
ZEGNA |
|
|
|
TOM FORD FASHION |
|
Group |
|
ZEGNA |
|
|
|
TOM FORD FASHION |
|
Group |
|
ZEGNA |
|
|
|
TOM FORD FASHION |
|
Group |
EMEA (2) |
75 |
|
9 |
|
7 |
|
91 |
|
71 |
|
9 |
|
4 |
|
84 |
|
69 |
|
10 |
|
4 |
|
83 |
|
64 |
|
20 |
|
12 |
|
96 |
|
59 |
|
7 |
|
12 |
|
78 |
|
55 |
|
7 |
|
11 |
|
73 |
|
82 |
|
35 |
|
11 |
|
128 |
|
79 |
|
33 |
|
10 |
|
122 |
|
79 |
|
32 |
|
11 |
|
122 |
Rest of APAC |
58 |
|
38 |
|
26 |
|
122 |
|
44 |
|
37 |
|
25 |
|
106 |
|
43 |
|
17 |
|
25 |
|
85 |
Total Direct to Consumer (DTC) |
279 |
|
102 |
|
56 |
|
437 |
|
253 |
|
86 |
|
51 |
|
390 |
|
246 |
|
66 |
|
51 |
|
363 |
EMEA (2) |
46 |
|
7 |
|
16 |
|
69 |
|
55 |
|
7 |
|
14 |
|
76 |
|
59 |
|
7 |
|
12 |
|
78 |
|
67 |
|
3 |
|
50 |
|
120 |
|
63 |
|
3 |
|
50 |
|
116 |
|
63 |
|
3 |
|
51 |
|
117 |
|
13 |
|
10 |
|
— |
|
23 |
|
13 |
|
10 |
|
— |
|
23 |
|
13 |
|
11 |
|
— |
|
24 |
Rest of APAC |
4 |
|
4 |
|
5 |
|
13 |
|
20 |
|
5 |
|
6 |
|
31 |
|
22 |
|
22 |
|
7 |
|
51 |
Total Wholesale |
130 |
|
24 |
|
71 |
|
225 |
|
151 |
|
25 |
|
70 |
|
246 |
|
157 |
|
43 |
|
70 |
|
270 |
Total |
409 |
|
126 |
|
127 |
|
662 |
|
404 |
|
111 |
|
121 |
|
636 |
|
403 |
|
109 |
|
121 |
|
633 |
_________________________________________ |
|
(1) |
Monobrand store count includes our DOSs (which are divided into boutiques and outlets) and our Wholesale monobrand stores (including also monobrand franchisees). |
(2) |
Does not include any stores in |
SIGNIFICANT EVENTS OCCURRED IN THE SECOND QUARTER OF 2024
VILLA ZEGNA - Oasi Linen in
On
ZEGNA Summer 2025 Fashion Show
On
Thom Browne Couture Show
On
SIGNIFICANT EVENTS OCCURRED AFTER
TOM FORD FASHION - Departure of Creative Director
On
The Spring-Summer 2025 collection will be presented in the
UPCOMING EVENTS
Next releases
-
September 18, 2024 : H1 2024 Financial Results -
October 22, 2024 : Q3 2024 Unaudited Revenues
Forward Looking Statements
This communication contains forward-looking statements that are based on beliefs and assumptions and on information currently available to the Company. In particular, statements regarding future financial performance and the Group’s expectations as to the achievement of certain targeted metrics at any future date or for any future period are forward-looking statements. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “target,” “seek”, “aspire,” “goal,” “outlook,” “guidance,” “forecast,” “prospect” or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Any statements that refer to expectations, projections or other characterizations of future events or circumstances, including strategies or plans, are also forward-looking statements. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements, and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in forward-looking statements as a result of a variety of factors, including: the recognition, integrity and reputation of our brands; our ability to anticipate trends and to identify and respond to new and changing consumer preference; the COVID-19 pandemic or similar public health crises; international business, regulatory, social and political risks; the conflict in
Most of these factors are outside the Company’s control and are difficult to predict. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by the Company and its directors, officers or employees or any other person that the Company will achieve its objectives and plans in any specified time frame, or at all. The forward-looking statements in this communication represent the views of the Company as of the date of this communication. Subsequent events and developments may cause that view to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company disclaims any obligation to update or revise publicly forward-looking statements. You should, therefore, not rely on these forward-looking statements as representing the views of the Company as of any date subsequent to the date of this communication.
