{"success":true,"data":{"pressRelease":{"id":"96308","rtpr_id":"nBw37TS9ja","ticker":"ZGN","exchange":"NYSE","all_tickers":["ZGN","JN0"],"title":"Ermenegildo Zegna Group Records Double-Digit Revenue Growth in Q2 2026 With Accelerating DTC Momentum1","author":"Business Wire","published_at":"2026-07-23T10:32:00.160Z","article_body":"Ermenegildo Zegna Group Records Double-Digit Revenue Growth in Q2 2026 With\nAccelerating DTC Momentum(1)\n\n\n * Q2 2026 Group revenues increased +10.3% year‑on‑year (YoY) to €517.1\nmillion and +11.0% on an organic basis, reflecting sequential acceleration\nacross all brands, with ZEGNA leading the Group’s performance.\n\n * By Brand: ZEGNA brand revenues rose to €324.3 million up +16.9% YoY and\n+16.5% organic. Thom Browne revenues were in line with Q2 2025, with a +2.7%\norganic growth, while TOM FORD FASHION grew +4.5% YoY and +7.1% organic.\n\n * By Channel: DTC grew to €410.9 million, +16.4% YoY and +17.3% organic, with\nall three brands delivering double-digit growth, reflecting the Group's\nstrategic decision to prioritize a retail-first business model and direct\ncustomer engagement.\n\n * By Geography: all regions delivered solid growth, led by the Americas, with\nGreater China Region further strengthening in the quarter.\n\n * H1 2026 Group revenues reached €987.3 million, +6.4% year‑on‑year (YoY)\nand +9.3% on an organic basis.(2)\n\nErmenegildo Zegna N.V. (NYSE:ZGN) (the “Company” and, together with its\nconsolidated subsidiaries, the “Ermenegildo Zegna Group” or the\n“Group”) today announced unaudited revenues of €987.3 million in H1\n2026, +6.4% YoY from €927.7 million in H1 2025 (+9.3% organic). In the\nsecond quarter, revenues reached €517.1 million, +10.3% YoY (+11.0%\norganic).\n\nErmenegildo “Gildo” Zegna, Executive Chairman of the Ermenegildo Zegna\nGroup, commented: “I am particularly proud to report 11% organic growth in\nthe Group’s revenues in the past quarter, with sequential acceleration\nacross all our brands. This performance reflects the strength of our\nclient-centric model, with Direct-to-Consumer revenues up 17% organically in\nthe quarter and all brands delivering double-digit growth. ZEGNA continued to\ndeepen client engagement with a milestone VILLA ZEGNA event in Los Angeles in\nJune, following a model developed over time on an authentic legacy and\nsupported by our unique Italian Filiera. I am equally encouraged by the\nperformance of Thom Browne and TOM FORD FASHION. Their results confirm that\nthe actions underway follow the right trajectory, although we are conscious\nthat it is still the beginning of the journey and we must remain patient to\nsee progress over time.\n\nAs we move through the rest of the year, we remain determined and disciplined\nto invest in the right priorities to deliver on our ambitions.”\n ____________________ \n (1) Throughout this press release, revenues for the second quarter of 2026 and \n 2025 and for the first half of 2026 and of 2025 are unaudited. \n (2) Revenues on an organic growth basis (organic or organic growth) and on a \n constant currency basis (constant currency), are non-IFRS financial measures. \n Constant currency growth is calculated excluding foreign exchange. Organic \n growth is calculated excluding (a) foreign exchange and (b) acquisitions & \n disposals. Please see the non-IFRS financial measures section starting on page \n 7 of this press release for the definition and reconciliation of non-IFRS \n financial measures. \n\n\nRevenues Analysis for the Six and Three Months Ended June 30, 2026\n\nREVENUES BY BRAND AND PRODUCT LINE (Unaudited)\n   H1 2026 vs H1 2025   Q2 2026 vs Q2 2025 \n (€ thousands, except percentages) 2026   2025   %   Organic   2026   2025   %   Organic \n ZEGNA brand 634,573   570,409   11.2 %   13.9 %   324,281   277,493   16.9 %   16.5 % \n Thom Browne 123,106   129,154   (4.7 %)   (0.1 %)   64,940   64,931   0.0 %   2.7 % \n TOM FORD FASHION 156,817   152,715   2.7 %   6.4 %   89,090   85,237   4.5 %   7.1 % \n Textile 67,012   67,061   (0.1 %)   (0.3 %)   35,800   37,140   (3.6 %)   (3.2 %) \n Other( (1)) 5,782   8,351   (30.8 %)   (30.3 %)   3,004   4,068   (26.2 %)   (25.9 %) \n Total revenues 987,290   927,690   6.4 %   9.3 %   517,115   468,869   10.3 %   11.0 % \n\n ____________________ \n (1) Other mainly includes revenues from agreements with third party brands. \n\n\nIn Q2 2026, revenues for the ZEGNA brand were €324.3 million, compared to\n€277.5 million in Q2 2025, +16.9% YoY and +16.5% organic, in sequential\nacceleration driven by strong DTC performance across all regions.\n\nIn Q2 2026, revenues for Thom Browne amounted to €64.9 million, in line with\nQ2 2025 (+2.7% organic), with positive organic growth in the DTC channel\npartially offset by the ongoing rationalization of the wholesale channel.\n\nIn Q2 2026, revenues for TOM FORD FASHION amounted to €89.1 million,\ncompared to €85.2 million in Q2 2025, +4.5% YoY (+7.1% organic), with a\nsolid performance of the DTC channel reflecting the success of the\nSpring/Summer collections.\n\nIn Q2 2026, Textile revenues were €35.8 million, compared to €37.1 million\nin Q2 2025, -3.6% YoY (-3.2% organic). Other revenues, which mainly include\nrevenues from sales to third party brands(3), were €3.0 million in Q2 2026,\ncompared to €4.1 million in Q2 2025, -26.2% YoY (-25.9% organic).\n ____________________ \n (3) Includes revenues from the sale of finished products (Ready-to-Wear) to \n luxury brands outside the group, with which we have long term supply \n relationships. \n\n\nREVENUES BY DISTRIBUTION CHANNEL (Unaudited)\n   H1 2026 vs H1 2025   Q2 2026 vs Q2 2025 \n (€ thousands, except percentages) 2026     2025     %   Organic   2026     2025     %   Organic \n Direct to Consumer (DTC)     \n ZEGNA brand 573,256     504,501     13.6 %   16.3 %   300,968     253,706     18.6 %   18.4 % \n Thom Browne 102,697     92,639     10.9 %   18.0 %   51,833     46,351     11.8 %   16.0 % \n TOM FORD FASHION 106,827     100,895     5.9 %   11.3 %   58,059     52,844     9.9 %   13.1 % \n Total Direct to Consumer (DTC) 782,780     698,035     12.1 %   15.8 %   410,860     352,901     16.4 %   17.3 % \n As a percentage of branded products ((1)) 86 %   82 %           86 %   83 %         \n Wholesale branded     \n ZEGNA brand 61,317     65,908     (7.0 %)   (4.5 %)   23,313     23,787     (2.0 %)   (3.2 %) \n Thom Browne 20,409     36,515     (44.1 %)   (43.6 %)   13,107     18,580     (29.5 %)   (29.3 %) \n TOM FORD FASHION 49,990     51,820     (3.5 %)   (2.8 %)   31,031     32,393     (4.2 %)   (2.6 %) \n Total Wholesale branded 131,716     154,243     (14.6 %)   (13.3 %)   67,451     74,760     (9.8 %)   (9.5 %) \n As a percentage of branded products 14 %   18 %           14 %   17 %         \n Textile 67,012     67,061     (0.1 %)   (0.3 %)   35,800     37,140     (3.6 %)   (3.2 %) \n Other( (2)) 5,782     8,351     (30.8 %)   (30.3 %)   3,004     4,068     (26.2 %)   (25.9 %) \n Total revenues 987,290     927,690     6.4 %   9.3 %   517,115     468,869     10.3 %   11.0 % \n\n ____________________ \n (1)   Branded products refer to the products sold under the three brands that the \n Group operates, through the DTC or wholesale branded distribution channels. \n (2)   Other mainly includes revenues from agreements with third party brands. \n\n\nDTC Revenues Analysis\n\nIn Q2 2026, DTC revenues were €410.9 million, compared to €352.9 million\nin Q2 2025, +16.4% YoY (+17.3% organic), with double-digit organic growth\nacross all brands.\n\nZEGNA DTC revenues were €301.0 million, +18.6% YoY (+18.4% organic), in\nsequential acceleration driven by double-digit organic growth in all the\ngeographic areas, led by the Americas. GCR reported a sequential improvement\nin the quarter, and performance in the Rest of APAC continued to strengthen.\nIn EMEA, Europe continued to perform strongly, while Middle East recorded a\npositive performance during the quarter despite the initial impact of the\nconflict in the region. At June 30, 2026, ZEGNA counted 279 directly operated\nstores (DOS), stable compared to the first quarter.\n\nThom Browne DTC revenues were €51.8 million, +11.8% YoY (+16.0% organic),\nwith a strong momentum driven by the Americas, Korea and Japan. At June 30,\n2026, Thom Browne had 128 DOS, with 3 net openings in the second quarter\nincluding Chicago and Vancouver.