
The Coastal Norway Cruise You'll Never Forget
Holland America Line
Holland America Line started 2025 with several headlines, announcing everything from a partnership with The History Channel to create themed shore excursions to declaring the company was making a $70 million, multi-year investment to enhance guest experiences in Alaska, a destination the brand has been cruising since 1947, before it even became a state.
Falling under Carnival Corporation's mid-size category, Holland America Line understands that innovation floats right alongside amenities and service as factors for success in the competitive cruise waters.
To get a better understanding of how the liner is navigating these ever-changing waters, Forbes Travel Guide hopped aboard its newest vessel, Rotterdam. Though the 2021-debuting ship offers robust itineraries to the Caribbean and Panama, our seven-day Norse Legends cruise started and ended in the Netherlands, making memorable stops to photogenic hamlets on Norway's coastline along the way.
The sophisticated Main Dining Room.
DeMarco Williams
Because of its 150-year heritage, Holland America Line has a reputation for wooing older travelers. While spotless Wi-Fi and state-of-the-art fitness equipment assure the company has a grip on the future, Rotterdam does have an undeniable sophistication. Tihany Design and Yran & Storbraaten created the interiors to evoke motion and the architecture of music. Each curvature means something. Furniture shapes are purposeful. And if a dining hall happens to remind you of the inside of a cello, it's not by coincidence.
The Signature Suite exudes a contemporary cool.
Holland America Line
The 1,340 rooms, which go from standard units to the more spacious Neptune Suite, may not make obvious musical nods, but they still harmonize with the rest of the ship. Our light wood-adorned Verandah stateroom was thoughtfully packed with elevated touches. Marble bathrooms feature massage showerheads and Elemis toiletries. The Mariner's Dream bed with a Euro-top mattress is beyond plush. Aqua Panna waters and fresh fruit are always within arm's reach. Even the terrace has enough room for two people to snap pictures without ever bumping into each other.
Speaking of photos, the entire ship feels like a floating gallery. In fact, more than $4 million was invested in the art, which ranges from oil paintings of vintage vessels to a piano keyboard made from wood and a hanging rhino piece constructed from old flip-flops. With Murano glass baubles dangling in the restaurants and beautiful bouquets orchestrated by the full-time florist in the passageways, every corner of the ship seems frame-worthy.
A fresh sampling from Morimoto By Sea.
Holland America Line
With more than 10 dining and drinking options on Rotterdam, if you want to sample something different at nearly every meal, you can. (Fun fact: the ship's culinary team, which prepares 500 pounds of chicken and 300 pounds of rice per day, is made up of more than 140 members.) On the other hand, if you feel like partaking in Lido Market's lavish buffet a few times, we understand.
While every ship has its salads, sirloins and sweets, this impressive spread is unlike any buffet we've had on the high seas. The stir-fry is fresher. The bread selection is more bountiful. The seafood has more flavor. After all, 'Iron Chef' Masaharu Morimoto is Holland America Line's Global Fresh Fish Ambassador, meaning he ensures daily catches go from port to plate in less than 48 hours.
When you want something else for lunch, you have options. NY Pizza & Deli has solid pepperoni slices and pretzels. Grand Dutch Café offers traditional baked goods and brews. And not to call out any guests, but we couldn't help but notice former Auburn head football coach Gene Chizik on our cruise grabbing a delicious burger at Dive-In on a few occasions. There's a standout gelato station right across from the grill that proves the perfect spot to stop for an afternoon treat.
Come evening, Rotterdam can snazzy up a bit, so make sure the appropriate attire is packed. No matter if you've craving Asian (Tamarind and the new Morimoto by Sea sushi bar), Mediterranean (Rudi's Sel De Mer), Italian (Canaletto) or a traditional steakhouse (Pinnacle Grill), there's a place that pleases. The Dining Room, an elevated all-day dining establishment, does incredible things with cilantro pesto-topped seam bream and green peppercorn-speckled strip loins. And of the numerous bars and lounges, we repeatedly found our way back to Billboard Onboard for the refreshing Whiskey Smash.
The state-of-the-art World Stage.
Holland America Line
Rotterdam has its quiet corners (the Crow's Nest is great for a puzzle or solving the day's Wordle) and its loud sections (we saw a woman win $1,000 at a casino slot machine), but where the ship shines is with its delightful live shows. Performances like 'Song & Dance' take you on a rollicking trip through famous Hollywood and Broadway tunes that fills the 714-seat World Stage theater with energy.
Still, the venue's most fun may be with 'A City at Sea,' a fast-paced look at the intricacies of ship life — workers, who come from 45 countries, range from hull painters to an onboard tailor — that is both entertaining and informative.
Of course, going from shows to pickleball classes to after-hours jam sessions at B.B. King's Blues Club can be tiring. When your muscles need relief, find some relaxation at the Greenhouse Spa, where you'll discover treatment rooms, a steam and aromatic room, a sauna, a hydro pool and much more. Bamboo massages, acupuncture sessions and other treatments are performed by skilled therapists.
