Zegna group sees 2.5% revenue surge, dtc dominance reaches 85%

Ermenegildo Zegna Group delivered a robust first quarter, posting a 2.5% year-on-year revenue increase to €458.8 million – a significant beat against analyst expectations. The Italian luxury conglomerate is clearly leaning into its retail-first strategy, and the numbers speak for themselves.

Dtc drives growth, but brand performance varies

Executive Chairman Ermenegildo “Gildo” Zegna attributed the positive results to sustained momentum across all brands, highlighting the 7.8% growth in the direct-to-consumer (DTC) channel. This channel now accounts for a commanding 85% of total sales – a decisive shift demonstrating a laser focus on the modern consumer. Zegna itself saw a healthy 5.9% rise in revenues, fuelled particularly by strong performance in both the Americas and EMEA regions, where double-digit growth was recorded.

However, the story wasn’t uniformly positive. Thom Browne experienced a 9.4% decline in revenues, hampered by a downturn in the wholesale sector. Despite a commendable 10% jump in DTC, the brand’s overall performance requires attention. Tom Ford Fashion, on the other hand, offered a surprise boost, thanks to the well-received Fall/Winter 2026 collection by creative director Haider Ackermann – a welcome injection of dynamism.

Regional disparities and strategic focus

The Americas proved the strongest market, surging 9.6% to €137 million. EMEA, conversely, faced a slight contraction (-0.8%) primarily due to weaker wholesale activity. Greater China showed modest growth (0.7%), while Asia-Pacific experienced a slight dip (-0.6%). This divergence underscores the complexities of a global luxury brand navigating fluctuating economic conditions.

Zegna’s stated approach – ‘think slow, act fast’ – seems to be paying dividends. The group intends to maintain this strategic framework, emphasizing decisive action alongside careful consideration. It’s a pragmatic response to a volatile landscape, and the objective remains clear: achieve long-term goals with unwavering rigor. The focus isn't on chasing fleeting trends, but on sustained, quality growth. And frankly, the 85% DTC dominance is a testament to their ability to anticipate and cater to the evolving desires of the luxury consumer.