\n\nTOM FORD FASHION DTC revenues were €58.1 million, +9.9% YoY (+13.1%\norganic), driven by continued growth in the Americas and Rest of APAC,\nsupported by the strong reception of the Spring/Summer collection. At June 30,\n2026, TOM FORD FASHION had 67 DOS, with 1 net closure in the second quarter of\na boutique in China.\n\nWholesale Branded Revenues Analysis\n\nIn Q2 2026, wholesale branded revenues (excluding Textile and Other) were\n€67.5 million, compared to €74.8 million in Q2 2025, -9.8% YoY (-9.5%\norganic), reflecting the Group’s strategic decision to focus on the DTC\nchannel.\n\nZEGNA wholesale revenues were €23.3 million, -2.0% YoY (-3.2% organic),\nconsistent with the decision to focus on a retail-first business model based\non exclusive customer experiences.\n\nThom Browne wholesale revenues were €13.1 million, -29.5% YoY (-29.3%\norganic). This performance is the result of i) the continued streamlining of\nthe channel, which is becoming less significant for the brand, in line with a\nretail-first strategy implementation, and ii) the conversion of the\ndistribution in Hong Kong.\n\nTOM FORD FASHION wholesale revenues were €31.0 million, -4.2% YoY (-2.6%\norganic). The decline, reflecting the Group's retail-first strategy, was\npartially mitigated by a favorable phasing of deliveries during the quarter.\n\nREVENUES BY GEOGRAPHIC AREA (Unaudited)\n   H1 2026 vs H1 2025   Q2 2026 vs Q2 2025 \n (€ thousands, except percentages) 2026   2025   %   Organic   2026   2025   %   Organic \n EMEA ((1)) 329,978   328,908   0.3 %   1.5 %   177,113   174,819   1.3 %   1.6 % \n Americas ((2)) 302,348   262,714   15.1 %   19.8 %   165,320   137,743   20.0 %   21.8 % \n Greater China Region 236,106   223,101   5.8 %   6.8 %   111,976   99,841   12.2 %   8.6 % \n Rest of APAC( (3)) 117,550   111,508   5.4 %   13.6 %   62,050   55,658   11.5 %   19.3 % \n Other( (4)) 1,308   1,459   (10.3 %)   (9.0 %)   656   808   (18.8 %)   (17.5 %) \n Total revenues 987,290   927,690   6.4 %   9.3 %   517,115   468,869   10.3 %   11.0 % \n\n ____________________ \n (1)   EMEA includes Europe, the Middle East and Africa. \n (2)   Americas includes the United States of America, Canada, Mexico, Brazil and \n other Central and South American countries. \n (3)   Rest of APAC includes Japan, South Korea, Singapore, Thailand, Malaysia, \n Vietnam, Indonesia, Philippines, Australia, New Zealand, India and other \n Southeast Asian countries. \n (4)   Other revenues mainly include royalties. \n\n\nEMEA (33% of the Group’s H1 revenues) recorded revenues of €177.1 million\nin Q2, +1.3% YoY (+1.6% organic), with robust DTC growth across all three\nbrands, partially offset by the negative performance of the wholesale channel.\nMiddle East was positive in the second quarter.\n\nAmericas (31% of the Group’s H1 revenues) recorded revenues of €165.3\nmillion in Q2, +20.0% YoY (+21.8% organic). The strong performance was\nsupported by double-digit growth in the DTC channel across all brands.\n\nGCR (24% of the Group’s H1 revenues) recorded revenues of €112.0 million\nin Q2, +12.2% YoY (+8.6% organic), with an acceleration in the performance\nversus Q1.\n\nRest of APAC (12% of the Group’s H1 revenues) recorded revenues of €62.1\nmillion in Q2, +11.5% YoY (+19.3% organic), driven by solid growth in all\nmarkets, especially in Korea and Japan.\n\nGroup Monobrand((1)) Store Network at June 30, 2026\n   At June 30, 2026   At December 31, 2025   At June 30, 2025 \n Stores ZEGNA   Thom Browne   TOM FORD FASHION   Group   ZEGNA   Thom Browne   TOM FORD FASHION   Group   ZEGNA   Thom Browne   TOM FORD FASHION   Group \n EMEA 78   12   12   102   79   10   12   101   81   9   12   102 \n Americas 78   36   16   130   76   35   14   125   75   32   13   120 \n Greater China Region 72   37   11   120   74   36   12   122   77   39   13   129 \n Rest of APAC 51   43   28   122   53   42   28   123   53   40   28   121 \n Total Direct to Consumer (DTC) 279   128   67   474   282   123   66   471   286   120   66   472 \n EMEA 39   2   14   55   41   4   16   61   41   5   16   62 \n Americas 58   1   44   103   57   1   46   104   58   1   46   105 \n Greater China Region 7   6   —   13   9   9   —   18   11   10   —   21 \n Rest of APAC 5   4   3   12   5   4   3   12   5   5   1   11 \n Total Wholesale 109   13   61   183   112   18   65   195   115   21   63   199 \n Total 388   141   128   657   394   141   131   666   401   141   129   671 \n\n ____________________ \n (1) Monobrand store count includes our DOSs (which are divided into boutiques and \n outlets) and our Wholesale monobrand stores (including also monobrand \n franchisees). \n\n\nConference Call\n\nAs previously announced, today, at 8:00 a.m. ET (2:00 p.m. CET), the Group\nwill host a live webcast and conference call available at the following:\n\nDial in\n\nItaly: +39 800 909 780\n\nUnited States: +1 585 542 9983\n\nUnited Kingdom: +44 117 389 0104\n\nMeeting ID: 896361261\n\nWebcast link: https://events.q4inc.com/attendee/896361261\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fevents.q4inc.com%2Fattendee%2F896361261&esheet=54575247&newsitemid=20260723749752&lan=en-US&anchor=https%3A%2F%2Fevents.q4inc.com%2Fattendee%2F896361261&index=1&md5=a29a914130b5b191bd3efa503765ae03)\n\nAn online archive of the broadcast will be available on the website shortly\nafter the live call and will be available for twelve months.\n\nUPCOMING EVENTS\n\nNext financial releases\n\n\n * September 3, 2026: H1 2026 Unaudited Financial Results\n\n * October 22, 2026: Q3 2026 Unaudited Revenues\n\nAbout Ermenegildo Zegna Group\n\nFounded in 1910 in Trivero, Italy, the Ermenegildo Zegna Group (NYSE:ZGN) is a\nglobal luxury company with a leading position in the high-end menswear\nbusiness. Through its three complementary brands, the Group reaches a wide\nrange of communities and market segments across the high-end fashion industry,\nfrom ZEGNA’s timeless luxury to the modern tailoring of Thom Browne, to\nseductive elegance with TOM FORD FASHION. The Ermenegildo Zegna Group is\ninternationally recognized for its unique Filiera, owned and controlled by the\nGroup, which is made up of the finest Italian textile producers fully\nintegrated with unique luxury manufacturing capabilities, to ensure superior\nexcellence, quality and innovation capacity. The Ermenegildo Zegna Group has\nmore than 7,200 employees and recorded revenues of €1.92 billion in 2025.\n\nForward Looking Statements\n\nThis communication contains forward-looking statements that are based on\nbeliefs and assumptions and on information currently available to the Company.\nIn particular, statements regarding future financial performance and the\nGroup’s expectations as to the achievement of certain targeted metrics at\nany future date or for any future period are forward-looking statements. In\nsome cases, you can identify forward-looking statements by the following\nwords: “may,” “will,” “could,” “would,” “should,”\n“expect,” “intend,” “plan,” “anticipate,” “believe,”\n“estimate,” “predict,” “project,” “potential,” “continue,”\n“ongoing,” “target,” “seek”, “aspire,” “goal,”\n“outlook,” “guidance,” “forecast,” “prospect” or the negative\nor plural of these words, or other similar expressions that are predictions or\nindicate future events or prospects, although not all forward-looking\nstatements contain these words. Any statements that refer to expectations,\nprojections or other characterizations of future events or circumstances,\nincluding strategies or plans, are also forward-looking statements. These\nstatements involve risks, uncertainties and other factors that may cause\nactual results, levels of activity, performance or achievements to be\nmaterially different from the information expressed or implied by these\nforward-looking statements, and, as such, undue reliance should not be placed\non them. Actual results may differ materially from those expressed in\nforward-looking statements as a result of a variety of factors, including: the\nrecognition, integrity and reputation of our brands; our ability to anticipate\ntrends and to identify and respond to new and changing consumer preference;\ninternational business, regulatory, social and political risks; political\ninstability, geopolitical tensions, acts