Ermenegildo Zegna’s profit more than doubles

(Source: Zegna/Facebook)

Luxury fashion house Ermenegildo Zegna has reported a 107.8 per cent increase in profit for FY23, driven by revenue growths across all brands.

The group’s profit for the year ended December 31 was €135.7 million ($147.3 million), compared to €65.3 million in FY22. Revenues totaled €1.9 billion, representing a 27.6 percent increase. 

The Zegna segment, which includes Zegna branded products, textile and third party brands, generated revenues of €1.3 billion, up 12.4 per cent. The Thom Browne segment posted revenues of €380.3 million, up 14.9 per cent.

Group revenues also included €235.5 million contributed by the Tom Ford Fashion segment following the acquisition of Tom Ford International last April.

By region, North America led revenue growth with a 41.6 per cent increase. Latin Americas, EMEA, and Apac also saw improvements of 25.6 per cent, 26.6 per cent, and 22.2 per cent respectively.

Chairman and CEO Ermenegildo “Gildo” Zegna said 2023 marked a milestone for the group thanks to the outstanding results.

“As a group, we continued to invest in our Filiera, our in-house supply chain, which includes some of the finest and most important Italian high-end textile producers fully integrated with our unique luxury manufacturing capabilities.”

While short-term results are important, the group’s top priority remains its long-term plans and overall trajectory, Zegna concluded. 

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