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Fashion United
30-07-2025
- Business
- Fashion United
Ermenegildo Zegna group: Sales decline continues in second quarter
The Italian fashion group Ermenegildo Zegna NV (Zegna) saw a decline in sales in the second quarter of the 2025 financial year. This was mainly due to the continued weakness in demand in China. Losses in Europe also contributed to the decline. According to preliminary figures published by the company on Wednesday, group sales amounted to 468.9 million euros in the period from April to June. This represents a decrease of 5.7 percent compared to the same quarter of the previous year. Adjusted for exchange rate changes, revenue fell by 2.6 percent. Growth in the company's own retail segment fails to offset decline in wholesale In the company's own retail segment, sales increased by 3.3 percent (currency-adjusted +7.5 percent) to 352.9 million euros. However, this was not enough to fully compensate for the significant losses in the wholesale business. Sales in this distribution channel fell by 33.6 percent (currency-adjusted -32.5 percent) to 74.8 million euros. The company attributed the decline to a targeted streamlining of the wholesale business in favour of its own retail activities. In the Zegna segment, sales fell by 2.6 percent to 327.0 million euros. Currency-adjusted, however, sales increased by 1.0 percent. The Tom Ford Fashion division achieved a sales increase of 2.1 percent (currency-adjusted +4.1 percent) to 85.2 million euros. Thom Browne appoints new CEO In the Thom Browne segment, revenue slipped by 25.9 percent (currency-adjusted -23.9 percent) to 65.1 million euros. According to the group, the significant decline was partly due to the strategic restriction of wholesale distribution. The company also announced a change in leadership at the brand. Rodrigo Bazan will step down as CEO of Thom Browne on 31 August to pursue another opportunity. His successor has already been determined. Sam Lobban will take over the management of the label on 2 September. He joins from the US retailer Nordstrom, where he most recently served as Executive Vice President and General Merchandising Manager for Apparel Designer. Losses in China and Europe weigh on sales performance The group's sales performance was also impacted in the second quarter by weak demand in Greater China. Revenue there shrank by 21.3 percent (currency-adjusted -17.1 percent) to 99.8 million euros. In the remaining markets of the Asia-Pacific region, sales fell by 3.3 percent (currency-adjusted -1.0 percent) to 55.7 million euros. Sales in the EMEA region, which includes Europe, the Middle East and Africa, also fell short of the previous year's level. They shrank by 2.9 percent (currency-adjusted -1.9 percent) to 174.8 million euros. Sales in America increased by 4.5 percent (currency-adjusted +9.8 percent), reaching 137.7 million euros. In the first six months as a whole, group sales amounted to 927.7 million euros. This corresponds to a decrease of 3.4 percent (currency-adjusted -2.0 percent) compared to the same period of the previous year. This article was translated to English using an AI tool. FashionUnited uses AI language tools to speed up translating (news) articles and proofread the translations to improve the end result. This saves our human journalists time they can spend doing research and writing original articles. Articles translated with the help of AI are checked and edited by a human desk editor prior to going online. If you have questions or comments about this process email us at info@
Business Journals
09-06-2025
- Business
- Business Journals
Tom Ford to relocate New York City headquarters
Listen to this article 2 min Tom Ford Fashion is relocating its New York City headquarters. The design house has signed a 10-year, 11,000-square-foot lease at 500 Park Ave., the former Pepsi-Cola headquarters building. The company is currently headquartered at 595 Madison Ave. GET TO KNOW YOUR CITY Find Local Events Near You Connect with a community of local professionals. Explore All Events GET TO KNOW YOUR CITY Find Local Events Near You Connect with a community of local professionals. Explore All Events Tom Ford's lease signing on the sixth floor makes 500 Park Ave. 100% leased, according to a statement from the property's owner, SL Green Realty Corp. (NYSE: SLG). The building's "location and boutique quality continue to attract luxury, international, financial and other world-class companies seeking a best-in-class experience," said Steven Durels, executive vice president and director of leasing and real property at SL Green, in a statement. Tom Ford has two retail locations in Manhattan at 672 Madison Ave. and 611 5th Ave. The asking price of the transaction was not disclosed. In Midtown Manhattan, office landlords are seeking an average of $83.67 per square foot, according to Avison Young. Notable tenants at the 201,000-square-foot office building include Vera Wang, The Georgetown Co. and Friedland Properties. SL Green bought 500 Park Ave. last November for $130 million and plans an extensive lobby renovation. As of March, SL Green has ownership interests covering more than 27 million square feet of Manhattan buildings. Tom Ford was represented in the lease signing by Savills' David Goldstein, Jarod Stern and Sam Mann. JLL's Frank Doyle, Cynthia Wasserberger and Michael Pallas represented SL Green. Sign up for the Business Journal's free daily newsletter to receive the latest business news impacting New York.
