Zegna grows strongly in the Americas – Thom Browne remains the weak spot
Italian menswear group Zegna lifted quarterly revenue by 8.9 percent. Its flagship brand grew at a double-digit rate, while Thom Browne posted another decline.
Archive image · Photo: Chris Rycroft from Cambridge, Massachusetts, United States / Wikimedia Commons, CC BY 2.0 (cropped and resized)
The Ermenegildo Zegna Group generated third-quarter revenue of 433.8 million euros, up 8.9 percent year on year. Nine-month revenue rose 7.2 percent to 1.42 billion euros. The flagship Zegna brand grew 13.8 percent in the quarter to 283.8 million euros, driven by sales in its own stores. Tom Ford Fashion rose 5.4 percent.
Thom Browne, by contrast, fell 5.9 percent in the quarter to 45.4 million euros. FashionNetwork pointed to weaker consumer spending in Greater China and a streamlined wholesale network. Regionally, the Americas grew fastest, up 14.7 percent over nine months. Wholesale shrank by design as Zegna cuts back on partners. "This was another quarter of solid progress for our Group," executive chairman Gildo Zegna said.