Revenues at Zegna drop 5% in Q1, dragged by Thom Browne brand

Ermenegildo Zegna NV

23/04/2024 12:13

MILAN, April 23 (Reuters) - Italian luxury group
Ermenegildo Zegna  JN0.F  posted on Tuesday a 5.3% drop in first
quarter organic revenues - which exclude Tom Ford Fashion -
mainly due to the Thom Browne brand's declining sales.
    The Italian family-owned group said the 35% fall in Thom
Browne's sales was driven by lower-than-expected revenues in the
Greater China region and the streamlining of the company's
overall wholesale business. 
    Including the Tom Ford Fashion, which Ermenegildo Zegna
bought last year, revenues in the January-March period totalled
463 million euros ($493 million). 
    "Looking at the rest of the year, we have a clear and
defined path in front of us. I am confident that we are taking
the right actions to make our brands even stronger and to
deliver on our medium-term ambitions", Chairman and CEO Gildo
Zegna said in a statement.

($1 = 0.9386 euros)

 (Reporting by Elisa Anzolin, editing by Giulia Segreti)
 ((elisa.anzolin@thomsonreuters.com; 0039 0266129692;))