Zegna Group’s Q3 revenues rise slightly, but miss expectations


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Ermenegildo Zegna Group, owner of Zegna and Thom Browne and licensee of Tom Ford Fashion, said that revenues rose slightly — 0.2 per cent — to €398.2 million for the third quarter of fiscal 2025, missing analyst expectations. Shares fell 9 per cent following the announcement.

It’s an improvement on last quarter, where revenues fell 6 per cent. This improvement was driven by a solid direct-to-consumer (DTC) performance across brands; group-wide DTC revenues were up 4.5 per cent. Wholesale revenues, though, were down across the board. The group said that the team is now happy with the brands’ wholesale distributions, and that next year’s decline should be muted.

“I am pleased with the continued growth of the Zegna brand DTC channel, led by the Americas and EMEA [Europe, the Middle East and Africa], and also delighted to see the meaningfully improved performance of Tom Ford Fashion and Thom Browne, whose [combined] DTC channel grew by double digits on an organic basis this quarter,” CEO and chair Ermenegildo ‘Gildo’ Zegna said in a statement.

By brand, Zegna revenues for the third quarter were up 2 per cent to €249.4 million. Thom Browne revenues fell 9.6 per cent to €48.2 million, and Tom Ford Fashion revenues were up 0.9 per cent to €65.4 million.

CFO and COO Gianluca Tagliabue referenced the Tom Ford and Thom Browne Spring/Summer 2026 shows this past fashion month. “Both received enthusiastic recognition from the press and from our clients, reflecting continued progress along the path set for this project,” he said. Tom Ford Fashion was a highlight, while new creative director Haider Ackermann’s first collection, which arrived in stores at the end of August, boosted results, Tagliabue added. “[The collection] was well received.”

“Of course, these are early signs, and while we are pleased to see such a positive start, we are aware that the journey to fully unlock Tom Ford Fashion’s potential is still ahead of us and that it might not be a straight line,” he continued. “We must continue building this momentum.” The goal, Tagliabue said, is to elevate the client.

Tom Ford SS26.

Tom Ford SS26.

Photo: Umberto Fratini / Gorunway.com

Thom Browne SS26.

Thom Browne SS26.

Photo: Courtesy of Thom Browne

By region, EMEA revenues were up 1.4 per cent to €151 million. Paola Durante, chief of external relations, said that, as well as Europe, performance in the Middle East was strong during Q3. Americas revenues rose 8.2 per cent to €111.2 million. Consumers responded positively to September price increases due to tariffs, Tagliabue added, noting no negative reaction. Durante noted that, while the US remains strong, Latin America is the region positing notable growth. In December, Zegna will host an event at Art Basel Miami, as part of the brand’s multi-year collaboration with Art Basel that began in Basel this past June.