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olivLaw · US equity research

Ermenegildo Zegna N.V. ZGN

Apparel & Other Finishd Prods of Fabrics & Similar Matl · SIC 2300 · Vertical: Apparel & Other Finishd Prods of Fabrics & Similar Matl (SIC 2300)

14.88USD+6.97% · 1 dayClose 04 Nov 2026

Ermenegildo Zegna N.V. is a luxury group focused on high-end menswear, with a vertically integrated supply chain (the Filiera) and three brands: ZEGNA, Thom Browne and TOM FORD FASHION. Revenues in 2025 were 1,916.9 million EUR, in a global personal luxury market estimated at around 358 billion EUR where discretionary demand is under pressure.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Ermenegildo Zegna N.V. (ZGN) stock was 14.88 USD (+6.97% on the day), with beta 1.13, 52-week range 8.69–15.25 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
unavailable
shares as of 31 Dec 2022
P/E (TTM)
unavailable
Diluted EPS TTM 0.38 · TTM to 31 Dec 2025
E/P (TTM)
unavailable
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
1.13
Volatility (1y) 42%
52-week range
8.6915.25

Price history

Loading chart…

Technical reading

RSI (14)
72.7
overbought (≥ 70)
Bollinger (20, 2)
12.12 – 14.41
above the upper band · %B 1.21 · band width 17.2%
SMA 50 / 200
12.80 / 12.44
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
0.37 / 0.23
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+18.7%−1.1%+19.8 pp—
3 months−2.2%−0.5%−1.7 pp—
6 months+15.0%+4.4%+10.6 pp—
Year to date+45.2%+12.3%+32.9 pp—
1 year+51.2%+13.5%+37.7 pp+6.7%
3 years+26.6%+76.4%−49.8 pp+2.9%
5 yearsunavailable+63.7%unavailable—
Max drawdown (1y)
−23.9%
03 Aug 2026 → 15 Sept 2026
Max drawdown (5y)
−61.4%
11 Aug 2023 → 08 Apr 2025
Compound annual growth (5y)
unavailable
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

the price (USD) and the reports are in different currencies

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year2019202020212022202320242025
Revenue1.3 bn1.0 bn1.3 bn1.5 bn1.9 bn1.9 bn1.9 bn
Revenue YoYunavailable−23.2%+27.4%+15.5%+27.6%+2.2%−1.5%
Net income21.7 m-50.6 m-136.0 m51.5 m121.5 m77.1 m98.6 m
Net income YoYunavailable−332.5%unavailableunavailable+136.1%−36.6%+27.9%
Diluted EPS0.11-0.25-0.670.210.480.300.38
Diluted EPS YoYunavailable−327.3%unavailableunavailable+128.6%−37.5%+26.7%
net %1.6%-5.0%-10.5%3.4%6.4%4.0%5.1%
Free cash flow128.0 m43.3 m201.5 m97.3 m218.3 m179.0 m255.1 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
220.1 m EUR
Financial debt
162.1 m EUR
Net debt
-58.0 m EUR
Equity
1.1 bn EUR
Total assets
2.8 bn EUR
Debt / equity
0.15x
Current ratio
1.59x
ROE
9.5%
ROA
3.5%
FCF margin
13.3%

Financial statements (source on every figure)

Revenue and net income (EUR)

