The Italian fashion group Ermenegildo Zegna NV accelerated its sales growth in the third quarter of the 2022 financial year. The parent company of the Zegna and Thom Browne brands benefited from “outstanding results” in Europe, the Middle East and the USA as well as an upward trend in China. This emerges from unaudited figures that the company published in an interim report on Thursday.
In the months of July to September, group sales reached EUR 356.9 million, which corresponds to an increase of 27.5 percent compared to the same quarter of the previous year. In the Zegna division, which includes other smaller business areas in addition to the core brand, revenues grew by 27.2 percent to 289.3 million euros, in the Thom Browne segment they increased by 29.5 percent to 69.3 million euros.
Group sales in the EMEA region, which includes Europe, the Middle East and Africa, developed particularly dynamically. Revenues there increased by 42.8 percent to 119.2 million euros. In North America they grew by 38.6 percent to 77.0 million euros, in Latin America by 33.2 percent to 7.0 million euros.
Things also picked up again in the Asia-Pacific region after the tightened protective measures against the Covid-19 pandemic in China had severely impacted business in the first half of the year. In the third quarter, sales in the entire region were EUR 152.9 million, 13.7 percent above the corresponding level of the previous year. In China, revenues grew by 3.0 percent to EUR 116.3 million.
In the first nine months of the current year, group sales amounted to almost EUR 1.09 billion and exceeded the corresponding level of the previous year by 22.9 percent. Given these numbers, the company confirmed its full-year guidance. Thus, despite the “persistent uncertainties in the Greater China region,” management continues to expect revenue growth of a “mid-teens” percentage.