Non-IFRS financial measures
The Group’s management monitors and evaluates operating and financial performance using several non-IFRS financial measures including: revenues on a constant currency basis (constant currency) and revenues on an organic growth basis (organic or organic growth). The Group’s management believes that these non-IFRS financial measures provide useful and relevant information regarding the Group’s financial performance and financial condition, and improve the ability of management and investors to assess and compare the financial performance and financial position of the Group with those of other companies. They also provide comparable measures that facilitate management’s ability to identify operational trends, as well as make decisions regarding future spending, resource allocations and other strategic and operational decisions. While similar measures are widely used in the industry in which the Group operates, the financial measures that the Group uses may not be comparable to other similarly named measures used by other companies nor are they intended to be substitutes for measures of financial performance or financial position as prepared in accordance with IFRS.
Revenues on a constant currency basis (constant currency)
In addition to presenting our revenues on a current currency basis, we also present certain revenue information on a constant currency basis (constant currency), which excludes the effects of foreign currency translation from our subsidiaries with functional currencies different from the Euro.
We calculate constant currency revenues by applying the current period average foreign currency exchange rates to translate prior period revenues of foreign subsidiaries expressed in local functional currencies different than the Euro.
We use revenues on a constant currency basis to analyze how our underlying revenues have changed between periods independent of the effects of foreign currency translation.
Revenues on a constant currency basis are not a substitute for revenues on a current currency basis or any IFRS-related measures, however we believe that revenues excluding the impact of foreign currency translation provide additional useful information to management and to investors in analyzing and evaluating our revenues and operating performance.
Revenues on an organic growth basis (organic growth or organic)
In addition to presenting our revenues on a current currency basis, we also present certain revenue information on an organic growth basis (organic growth or organic). Organic growth is calculated as the change in revenues from period to period, excluding the effects of (a) foreign exchange, (b) acquisitions and disposals and (c) changes in license agreements where the Group operates as a licensee.
In calculating organic growth, the following adjustments are made to revenues:
(a) Foreign exchange – Current period average foreign currency exchange rates are used to translate prior period revenues of foreign subsidiaries expressed in local functional currencies different than the Euro.
(b) Acquisitions and disposals – Revenues generated by businesses and operations acquired in the current year are excluded. Revenues generated by businesses and operations acquired in the prior year are excluded from the current year for the same period that corresponds to the pre-acquisition period in the prior year. Additionally, where a business or operation was a customer prior to an acquisition, the related pre-acquisition revenues are excluded from the current and prior periods. Revenues generated by businesses and operations disposed of in the current year or prior year are excluded from both periods as applicable.
