The Ermenegildo Zegna Group has reported a robust start to 2026, with first-quarter revenues reaching €470.2 million. This represents a 2.5% year-over-year increase and a significant 7.4% organic growth compared to the €458.8 million reported in the first quarter of 2025. The strong performance underscores the effectiveness of the Group’s long-term strategic execution.
Ermenegildo Zegna, Executive Chairman of the Ermenegildo Zegna Group, highlighted the positive momentum across all brands. “Our 7% organic growth is a direct result of our long-term strategy, thoughtfully crafted and now being executed with discipline and pace,” he stated. The Direct-to-Consumer (DTC) channel emerged as a key driver, achieving 14% organic growth, with all brands and markets contributing to this success.
The Americas region continued its upward trajectory, delivering another quarter of double-digit organic growth and acceleration. Among the brands, ZEGNA itself led the Group’s performance with an 11% organic growth. Thom Browne and TOM FORD FASHION also strengthened their distinct market positions and successfully attracted new clientele, indicating positive brand performance within the evolving luxury market.
Analyzing brand-specific revenues, the ZEGNA brand saw a 5.9% year-over-year increase to €310.3 million, with organic growth of 11.3%. This sequential improvement was bolstered by strong DTC performance, with double-digit growth recorded in the Americas and EMEA, and a positive contribution from the Greater China Region.
Thom Browne reported revenues of €58.2 million, a decrease of 9.4% year-over-year (-3.0% organic). This was influenced by a strategic streamlining of the wholesale channel, though the DTC channel experienced positive double-digit organic growth. The brand’s collaboration with Asics, launched in March 2026, was well-received and contributed to attracting both existing and new customers to stores.
TOM FORD FASHION generated €67.7 million in revenues, a slight increase of 0.4% year-over-year (+5.4% organic). This was supported by the ongoing solid performance of its DTC channel and effective marketing initiatives, including activity around its March fashion show.
The Group’s DTC channel as a whole experienced a 7.8% year-over-year increase to €371.9 million, translating to 14.2% organic growth. This channel now accounts for 85% of the Group’s branded products revenues, a clear indication of a successful shift in sales strategy. ZEGNA’s DTC revenues grew by 8.6% (+14.1% organic), Thom Browne’s by 9.9% (+20.2% organic), and TOM FORD FASHION’s by 1.5% (+9.2% organic).
In contrast, wholesale branded revenues experienced a decline of 19.1% year-over-year (-17.0% organic) to €64.3 million. This is a direct reflection of the Group’s strategic decision to prioritize the DTC channel, aiming to enhance control over the customer experience, elevate brand exclusivity, and safeguard its iconic products.
Geographically, the Americas region stood out with revenues of €137.0 million, marking a 9.6% year-over-year increase and 17.5% organic growth, driven by strong performance across all brands. The Greater China Region reported revenues of €124.1 million (+0.7% YoY, +5.3% organic), showing improved momentum across all brands. EMEA revenues were €152.9 million (-0.8% YoY, +1.4% organic), with solid DTC channel growth partially offset by a weaker wholesale performance. Rest of APAC revenues were €55.5 million (-0.6% YoY, +7.7% organic), with solid growth in Korea and Japan.
The Group’s strategic focus on direct-to-consumer engagement and disciplined execution of its brand strategies have positioned the Ermenegildo Zegna Group for continued success within the dynamic luxury market trends. The first quarter of 2026 revenue figures highlight the efficacy of these approaches, particularly within the direct-to-consumer segment. The Zegna Group’s commitment to its core brands and strategic adjustments in its sales channels are evident in these latest results.
