Zegna Group reported a slowdown in the second quarter, with revenues totaling €468.9 million ($539.2 million), down 3% on an organic basis and 6% year-on-year. Direct retail offered a positive signal, rising 8%.
Sales for the Zegna brand grew 2% organically, supported by a 7% organic increase in the direct-to-consumer (DTC) channel. Thom Browne also posted a 7% organic gain in DTC, while Tom Ford Fashion rose 11%. The Americas remained the group’s strongest-performing region, with revenues up 10% organically.
For the first half of 2025, Zegna Group recorded revenues of €927.7 million ($1.07 billion), down 3% year-on-year and 2% at both organic and constant exchange rates. DTC remained the key growth driver, up 6% organically. Meanwhile, wholesale declined 27% organically following a strategic decision to streamline the channel. The Americas and the Middle East led regional momentum.
“The strong organic performance of our DTC channel in the second quarter of 2025 reflects the early impact of our strategic initiatives, even as the industry continues to face a highly complex and challenging environment,” said Gildo Zegna, chairman and CEO of Zegna.
“In recent months, we’ve marked several major milestones—starting with the first Zegna fashion show held outside Milan, which took place in June, as well as the inauguration of Villa Zegna in Dubai. I’m also pleased to welcome Sam Lobban as the new CEO of Thom Browne. With his extensive experience in merchandising and a customer-first mindset, I believe Sam is the ideal leader to unlock the brand’s full potential.
“Finally, I’m proud that Temasek has chosen to invest in our group, recognizing the strength of our long-term vision and growth prospects. With Temasek as a partner, I am even more confident in our ability to achieve our goals,” Zegna concluded.
(€1 = $1.15)
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