Ermenegildo Zegna Group, owner of Zegna and Thom Browne and licensee of Tom Ford Fashion, said that revenues rose 2.5% year-on-year in the first quarter of fiscal 2026, to €458.8 million, beating analyst expectations. Shares rose 5% following the results.
“We entered 2026 with growing momentum across all brands,” executive chair Ermenegildo “Gildo” Zegna said in a statement, noting that the growth is a direct result of the group’s long-term strategy. “Our retail-first organization continues to progress, as reflected in [7.8%] growth in the direct-to-consumer [DTC] channel, with all brands and markets contributing.” DTC revenues now represent 85% of the group’s sales.
By brand, Zegna revenues rose 5.9% year-on-year in Q1 to €310.3 million, thanks to a strong DTC performance. The brand was especially solid in the Americas and EMEA (Europe, the Middle East, and Africa) regions, which both grew double digits. Thom Browne revenues were down 9.4% year-on-year to €58.2 million, with a decline in the wholesale channel offsetting double-digit DTC growth. Tom Ford Fashion was up 0.4% year-on-year to €67.5 million, following a strong reception to creative director Haider Ackermann’s Fall/Winter 2026 show.
By region, the Americas saw the strongest growth, with revenues up 9.6% to €137 million. EMEA revenues fell 0.8% to €152.9 million, largely due to a weaker wholesale performance. Greater China revenues rose 0.7% to €124 million, while the rest of Asia-Pacific fell 0.6% to €55.5 million.
“Looking ahead, our ‘think slow, act fast’ mindset will continue to guide the group in taking thoughtful decisions and implementing them quickly and decisively, as we pursue our vision with rigor,” Zegna said. “In this world, we must adapt rapidly to more challenging conditions. At the same time, our long-term objectives are clear, and we remain focused on achieving them.”
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