Thom Browne Spring 2026 Ready-to-Wear Collection at Paris Fashion Week
Courtesy of Thom Browne
MILAN – The Ermenegildo Zegna Group’s strategic decision to invest in its direct-to-consumer network of stores continues to pay off and delivered an acceleration in sales in the third quarter of the year.
In the third quarter ended Sept. 30, group organic revenues rose 3.6 percent to to 398.2 million euros, compared with 397.3 million euros in the same period last year, excluding the impact of fluctuations in currency exchange rates. At reported rates, sales rose 0.2 percent.
In the third quarter, the direct-to-consumer channel outperformed and grew 9.1 percent organically compared with 6 percent growth in the first half of the year. In the third quarter, all three brands recorded solid organic growth in the channel: Zegna was up 7.4 percent to 210.3 million euros; Thom Browne sales rose 10 percent to 38.2 million euros, and Tom Ford Fashion revenues jumped 16.4 percent to 48 million euros.
In the nine months, organic revenues were in line with the same period last year, amounting to 1.33 billion euros. At reported rates, sales decreased 2.3 percent.
Gildo Zegna, chairman and chief executive officer, touted the acceleration of the direct-to-consumer channel in the third quarter, and said he was “pleased with the continued growth of the Zegna brand’s direct-to-consumer channel, led by the Americas and the EMEA region, and also delighted to see the outstanding performances of Tom Ford Fashion and Thom Browne, whose DTC channel grew by double digits on an organic basis this quarter.”
He admitted that “looking ahead, we expect the environment to remain challenging for our industry, with ongoing uncertainties in consumer demand and currency fluctuations.” However, he continued, “the success of the recent Tom Ford and Thom Browne shows, the good reception of the fall/winter drops at Zegna and the many projects in our pipeline give me confidence that we will continue to deliver on our mid-term targets.”
In the nine months, the Zegna brand reported organic growth of 3.6 percent to 819.8 million euros. Thom Browne sales decreased 17.8 percent to 177.3 million euros and Tom Ford Fashion was up 3.9 percent to 218.7 million euros. Textile revenues were down 4.6 percent to 96.8 million euros.
“The work we’ve done over the past months—strengthening our leadership team, building on our brands’ equity, and staying focused and consistent with our strategic vision—is starting to bear fruit,” the executive told WWD. “I know our journey to exploit our brands’ full potentials is still at the beginning. Early positive signs are encouraging, however we still have important work to do in front of us. We are ready, the team is built, the actions are clear. We are working united as family and as a group.”
Organic sales of the direct-to-consumer channel in the nine months were up 7 percent to 994.7 million euros, accelerating in the third quarter, up 9.1 percent. The wholesale channel fell 23.4 percent to 221.2 million euros.
As of Sept. 30, the group had 670 stores, of which 472 were directly operated.
Brands’ Performance
“I’ve been pleased with the beautiful Tom Ford fashion show in Paris, the second by Haider Ackermann, and with the brand’s DTC performance this quarter, which grew by 16 percent,” said Zegna. Ackermann was named creative director of Tom Ford Fashion in September last year, succeeding Peter Hawkings.
He added that the fall collection was “well-received, and the work we’re doing to elevate our retail and CRM capabilities—while building a stronger team—is starting to pay off. We are just at the beginning of our journey. We know it might require time, and the path may not be linear. But the vision is clear. Now, our focus must be on execution.”
Zegna took on Ford’s fashion as part of the Estée Lauder Cos. deal to buy the brand in 2022, which valued the beauty and fashion brand at $2.8 billion.
Tom Ford Spring 2026 Ready-to-Wear Collection at Paris Fashion Week
Courtesy of Tom Ford
Zegna touted the progress made at Thom Browne, underscoring how the brand’s recent spring show this month in Paris and the events held in Tokyo to celebrate the opening of its new Ginza flagship “not only highlight the strength of Thom Browne’s community—well beyond the Japanese market—but also confirm the brand’s evolution into a broader lifestyle proposition, while remaining true to its DNA.”
Referring to the brand’s CEO Sam Lobban, Zefna said he “has just begun his journey, focusing on elevating the retail experience and enhancing the merchandising offer. It will take time, but I know he brings a clear vision and a well-defined plan to execute.”
As reported, Thom Browne CEO Rodrigo Bazan exited the brand on Aug. 31, succeeded by Lobban, previously executive vice president and general merchandising manager for apparel and designer at Nordstrom. Bazan had been leading Thom Browne since 2016, growing its sales threefold.
Performance by Geography
In the third quarter, all key regions showed improved performances in organic terms. The Americas continued to outperform the rest of the regions with 13 percent organic growth.
In the nine months, the Europe, Middle East and Africa market posted an organic decrease of 0.6 percent to 480 million euros, representing 36 percent of the total. In the third quarter, organic sales in the area were up 2.6 percent, mainly driven by double-digit growth in the DTC channel at Zegna and Tom Ford Fashion, partially offset by the negative performance in the wholesale channel.
“We’ve just reopened our completely renewed Zegna store in Dubai, now home to our fourth Salotto—following Beijing, Shanghai, and Singapore. This by-appointment-only concept marks a significant milestone. Dubai is the first store in our network, and I’m confident that this refurbishment, together with the Salotto, will further reinforce its global leadership. The Gulf region remains a key strategic area for us and for the sector—it’s one of our pillars for growth,” said the executive.
The U.S. market for Zegna “remains one of the fastest markets and a pillar of our strategy. The new store in the Miami Design District luxury mall is another key asset that will further strengthen our growth in the region,” said the executive.
In the nine months, organic sales in the Americas rose 10.4 percent to 384.1 million euros, representing 29 percent of total revenues.
The Greater China region recorded an organic decrease of 12.7 percent to 300.5 million euros, accounting for 23 percent of the total. The third quarter showed a sequential improvement, decreasing 6.5 percent compared to the second quarter, mainly driven by Thom Browne’s robust recovery in the region.
The rest of Asia Pacific rose 3.3 percent to 159.1 million eros, with Japan and Korea sequentially improving in the third quarter.
“China showed encouraging signs of improvement in the third quarter across all our brands,” said Zegna. “However, consumer demand remains volatile, and we continue to approach planning with caution—especially for 2026. Looking ahead, we assume the market is entering a ‘new normal’ phase, where growth rates will be more balanced compared to the exceptional levels seen before 2024. This shift calls for thoughtful execution and long-term commitment, and we are prepared to navigate it with clarity and discipline.”