Margins

Income statement · EUR

Revenue
2023
1.9 bn
2024
1.9 bn
2025
1.9 bn

SEC (XBRL)· 20 Mar 2026verified

Cost of revenue
2023
680.2 m
2024
650.1 m
2025
622.9 m

SEC (XBRL)· 20 Mar 2026verified

Gross profit
2023
1.2 bn
2024
1.3 bn
2025
1.3 bn

SEC (XBRL)· 20 Mar 2026verified

Operating income
2023
208.1 m
2024
166.9 m
2025
139.5 m

SEC (XBRL)· 20 Mar 2026verified

Depreciation & amortisation
2023
193.2 m
2024
224.8 m
2025
244.9 m

SEC (XBRL)· 20 Mar 2026verified

EBITDA
2023
401.3 m ≈
2024
391.6 m ≈
2025
384.4 m ≈

SEC (XBRL)· 20 Mar 2026derived

Interest expense
2023
68.1 m
2024
52.0 m
2025
50.5 m

SEC (XBRL)· 20 Mar 2026verified

Pre-tax income
2023
169.1 m
2024
130.6 m
2025
140.0 m

SEC (XBRL)· 20 Mar 2026verified

Income tax
2023
33.4 m
2024
39.7 m
2025
30.6 m

SEC (XBRL)· 20 Mar 2026verified

Net income
2023
121.5 m
2024
77.1 m
2025
98.6 m

SEC (XBRL)· 20 Mar 2026verified

Diluted EPS
2023
0.48
2024
0.30
2025
0.38

SEC (XBRL)· 20 Mar 2026verified

Weighted average diluted shares
2023
252.4 m
2024
254.2 m
2025
261.5 m

SEC (XBRL)· 20 Mar 2026verified

Balance sheet · EUR

Cash
2023
296.3 m
2024
219.1 m
2025
220.1 m

SEC (XBRL)· 20 Mar 2026verified

Receivables
2023
240.5 m
2024
248.8 m
2025
227.1 m

SEC (XBRL)· 20 Mar 2026verified

Inventories
2023
522.6 m
2024
521.0 m
2025
506.9 m

SEC (XBRL)· 20 Mar 2026verified

Current assets
2023
1.3 bn
2024
1.2 bn
2025
1.2 bn

SEC (XBRL)· 20 Mar 2026verified

Property, plant & equipment, net
2023
159.6 m
2024
204.8 m
2025
211.2 m

SEC (XBRL)· 20 Mar 2026verified

Goodwill
2023
572.3 m
2024
614.4 m
2025
554.1 m

SEC (XBRL)· 20 Mar 2026verified

Total assets
2023
2.8 bn
2024
2.8 bn
2025
2.8 bn

SEC (XBRL)· 20 Mar 2026verified

Accounts payable
2023
314.1 m
2024
309.8 m
2025
326.2 m

SEC (XBRL)· 20 Mar 2026verified

Long-term debt
2023
113.3 m
2024
196.4 m
2025
162.1 m

SEC (XBRL)· 20 Mar 2026verified

Current liabilities
2023
1.0 bn
2024
852.9 m
2025
750.4 m

SEC (XBRL)· 20 Mar 2026verified

Equity
2023
900.9 m
2024
982.9 m
2025
1.1 bn

SEC (XBRL)· 20 Mar 2026verified

Shares outstanding at year end
2023
—
2024
—
2025
—

SEC (XBRL)· 06 Apr 2023verified

Cash flow · EUR

Operating cash flow
2023
275.4 m
2024
279.1 m
2025
335.6 m

SEC (XBRL)· 20 Mar 2026verified

Capex
2023
57.0 m
2024
100.1 m
2025
80.5 m

SEC (XBRL)· 20 Mar 2026verified

Free cash flow
2023
218.3 m ≈
2024
179.0 m ≈
2025
255.1 m ≈

SEC (XBRL)· 20 Mar 2026derived

Investing cash flow
2023
21.8 m
2024
-126.0 m
2025
-109.9 m

SEC (XBRL)· 20 Mar 2026verified

Financing cash flow
2023
-250.5 m
2024
-234.5 m
2025
-215.1 m

SEC (XBRL)· 20 Mar 2026verified

Share repurchases
2023
0
2024
—
2025
—

SEC (XBRL)· 05 Apr 2024verified

Computed indicators

Growth

Revenue growth (YoY)
-1.5%
computed by olivLawFY 2025
Revenue CAGR 3Y
8.7%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
13.6%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
-16.4%
computed by olivLawFY 2025
Net income growth (YoY)
27.9%
computed by olivLawFY 2025
Net income CAGR 3Y
24.2%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
26.7%
computed by olivLawFY 2025
EPS CAGR 3Y
21.9%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
42.5%
computed by olivLawFY 2025

Profitability

Gross margin
67.5%
computed by olivLawFY 2025
EBITDA margin
20.1%
computed by olivLawFY 2025
EBIT margin
7.3%
computed by olivLawFY 2025
Net margin
5.1%
computed by olivLawFY 2025
FCF margin
13.3%
computed by olivLawFY 2025

Returns

ROE
10.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
3.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
10.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROCE
6.7%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
-58.0 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
-0.2x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Debt / equity
0.2x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
2.8x
computed by olivLawFY 2025

Liquidity

Current ratio
1.6x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
0.9x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.3x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
335.6 m EUR
computed by olivLawFY 2025
Capital expenditure
80.5 m EUR
computed by olivLawFY 2025
Free cash flow
255.1 m EUR
computed by olivLawFY 2025
FCF conversion
258.7%
computed by olivLawFY 2025
Cash conversion
87.3%
computed by olivLawFY 2025

Efficiency

Days sales outstanding
45 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days inventory outstanding
301 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days payables outstanding
186 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Cash conversion cycle
160 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
Earnings yield
unavailable
input data missing
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Neutral profile

Score: 64 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

14.88 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Price and reporting are in different currencies; market indicators are unavailable.

