Italian luxury group Zegna posts flat organic revenue

Ermenegildo Zegna NV

25/07/2024 12:21

MILAN, July 25 (Reuters) - Italian fashion group
Ermenegildo Zegna  JN0.F  reported broadly flat second quarter
organic revenue on Thursday as sales in the United States,
Europe and Middle East helped offset a weaker quarter at its
Thom Browne brand. 
    Organic revenue totalled 497 million euros ($539 million)
for the April-June quarter, down 0.4% from a year earlier.
    Revenue growth at its Zegna brand, which accounts for most
of the group's sales, were driven by ongoing robust growth in
the U.S. and EMEA region, but fell by a single digit percentage
in the Greater China region, in line with the first quarter.
    The group said it was focusing on strategic projects to
unlock Thom Browne's long-term potential.
    "Looking ahead, I remain fully confident in the strategy we
have put in place and the trajectory we are on... We all
recognise that 2024 will remain challenging, which is why we
have been working on cost control initiatives across the group,"
Chairman and CEO Gildo Zegna said in a statement.
    Earlier this week Tom Ford Fashion said that Peter Hawkings
was stepping down as creative director of the brand and a
successor would be announced in the near future.
    ($1 = 0.9217 euros)

 (Reporting by Elisa Anzolin; editing by Jason Neely)
 ((elisa.anzolin@thomsonreuters.com; 0039 0266129692;))