Ermenegildo Zegna N.V.

Q1 2026 group revenues were EUR 470 million, up 7% organically. DTC revenue was up 14% at group level and represented 85% of branded revenue. By brand, Zegna generated EUR 310 million, up 11%; Thom Browne EUR 58 million, down 3%; TOM FORD FASHION EUR 68 million, up 5% organically; textile revenue was up 3%. By region, Americas grew 17%, Greater China 5%, EMEA 1%, and rest of APAC 8%. For full-year expectations, management said it remains comfortable with the lower part of its previously stated 2027 targets, and it cited consensus adjusted EBIT of EUR 185 million-EUR 190 million. It also said FX headwind was 5 points in Q1 and is expected to be close to 2 points for the year, while margins are expected to move sideways versus last year ex-tax.

Gianluca Tagliabue framed the quarter as evidence that the group’s long-term strategy is working, highlighting stronger DTC, better client engagement, and more disciplined channel management. He emphasized brand-building initiatives such as Zegna’s immersive experiences, Thom Browne’s ASICS collaboration, and TOM FORD’s creative momentum, but repeatedly stressed that the company is still in an investment phase. His tone was constructive but guarded, with clear caution around China volatility, Middle East disruption, and FX.

Paola Durante focused on the revenue bridge: EUR 470 million group revenue, +7% organic growth, with DTC up 14% and branded revenue increasingly concentrated in direct channels. She pointed to Zegna at EUR 310 million (+11%), Thom Browne at EUR 58 million (-3%), TOM FORD FASHION at EUR 68 million (+5%), and textile at +3%, while noting DTC now accounts for 85% of branded revenue. She also highlighted 42% traceable/lower-impact sourcing of top-priority raw materials in 2025 and said the group aims to reach 50% in 2026.

Analysts pressed on China, Thom Browne’s ASICS collaboration, pricing, mix versus volume, margins, and the Middle East. Management said Zegna’s China cluster turned positive in Q1 but remains volatile, so they still model Greater China cautiously; they also said Thom Browne wholesale will be down double digit for the year, though less severely than Q1, and that ASICS helped but did not explain all of Thom Browne’s DTC strength. On margins, management reiterated that IT investment and FX headwinds should keep margins broadly sideways, and it declined to give a more detailed H1 margin phasing.