of terrorism, civil unrest or armed\nconflicts, including the ongoing conflicts in Ukraine and the Middle East, and\nthe imposition of sanctions; restrictions on trade and the imposition of\ntariffs among countries; our ability to implement our strategy; recent and\npotential future acquisitions; risks related to the sale of our products\nthrough our direct-to-consumer channel; risks related to our wholesale\nchannel, including as concerns points of sale operated by third parties, the\nrisk of insolvency of our wholesale customers, and our dependence on our local\npartners to sell our products in certain markets; fluctuations in the price or\nquality of, or disruptions in the availability of, raw materials; our ability\nto negotiate, maintain or renew our license or co-branding agreements with\nhigh end third party brands; disruption to our manufacturing and logistics\nfacilities, as well as our directly operated stores; existing or future\ndisputes, proceedings or litigation; tourist traffic and demand; our\ndependence on certain key senior personnel as well as skilled personnel;\npandemics or other public health crises; our ability to protect our\nintellectual property rights; any malfunction or disruption in our information\ntechnology and networks, including as a result of cybercrime; the theft or\nunauthorized use of personal information of our customers, employees or other\nparties; future sales of our securities in the public market; volatility in\nour share price; global economic conditions and macro events, including\ninflation; changes in, or failures to comply with, applicable laws and\nregulations, or actions taken by regulatory authorities; fluctuations in\ncurrency exchange rates or interest rates; credit risk; the high level of\ncompetition in the industry in which we operate; climate change and other\nenvironmental impacts and our ability to meet our customers’ and other\nstakeholders’ expectations on environment, social and governance matters;\nthe enactment of tax reforms or other changes in tax laws and regulations; and\nother risks and uncertainties, including those described in our filings with\nthe SEC.\n\nMost of these factors are outside the Company’s control and are difficult to\npredict. In light of the significant uncertainties in these forward-looking\nstatements, you should not regard these statements as a representation or\nwarranty by the Company and its directors, officers or employees or any other\nperson that the Company will achieve its objectives and plans in any specified\ntime frame, or at all. The forward-looking statements in this communication\nrepresent the views of the Company as of the date of this communication.\nSubsequent events, factors and developments may cause that view to change, and\nit is not possible to assess the impact of such event, factor or development\non the Company’s and the Group’s business. However, while the Company may\nelect to update these forward-looking statements at some point in the future,\nthe Company disclaims any obligation to update or revise publicly\nforward-looking statements. You should, therefore, not rely on these\nforward-looking statements as representing the views of the Company as of any\ndate subsequent to the date of this communication.\n\nAppendix\n\nREVENUES BY SEGMENT (Unaudited)\n   H1 2026 vs H1 2025   Q2 2026 vs Q2 2025 \n (€ thousands, except percentages) 2026     2025     %   Organic   2026     2025     %   Organic \n Zegna 724,265     660,319     9.7 %   11.9 %   373,369     327,026     14.2 %   13.9 % \n Thom Browne 123,106     129,462     (4.9 %)   (0.3 %)   64,940     65,080     (0.2 %)   2.4 % \n Tom Ford Fashion 156,819     152,715     2.7 %   6.4 %   89,092     85,237     4.5 %   7.1 % \n Intersegment eliminations (16,900 )   (14,806 )   n.m.((*))   n.m.   (10,286 )   (8,474 )   n.m.   n.m. \n Total revenues 987,290     927,690     6.4 %   9.3 %   517,115     468,869     10.3 %   11.0 % \n\n ____________________ \n (*) Throughout this section “n.m.” means not meaningful. \n\n\nIntersegment eliminations include revenues from products that the Textile and\nOther product lines (included in the Zegna segment) sell to the Group’s\nbrands.\n\nNon-IFRS Financial Measures\n\nThe Group’s management monitors and evaluates operating and financial\nperformance using several non-IFRS financial measures including: revenues on a\nconstant currency basis (Constant Currency) and revenues on an organic growth\nbasis (organic or organic growth). The Group’s management believes that\nthese non-IFRS financial measures provide useful and relevant information\nregarding the Group’s financial performance and financial condition, and\nimprove the ability of management and investors to assess and compare the\nfinancial performance and financial position of the Group with those of other\ncompanies. They also provide comparable measures that facilitate\nmanagement’s ability to identify operational trends, as well as make\ndecisions regarding future spending, resource allocations and other strategic\nand operational decisions. While similar measures are widely used in the\nindustry in which the Group operates, the financial measures that the Group\nuses may not be comparable to other similarly named measures used by other\ncompanies nor are they intended to be substitutes for measures of financial\nperformance or financial position as prepared in accordance with IFRS\nAccounting Standards. A definition, explanation of relevance and a\nreconciliation of each non-IFRS financial measure to the most directly\ncomparable measure calculated and presented in accordance with IFRS Accounting\nStandards are set out below.\n\nRevenues on a constant currency basis (Constant Currency)\n\nIn addition to presenting our revenues on a current currency basis, we also\npresent certain revenue information on a constant currency basis (Constant\nCurrency), which excludes the effects of foreign currency translation from our\nsubsidiaries with functional currencies different from the Euro.\n\nWe calculate Constant Currency revenues by applying the current period average\nforeign currency exchange rates to translate prior period revenues of foreign\nsubsidiaries expressed in local functional currencies different than the Euro.\n\nWe use revenues on a Constant Currency basis to analyze how our underlying\nrevenues have changed between periods independent of the effects of foreign\ncurrency translation.\n\nRevenues on a Constant Currency basis are not a substitute for revenues on a\ncurrent currency basis or any IFRS-related measures, however we believe that\nrevenues excluding the impact of foreign currency translation provide\nadditional useful information to management and to investors in analyzing and\nevaluating our revenues and operating performance.\n\nRevenues on an organic growth basis (organic or organic growth)\n\nIn addition to presenting our revenues on a current currency basis, we also\npresent certain revenue information on an organic growth basis (organic or\norganic growth). Organic growth is calculated as the change in revenues from\nperiod to period, excluding the effects of (a) foreign exchange and (b)\nacquisitions and disposals.\n\nIn calculating organic growth, the following adjustments are made to revenues:\n (1) Foreign exchange – Current period average foreign currency exchange rates \n are used to translate prior period revenues of foreign subsidiaries expressed \n in local functional currencies different than the Euro. \n (2) Acquisitions and disposals – Revenues generated by businesses and operations \n acquired in the current year are excluded. Revenues generated by businesses \n and operations acquired in the prior year are excluded from the current year \n for the same period that corresponds to the pre-acquisition period in the \n prior year. Additionally, where a business or operation was a customer prior \n to an acquisition, the related pre-acquisition revenues are excluded from the \n current and prior periods. Revenues generated by businesses and operations \n disposed of in the current year or prior year are excluded from both periods \n as applicable. \n\n\nWe believe the presentation of revenues on an organic basis is useful to\nbetter understand and analyze the underlying change in the Group’s revenues\nfrom period to period on a consistent perimeter and constant currency basis.