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
10.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
5.1%
computed by olivLawFY 2025
Revenue growth (YoY)
-1.5%
computed by olivLawFY 2025
Dividend yield
unavailable
input data missing

Coverage and freshness

30/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2022
Source: SEC (XBRL)published 20 Mar 2026
verified 195

Score by group

  • Balance sheet44
  • Growth86
  • Quality66

Estimated value range

Low
5.33
EUR per share
Mid
6.48
EUR per share
High
12.43
EUR per share
Price: unavailable
Potential to the central value: unavailable (value / price − 1)
Margin of safety: unavailable (1 − price / value)
Agreement between methods: same comparison basis (not independent confirmations) · 2 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.16 – 18.05 EUR.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (EUR per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDA6.50 – 18.05 (Mid 7.03)
    7 companies used · median multiple 4.3x · quartiles 4.0x – 11.3x
    AS, CRI, GIII, GIL, JRSH, LEVI, LULU
  • Peers: P/E4.16 – 6.82 (Mid 5.93)
    10 companies used · median multiple 15.6x · quartiles 10.9x – 17.9x
    AS, BRIA, COLM, CRI, GIII, GIL, JRSH, LEVI, LULU, SGC
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Multiple comparisons use the SIC vertical: Apparel & Other Finishd Prods of Fabrics & Similar Matl (SIC 2300)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
3.0%
Equity risk premium
5.5%
Beta (default)
1.00
Cost of equity
8.5%
Terminal growth
2.0%

Factor scorecard

Neutral profile · Score 64/100

FactorValueScoreWeight used
ROIC · Quality10.9%55 (vs peers)17%
Net margin · Quality5.1%50 (vs peers)10%
FCF conversion · Quality258.7%100 (on a fixed band)10%
Revenue CAGR 3Y · Growth8.7%72 (on a fixed band)14%
EPS CAGR 3Y · Growth21.9%100 (on a fixed band)14%
Net debt / EBITDA · Balance sheet-0.2x50 (vs peers)17%
Interest coverage · Balance sheet2.8x19 (on a fixed band)10%
Current ratio · Balance sheet1.6x66 (on a fixed band)7%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet44/100 · 3/3 factors with a value
  • Growth86/100 · 2/2 factors with a value
  • Quality66/100 · 3/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partialunavailable · 0/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Ermenegildo Zegna N.V. (ZGN). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 1.9 bn EUR in 2025; YoY growth -1.5%; net margin 5.1%; ROE 10.1%; net debt/EBITDA -0.2x.

The estimated value range is 5.33–12.43 EUR per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 64/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns, valuation. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • FCF conversion: 258.7%
  • Revenue CAGR 3Y: 8.7%
  • EPS CAGR 3Y: 21.9%

What contradicts it

  • Interest coverage: 2.8x

Not assessed (insufficient data or a ratio without meaning): P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Apparel & Other Finishd Prods of Fabrics & Similar Matl (SIC 2300) · same industry (4-digit SIC) · compared with 16 companies