The incredible view from Skjolden.
DeMarco Williams
Norway's coastline is amazing from the ship, but it's otherworldly up close. Rotterdam's excursions get you even closer to the fjords and fishing villages through guided walks, kayaking adventures and glacier tours. Reserve the Voss Gondola and Waffles trek in Eidfjord and you'll see majestic waterfalls and ride a gondola up more than 2,500 feet to the Hangur summit, where a tasty waffle and jaw-dropping panoramic mountain views await you.
Skjolden is another essential stop for exploring. If a watercolor of a Norwegian landscape were brought to life, the homes, docks and cideries would look like they do here. You won't go wrong setting up an official walking tour, but by merely frolicking around the town's bridges and ducking into some of its shops at your own pace also gives you a sense of the place.
Rotterdam floats to its next adventure.
Holland America Line
One of the cruise's final stops is Kristiansand. While you may be a bit weathered from the week's worth of excitement, we still suggest disembarking to see all that Norway's fifth-largest city has to offer. Be astounded by Kilden Performing Arts Centre's architecture, do some window shopping along Markens Gate and take a walk around the photogenic Kristiansand Cathedral.
As you make your way back to the ship, you'll pass through Fiskebrygga, a fish market-turned-tourist destination dotted with restaurants, cute shops and rows of red- and orange-painted buildings. It's a dreamy Norwegian scene you'll thank Rotterdam for allowing to come true for you.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Business Wire
2 hours ago
- Business Wire
Growth in the DTC Channel Across All Brands Drives Ermenegildo Zegna Group H1 2025 Revenues to €928 Million 1
MILAN--(BUSINESS WIRE)--Ermenegildo Zegna N.V. (NYSE:ZGN) (the 'Company' and, together with its consolidated subsidiaries, the 'Ermenegildo Zegna Group' or the 'Group') today announced unaudited revenues of €927.7 million in H1 2025, -3.4% YoY from €960.1 million in H1 2024 (-2.0% organic). In the second quarter, revenues reached €468.9 million, -5.7% YoY (-2.6% organic). YoY performance at reported currencies in Q2 2025 was notably affected by the appreciation of the Euro against key currencies such as the US dollar, the Renminbi, and other currencies linked to the US dollar. The organic results included herein are calculated at constant exchange rates, therefore excluding the effect of such significant currency fluctuations and offering a more accurate reflection of the underlying business trend. Ermenegildo 'Gildo' Zegna, Chairman and CEO of the Ermenegildo Zegna Group, commented: 'The strong organic DTC channel performance of +8% in Q2 2025 for the Group demonstrates our strategic initiatives and actions taken are yielding results, even though the sector navigates a continuously challenging environment. ZEGNA and Thom Browne each grew by +7% in the DTC channel while TOM FORD FASHION increased by +11%. In terms of regions, the Americas and the Middle East continued to sustain robust momentum. The recent months were also marked by several pivotal milestones for the Group and our brands, starting with our first ZEGNA fashion show outside Milan in June, along with Villa Zegna Dubai. Looking at Thom Browne, I welcome Sam Lobban as the brand's new CEO. With his extensive background in merchandising and customer-first mindset, Sam is exceptionally well-suited to lead this brand in capturing its unexpressed potential. Moreover, I am pleased that Temasek has chosen to invest in our Group, recognizing the strength of our vision and our Group's long-term growth potential. With Temasek by our side, I am even more confident in our ability to realize our ambitions.' 1 Throughout this press release, revenues for the first half and for the second quarter of 2025 and 2024 are unaudited. 2 Revenues on an organic growth basis (organic or organic growth) and on a constant currency basis (constant currency), are non-IFRS financial measures. Constant currency growth is calculated excluding foreign exchange. Organic growth is calculated excluding (a) foreign exchange, (b) acquisitions & disposals, and (c) changes in license agreements where the Group operates as a licensee. See the non-IFRS financial measures section starting on page [8] of this press release for the definition and reconciliation of non-IFRS financial measures. 3 Direct-to-Consumer Expand Revenues Analysis for the Six and Three Months Ended June 30, 2025 Intersegment eliminations include revenues from products that the Textile and Other lines (included in the Zegna segment) sell to the Group's brands. Zegna segment In H1 2025, revenues for the Zegna segment – which includes the ZEGNA brand, textile, and other (revenues mainly relating to third party brands) – amounted to €660.3 million, compared to €660.5 million in H1 2024, flat YoY (+1.6% organic). Revenues in Q2 2025 were €327.0 million, -2.6% YoY (+1.0% organic), reflecting the positive organic performance of the ZEGNA brand and the negative performance of the Textile division. ZEGNA brand revenues were €570.4 million in H1 2025, compared to €566.1 million in H1 2024, +0.8% YoY (+2.6% organic). Revenues in Q2 