Global luxury group Ermenegildo Zegna, or Zegna Group, has reported a 147 per cent increase in profit for the first half of FY23.
For the six months to June 30, the company, which operates brands such as Zegna, Thom Browne and Tom Ford Fashion, reported revenues of US$961.56 million, up 23.9 per cent.
Profit for the half was $55.47 million while adjusted EBIT reached $127.66 million.
By brand, Zegna’s adjusted EBIT reached $107 million for the first half, up 47.8 per cent while Thom Brome contributed $33.5 million and Tom Ford Fashion of $3.9 million.
Ermenegildo “Gildo” Zegna, chairman and CEO, said throughout the first half of the year, Zegna Group’s “unique capabilities” have been on full display, contributing to continued and strong revenue growth.
“This is particularly evident in the outstanding performance in the United States and Europe, Middle East and Africa, as we communicated back in July, as well as in our significant progress towards growing profitability.”
“Our performance during this six-month period again confirms the successful execution of our strategy.”
The Zegna One Brand strategy has added “remarkable improvements” in productivity across the group’s direct-to-consumer stores as well as the expansion of distribution across all our brands, Zegna continued.
“As we progress in the second half of the year, we continue to be extremely attentive to executing our plan, with a major focus on working alongside the new leadership team at Tom Ford Fashion to further develop and position the brand as an icon in ultra-luxury while also supporting the further expansion of the Thom Browne footprint.”