Multiples and returns vs the median

P/E
—
vertical median 16.2x
EV/EBITDA
—
vertical median 4.3x
P/S
—
vertical median 0.5x
P/B
—
vertical median 1.8x
ROE
10.1%
vertical median 10.3%
at median
Net margin
5.1%
vertical median 5.4%
at median
EBIT margin
7.3%
vertical median 8.6%
below median (−15.1%)
Revenue YoY
-1.5%
vertical median 2.6%
below median (−158.2%)
Net debt/EBITDA
-0.2x
vertical median -0.2x
above median
Dividend yield
—
vertical median 2.4%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
ASAmer Sports, Inc.17.9 bn42.27.9%6.5%+26.7%−14% / unavailable
LULUlululemon athletica inc.11.8 bn9.230.9%12.8%+4.9%−39% / −75%
GILGildan Activewear Inc.8.0 bn16.615.9%11.0%+10.7%−22% / +19%
COLMColumbia Sportswear Company3.6 bn18.412.7%6.0%+0.9%+32% / −9%
GIIIG III Apparel Group Ltd1.4 bn10.87.7%4.8%−7.0%+14% / +15%
CRICarter’s, Inc.1.2 bn5.522.9%7.4%unavailable+5% / −51%
LEVILevi Strauss & Co894.9 m15.925.8%8.8%+4.1%+8% / +54%
SGCSuperior Group Of Companies, Inc.224.5 m25.64.3%1.4%+0.1%+45% / +18%
JRSHJerash Holdings (US), Inc.73.8 m15.37.6%2.8%+14.0%+87% / +103%
PASWPing An Biomedical Co., Ltd.60.1 m—-28.4%-37.6%unavailable+541% / unavailable
BRIABrilliA Inc34.5 m11.521.5%4.4%+15.1%−23% / unavailable
NCINeo-Concept International Group Holdings Limited12.8 m63.10.6%0.2%−41.9%−93% / unavailable
GOOSCanada Goose Holdings Inc.——19.8%7.0%+1.1%−36% / −20%
UAUnder Armour, Inc.——-29.8%-10.0%−3.8%+26% / −27%
LANVLanvin Group Holdings Limited——-200.4%-50.3%−22.9%−60% / −79%
ZGNErmenegildo Zegna N.V.——10.1%5.1%−1.5%+51% / +27%
FIGSFIGS, Inc.067.014.8%8.7%+13.6%+124% / +202%

1- and 3-year price returns: for ZGN from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Scenarios are not available. input data missing

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 20 Mar 2026; since then the company filed 6-K (22 Oct 2026), 6-K (08 Oct 2026), 6-K (03 Sept 2026), 6-K (24 Aug 2026), 6-K (23 Jul 2026).

In brief

Ermenegildo Zegna N.V. is a luxury group focused on high-end menswear, with a vertically integrated supply chain (the Filiera) and three brands: ZEGNA, Thom Browne and TOM FORD FASHION. Revenues in 2025 were 1,916.9 million EUR 1, in a global personal luxury market estimated at around 358 billion EUR 1 where discretionary demand is under pressure.

SWOT

Strengths

  • A heritage of more than a century in luxury menswear, with an integrated textile chain and control from raw material to finished product 1.
  • A portfolio of three complementary brands covering different styles, occasions and client segments 1.
  • A controlled DTC network and clienteling model that support higher gross margins and direct customer relationships 1.

Weaknesses

  • The DTC model carries higher fixed costs, and new stores need a start-up period that can weigh on profitability 1.
  • Heavy exposure to certain regions, especially Greater China, makes the group sensitive to a slowdown in local demand 1.
  • Adjusted EBIT fell in 2025 compared with 2023, reflecting the pressure from retail investment and costs 1.

Opportunities

  • A forecast return to growth in the luxury market in 2026, led by the United States, could support brand sales 1.
  • Growing womenswear, leather goods and footwear, including through partnerships such as Norda Run, could widen the client base 1.
  • Converting wholesale stores to directly operated stores in several countries could increase control over distribution 1.

Threats

  • Lower discretionary spending from economic uncertainty and geopolitical tensions could weigh on sales 1.
  • Rising competition in emerging markets could pressure prices and margins 1.
  • Regulatory changes, tariffs and parallel trade could affect profitability in certain countries 1.

Risks

  • Dependence on brand imagehigh

    Sales and the ability to charge premium prices depend on how the brands are perceived, which can be affected by design, service, collaborations or litigation 1.

  • International and geopolitical exposurehigh

    Operations across many countries expose the group to political, regulatory and sanctions risks, as well as tensions around Taiwan 1.

  • DTC strategy and property costsmedium

    Expanding the store network requires significant capital spending, carries risks on lease renewals and possible impairment charges 1.

  • Raw material and energy costsmedium

    Price swings and supply disruptions in raw materials and energy could raise costs and disrupt manufacturing 1.

  • Currency risklow

    Exchange rate movements could affect reported results, given the group's global footprint 1.