2025 were €277.5 million, -2.0% YoY (+2.2% organic), driven by solid growth in the DTC channel, in particular in the Americas, where performance sequentially accelerated compared to Q1 2025. EMEA also reported solid double-digit organic growth, with the Middle East outperforming within the region. Textile revenues were €67.1 million in H1 2025, compared to €71.8 million in H1 2024, -6.6% YoY (-6.3% organic), largely reflecting declining orders from brands outside the Group. The textile revenue trend improved slightly in Q2 2025, with revenues -3.8% YoY and organic. Other revenues, which mainly include revenues from the sale of finished product to third-party brands 4, were €8.4 million in H1, compared to €7.0 million in H1 2024, +19.2% YoY (+19.3% organic). Thom Browne segment In H1 2025, revenues for the Thom Browne segment amounted to €129.5 million, compared to €166.9 million in H1 2024, -22.4% YoY (-21.6% organic). Revenues in Q2 2025 were €65.1 million, -25.9% YoY (-23.9% organic). The trend in the second quarter was significantly affected by the performance of the wholesale channel, which more than offset the growth recorded in the DTC channel. Since 2024, the brand has been streamlining its presence in the wholesale channel to focus on direct distribution. Thom Browne brand results were substantially aligned to those of the segment, with H1 2025 revenues at €129.2 million, compared to €166.7 million in H1 2024, -22.5% YoY (-21.7% organic). Tom Ford Fashion segment In H1 2025, revenues for the Tom Ford Fashion segment - which are aligned to the TOM FORD FASHION brand - amounted to €152.7 million, compared to €148.5 million in H1 2024, +2.8% YoY (+3.8% organic). Revenues in Q2 2025 were €85.2 million, +2.1% YoY (+4.1% organic), driven by solid double-digit organic growth in the DTC channel. Q2 2025 vs Q2 2024 (€ thousands, except percentages) 2025 2024 % Organic 2025 2024 % Organic Direct to Consumer (DTC) ZEGNA brand 504,501 486,561 3.7% 5.6% 253,706 246,946 2.7% 7.1% Thom Browne 92,639 89,976 3.0% 5.0% 46,351 45,257 2.4% 6.6% TOM FORD FASHION 100,895 93,062 8.4% 9.9% 52,844 49,361 7.1% 10.7% Total Direct to Consumer (DTC) 698,035 669,599 4.2% 6.1% 352,901 341,564 3.3% 7.5% As a percentage of branded products (1) 82 % 76 % 83 % 75 % Wholesale branded ZEGNA brand 65,908 79,506 (17.1%) (15.4%) 23,787 36,251 (34.4%) (31.1%) Thom Browne 36,515 76,745 (52.4%) (52.4%) 18,580 42,257 (56.0%) (55.8%) TOM FORD FASHION 51,820 55,431 (6.5%) (6.3%) 32,393 34,112 (5.0%) (5.3%) Total Wholesale branded 154,243 211,682 (27.1%) (26.5%) 74,760 112,620 (33.6%) (32.5%) As a percentage of branded products 18 % 24 % 17 % 25 % Textile 67,061 71,836 (6.6%) (6.3%) 37,140 38,593 (3.8%) (3.8%) Other (2) 8,351 7,005 19.2% 19.3% 4,068 4,188 (2.9%) (2.5%) Total revenues 927,690 960,122 (3.4%) (2.0%) 468,869 496,965 (5.7%) (2.6%) (1) Branded products refer to the products sold under the three brands that the Group operates, through the DTC or wholesale branded distribution channels. (2) Other mainly includes revenues from agreements with third party brands. Expand DTC Revenues Analysis In H1 2025, Group DTC revenues were €698.0 million, representing 82% of the Group's branded product revenues, compared to €669.6 million in H1 2024, +4.2% YoY (+6.1% organic). DTC revenues reached €352.9 million in Q2 2025, compared to €341.6 million in Q2 2024, +3.3% YoY (+7.5% organic). ZEGNA DTC revenues were €504.5 million in H1 2025, compared to €486.6 million in H1 2024, +3.7% YoY (+5.6% organic). In Q2 2025, the brand's DTC revenues were €253.7 million, +2.7% YoY (+7.1% organic), driven by the Americas with strong double-digit growth, which sequentially accelerated compared to Q1 2025, followed by solid double-digit growth in EMEA, in particular in the Middle East. Performance in the DTC channel in the Greater China Region (GCR) in Q2 2025 remained negative and broadly in line with Q1 2025. On June 30, 2025, ZEGNA counted 286 Directly Operated Stores (DOS), with three net openings in Q2 2025, including an additional store in Dubai Mall (Level Shoes) and in Porto Cervo, Italy. Thom Browne DTC revenues were €92.6 million in H1 2025, +3.0% YoY (+5.0% organic). In Q2 2025, the brand's DTC revenues were €46.4 million, +2.4% YoY (+6.6% organic), driven by performance in the Americas, where the brand opened some important stores during the quarter. On June 30, Thom Browne's DTC network reached 120 DOS, with three net openings in Q2, including Los Angeles Melrose, New York Madison and Tokyo Ginza. TOM FORD FASHION DTC revenues were €100.9 million in H1 2025, up 8.4% YoY (+9.9% organic). In Q2 2025, the brand's DTC revenues were €52.8 million, +7.1% YoY (+10.7% organic), with all regions showing positive organic performance and EMEA delivering the strongest results. On June 30, 2025, TOM FORD FASHION had 66 DOS, with one net opening in the second quarter in Hong Kong Pacific Place. Wholesale Branded Revenues Analysis In H1 2025, Group wholesale branded revenues were €154.2 million, compared to €211.7 million in H1 2024, -27.1% YoY (-26.5% organic). In Q2 2025, wholesale branded revenues came in at €74.8 million, compared to €112.6 million in Q2 2024, -33.6% YoY (-32.5% organic). ZEGNA wholesale revenues were €65.9 