(c) Changes in license agreements where the Group operates as a licensee – Revenues generated from license agreements where the Group operates as a licensee that are new or terminated in the current year or prior year are excluded from both periods (except if the effects are already included in acquisitions and disposals). Additionally, revenues generated from license agreements where the Group operates as a licensee that experienced a structural change in the scope or perimeter in the current year or prior year are excluded from both periods, including changes to product categories, distribution channels or geographies of the underlying license agreements.
We believe the presentation of organic growth is useful to better understand and analyze the underlying change in the Group’s revenues from period to period on a consistent perimeter and constant currency basis.
Revenues on an organic growth basis are not a substitute for revenues on a current currency basis or any IFRS-related measures, however we believe that revenues excluding the effects of (a) foreign exchange, (b) acquisitions and disposals and (c) changes in license agreements where the Group operates as a licensee provide additional useful information to management and to investors in analyzing and evaluating our revenues and operating performance.
The tables below show a reconciliation of reported revenue growth to constant currency, excluding the effects of foreign exchange, and to organic growth, which excludes also acquisitions and disposals and changes in license agreements where the Group operates as a licensee, by segment, by brand and product line, by distribution channel and by geography for the six months ended
Segment
|
H1 2024 vs H1 2023 |
||||||||||
|
Revenues Growth |
|
less Foreign exchange |
|
Constant Currency |
|
less Acquisitions and disposals |
|
less Changes in license agreements where the Group operates as a licensee |
|
Organic Growth |
Zegna |
2.5% |
|
(1.9%) |
|
4.4% |
|
0.7% |
|
0.2% |
|
3.5% |
|
(19.7%) |
|
(1.2%) |
|
(18.5%) |
|
8.5% |
|
—% |
|
(27.0%) |
Tom Ford Fashion |
131.9% |
|
(1.4%) |
|
133.3% |
|
128.6% |
|
—% |
|
4.7% |
Total |
6.3% |
|
(1.8%) |
|
8.1% |
|
11.6% |
|
(0.8%) |
|
(2.7%) |
|
Q2 2024 vs Q2 2023 |
||||||||||
|
Revenues Growth |
|
less Foreign exchange |
|
Constant Currency |
|
less Acquisitions and disposals |
|
less Changes in license agreements where the Group operates as a licensee |
|
Organic Growth |
Zegna |
3.3% |
|
(1.1%) |
|
4.4% |
|
1.1% |
|
0.6% |
|
2.7% |
|
(7.2%) |
|
(1.0%) |
|
(6.2%) |
|
11.6% |
|
—% |
|
(17.8%) |
Tom Ford Fashion |
30.4% |
|
(1.0%) |
|
31.4% |
|
26.7% |
|
—% |
|
4.7% |
Total |
4.7% |
|
(1.1%) |
|
5.8% |
|
6.7% |
|
(0.5%) |
|
(0.4%) |
Brand and product line
|
H1 2024 vs H1 2023 |
||||||||||
|
Revenues Growth |
|
less Foreign exchange |
|
Constant Currency |
|
less Acquisitions and disposals |
|
less Changes in license agreements where the Group operates as a licensee |
|
Organic Growth |
ZEGNA brand |
4.6% |
|
(2.1%) |
|
6.7% |
|
0.8% |
|
—% |
|
5.9% |
|
(19.4%) |
|
(1.2%) |
|
(18.2%) |
|
8.5% |
|
—% |
|
(26.7%) |
TOM FORD FASHION |
132.0% |
|
(1.3%) |
|
133.3% |
|
128.6% |
|
—% |
|
4.7% |
Textile |
(1.7%) |
|
(1.0%) |
|
(0.7%) |
|
(0.1%) |
|
—% |
|
(0.6%) |
Other |
(60.4%) |
|
(0.2%) |
|
(60.2%) |
|
(0.3%) |
|
(27.0%) |
|
(32.9%) |
Total |
6.3% |
|
(1.8%) |
|
8.1% |
|
11.6% |
|
(0.8%) |
|
(2.7%) |
|
Q2 2024 vs Q2 2023 |
||||||||||
|
Revenues Growth |
|
less Foreign exchange |
|
Constant Currency |
|
less Acquisitions and disposals |
|
less Changes in license agreements where the Group operates as a licensee |
|
Organic Growth |
ZEGNA brand |
5.1% |
|
(1.2%) |
|
6.3% |
|
1.3% |
|
—% |
|
5.0% |
|
(7.3%) |
|
(1.0%) |
|
(6.3%) |
|
11.6% |
|
—% |
|
(17.9%) |
TOM FORD FASHION |
30.4% |
|
(1.0%) |
|
31.4% |
|
26.7% |
|
—% |
|
4.7% |
Textile |
(1.7%) |
|
(1.2%) |
|
(0.5%) |
|
—% |
|
—% |
|
(0.5%) |
Other |
(45.2%) |
|
—% |
|
(45.2%) |
|
—% |
|
(22.2%) |
|
(23.0%) |
Total |
4.7% |
|
(1.1%) |
|
5.8% |
|
6.7% |
|
(0.5%) |
|
(0.4%) |
Distribution channel
|
H1 2024 vs H1 2023 |