Investment thesis

What would need to be true (bull case)

  • If the luxury market returns to growth in 2026 and demand in Greater China stabilises, margins could benefit from the already consolidated DTC structure 1.
  • Vertical integration through the Filiera and the heritage of the ZEGNA brand could sustain the competitive edge and the ability to hold premium pricing 1.
  • If recently opened stores mature as planned, pressure on profitability from retail investment could ease 1.

What would break the thesis

  • If macroeconomic uncertainty persists, discretionary demand for luxury goods could stay weak and profit could keep declining 1.
  • Dependence on Greater China and on international tourism makes revenues sensitive to a slowdown in those regions 1.
  • Fixed costs in the DTC network and inflationary pressure could limit margin recovery if sales do not grow enough 1.

What to watch

  • Sales trends by segment and region, especially in Greater ChinaQ1 2027
  • Gross margin and Adjusted EBIT compared with 20252027
  • Number of newly opened directly operated stores and wholesale-to-DTC conversionsnext 10-K
  • Delivery of the 2026 luxury market forecast and US demand2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 20 Mar 2026; since then the company filed 6-K (22 Oct 2026), 6-K (08 Oct 2026), 6-K (03 Sept 2026), 6-K (24 Aug 2026), 6-K (23 Jul 2026).

The business

The group designs, produces, markets and distributes luxury menswear, footwear, leather goods and accessories, as well as womenswear (Thom Browne and TOM FORD FASHION) and children's clothing (Thom Browne) 1. Its integrated textile chain, from raw materials to finished goods, is central to the model. The direct-to-consumer (DTC) channel dominates sales, and at 31 December 2025 there were 471 directly operated stores in 35 countries 1.

Segments

Zegna segment

Includes the ZEGNA brand, the Textile line and the Other line, which mainly covers sales of finished garments to third-party brands and to Thom Browne and TOM FORD FASHION 1. The ZEGNA brand had 282 directly operated stores at the end of 2025 1.

Thom Browne segment

Covers the Thom Browne brand, present in menswear and womenswear, with a focus on growth in the Americas and rebalancing its channels toward DTC 1. At the end of 2025 the brand had 123 directly operated stores 1.

Tom Ford Fashion segment

Covers the TOM FORD FASHION business, operated by the group under a 20-year licensing agreement with The Estée Lauder Companies after the April 2023 TFI acquisition 1. At 31 December 2025 there were 66 directly operated stores 1.

Market context

The personal luxury market is driven less by price sensitivity and more by brand equity, heritage, exclusivity and quality 1. Bain-Altagamma expects growth of 3-5% at constant exchange rates in 2026, led by the United States, after the market declined in 2024 and was expected to fall about 2% in 2025 1.

Trends

  • Focus on the DTC channelmixed

    The share of DTC in branded sales rose steadily from 2023 to 2025, supporting higher gross margins. Higher fixed costs and the start-up period of new stores could, however, weigh on profitability in the near term 1.

  • Macroeconomic uncertainty and discretionary demandheadwind

    Demand for the group's products depends on consumer confidence, disposable income and international tourism. Macroeconomic uncertainty and geopolitical tensions have affected buying behaviour in some markets 1.

  • Recovery in mainland Chinamixed

    Greater China is a significant share of sales, but demand slowed in 2024 amid weaker consumer confidence and a shift toward overseas shopping. Signs of improvement in 2025 remain modest 1.

  • Inflation and cost pressureheadwind

    Inflation in recent years raised energy, raw material, logistics and labour costs. Moderation in 2024 and 2025 did not bring costs back to pre-pandemic levels, and a renewed rise could weigh on margins 1.

Competitive position

The group competes with other global luxury players, and in some emerging markets competitive pressure has grown as international and domestic competitors enter 1. Its stated advantages are heritage, the integrated Filiera and its controlled store network 1.

  • Global luxury houses in menswear and accessories

    Luxury companies with global operations that the filing cites as competitive pressure in emerging markets; the source does not name them.

  • Local competitors in emerging markets

    Local players with stronger positions in some markets, mentioned generically among the risk factors.

  • International brands entering growth markets

    Luxury producers expanding in markets such as Greater China and other emerging markets, per the declared risks.

  • Multibrand retailers and online platforms

    The wholesale channel includes multibrand stores and e-tailers, which are both customers and, in some cases, competitors for consumer attention.

News & filings

In the press

The latest news item in our archive is from 04 Sept 2026; the newest SEC filing is from 22 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

Sources

  1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Ermenegildo Zegna N.V. · 20 Mar 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.