\n\nRevenues on an organic basis are not a substitute for revenues on a current\ncurrency basis or any IFRS-related measures, however we believe that revenues\nexcluding the effects of (a) foreign exchange and (b) acquisitions and\ndisposals provide additional useful information to management and to investors\nin analyzing and evaluating our revenues and operating performance.\n\nThe tables below show a reconciliation of reported revenue performance to\nConstant Currency, excluding the effects of foreign exchange, and to organic\nperformance, which excludes also acquisitions and disposals, by segment, by\nbrand and product line, by distribution channel and by geographic area for the\nsix months ended June 30, 2026 compared to the six months ended June 30, 2025\n(H1 2026 vs H1 2025) and for the three months ended June 30, 2026 compared to\nthe three months ended June 30, 2025 (Q2 2026 vs Q2 2025).\n\nSegment\n   H1 2026 vs H1 2025 \n   Revenues Growth   less   Constant   less   Organic \n \n \n \n \n \nForeign exchange \nCurrency \nAcquisitions and disposals \n Zegna 9.7 %   (2.2 %)   11.9 %   — %   11.9 % \n Thom Browne (4.9 %)   (4.6 %)   (0.3 %)   — %   (0.3 %) \n Tom Ford Fashion 2.7 %   (3.7 %)   6.4 %   — %   6.4 % \n Total 6.4 %   (2.9 %)   9.3 %   — %   9.3 % \n\n   Q2 2026 vs Q2 2025 \n   Revenues Growth   less   Constant   less   Organic \n \n \n \n \n \nForeign exchange \nCurrency \nAcquisitions and disposals \n Zegna 14.2 %   0.2 %   14.0 %   0.1 %   13.9 % \n Thom Browne (0.2 %)   (2.6 %)   2.4 %   — %   2.4 % \n Tom Ford Fashion 4.5 %   (2.6 %)   7.1 %   — %   7.1 % \n Total 10.3 %   (0.8 %)   11.1 %   0.1 %   11.0 % \n\n\nBrand and product line\n   H1 2026 vs H1 2025 \n   Revenues Growth   less   Constant   less   Organic \n \n \n \n \n \nForeign exchange \nCurrency \nAcquisitions and disposals \n ZEGNA brand 11.2 %   (2.7 %)   13.9 %   — %   13.9 % \n Thom Browne (4.7 %)   (4.6 %)   (0.1 %)   — %   (0.1 %) \n TOM FORD FASHION 2.7 %   (3.7 %)   6.4 %   — %   6.4 % \n Textile (0.1 %)   0.2 %   (0.3 %)   — %   (0.3 %) \n Other (30.8 %)   (0.5 %)   (30.3 %)   — %   (30.3 %) \n Total 6.4 %   (2.9 %)   9.3 %   — %   9.3 % \n\n   Q2 2026 vs Q2 2025 \n   Revenues Growth   less   Constant   less   Organic \n \n \n \n \n \nForeign exchange \nCurrency \nAcquisitions and disposals \n ZEGNA brand 16.9 %   0.3 %   16.6 %   0.1 %   16.5 % \n Thom Browne — %   (2.7 %)   2.7 %   — %   2.7 % \n TOM FORD FASHION 4.5 %   (2.6 %)   7.1 %   — %   7.1 % \n Textile (3.6 %)   (0.4 %)   (3.2 %)   — %   (3.2 %) \n Other (26.2 %)   (0.3 %)   (25.9 %)   — %   (25.9 %) \n Total 10.3 %   (0.8 %)   11.1 %   0.1 %   11.0 % \n\n\nDistribution channel\n   H1 2026 vs H1 2025 \n   Revenues Growth   less   Constant   less   Organic \n \n \n \n \n \nForeign exchange \nCurrency \nAcquisitions and disposals \n Direct to Consumer (DTC)                   \n ZEGNA brand 13.6 %   (2.8 %)   16.4 %   0.1 %   16.3 % \n Thom Browne 10.9 %   (7.1 %)   18.0 %   — %   18.0 % \n TOM FORD FASHION 5.9 %   (5.4 %)   11.3 %   — %   11.3 % \n Total Direct to Consumer (DTC) 12.1 %   (3.8 %)   15.9 %   0.1 %   15.8 % \n Wholesale branded                   \n ZEGNA brand (7.0 %)   (1.3 %)   (5.7 %)   (1.2 %)   (4.5 %) \n Thom Browne (44.1 %)   (0.5 %)   (43.6 %)   — %   (43.6 %) \n TOM FORD FASHION (3.5 %)   (0.7 %)   (2.8 %)   — %   (2.8 %) \n Total Wholesale branded (14.6 %)   (0.8 %)   (13.8 %)   (0.5 %)   (13.3 %) \n Textile (0.1 %)   0.2 %   (0.3 %)   — %   (0.3 %) \n Other (30.8 %)   (0.5 %)   (30.3 %)   — %   (30.3 %) \n Total 6.4 %   (2.9 %)   9.3 %   — %   9.3 % \n\n   Q2 2026 vs Q2 2025 \n   Revenues Growth   less   Constant   less   Organic \n \n \n \n \n \nForeign exchange \nCurrency \nAcquisitions and disposals \n Direct to Consumer (DTC)                   \n ZEGNA brand 18.6 %   — %   18.6 %   0.2 %   18.4 % \n Thom Browne 11.8 %   (4.2 %)   16.0 %   — %   16.0 % \n TOM FORD FASHION 9.9 %   (3.2 %)   13.1 %   — %   13.1 % \n Total Direct to Consumer (DTC) 16.4 %   (1.0 %)   17.4 %   0.1 %   17.3 % \n Wholesale branded                   \n ZEGNA brand (2.0 %)   1.9 %   (3.9 %)   (0.7 %)   (3.2 %) \n Thom Browne (29.5 %)   (0.2 %)   (29.3 %)   — %   (29.3 %) \n TOM FORD FASHION (4.2 %)   (1.6 %)   (2.6 %)   — %   (2.6 %) \n Total Wholesale branded (9.8 %)   (0.1 %)   (9.7 %)   (0.2 %)   (9.5 %) \n Textile (3.6 %)   (0.4 %)   (3.2 %)   — %   (3.2 %) \n Other (26.2 %)   (0.3 %)   (25.9 %)   — %   (25.9 %) \n Total 10.3 %   (0.8 %)   11.1 %   0.1 %   11.0 % \n\n\nGeographic area\n   H1 2026 vs H1 2025 \n   Revenues Growth   less   Constant   less   Organic \n \n \n \n \n \nForeign exchange \nCurrency \nAcquisitions and disposals \n EMEA ((1)) 0.3 %   (1.2 %)   1.5 %   — %   1.5 % \n Americas ((2)) 15.1 %   (4.7 %)   19.8 %   — %   19.8 % \n Greater China Region 5.8 %   (1.0 %)   6.8 %   — %   6.8 % \n Rest of APAC( (3)) 5.4 %   (8.2 %)   13.6 %   — %   13.6 % \n Other( (4)) (10.3 %)   (1.3 %)   (9.0 %)   — %   (9.0 %) \n Total 6.4 %   (2.9 %)   9.3 %   — %   9.3 % \n\n ____________________ \n (1)   EMEA includes Europe, the Middle East and Africa. \n (2)   Americas includes the United States of America, Canada, Mexico, Brazil and \n other Central and South American countries. \n (3)   Rest of APAC includes Japan, South Korea, Singapore, Thailand, Malaysia, \n Vietnam, Indonesia, Philippines, Australia, New Zealand, India and other \n Southeast Asian countries. \n (4)   Other revenues mainly include royalties. \n\n   Q2 2026 vs Q2 2025 \n   Revenues Growth   less   Constant   less   Organic \n \n \n \n \n \nForeign exchange \nCurrency \nAcquisitions and disposals \n EMEA ((1)) 1.3 %   (0.5 %)   1.8 %   0.2 %   1.6 % \n Americas ((2)) 20.0 %   (1.8 %)   21.8 %   — %   21.8 % \n Greater China Region 12.2 %   3.6 %   8.6 %   — %   8.6 % \n Rest of APAC( (3)) 11.5 %   (7.8 %)   19.3 %   — %   19.3 % \n Other( (4)) (18.8 %)   (1.3 %)   (17.5 %)   — %   (17.5 %) \n Total 10.3 %   (0.8 %)   11.1 %   0.1 %   11.0 % \n\n ____________________ \n (1)   EMEA includes Europe, the Middle East and Africa. \n (2)   Americas includes the United States of America, Canada, Mexico, Brazil and \n other Central and South American countries. \n (3)   Rest of APAC includes Japan, South Korea, Singapore, Thailand, Malaysia, \n Vietnam, Indonesia, Philippines, Australia, New Zealand, India and other \n Southeast Asian countries. \n (4)   Other revenues mainly include royalties. \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260723749752/en/\n(https://www.businesswire.com/news/home/20260723749752/en/)\n\nPaola Durante, Chief of External Relations and Sustainability\n\nAlice Poggioli, Investor Relations Director\n\nir@zegna.com (mailto:ir@zegna.com) / corporatepress@zegna.com\n(mailto:corporatepress@zegna.com)\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw37TS9ja","title":"Ermenegildo Zegna Group Records Double-Digit Revenue Growth in Q2 2026 With Accelerating DTC Momentum1","author":"Business Wire","ticker":"ZGN","created":"2026-07-23T10:32:00.160Z","tickers":["ZGN","JN0"],"exchange":"NYSE","article_body":"Ermenegildo Zegna Group Records Double-Digit Revenue Growth in Q2 2026 With\nAccelerating DTC Momentum(1)\n\n\n * Q2 2026 Group revenues increased +10.3% year‑on‑year (YoY) to €517.1\nmillion and +11.0% on an organic basis, reflecting sequential acceleration\nacross all brands, with ZEGNA leading the Group’s performance.\n\n * By Brand: ZEGNA brand revenues rose to €324.3 million up +16.9% YoY and\n+16.5% organic. Thom Browne revenues were in line with Q2 2025, with a +2.7%\norganic growth, while TOM FORD FASHION grew +4.5% YoY and +7.1% organic.\n\n * By Channel: DTC grew to €410.9 million, +16.4% YoY and +17.3% organic, with\nall three brands delivering double-digit growth, reflecting the Group's\nstrategic decision to prioritize a retail-first business model and direct\ncustomer engagement.\n\n * By Geography: all regions delivered solid growth, led by the Americas, with\nGreater China Region further strengthening in the quarter.\n\n * H1 2026 Group revenues reached €987.3 million, +6.4% year‑on‑year (YoY)\nand +9.3% on an organic basis.