This result was driven by recovery of the Zegna segment, the group reported, revenues for which increased by 27.1% in the period to €283.5 million. Zegna-branded products brought in revenues of €224 million, up 22.1%.
Meanwhile, Thom Browne improved by 22.3% over the same period in 2021, with revenues amounting to €98.1 million. The group pointed to Thom Browne’s appeal with younger customers to explain its strong performance across all channels, with the women’s growth rate exceeding men’s.
North American revenues increased by 85.1% year-on-year for Zegna to €61.8 million, with revenues up 97.2% in the United States alone. Latin America achieved almost a doubling of revenue thanks to strong direct-to-consumer (DTC) revenues, while the group saw a 38.9% increase in EMEA to €134.5 million.
APAC showed mixed performances, with a slowdown in the Greater China region due to the recent Covid-19 lockdowns, while the rest of the region (excluding China) saw growth of 27.8%.
The group’s DTC channel achieved sales growth of 23.1% in the first quarter to €218.1 million, while revenues in the wholesale channel grew by 31.4% year-over-year. The group noted that wholesale shipments to Russia, which are currently suspended, have not historically represented a material portion of revenue.
Ermenegildo “Gildo” Zegna, Chairman and CEO of the Zegna Group, said: “Over the course of 2021, the Zegna Group achieved a number of milestones. 2022 was off to a good start and is now looking more challenging due to the combination of geopolitical, economic and health-related uncertainties. Both our brands are coping well in the face of these increased challenges, and we will continue to execute against our strategic objectives.”