million in H1 2025, -17.1% YoY (-15.4% organic). In Q2 2025, the brand reported wholesale revenues of €23.8 million, -34.4% YoY (-31.1% organic). In line with management's strategy, the negative wholesale performance in H1 includes the impact of some store conversions into retail concessions in H2 2024, and tighter control over iconic products. Q2 2025 performance also reflects a shift in delivery timing. Thom Browne wholesale revenues were €36.5 million in H1, -52.4% YoY and organic. In Q2 2025, the brand's revenues in the wholesale channel were €18.6 million, -56.0% YoY (-55.8% organic), reflecting the previously announced strategy to streamline the brand's wholesale presence to focus on the DTC channel. TOM FORD FASHION wholesale revenues were €51.8 million in H1, -6.5% YoY (-6.3% organic). In Q2 2025, the brand's wholesale revenues reached €32.4 million, -5.0% YoY (-5.3% organic), mainly driven by some previous conversions of stores into retail concessions. In H1 2025, Group revenues in EMEA were €328.9 million, -2.3% YoY (-1.9% organic), representing 35% of the Group's revenues. In Q2 2025, EMEA revenues were €174.8 million, -2.9% YoY (-1.9% organic), impacted by the negative results in the wholesale channel at the three brands, notwithstanding the solid DTC positive performance, largely at ZEGNA and TOM FORD FASHION. H1 2025 revenues in the Americas were €262.7 million, +6.8% YoY (+9.3% organic), representing 28% of the Group's revenues. In Q2 2025, revenues in the Americas were €137.7 million, +4.5% YoY (+9.8% organic), driven by the strong performance of the ZEGNA and Thom Browne DTC channel. H1 2025 revenues in the GCR were €223.1 million, -16.2% YoY (-14.7% organic), representing 24% of the Group's revenues. In Q2 2025, GCR revenues were at €99.8 million, -21.3% YoY (-17.1% organic), still impacted by a subdued consumer environment in the region. The slight sequential deterioration in organic terms compared to the first quarter is linked to the performance of the wholesale channel, in particular at Thom Browne. H1 2025 revenues in the Rest of APAC were €111.5 million, +1.4% YoY (+3.4% organic), representing 12% of the Group's revenues. In Q2 2025, revenues in the region were €55.7 million, -3.3% YoY (-1.0% organic). Performance in Q2 was impacted by the demanding base of comparison in Japan for the whole sector and a more subdued consumer confidence in Korea. SIGNIFICANT EVENTS IN THE SECOND QUARTER OF 2025 VILLA ZEGNA Dubai and Summer 2026 Fashion Show In June, Villa Zegna Dubai transformed the Dubai Opera into an immersive expression of the world of ZEGNA, along with the unveiling of the Summer 2026 Fashion Show. Rooted in the Founder's legacy, Villa Zegna turned the iconic space into a celebration of the brand's vision, with nature, culture and innovation coming together to tell a story of timeless ambition in the heart of the desert. Following the fashion show, the spaces welcomed top clients, cultural voices, international press and close friends of the brand for exclusive talks, curated experiences, the opportunity to re-view products from the show and a dedicated exclusive collection and pieces available only for that period. SIGNIFICANT EVENTS SINCE JUNE 30, 2025 PARTNERSHIP WITH TEMASEK On July 29, 2025 Ermenegildo Zegna Group and Venezio Investments Pte. Ltd., an indirect wholly-owned subsidiary of Temasek Holdings (Private) Limited ('Temasek') announced an agreement under which Temasek invested in the Group, purchasing 14,121,062 of the Company's treasury shares at a price of $8.95 per share, which, together with the previously acquired 12,699,981 ordinary shares of the Company in the stock market, represent a 10% stake in the Company's ordinary share capital outstanding. SAM LOBBAN APPOINTED CEO OF THOM BROWNE On July 30, 2025 Ermenegildo Zegna Group announced that from September 2, Sam Lobban will assume the role of Chief Executive Officer of Thom Browne. Rodrigo Bazan, the current CEO is stepping down to pursue other opportunities, effective August 31st. Sam began his career at Selfridges in London, later joining Mr. Porter as part of its founding team. He is currently serving as Executive Vice President and General Merchandising Manager for Apparel & Designer at Nordstrom, where he curated collaborations with leading brands, including Thom Browne. Sam is widely known for blending creative vision with strategic execution. UPCOMING EVENTS Next financial releases September 5, 2025: H1 2025 Financial Results October 23, 2025: Q3 2025 Unaudited Revenues About Ermenegildo Zegna Group Founded in 1910 in Trivero, Italy, the Ermenegildo Zegna Group (NYSE:ZGN) is a global luxury company with a leading position in the high-end menswear business. Through its three complementary brands, the Group reaches a wide range of communities and market segments across the high-end fashion industry, from ZEGNA's timeless luxury to the modern tailoring of Thom Browne, to luxury glamour with TOM FORD FASHION. The Ermenegildo Zegna Group is internationally recognized for its unique Filiera, owned and controlled by the Group, which is made up of the finest Italian textile producers fully integrated with unique luxury manufacturing capabilities, to ensure superior excellence, quality and innovation capacity. The Ermenegildo Zegna Group has more than 7,100 employees and recorded revenues of €1.95 billion in 2024. Forward Looking Statements This communication contains forward-looking statements that are based on beliefs and assumptions and on information currently available to the Company. In particular, statements regarding future financial performance and the Group's expectations as to the achievement of certain targeted metrics at any future date or for any future period are forward-looking statements. In some cases, you can identify forward-looking statements by the following words: 'may,' 'will,' 'could,' 'would,' 'should,' 'expect,' 'intend,' 'plan,' 'anticipate,' 'believe,' 'estimate,' 'predict,' 'project,' 'potential,' 'continue,' 'ongoing,' 'target,' 'seek', 'aspire,' 'goal,' 'outlook,' 'guidance,' 'forecast,' 'prospect' or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Any statements that refer to expectations, projections or other characterizations of future events or circumstances, including strategies or plans, are also forward-looking statements. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements, and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in forward-looking statements as a result of a variety of factors, including: the recognition, integrity and reputation of our brands; our ability to anticipate trends and to identify and respond to new and changing consumer preference; pandemics or other public health crises; international business, regulatory, social and political risks; restrictions on trade and the imposition of tariffs among countries; political instability, events or conflicts (including armed conflicts, such as the war in Ukraine and the conflict in the Middle East, and sanctions imposed onto Russia); the occurrence of acts of terrorism or similar events, conflicts or civil unrest; developments in Greater China and other growth and emerging markets; existing or future disputes, proceedings or litigation; future sales of our securities in the public market; our ability to maintain compliance with applicable listing standards; volatility in our share price; sanctions 'trade wars'; our ability to implement our strategy; recent and potential future acquisitions; disruption to our manufacturing and logistics facilities; risks related to the sale of our products through our direct-to-consumer channel, as well as through points of sale operated by third parties, including credit risks; our dependence on our local partners to sell our products in certain markets; fluctuations in the price or quality of, or disruptions in the availability of, raw materials; our ability to negotiate, maintain or renew our license or co-branding agreements with high end third party brands; tourist traffic and demand; our dependence on certain key senior personnel as well as skilled personnel; our ability to protect our intellectual property rights; any malfunction or disruption in our information technology and networks, including as a result of cybercrime; any impact of a possible cybersecurity breach, the theft or unauthorized use of personal information of our customers, employees or other parties; fluctuations in currency exchange rates or interest rates; the level of competition in the industry in which we operate; global economic conditions and macro events, including inflation; changes in, or failures to comply with, applicable laws and regulations, or actions taken by regulatory authorities; climate change and other environmental impacts and our ability to meet our customers' and other stakeholders' expectations on environment, social and governance matters; the enactment of tax reforms or other changes in tax laws and regulations; and other risks and uncertainties, including those described in our filings with the SEC. Most of these factors are outside the Company's control and are difficult to predict. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by the Company and its directors, officers or employees or any other person that the Company will achieve its objectives and plans in any specified time frame, or at all. The forward-looking statements in this communication represent the views of the Company as of the date of this communication. Subsequent events, factors and developments may cause that view to change, and it is not possible to assess the impact of such event, factor or development on the Company's and the Group's business. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company disclaims any obligation to update or revise publicly forward-looking statements. You should, therefore, not rely on these forward-looking statements as representing the views of the Company as of any date subsequent to the date of this communication. Non-IFRS Financial Measures The Group's management monitors and evaluates operating and financial performance using several non-IFRS financial measures including: revenues on a constant currency basis (Constant Currency) and revenues on an organic growth basis (organic or organic growth). The Group's management believes that these non-IFRS financial measures provide useful and relevant information regarding the Group's financial performance and financial condition, and improve the ability of management and investors to assess and compare the financial performance and financial position of the Group with those of other companies. They also provide comparable measures that facilitate management's ability to identify operational trends, as well as make decisions regarding future spending, resource allocations and other strategic and operational decisions. While similar measures are widely used in the industry in which the Group operates, the financial measures that the Group uses may not be comparable to other similarly named measures used by other companies nor are they intended to be substitutes for measures of financial performance or financial position as prepared in accordance with IFRS Accounting Standards. A definition, explanation of relevance and a reconciliation of each non-IFRS financial measure to the most directly comparable measure calculated and presented in accordance with IFRS Accounting Standards are set out below. Revenues on a constant currency basis (Constant Currency) In addition to presenting our revenues on a current currency basis, we also present certain revenue information on a constant currency basis (Constant Currency), which excludes the effects of foreign currency translation from our subsidiaries with functional currencies different from the Euro. We calculate Constant Currency revenues by applying the current period average foreign currency exchange rates to translate prior period revenues of foreign subsidiaries expressed in local functional currencies different than the Euro. We use revenues on a Constant Currency basis to analyze how our underlying revenues have changed between periods independent of the effects of foreign currency translation. Revenues on a Constant Currency basis are not a substitute for revenues on a current currency basis or any IFRS-related measures, however we believe that revenues excluding the impact of foreign currency translation provide additional useful information to management and to investors in analyzing and evaluating our revenues and operating performance. Revenues on an organic growth basis (organic or organic growth) In addition to presenting our revenues on a current currency basis, we also present certain revenue information on an organic growth basis (organic or organic growth). Organic growth is calculated as the change in revenues from period to period, excluding the effects of (a) foreign exchange, (b) acquisitions and disposals and (c) changes in license agreements where the Group operates as a licensee. In calculating organic performance, the following adjustments are made to revenues: Foreign exchange – Current period average foreign currency exchange rates are used to translate prior period revenues of foreign subsidiaries expressed in local functional currencies different than the Euro. Acquisitions and disposals – Revenues generated by businesses and operations acquired in the current year are excluded. Revenues generated by businesses and operations acquired in the prior year are excluded from the current year for the same period that corresponds to the pre-acquisition period in the prior year. Additionally, where a business or operation was a customer prior to an acquisition, the related pre-acquisition revenues are excluded from the current and prior periods. Revenues generated by businesses and operations disposed of in the current year or prior year are excluded from both periods as applicable. Changes in license agreements where the Group operates as a licensee – Revenues generated from license agreements where the Group operates as a licensee that are new or terminated in the current year or prior year are excluded from both periods (except if the effects are already included in acquisitions and disposals). Additionally, revenues generated from license agreements where the Group operates as a licensee that experienced a structural change in the scope or perimeter in the current year or prior year are excluded from both periods, including changes to product categories, distribution channels or geographies of the underlying license agreements. We believe the presentation of revenues on an organic basis is useful to better understand and analyze the underlying change in the Group's revenues from period to period on a consistent perimeter and constant currency basis. Revenues on an organic basis are not a substitute for revenues on a current currency basis or any IFRS-related measures, however we believe that revenues excluding the effects of (a) foreign exchange, (b) acquisitions and disposals and (c) changes in license agreements where the Group operates as a licensee provide additional useful information to management and to investors in analyzing and evaluating our revenues and operating performance. The tables below show a reconciliation of reported revenue performance to Constant Currency, excluding the effects of foreign exchange, and to organic performance, which excludes also acquisitions and disposals and changes in license agreements where the Group operates as a licensee, by segment, by brand and product line, by distribution channel and by geographic area for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 (H1 2025 vs H1 