||||||||||
|
Revenues Growth |
|
less Foreign exchange |
|
Constant Currency |
|
less Acquisitions and disposals |
|
less Changes in license agreements where the Group operates as a licensee |
|
Organic Growth |
Direct to Consumer (DTC) |
|
|
|
|
|
|
|
|
|
|
|
ZEGNA brand |
4.5% |
|
(2.3%) |
|
6.8% |
|
1.7% |
|
—% |
|
5.1% |
|
8.5% |
|
(4.2%) |
|
12.7% |
|
25.5% |
|
—% |
|
(12.8%) |
TOM FORD FASHION |
167.8% |
|
(2.9%) |
|
170.7% |
|
169.4% |
|
—% |
|
1.3% |
Total Direct to Consumer (DTC) |
14.8% |
|
(2.7%) |
|
17.5% |
|
15.1% |
|
—% |
|
2.4% |
Wholesale branded |
|
|
|
|
|
|
|
|
|
|
|
ZEGNA brand |
5.2% |
|
(0.7%) |
|
5.9% |
|
(4.5%) |
|
—% |
|
10.4% |
|
(38.1%) |
|
—% |
|
(38.1%) |
|
(2.1%) |
|
—% |
|
(36.0%) |
TOM FORD FASHION |
89.4% |
|
(0.1%) |
|
89.5% |
|
80.8% |
|
—% |
|
8.7% |
Total Wholesale branded |
(7.5%) |
|
(0.2%) |
|
(7.3%) |
|
7.6% |
|
—% |
|
(14.9%) |
Textile |
(1.7%) |
|
(1.0%) |
|
(0.7%) |
|
(0.1%) |
|
—% |
|
(0.6%) |
Other |
(60.4%) |
|
(0.2%) |
|
(60.2%) |
|
(0.3%) |
|
(27.0%) |
|
(32.9%) |
Total |
6.3% |
|
(1.8%) |
|
8.1% |
|
11.6% |
|
(0.8%) |
|
(2.7%) |
|
Q2 2024 vs Q2 2023 |
||||||||||
|
Revenues Growth |
|
less Foreign exchange |
|
Constant Currency |
|
less Acquisitions and disposals |
|
less Changes in license agreements where the Group operates as a licensee |
|
Organic Growth |
Direct to Consumer (DTC) |
|
|
|
|
|
|
|
|
|
|
|
ZEGNA brand |
4.6% |
|
(1.3%) |
|
5.9% |
|
1.9% |
|
—% |
|
4.0% |
|
12.9% |
|
(2.9%) |
|
15.8% |
|
27.4% |
|
—% |
|
(11.6%) |
TOM FORD FASHION |
42.0% |
|
(1.8%) |
|
43.8% |
|
42.5% |
|
—% |
|
1.3% |
Total Direct to Consumer (DTC) |
9.8% |
|
(1.6%) |
|
11.4% |
|
9.7% |
|
—% |
|
1.7% |
Wholesale branded |
|
|
|
|
|
|
|
|
|
|
|
ZEGNA brand |
8.8% |
|
(0.3%) |
|
9.1% |
|
(2.7%) |
|
—% |
|
11.8% |
|
(22.2%) |
|
—% |
|
(22.2%) |
|
0.2% |
|
—% |
|
(22.4%) |
TOM FORD FASHION |
16.6% |
|
(0.4%) |
|
17.0% |
|
8.3% |
|
—% |
|
8.7% |
Total Wholesale branded |
(3.7%) |
|
(0.2%) |
|
(3.5%) |
|
1.5% |
|
—% |
|
(5.0%) |
Textile |
(1.7%) |
|
(1.2%) |
|
(0.5%) |
|
—% |
|
—% |
|
(0.5%) |
Other |
(45.2%) |
|
—% |
|
(45.2%) |
|
—% |
|
(22.2%) |
|
(23.0%) |
Total |
4.7% |
|
(1.1%) |
|
5.8% |
|
6.7% |
|
(0.5%) |
|
(0.4%) |
Geographic area
|
H1 2024 vs H1 2023 |
||||||||||
|
Revenues Growth |
|
less Foreign exchange |
|
Constant Currency |
|
less Acquisitions and disposals |
|
less Changes in license agreements where the Group operates as a licensee |
|
Organic Growth |
EMEA (1) |
4.3% |
|
(0.1%) |
|
4.4% |
|
6.9% |
|
(1.0%) |
|
(1.5%) |
|
29.4% |
|
0.1% |
|
29.3% |
|
24.4% |
|
(1.8%) |
|
6.7% |
|
(13.2%) |
|
(2.9%) |
|
(10.3%) |
|
1.4% |
|
—% |
|
(11.7%) |
Rest of APAC (3) |
33.8% |
|
(8.5%) |
|
42.3% |
|
37.8% |
|
(0.9%) |
|
5.4% |
Other (4) |
(5.7%) |
|
—% |
|
(5.7%) |
|
11.8% |
|
—% |
|
(17.5%) |
Total |
6.3% |
|
(1.8%) |
|
8.1% |
|
11.6% |
|
(0.8%) |
|
(2.7%) |
_________________________________________ |
|
(1) |
EMEA includes |
(2) |
|
(3) |
APAC includes |
(4) |
Other revenues mainly include royalties. |
|
Q2 2024 vs Q2 2023 |
||||||||||
|
Revenues Growth |
|
less Foreign exchange |
|
Constant Currency |
|
less Acquisitions and disposals |
|
less Changes in license agreements where the Group operates as a licensee |
|
Organic Growth |
EMEA (1) |
4.3% |
|
0.3% |
|
4.0% |
|
2.0% |
|
(0.8%) |
|
2.8% |
|
12.0% |
|
(0.2%) |
|
12.2% |
|
8.4% |
|
(0.7%) |
|
4.5% |
|
(10.8%) |
|
(1.5%) |
|
(9.3%) |
|
0.8% |
|
(0.1%) |
|
(10.0%) |
Rest of APAC (3) |
38.8% |
|
(9.7%) |
|
48.5% |
|
42.9% |
|
(0.3%) |
|
5.9% |
Other (4) |
(16.0%) |
|
(0.1%) |
|
(15.9%) |
|
5.3% |
|
—% |
|
(21.2%) |
Total |
4.7% |
|
(1.1%) |
|
5.8% |
|
6.7% |
|
(0.5%) |
|
(0.4%) |
_________________________________________ |
|
(1) |
EMEA includes |
(2) |
|
(3) |
APAC includes |
(4) |
Other revenues mainly include royalties. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240725369806/en/
ir@zegna.com / corporatepress@zegna.com
Source: