Before the market opened on September 3 (US Eastern Time), Italian luxury group Ermenegildo Zegna released its full financial results for the first half of 2026: revenue of €987.3 million, up 6% year-on-year and up 9% organically; net profit of €28.4 million (net margin of 2.9%); adjusted EBIT of €74.5 million, up from €68.7 million in the first half of 2025.
(On July 23, Zegna had already released its unaudited first-half 2026 revenue figures; see the LuxeCO link for details.)
After the earnings release, as of the close on September 3, Zegna Group's share price rose 0.72% from the previous trading day to $12.65 per share, up 50.77% cumulatively over the past 12 months, with a current market capitalization of approximately $5.362 billion.
Group Executive Chairman Ermenegildo "Gildo" Zegna commented: "Our first-half 2026 results demonstrate the effectiveness of the group's strategy. This strategy is rooted in each brand's distinctive identity and its direct connection with customers, and is also supported by the continuous innovation of our 'Filiera' (vertically integrated supply chain) — the core of the group's heritage."
"Despite unfavorable currency fluctuations, thanks to the rigorous execution of our strategy, we achieved 9% organic revenue growth in the first half, and the group's adjusted EBIT margin also improved. I am particularly pleased that the Zegna business segment's margin continued to expand, and that the group's net cash surplus improved, reaching €60 million."
"Although the macroeconomic and geopolitical environment remains full of uncertainty, we remain focused on achieving sustainable and profitable growth, guided by our long-term vision."
As of June 30, the key financial data for Zegna Group for the first half of 2026 are as follows:
- Revenue of €987.3 million, up 6% year-on-year and up 9% organically; direct-to-consumer ("DTC") business drove overall performance, with reported growth of 12% (organic growth of 16%).
- Net profit of €28.4 million (margin of 2.9%); compared with profit of €47.9 million in the first half of 2025, which included a €27.8 million non-cash gain from the remeasurement of the fair value of minority shareholder put option liabilities.
- Gross profit of €668 million, with a gross margin of 67.6%.
- Operating profit of €68.539 million, with an operating margin of 6.9%.
- Adjusted EBIT of €74.5 million, up from €68.7 million in the first half of 2025.
- Adjusted EBIT margin of 7.5% (7.4% in the first half of 2025), mainly driven by an increase in the Zegna segment's adjusted EBIT margin, which rose 50 basis points to 14.8%.
- Net cash surplus of €59.6 million; compared with €52.1 million as of December 31, 2025.
By segment:
- ZEGNA: revenue of €724 million, up 9.7% year-on-year and up 11.9% organically; adjusted EBIT of €107 million, up 13.3% year-on-year.
- Thom Browne: revenue of €123 million, down 4.9% year-on-year and down 0.3% organically; adjusted EBIT loss of €8.318 million.
- Tom Ford Fashion: revenue of €157 million, up 2.7% year-on-year and up 6.4% organically; adjusted EBIT loss of €12.118 million, an improvement of 37.6% year-on-year.
By brand and product line:
- ZEGNA: revenue of €635 million, up 11.2% year-on-year and up 13.9% organically.
- Thom Browne: revenue of €123 million, down 4.7% year-on-year and down 0.1% organically.
- Tom Ford Fashion: revenue of €157 million, up 2.7% year-on-year and up 6.4% organically.
- Textiles: revenue of €67.012 million, down 0.1% year-on-year and down 0.3% organically.
- Other: revenue of €5.782 million, down 30.8% year-on-year and down 30.3% organically.
By channel:
——Direct-to-consumer (DTC):
- ZEGNA: revenue of €573 million, up 13.6% year-on-year and up 16.3% organically.
- Thom Browne: revenue of €103 million, up 10.9% year-on-year and up 18% organically.
- Tom Ford Fashion: revenue of €107 million, up 5.9% year-on-year and up 11.3% organically.
——Wholesale:
- ZEGNA: revenue of €61.317 million, down 7% year-on-year and down 4.5% organically.
- Thom Browne: revenue of €20.409 million, down 44.1% year-on-year and down 43.6% organically.
- Tom Ford Fashion: €49.999 million, down 3.5% year-on-year and down 2.8% organically.
By region:
- EMEA: revenue of €330 million, up 0.3% year-on-year and up 1.5% organically.
- Americas: revenue of €302 million, up 15.1% year-on-year and up 19.8% organically.
- Greater China: revenue of €236 million, up 5.8% year-on-year and up 6.8% organically.
- Other Asia-Pacific: revenue of €118 million, up 5.4% year-on-year and up 13.6% organically.
- Other regions: revenue of €1.308 million, down 10.3% year-on-year and down 9% organically.
| Source: official financial report
| Image: official financial report
| Editor: LuxeCO