2024) and for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 (Q2 2025 vs Q2 2024). Q2 2025 vs Q2 2024 Revenues Growth less Foreign exchange Constant Currency less Acquisitions and disposals less Changes in license agreements where the Group operates as a licensee Organic Zegna (2.6%) (3.6%) 1.0% —% —% 1.0% Thom Browne (25.9%) (2.0%) (23.9%) —% —% (23.9%) Tom Ford Fashion 2.1% (2.0%) 4.1% —% —% 4.1% Total (5.7%) (3.1%) (2.6%) —% —% (2.6%) Expand Brand and product line H1 2025 vs H1 2024 Revenues Growth less Foreign exchange Constant Currency less Acquisitions and disposals less Changes in license agreements where the Group operates as a licensee Organic ZEGNA brand 0.8% (1.8%) 2.6% —% —% 2.6% Thom Browne (22.5%) (0.8%) (21.7%) —% —% (21.7%) TOM FORD FASHION 2.8% (1.0%) 3.8% —% —% 3.8% Textile (6.6%) (0.3%) (6.3%) —% —% (6.3%) Other 19.2% (0.1%) 19.3% —% —% 19.3% Total (3.4%) (1.4%) (2.0%) —% —% (2.0%) Expand Q2 2025 vs Q2 2024 Revenues Growth less Foreign exchange Constant Currency less Acquisitions and disposals less Changes in license agreements where the Group operates as a licensee Organic ZEGNA brand (2.0%) (4.2%) 2.2% —% —% 2.2% Thom Browne (25.8%) (2.1%) (23.7%) —% —% (23.7%) TOM FORD FASHION 2.1% (2.0%) 4.1% —% —% 4.1% Textile (3.8%) —% (3.8%) —% —% (3.8%) Other (2.9%) (0.4%) (2.5%) —% —% (2.5%) Total (5.7%) (3.1%) (2.6%) —% —% (2.6%) Expand Distribution channel H1 2025 vs H1 2024 Revenues Growth less Foreign exchange Constant Currency less Acquisitions and disposals less Changes in license agreements where the Group operates as a licensee Organic Direct to Consumer (DTC) ZEGNA brand 3.7% (1.9%) 5.6% —% —% 5.6% Thom Browne 3.0% (2.0%) 5.0% —% —% 5.0% TOM FORD FASHION 8.4% (1.5%) 9.9% —% —% 9.9% Total Direct to Consumer (DTC) 4.2% (1.9%) 6.1% —% —% 6.1% Wholesale branded ZEGNA brand (17.1%) (1.7%) (15.4%) —% —% (15.4%) Thom Browne (52.4%) —% (52.4%) —% —% (52.4%) TOM FORD FASHION (6.5%) (0.2%) (6.3%) —% —% (6.3%) Total Wholesale branded (27.1%) (0.6%) (26.5%) —% —% (26.5%) Textile (6.6%) (0.3%) (6.3%) —% —% (6.3%) Other 19.2% (0.1%) 19.3% —% —% 19.3% Total (3.4%) (1.4%) (2.0%) —% —% (2.0%) Expand Q2 2025 vs Q2 2024 Revenues Growth less Foreign exchange Constant Currency less Acquisitions and disposals less Changes in license agreements where the Group operates as a licensee Organic Direct to Consumer (DTC) ZEGNA brand 2.7% (4.4%) 7.1% —% —% 7.1% Thom Browne 2.4% (4.2%) 6.6% —% —% 6.6% TOM FORD FASHION 7.1% (3.6%) 10.7% —% —% 10.7% Total Direct to Consumer (DTC) 3.3% (4.2%) 7.5% —% —% 7.5% Wholesale branded ZEGNA brand (34.4%) (3.3%) (31.1%) —% —% (31.1%) Thom Browne (56.0%) (0.2%) (55.8%) —% —% (55.8%) TOM FORD FASHION (5.0%) 0.3% (5.3%) —% —% (5.3%) Total Wholesale branded (33.6%) (1.1%) (32.5%) —% —% (32.5%) Textile (3.8%) —% (3.8%) —% —% (3.8%) Other (2.9%) (0.4%) (2.5%) —% —% (2.5%) Total (5.7%) (3.1%) (2.6%) —% —% (2.6%) Expand Geographic area H1 2025 vs H1 2024 Revenues Growth less Foreign exchange Constant Currency less Acquisitions and disposals less Changes in license agreements where the Group operates as a licensee Organic EMEA (1) (2.3%) (0.4%) (1.9%) —% —% (1.9%) Americas (2) 6.8% (2.5%) 9.3% —% —% 9.3% Greater China Region (16.2%) (1.5%) (14.7%) —% —% (14.7%) Rest of APAC (3) 1.4% (2.0%) 3.4% —% —% 3.4% Other (4) 24.6% (0.2%) 24.8% —% —% 24.8% Total (3.4%) (1.4%) (2.0%) —% —% (2.0%) (1) EMEA includes Europe, the Middle East and Africa. (2) Americas includes the United States of America, Canada, Mexico, Brazil and other Central and South American countries. (3) Rest of APAC includes Japan, South Korea, Singapore, Thailand, Malaysia, Vietnam, Indonesia, Philippines, Australia, New Zealand, India and other Southeast Asian countries. (4) Other revenues mainly include royalties. Expand Q2 2025 vs Q2 2024 Revenues Growth less Foreign exchange Constant Currency less Acquisitions and disposals less Changes in license agreements where the Group operates as a licensee Organic EMEA (1) (2.9%) (1.0%) (1.9%) —% —% (1.9%) Americas (2) 4.5% (5.3%) 9.8% —% —% 9.8% Greater China Region (21.3%) (4.2%) (17.1%) —% —% (17.1%) Rest of APAC (3) (3.3%) (2.3%) (1.0%) —% —% (1.0%) Other (4) 37.9% (0.7%) 38.6% —% —% 38.6% Total (5.7%) (3.1%) (2.6%) —% —% (2.6%) (1) EMEA includes Europe, the Middle East and Africa. (2) Americas includes the United States of America, Canada, Mexico, Brazil and other Central and South American countries. (3) Rest of APAC includes Japan, South Korea, Singapore, Thailand, Malaysia, Vietnam, Indonesia, Philippines, Australia, New Zealand, India and other Southeast Asian countries. (4) Other revenues mainly include royalties. Expand


Bloomberg
2 hours ago
- Bloomberg
Verizon's Two-Part Bond Adds to Record Reverse-Yankee Supply
Verizon Communications Inc. is adding to a record year of so-called reverse yankee supply with a two-part sale that marks its first foray into Europe's debt market in nearly a year and a half. The issuer is selling euro benchmark-sized debt due in 2032 at about 115 basis points above midswaps and a 12-year tranche at about 145 to 150 basis points above swaps, according to a person with knowledge of the sale, who asked not to be identified as the information is private. The offering is expected to price later on Wednesday.
