MILAN – Ermenegildo Zegna Group kicked off 2026 on a positive note, reporting a solid performance in the first quarter, driven by outperformance in its direct-to-consumer channel and the Americas.
Group revenues rose 2.5 percent during the three-month period to 470.2 million euros, compared with 458.8 million euros in the same period last year. At constant currency, sales were up 7.4 percent.
Executive chairman Gildo Zegna touted a “growing momentum across all our brands,” which include Zegna, Thom Browne and Tom Ford Fashion.
During an interview, Zegna said the keys to success were “being in control and delivering on promises made, accelerating market penetration, with meticulous execution and flawless marketing based on in-depth preparation, clear objectives, new innovative products and brand credibility as well as excellent service.”
He admitted 2025 was “complex” with the change in creative direction at Tom Ford Fashion, where Haider Ackermann succeeded Peter Hawkingsafter less than a year in the role, and Thom Browne’s streamlining of its wholesale channel, which led to a “traumatic” loss of 100 million euros in revenues.
But these moves “prepared for the future and we are starting to see the results. We planted the seeds for three beautiful brands to flourish,” Zegna added.
Tom Ford Fall 2026 Ready to Wear Collection at Paris Fashion Week
Courtesy of Tom Ford
He underscored that the group’s growth “is a direct result of our long-term strategy thoughtfully crafted and now being executed with discipline and pace.”
He cited the progress of the group’s retail-first organization, and the 14 percent organic growth in the direct-to-consumer channel, with all brands and markets contributing.
The executive singled out the Americas as standing out once again, delivering another quarter of double-digit organic growth and continued acceleration. The Zegna brand was also a highlight, driving the group’s performance with organic growth of 11.3 percent.
Thom Browne and Tom Ford Fashion “strengthened their distinctive positions and attracted new audiences,” he continued.
Looking ahead, he stands by the “think slow, act fast” mindset, pursuing the group’s “vision with rigor while remaining agile and flexible. In this world, we must adapt rapidly to more challenging conditions. At the same time, our long-term objectives are clear, and we remain focused on achieving them.”
Performance by Brand
In the first quarter ended March 31, revenues for the Zegna brand totaled 310.3 million euros, up 5.9 percent compared with 292.9 million euros last year. The label posted a sequential improvement with ongoing robust DTC performance. The Americas and the Europe, Middle East and Africa region continued to grow in the double digits, and Greater China recorded a positive performance.
Thom Browne registered revenues of 58.2 million euros, a 9.4 percent decrease compared with 64.2 million euros. At constant exchange, sales were down 3 percent, with positive double-digit organic growth in the DTC channel offset by the decline in the wholesale channel. Zegna touted the positive reception of the brand’s collaboration with Asics, launched in March. “This collaboration performed better than expected, and we plan to continue it,” he said.
The Thom Browne Asics collaboration
Courtesy of Thom Browne, Asics
Tom Ford Fashion reported sales of 67.7 million euros, inching up 0.4 percent compared with 67.5 million euros. On an organic basis, sales were up 5.4 percent, boosted by the ongoing solid performance of the DTC channel and supported by marketing activity around the March fashion show.
Zegna addressed the Saks Global bankruptcy and said that the “late deliveries did not facilitate us, but we are seeing a gradual improvement.”
While the group has focused on its DTC network, the executive said there are strong wholesale accounts in the U.S. that continue to perform well, such as Mitchells.
Textile revenues totaled 31.2 million eros, up 4.3 percent from 29.9 million euros in the same quarter last year.
Performance by Channel
Sales in the DTC channel rose 7.8 percent to 371.9 million euros compared with 345.1 million euros last year. On an organic basis, sales in this channel climbed 14.2 percent, representing 85 percent of the total.
As of March 31, Zegna had 279 directly operated stores, with three net closures in the first quarter. In the quarter, Zegna opened stores in Amsterdam and Capri, and at Shenzen Bay in April. Upcoming openings are expected in San Diego, Scottsdale, Hong Kong Harbour City and Madrid.
Thom Browne had 125 DOS, with two net openings in the period, and Tom Ford Fashion had 68 DOS with two net openings in the quarter, in Mexico City and Monterey. In 2026, the brand will focus on the Americas with openings in San Diego, Bal Harbour and South Coast Plaza.
For Thom Browne, openings in the year are expected in Chicago, two in Korea and one in Harbour City.
Stores in Paris for Tom Ford Fashion and Zegna will open by the end of the year or early 2027.
Thom Browne will hold its spring show in Milan during the city’s fashion week at the end of June and Zegna said the event will contribute to the brand’s aim to increase its awareness in Europe.
Wholesale revenues, excluding textiles and revenues from sales to third party brands, amounted to 64.3 million euros, down 19.1 percent compared with 79.5 million euros, reflecting the group’s strategy to focus on the DTC channel.
Revenues by Geographies
In the first quarter, the EMEA region reported revenues of 152.9 million euros , inching down 0.8 percent and accounting for 33 percent of the total.
“The Middle East was slow in March, and I expect we may feel [the impact of the war] into the second quarter, but we have been resilient and things are slowly picking up,” Zegna said. He added that business continued with customers from that region now living in other countries.
Revenues in the Americas totaled 137 million euros, up 9.6 percent, representing 29 percent of the total. At constant currency, the region climbed 17.5 percent.
The Zegna brand is gearing up to hold its spring 2027 show in Los Angeles, together with the opening of a Villa Zegna, and the executive trumpeted the brand’s invitation-only temporary private club and personalization experience. The group also holds trunk shows it calls suites, which offer products that are not generally available in stores.
Sales in the Greater China region edged up 0.7 percent to 124.1 million euros, accounting for 26 percent of the total. On an organic base, revenues in that market were up 5.3 percent.
“The worst has passed in China, we are seeing positive signs, moving into a new normal, but to predict the future in that market is difficult,” said Zegna. The Su Misura and the Triple Stitch sneakers are performing well, contributing to further penetrate the market.
“Hong Kong has picked up very well, better than Mainland China,” he said.
Sales in the rest of Asia Pacific inched down 0.6 percent to 55.5 million euros, but were up 7.7 percent at constant currency. This region represented 12 percent of the total.
“We have not stopped our investments, our marketing and CAPEX spending because we think long-term,” said Zegna.
