Zegna, Thom Browne’s parent company, was able to increase its sales in 2021 thanks to “significant growth” in the USA and China.
The turnover of the Italian luxury group, which went public at the end of last year, rose to 1.29 billion euros in 2021. This is an increase of 27 percent compared to the previous year. However, sales are still two percent below the pre-crisis year 2019.
Sales were driven by the Chinese and US markets, which grew 34 percent year-on-year to EUR 589 million and 53 percent to EUR 176 million, respectively. Compared to 2019, sales in China increased 23 percent while in the US they fell 14 percent.
Thom Browne shines
The Thom Browne brand, which Zegna acquired in 2018, performed particularly well with sales of €264 million. Revenue grew 47 percent year-over-year and 64 percent compared to 2019.
Sales of the Zegna brand amounted to 1.03 billion euros, an increase of 23 percent compared to the previous year. Compared to 2019, however, the turnover corresponds to a decrease of 11 percent.
The group expects an adjusted operating profit margin of around 10% in 2021, up from 9% in 2020. The company expects this margin to improve further in 2022.
CEO Ermenegildo Zegna said the results confirmed the company’s position as a “global leader in the luxury segment”.
“”By focusing on our established brand – which is undergoing a major rebranding – and further strengthening our unique Made in Italy luxury textile platform, coupled with the dynamic pace at which Thom Browne continues, we were able to deliver a deliver strong financial performance.”
This translated post previously appeared on FashionUnited.uk.