(2)\n\nErmenegildo Zegna N.V. (NYSE:ZGN) (the “Company” and, together with its\nconsolidated subsidiaries, the “Ermenegildo Zegna Group” or the\n“Group”) today announced unaudited revenues of €987.3 million in H1\n2026, +6.4% YoY from €927.7 million in H1 2025 (+9.3% organic). In the\nsecond quarter, revenues reached €517.1 million, +10.3% YoY (+11.0%\norganic).\n\nErmenegildo “Gildo” Zegna, Executive Chairman of the Ermenegildo Zegna\nGroup, commented: “I am particularly proud to report 11% organic growth in\nthe Group’s revenues in the past quarter, with sequential acceleration\nacross all our brands. This performance reflects the strength of our\nclient-centric model, with Direct-to-Consumer revenues up 17% organically in\nthe quarter and all brands delivering double-digit growth. ZEGNA continued to\ndeepen client engagement with a milestone VILLA ZEGNA event in Los Angeles in\nJune, following a model developed over time on an authentic legacy and\nsupported by our unique Italian Filiera. I am equally encouraged by the\nperformance of Thom Browne and TOM FORD FASHION. Their results confirm that\nthe actions underway follow the right trajectory, although we are conscious\nthat it is still the beginning of the journey and we must remain patient to\nsee progress over time.\n\nAs we move through the rest of the year, we remain determined and disciplined\nto invest in the right priorities to deliver on our ambitions.”\n ____________________ \n (1) Throughout this press release, revenues for the second quarter of 2026 and \n 2025 and for the first half of 2026 and of 2025 are unaudited. \n (2) Revenues on an organic growth basis (organic or organic growth) and on a \n constant currency basis (constant currency), are non-IFRS financial measures. \n Constant currency growth is calculated excluding foreign exchange. Organic \n growth is calculated excluding (a) foreign exchange and (b) acquisitions & \n disposals. Please see the non-IFRS financial measures section starting on page \n 7 of this press release for the definition and reconciliation of non-IFRS \n financial measures. \n\n\nRevenues Analysis for the Six and Three Months Ended June 30, 2026\n\nREVENUES BY BRAND AND PRODUCT LINE (Unaudited)\n   H1 2026 vs H1 2025   Q2 2026 vs Q2 2025 \n (€ thousands, except percentages) 2026   2025   %   Organic   2026   2025   %   Organic \n ZEGNA brand 634,573   570,409   11.2 %   13.9 %   324,281   277,493   16.9 %   16.5 % \n Thom Browne 123,106   129,154   (4.7 %)   (0.1 %)   64,940   64,931   0.0 %   2.7 % \n TOM FORD FASHION 156,817   152,715   2.7 %   6.4 %   89,090   85,237   4.5 %   7.1 % \n Textile 67,012   67,061   (0.1 %)   (0.3 %)   35,800   37,140   (3.6 %)   (3.2 %) \n Other( (1)) 5,782   8,351   (30.8 %)   (30.3 %)   3,004   4,068   (26.2 %)   (25.9 %) \n Total revenues 987,290   927,690   6.4 %   9.3 %   517,115   468,869   10.3 %   11.0 % \n\n ____________________ \n (1) Other mainly includes revenues from agreements with third party brands. \n\n\nIn Q2 2026, revenues for the ZEGNA brand were €324.3 million, compared to\n€277.5 million in Q2 2025, +16.9% YoY and +16.5% organic, in sequential\nacceleration driven by strong DTC performance across all regions.\n\nIn Q2 2026, revenues for Thom Browne amounted to €64.9 million, in line with\nQ2 2025 (+2.7% organic), with positive organic growth in the DTC channel\npartially offset by the ongoing rationalization of the wholesale channel.\n\nIn Q2 2026, revenues for TOM FORD FASHION amounted to €89.1 million,\ncompared to €85.2 million in Q2 2025, +4.5% YoY (+7.1% organic), with a\nsolid performance of the DTC channel reflecting the success of the\nSpring/Summer collections.\n\nIn Q2 2026, Textile revenues were €35.8 million, compared to €37.1 million\nin Q2 2025, -3.6% YoY (-3.2% organic). Other revenues, which mainly include\nrevenues from sales to third party brands(3), were €3.0 million in Q2 2026,\ncompared to €4.1 million in Q2 2025, -26.2% YoY (-25.9% organic).\n ____________________ \n (3) Includes revenues from the sale of finished products (Ready-to-Wear) to \n luxury brands outside the group, with which we have long term supply \n relationships. \n\n\nREVENUES BY DISTRIBUTION CHANNEL (Unaudited)\n   H1 2026 vs H1 2025   Q2 2026 vs Q2 2025 \n (€ thousands, except percentages) 2026     2025     %   Organic   2026     2025     %   Organic \n Direct to Consumer (DTC)     \n ZEGNA brand 573,256     504,501     13.6 %   16.3 %   300,968     253,706     18.6 %   18.4 % \n Thom Browne 102,697     92,639     10.9 %   18.0 %   51,833     46,351     11.8 %   16.0 % \n TOM FORD FASHION 106,827     100,895     5.9 %   11.3 %   58,059     52,844     9.9 %   13.1 % \n Total Direct to Consumer (DTC) 782,780     698,035     12.1 %   15.8 %   410,860     352,901     16.4 %   17.3 % \n As a percentage of branded products ((1)) 86 %   82 %           86 %   83 %         \n Wholesale branded     \n ZEGNA brand 61,317     65,908     (7.0 %)   (4.5 %)   23,313     23,787     (2.0 %)   (3.2 %) \n Thom Browne 20,409     36,515     (44.1 %)   (43.6 %)   13,107     18,580     (29.5 %)   (29.3 %) \n TOM FORD FASHION 49,990     51,820     (3.5 %)   (2.8 %)   31,031     32,393     (4.2 %)   (2.6 %) \n Total Wholesale branded 131,716     154,243     (14.6 %)   (13.3 %)   67,451     74,760     (9.8 %)   (9.5 %) \n As a percentage of branded products 14 %   18 %           14 %   17 %         \n Textile 67,012     67,061     (0.1 %)   (0.3 %)   35,800     37,140     (3.6 %)   (3.2 %) \n Other( (2)) 5,782     8,351     (30.8 %)   (30.3 %)   3,004     4,068     (26.2 %)   (25.9 %) \n Total revenues 987,290     927,690     6.4 %   9.3 %   517,115     468,869     10.3 %   11.0 % \n\n ____________________ \n (1)   Branded products refer to the products sold under the three brands that the \n Group operates, through the DTC or wholesale branded distribution channels. \n (2)   Other mainly includes revenues from agreements with third party brands. \n\n\nDTC Revenues Analysis\n\nIn Q2 2026, DTC revenues were €410.9 million, compared to €352.9 million\nin Q2 2025, +16.4% YoY (+17.3% organic), with double-digit organic growth\nacross all brands.\n\nZEGNA DTC revenues were €301.0 million, +18.6% YoY (+18.4% organic), in\nsequential acceleration driven by double-digit organic growth in all the\ngeographic areas, led by the Americas. GCR reported a sequential improvement\nin the quarter, and performance in the Rest of APAC continued to strengthen.\nIn EMEA, Europe continued to perform strongly, while Middle East recorded a\npositive performance during the quarter despite the initial impact of the\nconflict in the region. At June 30, 2026, ZEGNA counted 279 directly operated\nstores (DOS), stable compared to the first quarter.\n\nThom Browne DTC revenues were €51.8 million, +11.8% YoY (+16.0% organic),\nwith a strong momentum driven by the Americas, Korea and Japan. At June 30,\n2026, Thom Browne had 128 DOS, with 3 net openings in the second quarter\nincluding Chicago and Vancouver.\n\nTOM FORD FASHION DTC revenues were €58.1 million, +9.9% YoY (+13.1%\norganic), driven by continued growth in the Americas and Rest of APAC,\nsupported by the strong reception of the Spring/Summer collection. At June 30,\n2026, TOM FORD FASHION had 67 DOS, with 1 net closure in the second quarter of\na boutique in China.\n\nWholesale Branded Revenues Analysis\n\nIn Q2 2026, wholesale branded revenues (excluding Textile and Other) were\n€67.5 million, compared to €74.8 million in Q2 2025, -9.8% YoY (-9.5%\norganic), reflecting the Group’s strategic decision to focus on the DTC\nchannel.\n\nZEGNA wholesale revenues were €23.3 million, -2.0% YoY (-3.2% organic),\nconsistent with the decision to focus on a retail-first business model based\non exclusive customer experiences.\n\nThom Browne wholesale revenues were €13.1 million, -29.5% YoY (-29.3%\norganic). This performance is the result of i) the continued streamlining of\nthe channel, which is becoming less significant for the brand, in line with a\nretail-first strategy implementation, and ii) the conversion of the\ndistribution in Hong Kong.\n\nTOM FORD FASHION wholesale revenues were €31.0 million, -4.2% YoY (-2.6%\norganic). The decline, reflecting the Group's retail-first strategy, was\npartially mitigated by a favorable phasing of deliveries during the quarter.