New York Post
08-06-2025
- Business
- New York Post
New Manhattan homes for menswear stores Charles Tyrwhitt, Tom Ford
London-based menswear store Charles Tyrwhitt is moving from 437 Madison Ave. to RFR Realty's 477 Madison, doubling its space in the process. Tyrwhitt signed for 3,800 square at the East 51st Street corner. The deal was handled for the landlord by MONA, a retail brokerage backed by RFR's Aby Rosen. Cushman & Wakefield acted for the tenant. Charles Tywhitt has a half-dozen Manhattan locations. Advertisement The building's offices are mostly leased. Recent signings include for Treville Capital and Fiera Capital. 477 Madison Ave. will be the new home menswear store Charles Tyrwhitt. One more Park Avenue office address has filled up. Advertisement Tom Ford Fashion signed a 10-year, 11,118 square-foot lease at SL Green's 500 Park Ave., bringing the landmarked, 201,000 square-foot building at East 59th Street to 100% leased. Tom Ford Fashion has signed a 10-year lease for 500 Park Ave., above. Brian Zak/NY Post Advertisement Other office tenants include The Georgetown Company, Vera Wang and Friedland Properties. Furniture store FRATO's flagship showroom is the retail tenant. Meanwhile, the former Hammacher Schlemmer headquarters building at 145 E. 57th St. can also boast 100% occupancy. Data Science Innovators took 5,067 square feet, landlord ABS Partners announced. Danish furniture maker Carl Hansen & Son replaced Hammacher Schlemmer on the retail floors.
Fibre2Fashion
25-04-2025
- Business
- Fibre2Fashion
Italy's Zegna sees strong DTC momentum despite modest Q1 revenue drop
Italian luxury fashion house Ermenegildo Zegna Group has reported revenues of €458.8 million (~$489.5 million) in the first quarter (Q1) of 2025 ended March 31, reflecting a slight decline of 0.9 per cent compared to €463.2 million in Q1 2024. On an organic basis, revenues declined by 1.2 per cent. Despite the slight dip, the group showcased notable strengths in its direct-to-consumer (DTC) channel and promising performance from the Zegna and Tom Ford Fashion brands. The direct-to-consumer (DTC) channel remained the group's growth engine, rising 5.2 per cent YoY to €345.1 million (~$368.4 million) and representing 81 per cent of branded product revenues. The wholesale revenues of the group dropped sharply by 19.8 per cent YoY to €79.5 million, down 19.4 per cent organic. Ermenegildo Zegna Group has reported revenues of €458.8 million (~$489.5 million) in Q1 2025, down 0.9 per cent YoY. Strong DTC growth of 5.2 per cent offset wholesale decline. Zegna and Tom Ford Fashion brands led gains, while Thom Browne saw declines. Americas grew 9.5 per cent but Greater China Region saw 11.6 per cent decline. The Group expanded its DTC footprint to 465 stores globally. Revenues for the Zegna segment in Q1 2025, which includes the Zegna brand, Textile, and other revenues—amounted to €333.3 million, up 2.6 per cent YoY, and up 2.2 per cent organic, Zegna Group said in a press release. Zegna brand revenues in the quarter stood at €292.9 million, an increase of 3.6 per cent YoY, and organic increase of 3.1 per cent, driven by solid growth in the DTC channel. Meanwhile, Tom Ford Fashion also saw a steady rise, with revenues reaching €67.5 million, up 3.8 per cent YoY, driven by a 10 per cent YoY DTC surge and heightened interest following Haider Ackermann's March fashion show. The textile segment recorded revenues of €29.9 million the quarter, down 10.0 per cent YoY, and organic decline of 