The Italian fashion group Ermenegildo Zegna Group suffered a decline in sales in the 2025 financial year. However, revenue increased slightly in the final quarter. This emerges from preliminary, as yet unaudited results published on Monday by the holding company Ermenegildo Zegna NV, which is listed on the New York Stock Exchange.
Accordingly, group sales last year amounted to 1.91 billion euros. This corresponded to a decrease of 1.5 percent compared to 2024. On an organic basis – i.e. adjusted for currency effects and changes in the group portfolio and in the licensing business – sales grew by 1.1 percent.
However, the group was able to continue its recent upward trend in the fourth quarter. In the period from October to December, revenue reached 591 million euros, exceeding the corresponding previous year’s level by 0.3 percent (organically +4.6 percent).
CEO Ermenegildo Zegna praised the recent progress. “In the last quarter of the year, our own retail group achieved organic sales growth of ten percent at group level,” he emphasized in a statement. “We saw sequential improvement and positive contributions from each of our three brands. Zegna in particular continued to grow thanks to double-digit organic retail growth.”
The Zegna brand had sales of 1.18 billion euros in 2025, which corresponded to an increase of 1.5 percent compared to the previous year. In the fourth quarter it achieved an increase of 2.4 percent to 361.7 million euros. This was due to higher retail sales in the EMEA region, especially in the Middle East, and in America, especially in the USA.
At Thom Browne, sales last year amounted to 268.5 million euros, which corresponded to a decrease of 14.7 percent compared to 2024. The losses were primarily due to the targeted streamlining of wholesale sales. In its own retail, the label’s fourth-quarter revenue grew by 11.2 percent on an organic basis.
The annual sales of the Tom Ford Fashion division amounted to 317.1 million euros. This means it rose by 0.8 percent compared to the previous year. In the fourth quarter, the segment reported organic growth of 1.5 percent, driven by increases in its own retail operations in EMEA and some Asia Pacific markets.
Weak demand in China is weighing on sales development
Overall, the group’s sales in the EMEA region amounted to 683.8 million euros in 2025, which corresponded to an increase of 0.5 percent. In America, revenue grew by 7.9 percent to 566.1 million
In the Greater China region, however, annual sales fell by 14.6 percent to 435.2 million euros. Management justified this with weaker demand at Thom Browne and Tom Ford Fashion as well as changed delivery dates in the wholesale business.
In the remaining markets of the Asia-Pacific region (APAC), sales fell by 0.5 percent to a total of 228.8 million euros. In the final quarter, however, the group recorded organic growth of 5.1 percent.
Since the turn of the year, the company has had a new organizational structure: Ermenegildo Zegna took on the role of Executive Chairman and Gianluca Tagliabue was appointed CEO. Gian Franco Santhià is the new Chief Financial Officer (CFO), Edoardo and Angelo Zegna now act as co-CEOs of the Zegna brand.
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