The Italian fashion group Ermenegildo Zegna NV achieved a jump in profits in the first half of 2023. According to an interim report published on Wednesday, the net result was more than twice as high as in the same period last year.
In addition to the 23.9 percent increase in sales reported at the end of July, the reasons for the strong improvement in results were also improvements in efficiency, higher sales prices and lower discounts, as well as the profit contribution from the Tom Ford Fashion division, which was taken over in the spring.
The operating result in the months January to June reached 116.5 million euros, exceeding the previous year’s level by 43.2 percent. The net profit, which was 21.0 million euros in the first half of 2022, rose to 52.1 million euros (+147.9 percent). At almost 46.0 million euros, the surplus attributable to the shareholders was more than three times as high as in the same period of the previous year, in which it only reached 14.0 million euros.