Yahoo
3 hours ago
- Yahoo
Euro bulls wince as US-EU trade deal slams the brakes on rally
By Alun John, Yoruk Bahceli and Nell Mackenzie LONDON (Reuters) -Euro bulls are facing the first big test of their conviction in the form of the European Union's U.S. trade deal, which has cast doubt on the durability of one of 2025's most popular trades. The euro, which hit a four-year high of $1.1830 earlier this month, was last at $1.1554 following its biggest two-day drop since April on Tuesday, after the EU agreed to a 15% tariff on its U.S. exports - half the rate President Donald Trump had previously threatened, but well above the roughly 1.5-2% rate prior to his return to the White House. While it inched higher on Wednesday, it was set for its first monthly drop this year, down nearly 2% in July. That's quite a reversal. The euro's 14% gain in the first half of the year was the biggest since its creation, as investors rushed to the common currency on the back of the announcement of a once-in-a-generation shift in German fiscal spending just as U.S. President Donald Trump's erratic trade policies drove flows out of U.S. assets. But both of those factors are challenged by the agreement: The European economy will still take a hit from the tariffs, while deals the U.S. has agreed with the EU and other partners have reduced fears about a major slowdown there. "The long euro trade is undoubtedly facing a reality check this week," said Bruno Schneller, managing director at Erlen Capital Management. "Monday's sharp drop in euro/dollar felt like more than just a reaction to headlines — it exposed how stretched positioning had become in one of the market's most consensus views." "What stood out wasn't just the magnitude of the move, but the lack of support on the way down." Going into the weekend, speculators were sitting on a bullish bet on euro futures worth $18.4 billion, the largest since December 2023, according to weekly data from the Commodity Futures Trading Commission. That position has been building since last December. At the start of the year speculators held one of their largest bearish positions in the euro in almost five years. RELATIVE ECONOMIC PERFORMANCE The euro also weakened sharply against other currencies on Monday, dropping 0.8% on the pound and 0.7% on the Japanese yen, again after recent gains. But the bulk of its moves, both up this year, and down this week, have been against the dollar. In trade-weighted terms, the euro is only up about 5% this year. And its gains on the U.S. currency were already slowing as initial pessimism towards the U.S. at the start of the year faded thanks to strong economic data and earnings, reinforced by the flurry of trade deals with Japan and the EU, and ongoing negotiations with China. "The (U.S.-EU) trade deal has removed a potential headwind (for the euro) but it has also removed an uncertainty for the dollar too, which leaves the euro looking a little overvalued," said Michael Metcalfe, head of macro strategy at State Street. But the end of the euro's rally on the dollar is not yet a done deal. "The vast majority of people - ourselves included - think that this is just a correction to an underlying bull trend in euro/dollar," said Chris Turner, global head of research at ING. He said the biggest test would be on the dollar side of the currency pair, as investors had now digested the impact of the trade deal on Europe. Therefore, the focus turns to this week's economic data, including U.S. jobs and inflation and European economic growth, and Wednesday's Federal Reserve meeting. The Fed is likely to keep U.S. interest rates steady, which may generate more angry rhetoric from Trump who has been pushing for big cuts. This matters for the dollar. The currency fell sharply earlier this month, including against the euro, when Trump appeared close to trying to fire Fed Chair Jerome Powell. And even setting aside the trade deal, there are reasons to be optimistic about Europe, particularly given Germany's spending plans. "We haven't changed our view of upside risks to growth in Europe," said Russel Matthews, portfolio manager at RBC BlueBay Asset Management, who has been neutral on currencies as he balanced "the long term structural bias for a weakening dollar" with "the more positive short-term technical picture." "The new narrative that the U.S. has got a better deal has tarnished, to some extent, the upside potential from developments in the last three to six months in Europe, but it hasn't necessarily changed that dynamic."