“2023 has been a milestone year for group.” The words of Ermenegildo ‘Gildo’ Zegna, Group Chairman and CEO of the Italian luxury fashion house that carries his name, reflected a strong full-year performance announced late last week.
Ermenegildo Zegna Group, whose brands include Ermenegildo Zegna, Thom Browne and Tom Ford Fashion, posted a +107.8% rise in profits year-on-year to €135.7 million for FY2023. Profit margin surged to 7.1% compared to 4.4% in FY 2022.
Revenues rose +27.6% (+19.3% organic) to €1,904.5 million, driven by excellent results from Zegna (+12.4% year-on-year, +19.5% organic growth) and Thom Browne (+14.9% year-on-year, +17.8% organic growth).
FY 2023 revenues included €235.5 million contributed by Tom Ford Fashion following the acquisition of Tom Ford International completed on 28 April 2023.
Zegna added: “We delivered outstanding results, including more than doubling our profit from 2022 to reach €136 million. We have also fulfilled our 2023 sustainability commitments including those focused on traceability, diversity and inclusion, and in renewable energy adoption. We are on track with the integration of the Tom Ford Fashion business, which is enriching our unique proposition in luxury glamour.”
He concluded: “Looking ahead, I see a clear and defined path forward for our Group. In the volatile world we live in, we must continue to be increasingly responsive, flexible and authentic to who we are.
“The Ermenegildo Zegna Group is a guardian of brands, and while short-term results are important, our top priority must always be their overall trajectory. What we should do is well defined; there will be challenges, but we know how to tackle them and how important it is to plan for the long term.” ✈
