Revenues for the fourth quarter of the year were €407 million, down 0.5% year-over-year. Revenues at constant currency grew 11.0% and declined 2.9% in FY 2022 and 4Q 2022, respectively. Excluding the Greater China Region (“GCR”), which was affected by Covid-related restrictions throughout 2022, particularly from mid-March to the end of May and then again in the fourth quarter, revenues were up 42% year-on-year for FY 2022 and up 24.7% year-over-year for 4Q 2022 (up 38.6% and up 21.1% at cFX in FY 2022 and 4Q 2022, respectively).
Ermenegildo “Gildo” Zegna, Chairman and CEO of the Zegna Group, said: “I am very pleased with how we performed during 2022, in spite of the continued global economic and geopolitical challenges of the year, as well as how we continued to stand by our commitments to the environment, our employees, and our communities. Despite China continuing to be affected by Covid-related restrictions throughout 2022, our growth for the year shows the soundness and success of our strategy, global reach, and flawless execution, with ongoing success in the Middle East, U.S., and Europe. After my recent trip to Greater China, I am optimistic about China’s reopening as we are witnessing a rebound in our business and the industry at large.”
He added: “In November, we announced the Tom Ford fashion business transaction alongside The Estée Lauder Companies. Subject to and following the completion of that transaction we will operate the Tom Ford fashion business under a long-term license from The Estée Lauder Companies and acquire the related fashion operations. All of these are strong steps towards realising our long-term vision for the Group.”