\n\nREVENUES BY GEOGRAPHIC AREA (Unaudited)\n   H1 2026 vs H1 2025   Q2 2026 vs Q2 2025 \n (€ thousands, except percentages) 2026   2025   %   Organic   2026   2025   %   Organic \n EMEA ((1)) 329,978   328,908   0.3 %   1.5 %   177,113   174,819   1.3 %   1.6 % \n Americas ((2)) 302,348   262,714   15.1 %   19.8 %   165,320   137,743   20.0 %   21.8 % \n Greater China Region 236,106   223,101   5.8 %   6.8 %   111,976   99,841   12.2 %   8.6 % \n Rest of APAC( (3)) 117,550   111,508   5.4 %   13.6 %   62,050   55,658   11.5 %   19.3 % \n Other( (4)) 1,308   1,459   (10.3 %)   (9.0 %)   656   808   (18.8 %)   (17.5 %) \n Total revenues 987,290   927,690   6.4 %   9.3 %   517,115   468,869   10.3 %   11.0 % \n\n ____________________ \n (1)   EMEA includes Europe, the Middle East and Africa. \n (2)   Americas includes the United States of America, Canada, Mexico, Brazil and \n other Central and South American countries. \n (3)   Rest of APAC includes Japan, South Korea, Singapore, Thailand, Malaysia, \n Vietnam, Indonesia, Philippines, Australia, New Zealand, India and other \n Southeast Asian countries. \n (4)   Other revenues mainly include royalties. \n\n\nEMEA (33% of the Group’s H1 revenues) recorded revenues of €177.1 million\nin Q2, +1.3% YoY (+1.6% organic), with robust DTC growth across all three\nbrands, partially offset by the negative performance of the wholesale channel.\nMiddle East was positive in the second quarter.\n\nAmericas (31% of the Group’s H1 revenues) recorded revenues of €165.3\nmillion in Q2, +20.0% YoY (+21.8% organic). The strong performance was\nsupported by double-digit growth in the DTC channel across all brands.\n\nGCR (24% of the Group’s H1 revenues) recorded revenues of €112.0 million\nin Q2, +12.2% YoY (+8.6% organic), with an acceleration in the performance\nversus Q1.\n\nRest of APAC (12% of the Group’s H1 revenues) recorded revenues of €62.1\nmillion in Q2, +11.5% YoY (+19.3% organic), driven by solid growth in all\nmarkets, especially in Korea and Japan.\n\nGroup Monobrand((1)) Store Network at June 30, 2026\n   At June 30, 2026   At December 31, 2025   At June 30, 2025 \n Stores ZEGNA   Thom Browne   TOM FORD FASHION   Group   ZEGNA   Thom Browne   TOM FORD FASHION   Group   ZEGNA   Thom Browne   TOM FORD FASHION   Group \n EMEA 78   12   12   102   79   10   12   101   81   9   12   102 \n Americas 78   36   16   130   76   35   14   125   75   32   13   120 \n Greater China Region 72   37   11   120   74   36   12   122   77   39   13   129 \n Rest of APAC 51   43   28   122   53   42   28   123   53   40   28   121 \n Total Direct to Consumer (DTC) 279   128   67   474   282   123   66   471   286   120   66   472 \n EMEA 39   2   14   55   41   4   16   61   41   5   16   62 \n Americas 58   1   44   103   57   1   46   104   58   1   46   105 \n Greater China Region 7   6   —   13   9   9   —   18   11   10   —   21 \n Rest of APAC 5   4   3   12   5   4   3   12   5   5   1   11 \n Total Wholesale 109   13   61   183   112   18   65   195   115   21   63   199 \n Total 388   141   128   657   394   141   131   666   401   141   129   671 \n\n ____________________ \n (1) Monobrand store count includes our DOSs (which are divided into boutiques and \n outlets) and our Wholesale monobrand stores (including also monobrand \n franchisees). \n\n\nConference Call\n\nAs previously announced, today, at 8:00 a.m. ET (2:00 p.m. CET), the Group\nwill host a live webcast and conference call available at the following:\n\nDial in\n\nItaly: +39 800 909 780\n\nUnited States: +1 585 542 9983\n\nUnited Kingdom: +44 117 389 0104\n\nMeeting ID: 896361261\n\nWebcast link: https://events.q4inc.com/attendee/896361261\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fevents.q4inc.com%2Fattendee%2F896361261&esheet=54575247&newsitemid=20260723749752&lan=en-US&anchor=https%3A%2F%2Fevents.q4inc.com%2Fattendee%2F896361261&index=1&md5=a29a914130b5b191bd3efa503765ae03)\n\nAn online archive of the broadcast will be available on the website shortly\nafter the live call and will be available for twelve months.\n\nUPCOMING EVENTS\n\nNext financial releases\n\n\n * September 3, 2026: H1 2026 Unaudited Financial Results\n\n * October 22, 2026: Q3 2026 Unaudited Revenues\n\nAbout Ermenegildo Zegna Group\n\nFounded in 1910 in Trivero, Italy, the Ermenegildo Zegna Group (NYSE:ZGN) is a\nglobal luxury company with a leading position in the high-end menswear\nbusiness. Through its three complementary brands, the Group reaches a wide\nrange of communities and market segments across the high-end fashion industry,\nfrom ZEGNA’s timeless luxury to the modern tailoring of Thom Browne, to\nseductive elegance with TOM FORD FASHION. The Ermenegildo Zegna Group is\ninternationally recognized for its unique Filiera, owned and controlled by the\nGroup, which is made up of the finest Italian textile producers fully\nintegrated with unique luxury manufacturing capabilities, to ensure superior\nexcellence, quality and innovation capacity. The Ermenegildo Zegna Group has\nmore than 7,200 employees and recorded revenues of €1.92 billion in 2025.\n\nForward Looking Statements\n\nThis communication contains forward-looking statements that are based on\nbeliefs and assumptions and on information currently available to the Company.\nIn particular, statements regarding future financial performance and the\nGroup’s expectations as to the achievement of certain targeted metrics at\nany future date or for any future period are forward-looking statements. In\nsome cases, you can identify forward-looking statements by the following\nwords: “may,” “will,” “could,” “would,” “should,”\n“expect,” “intend,” “plan,” “anticipate,” “believe,”\n“estimate,” “predict,” “project,” “potential,” “continue,”\n“ongoing,” “target,” “seek”, “aspire,” “goal,”\n“outlook,” “guidance,” “forecast,” “prospect” or the negative\nor plural of these words, or other similar expressions that are predictions or\nindicate future events or prospects, although not all forward-looking\nstatements contain these words. Any statements that refer to expectations,\nprojections or other characterizations of future events or circumstances,\nincluding strategies or plans, are also forward-looking statements. These\nstatements involve risks, uncertainties and other factors that may cause\nactual results, levels of activity, performance or achievements to be\nmaterially different from the information expressed or implied by these\nforward-looking statements, and, as such, undue reliance should not be placed\non them. Actual results may differ materially from those expressed in\nforward-looking statements as a result of a variety of factors, including: the\nrecognition, integrity and reputation of our brands; our ability to anticipate\ntrends and to identify and respond to new and changing consumer preference;\ninternational business, regulatory, social and political risks; political\ninstability, geopolitical tensions, acts of terrorism, civil unrest or armed\nconflicts, including the ongoing conflicts in Ukraine and the Middle East, and\nthe imposition of sanctions; restrictions on trade and the imposition of\ntariffs among countries; our ability to implement our strategy; recent and\npotential future acquisitions; risks related to the sale of our products\nthrough our direct-to-consumer channel; risks related to our wholesale\nchannel, including as concerns points of sale operated by third parties, the\nrisk of insolvency of our wholesale customers, and our dependence on our local\npartners to sell our products in certain markets; fluctuations in the price or\nquality of, or disruptions in the availability of, raw materials; our ability\nto negotiate, maintain or renew our license or co-branding agreements with\nhigh end third party brands; disruption to our manufacturing and logistics\nfacilities, as well as our directly operated stores; existing or future\ndisputes, proceedings or litigation; tourist traffic and demand; our\ndependence on certain key senior personnel as well as skilled personnel;\npandemics or other public health crises; our ability to protect our\nintellectual property rights; any malfunction or disruption in our information\ntechnology and networks, including as a result of cybercrime; the theft or\nunauthorized use of personal information of our customers, employees or other\nparties; future sales of our securities in the public market; volatility in\nour share price; global economic conditions and macro events, including\ninflation; changes in, or failures to comply with, applicable laws and\nregulations, or actions taken by regulatory authorities; fluctuations in\ncurrency exchange rates or interest rates; credit risk; the high level of\ncompetition in the industry in which we operate; climate change and other\nenvironmental impacts and our ability to meet our customers’ and other\nstakeholders’ expectations on environment, social and governance matters;\nthe enactment of tax reforms or other changes in tax laws and regulations; and\nother risks and uncertainties, including those described in our filings with\nthe SEC.