Zegna Group reports strong results for first half of 2022

Italy
Published:  26 August, 2022
Credit: Zegna

Zegna Group has reported its financial results for the first half of the 2022 financial year, which ended June 30.

The company posted revenues of €729 million for the period, up 21% year-on-year, with sales rising by 16% in the second quarter of 2022 to €351.4 million.

Performance was driven by the Zegna brand segment, revenue for which increased by 19% from 2021 to €553 million in the first half of the year. Meanwhile, Thom Browne saw revenues increase by 30% in the period to €185.8 million.

Geographically, Zegna reported increases in all of its major markets except for Greater China, where revenues for the first of the half of €247.2 million amounted to a decrease year-on-year of 14%.

Particular improvement was seen in the U.S. market, where revenues jumped by 91% to €124.3 million, while the EMEA region saw growth of 43% to €260.6 million.

Group sales for its directly operated retail network, including e-commerce, were €428 million for the first half of 2022, up 13% year-on-year.

Zegna Group reported a profit for the first half of 2022 of €21 million, a drop of 35% over the same period in 2021.

Chairman and CEO Ermenegildo “Gildo” Zegna said: “While our current performance is strong, including a healthy rebound in the Greater China Region, the global geopolitical and economic outlook remains uncertain. Through flexibility and discipline, I am confident that we will remain on track, as we execute our strategy to achieve our new 2022 guidance and meet the medium-term targets set out during our Capital Markets Day hosted “at home” in Oasi Zegna on May 17.”