Italian luxury fashion brand Ermenegildo Zegna Group has released its unaudited financial results for the fiscal year 2024 (FY24), showing a year-on-year revenue increase of 2.2%. Ermenegildo Zegna reports modest revenue growth in FY24, reflecting the brand’s resilience in the luxury market.
The luxury fashion house reported revenues of €1.94 billion ($2.03 billion), up from €1.90 billion in the previous fiscal year. For FY24, the Zegna segment—which includes the Zegna brand, textiles, and other products—achieved revenues of €1.34 billion, marking a 2% rise from €1.32 billion in FY23.
The Zegna brand itself saw a revenue boost to €1.16 billion, a 4.9% increase compared to €1.10 billion the previous year. In contrast, Thom Browne faced a revenue decline of 17.2%, with figures dropping to €314.8 million in FY24 from €380.3 million in FY23. However, Tom Ford Fashion experienced significant growth, as revenues soared by 33.5% to €314.5 million from €235.5 million in FY23.
A highlight for the group in FY24 was the strong performance of direct-to-consumer (DTC) revenues, which reached €1.39 billion—a 9.9% increase from €1.26 billion in FY23. Conversely, wholesale branded revenues fell by 12.2%, down to €402.3 million compared to €458.4 million in the prior fiscal year.
In the fourth quarter of FY24, Zegna Group’s revenues rose by 3.3% to €589.2 million when compared to the same period last year. Ermenegildo Zegna reports modest revenue growth in FY24, which can be attributed to strong performances across various segments.
The Zegna brand’s quarterly revenues climbed by 8.4% to €353.1 million, driven by solid organic growth in the US, as well as the Europe, Middle East, and Africa (EMEA) regions. Notably, DTC channels in these markets experienced double-digit growth. Thom Browne’s quarterly results mirrored a downturn, with revenues slipping by 4.3% to €94.4 million. On a more positive note, Tom Ford Fashion’s Q4 revenues showed an increase of 3.7% year-on-year, reaching €100.6 million.
Group chairman and CEO Ermenegildo “Gildo” Zegna commented, “In the fourth quarter of 2024, group revenues increased 3%, boosted by the Zegna DTC channel which grew by 11%, with double-digit growth in the US and in EMEA, sequentially accelerating compared to the previous quarter.
“We expect 2025 to unfold differently across various geographies. While we have seen solid performance in the Americas and EMEA in the first weeks of January, we also anticipate ongoing volatility regarding consumer demand in China.
“We are prepared to navigate these challenges with the support of our talented team and a keen focus on our priorities: continuing to enhance brand equity, directing investments towards key strategic projects, and doubling down on our existing strengths.”