\n\nMost of these factors are outside the Company’s control and are difficult to\npredict. In light of the significant uncertainties in these forward-looking\nstatements, you should not regard these statements as a representation or\nwarranty by the Company and its directors, officers or employees or any other\nperson that the Company will achieve its objectives and plans in any specified\ntime frame, or at all. The forward-looking statements in this communication\nrepresent the views of the Company as of the date of this communication.\nSubsequent events, factors and developments may cause that view to change, and\nit is not possible to assess the impact of such event, factor or development\non the Company’s and the Group’s business. However, while the Company may\nelect to update these forward-looking statements at some point in the future,\nthe Company disclaims any obligation to update or revise publicly\nforward-looking statements. You should, therefore, not rely on these\nforward-looking statements as representing the views of the Company as of any\ndate subsequent to the date of this communication.\n\nAppendix\n\nREVENUES BY SEGMENT (Unaudited)\n   H1 2026 vs H1 2025   Q2 2026 vs Q2 2025 \n (€ thousands, except percentages) 2026     2025     %   Organic   2026     2025     %   Organic \n Zegna 724,265     660,319     9.7 %   11.9 %   373,369     327,026     14.2 %   13.9 % \n Thom Browne 123,106     129,462     (4.9 %)   (0.3 %)   64,940     65,080     (0.2 %)   2.4 % \n Tom Ford Fashion 156,819     152,715     2.7 %   6.4 %   89,092     85,237     4.5 %   7.1 % \n Intersegment eliminations (16,900 )   (14,806 )   n.m.((*))   n.m.   (10,286 )   (8,474 )   n.m.   n.m. \n Total revenues 987,290     927,690     6.4 %   9.3 %   517,115     468,869     10.3 %   11.0 % \n\n ____________________ \n (*) Throughout this section “n.m.” means not meaningful. \n\n\nIntersegment eliminations include revenues from products that the Textile and\nOther product lines (included in the Zegna segment) sell to the Group’s\nbrands.\n\nNon-IFRS Financial Measures\n\nThe Group’s management monitors and evaluates operating and financial\nperformance using several non-IFRS financial measures including: revenues on a\nconstant currency basis (Constant Currency) and revenues on an organic growth\nbasis (organic or organic growth). The Group’s management believes that\nthese non-IFRS financial measures provide useful and relevant information\nregarding the Group’s financial performance and financial condition, and\nimprove the ability of management and investors to assess and compare the\nfinancial performance and financial position of the Group with those of other\ncompanies. They also provide comparable measures that facilitate\nmanagement’s ability to identify operational trends, as well as make\ndecisions regarding future spending, resource allocations and other strategic\nand operational decisions. While similar measures are widely used in the\nindustry in which the Group operates, the financial measures that the Group\nuses may not be comparable to other similarly named measures used by other\ncompanies nor are they intended to be substitutes for measures of financial\nperformance or financial position as prepared in accordance with IFRS\nAccounting Standards. A definition, explanation of relevance and a\nreconciliation of each non-IFRS financial measure to the most directly\ncomparable measure calculated and presented in accordance with IFRS Accounting\nStandards are set out below.\n\nRevenues on a constant currency basis (Constant Currency)\n\nIn addition to presenting our revenues on a current currency basis, we also\npresent certain revenue information on a constant currency basis (Constant\nCurrency), which excludes the effects of foreign currency translation from our\nsubsidiaries with functional currencies different from the Euro.\n\nWe calculate Constant Currency revenues by applying the current period average\nforeign currency exchange rates to translate prior period revenues of foreign\nsubsidiaries expressed in local functional currencies different than the Euro.\n\nWe use revenues on a Constant Currency basis to analyze how our underlying\nrevenues have changed between periods independent of the effects of foreign\ncurrency translation.\n\nRevenues on a Constant Currency basis are not a substitute for revenues on a\ncurrent currency basis or any IFRS-related measures, however we believe that\nrevenues excluding the impact of foreign currency translation provide\nadditional useful information to management and to investors in analyzing and\nevaluating our revenues and operating performance.\n\nRevenues on an organic growth basis (organic or organic growth)\n\nIn addition to presenting our revenues on a current currency basis, we also\npresent certain revenue information on an organic growth basis (organic or\norganic growth). Organic growth is calculated as the change in revenues from\nperiod to period, excluding the effects of (a) foreign exchange and (b)\nacquisitions and disposals.\n\nIn calculating organic growth, the following adjustments are made to revenues:\n (1) Foreign exchange – Current period average foreign currency exchange rates \n are used to translate prior period revenues of foreign subsidiaries expressed \n in local functional currencies different than the Euro. \n (2) Acquisitions and disposals – Revenues generated by businesses and operations \n acquired in the current year are excluded. Revenues generated by businesses \n and operations acquired in the prior year are excluded from the current year \n for the same period that corresponds to the pre-acquisition period in the \n prior year. Additionally, where a business or operation was a customer prior \n to an acquisition, the related pre-acquisition revenues are excluded from the \n current and prior periods. Revenues generated by businesses and operations \n disposed of in the current year or prior year are excluded from both periods \n as applicable. \n\n\nWe believe the presentation of revenues on an organic basis is useful to\nbetter understand and analyze the underlying change in the Group’s revenues\nfrom period to period on a consistent perimeter and constant currency basis.\n\nRevenues on an organic basis are not a substitute for revenues on a current\ncurrency basis or any IFRS-related measures, however we believe that revenues\nexcluding the effects of (a) foreign exchange and (b) acquisitions and\ndisposals provide additional useful information to management and to investors\nin analyzing and evaluating our revenues and operating performance.\n\nThe tables below show a reconciliation of reported revenue performance to\nConstant Currency, excluding the effects of foreign exchange, and to organic\nperformance, which excludes also acquisitions and disposals, by segment, by\nbrand and product line, by distribution channel and by geographic area for the\nsix months ended June 30, 2026 compared to the six months ended June 30, 2025\n(H1 2026 vs H1 2025) and for the three months ended June 30, 2026 compared to\nthe three months ended June 30, 2025 (Q2 2026 vs Q2 2025).\n\nSegment\n   H1 2026 vs H1 2025 \n   Revenues Growth   less   Constant   less   Organic \n \n \n \n \n \nForeign exchange \nCurrency \nAcquisitions and disposals \n Zegna 9.7 %   (2.2 %)   11.9 %   — %   11.9 % \n Thom Browne (4.9 %)   (4.6 %)   (0.3 %)   — %   (0.3 %) \n Tom Ford Fashion 2.7 %   (3.7 %)   6.4 %   — %   6.4 % \n Total 6.4 %   (2.9 %)   9.3 %   — %   9.3 % \n\n   Q2 2026 vs Q2 2025 \n   Revenues Growth   less   Constant   less   Organic \n \n \n \n \n \nForeign exchange \nCurrency \nAcquisitions and disposals \n Zegna 14.2 %   0.2 %   14.0 %   0.1 %   13.9 % \n Thom Browne (0.2 %)   (2.6 %)   2.4 %   — %   2.4 % \n Tom Ford Fashion 4.5 %   (2.6 %)   7.1 %   — %   7.1 % \n Total 10.3 %   (0.8 %)   11.1 %   0.1 %   11.0 % \n\n\nBrand and product line\n   H1 2026 vs H1 2025 \n   Revenues Growth   less   Constant   less   Organic \n \n \n \n \n \nForeign exchange \nCurrency \nAcquisitions and disposals \n ZEGNA brand 11.2 %   (2.7 %)   13.9 %   — %   13.9 % \n Thom Browne (4.7 %)   (4.6 %)   (0.1 %)   — %   (0.1 %) \n TOM FORD FASHION 2.7 %   (3.7 %)   6.4 %   — %   6.4 % \n Textile (0.1 %)   0.2 %   (0.3 %)   — %   (0.3 %) \n Other (30.8 %)   (0.5 %)   (30.3 %)   — %   (30.3 %) \n Total 6.4 %   (2.9 %)   9.3 %   — %   9.3 % \n\n   Q2 2026 vs Q2 2025 \n   Revenues Growth   less   Constant   less   Organic \n \n \n \n \n \nForeign exchange \nCurrency \nAcquisitions and disposals \n ZEGNA brand 16.9 %   0.3 %   16.6 %   0.1 %   16.5 % \n Thom Browne — %   (2.7 %)   2.7 %   — %   2.7 % \n TOM FORD FASHION 4.5 %   (2.6 %)   7.1 %   — %   7.1 % \n Textile (3.6 %)   (0.4 %)   (3.2 %)   — %   (3.2 %) \n Other (26.2 %)   (0.3 %)   (25.9 %)   — %   (25.9 %) \n Total 10.3 %   (0.8 %)   11.1 %   0.1 %   11.0 % \n\n\nDistribution channel\n   H1 2026 vs H1 2025 \n   Revenues Growth   less   Constant   less   Organic \n \n \n \n \n \nForeign exchange \nCurrency \nAcquisitions and disposals \n Direct to Consumer (DTC)                   \n ZEGNA brand 13.6 %   (2.8 %)   16.4 %   0.1 %   16.3 % \n Thom Browne 10.9 %   (7.1 %)   18.0 %   — %   18.0 % \n TOM FORD FASHION 5.9 %   (5.4 %)   11.3 %   — %   11.3 % \n Total Direct to Consumer (DTC) 12.1 %   (3.8 %)   15.9 %   0.1 %   15.8 % \n Wholesale branded                   \n ZEGNA brand (7.0 %)   (1.3 %)   (5.7 %)   (1.2 %)   (4.5 %) \n Thom Browne (44.1 %)   (0.5 %)   (43.6 %)   — %   (43.6 %) \n TOM FORD FASHION (3.5 %)   (0.7 %)   (2.8 %)   — %   (2.8 %) \n Total Wholesale branded (14.6 %)   (0.8 %)   (13.8 %)   (0.5 %)   (13.3 %) \n Textile (0.1 %)   0.2 %   (0.3 %)   — %   (0.3 %) \n Other (30.8 %)   (0.5 %)   (30.3 %)   — %   (30.3 %) \n Total 6.4 %   (2.9 %)   9.3 %   — %   9.3 % \n\n   Q2 2026 vs Q2 2025 \n   Revenues Growth   less   Constant   less   Organic \n \n \n \n \n \nForeign exchange \nCurrency \nAcquisitions and disposals \n Direct to Consumer (DTC)                   \n ZEGNA brand 18.6 %   — %   18.6 %   0.2 %   18.4 % \n Thom Browne 11.8 %   (4.2 %)   16.0 %   — %   16.0 % \n TOM FORD FASHION 9.9 %   (3.2 %)   13.1 %   — %   13.1 % \n Total Direct to Consumer (DTC) 16.4 %   (1.0 %)   17.4 %   0.1 %   17.3 % \n Wholesale branded                   \n ZEGNA brand (2.0 %)   1.9 %   (3.9 %)   (0.7 %)   (3.2 %) \n Thom Browne (29.5 %)   (0.2 %)   (29.3 %)   — %   (29.3 %) \n TOM FORD FASHION (4.2 %)   (1.6 %)   (2.6 %)   — %   (2.6 %) \n Total Wholesale branded (9.8 %)   (0.1 %)   (9.7 %)   (0.2 %)   (9.5 %) \n Textile (3.6 %)   (0.4 %)   (3.2 %)   — %   (3.2 %) \n Other (26.2 %)   (0.3 %)   (25.9 %)   — %   (25.9 %) \n Total 10.3 %   (0.8 %)   11.1 %   0.1 %   11.0 % \n\n\nGeographic area\n   H1 2026 vs H1 2025 \n   Revenues Growth   less   Constant   less   Organic \n \n \n \n \n \nForeign exchange \nCurrency \nAcquisitions and disposals \n EMEA ((1)) 0.3 %   (1.2 %)   1.5 %   — %   1.5 % \n Americas ((2)) 15.1 %   (4.7 %)   19.8 %   — %   19.8 % \n Greater China Region 5.8 %   (1.0 %)   6.8 %   — %   6.8 % \n Rest of APAC( (3)) 5.4 %   (8.2 %)   13.6 %   — %   13.6 % \n Other( (4)) (10.3 %)   (1.3 %)   (9.0 %)   — %   (9.0 %) \n Total 6.4 %   (2.9 %)   9.3 %   — %   9.3 % \n\n ____________________ \n (1)   EMEA includes Europe, the Middle East and Africa. \n (2)   Americas includes the United States of America, Canada, Mexico, Brazil and \n other Central and South American countries. \n (3)   Rest of APAC includes Japan, South Korea, Singapore, Thailand, Malaysia, \n Vietnam, Indonesia, Philippines, Australia, New Zealand, India and other \n Southeast Asian countries. \n (4)   Other revenues mainly include royalties. \n\n   Q2 2026 vs Q2 2025 \n   Revenues Growth   less   Constant   less   Organic \n \n \n \n \n \nForeign exchange \nCurrency \nAcquisitions and disposals \n EMEA ((1)) 1.3 %   (0.5 %)   1.8 %   0.2 %   1.6 % \n Americas ((2)) 20.0 %   (1.8 %)   21.8 %   — %   21.8 % \n Greater China Region 12.2 %   3.6 %   8.6 %   — %   8.6 % \n Rest of APAC( (3)) 11.5 %   (7.8 %)   19.3 %   — %   19.3 % \n Other( (4)) (18.8 %)   (1.3 %)   (17.5 %)   — %   (17.5 %) \n Total 10.3 %   (0.8 %)   11.1 %   0.1 %   11.0 % \n\n ____________________ \n (1)   EMEA includes Europe, the Middle East and Africa. \n (2)   Americas includes the United States of America, Canada, Mexico, Brazil and \n other Central and South American countries. \n (3)   Rest of APAC includes Japan, South Korea, Singapore, Thailand, Malaysia, \n Vietnam, Indonesia, Philippines, Australia, New Zealand, India and other \n Southeast Asian countries. \n (4)   Other revenues mainly include royalties. \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260723749752/en/\n(https://www.businesswire.com/news/home/20260723749752/en/)\n\nPaola Durante, Chief of External Relations and Sustainability\n\nAlice Poggioli, Investor Relations Director\n\nir@zegna.com (mailto:ir@zegna.com) / corporatepress@zegna.com\n(mailto:corporatepress@zegna.com)\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-07-23T10:32:00.242303164Z","server_sent_at_ms":1784802720242},"received_at":"2026-07-23T10:32:00.703Z","source_url":"https://www.businesswire.com/news/home/20260723749752/en/"},"analysis":{"id":"85347","press_release_id":"96308","analysis_json":{"industry":{"label":"Textiles, Apparel & Luxury Goods","sector":"Consumer Discretionary"},"redFlags":[],"eventType":"earnings","narrative":"Ermenegildo Zegna Group reported Q2 2026 revenue of €517.1 million, an increase of 10.3% year-over-year and 11.0% on an organic basis, marking a sequential acceleration across all brands.\n\nThe growth was driven by strong Direct-to-Consumer momentum, with DTC revenues rising 16.4% YoY to €410.9 million, representing 86% of branded product revenues.\n\nH1 2026 revenues reached €987.3 million (+6.4% YoY), with the Americas region leading geographic growth at +20.0% in the second quarter.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Zegna delivers double-digit organic growth with accelerating DTC momentum, proving the resilience of its retail-first strategy."},"keyFigures":{"revenue":517100000,"revenueYoy":"10.3%","customDimensions":{"h1_revenue":987300000,"dtc_revenue":410900000,"h1_revenue_yoy":"6.4%","dtc_revenue_yoy":"16.4%","h1_organic_growth":"9.3%","dtc_organic_growth":"17.3%","zegna_brand_yoy_q2":"16.9%","thom_browne_revenue_q2":64900000,"zegna_brand_revenue_q2":324300000,"tom_ford_fashion_yoy_q2":"4.5%","organic_revenue_growth_q2":"11.0%","tom_ford_fashion_revenue_q2":89100000}},"quotedText":"This performance reflects the 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outperformance in a challenging luxury environment, driven by a successful shift to a retail-first model."},"tickerRelevance":{"others":[],"primary":"ZGN"},"globalImportance":25,"audienceRelevance":30,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"mid-cap","eventGravity":"revenue-acceleration","sectorWeight":"luxury-goods"}},"event_type":"earnings","event_type_secondary":null,"sentiment":"bullish","material_impact_score":4,"narrative":"Ermenegildo Zegna Group reported Q2 2026 revenue of €517.1 million, an increase of 10.3% year-over-year and 11.0% on an organic basis, marking a sequential acceleration across all brands.\n\nThe growth was driven by strong Direct-to-Consumer momentum, with DTC revenues rising 16.4% YoY to €410.9 million, representing 86% of branded product revenues.\n\nH1 2026 revenues reached €987.3 million (+6.4% YoY), with the Americas region leading geographic growth at +20.0% in the second 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revenues"},{"amount":"€89.1 million","context":"Q2 2026 TOM FORD FASHION revenues"},{"amount":"€64.9 million","context":"Q2 2026 Thom Browne revenues"}]},"model_name":"glm-4.7","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-07-23T10:50:25.319Z","global_importance":25,"audience_relevance":30,"importance_components":{"tickerTier":"mid-cap","eventGravity":"revenue-acceleration","sectorWeight":"luxury-goods"}},"durationMs":179590,"modelName":"glm-4.7"}}