9.3 per cent, reflecting a reduction in orders from brands outside the group. Other revenues, which mainly include revenues from sales to third-party brands, were €4.3 million in Q1 2025, compared to €2.8 million in Q1 2024, an increase of 52 per cent YoY, organically up 51.2 per cent, positively affected by different timing in deliveries. Regionally, the Americas outperformed, delivering a 9.5 per cent revenue increase to €125.0 million (+8.9 per cent organic), accounting for 27 per cent of total group sales. In contrast, the Greater China Region (GCR) remained challenged, with revenues down 11.6 per cent YoY (-12.4 per cent organic) to €123.3 million. The subdued luxury consumer environment and soft footfall in malls impacted all three brands. Europe, Middle East, and Africa (EMEA) generated €154.1 million in revenue, down 1.6 per cent YoY, with solid Zegna and Tom Ford Fashion performance countered by a Thom Browne dip. Meanwhile, the rest of Asia Pacific (APAC) region posted 6.5 per cent growth, led by Japan's retail strength. As of March 3, 2025, the group operated 465 directly managed monobrand stores across Zegna, Thom Browne and Tom Ford Fashion, up from 417. The expansion supports the Group's growing emphasis on DTC, with store openings in Saudi Arabia, Spain, and the US, added the release. 'Despite the ongoing challenges in our sector, all our three brands have reported positive performance in the strategic DTC channel. We are encouraged by these early positive results but also mindful of the recent geopolitical and economic uncertainties. And while we have not observed significant changes in customers' behaviour across our brands, we remain vigilant, agile, and focused on our strategic priorities knowing that what truly matters is the strength of our brands and our unwavering commitment to staying close to our customers,' said Ermenegildo 'Gildo' Zegna, chairman and chief executive officer (CEO) of the Group. Fibre2Fashion News Desk (SG)
Fashion Network
24-04-2025
- Business
- Fashion Network
Zegna posts flat sales growth as wholesale weighs on DTC growth
Group announced on Thursday steady revenues for the first quarter, as soild direct-to-consumer sales couldn't offset a slump in wholesale revenues. See catwalk The Italian group saide total revenues fell 0.9% to €458.8 million for the first quarter ending March 31. By brand, Zegna revenues grew 3.6% to €292.9 million, alongside a 3.8% rise in Tom Ford Fashion to €67.5 million. The duo were offset by Thom Browne, which plunged 18.6% to €64.4 million. The company's textile revenues were also down 10% to €29.9 million. By channel, DTC sales grew 5.3% to €345.1 million, thanks to gains at Zegna, up 4.7%, Thom Browne, up 3.5%, and Tom Ford Fashion, which surged 10% during the three months. However, wholesale revenues slumped 19.8% to €79.5 million during the quarter, with Thom Browne plummeting 48%, and Zegna and Tom Ford Fashion logging smaller declines at 2.6% and 8.9%, respectively. By region, the Americas was the star performer at the Milan-based group, up 9.5% t0 €125 million, representing 27% of total revenues. The EMEA region recorded revenues of €154.1 million, down 1.6%, with solid double-digit growth at both Zegna and Tom Ford Fashion offset by the sharp decline of Thom Browne. Revenues in the rest of APAC were €55.9 million, up 6.5%, driven by solid growth, in particular in Japan, for all three brands. The Greater China region slumped 11.6% to €123.3 million, reflecting subdued consumer sentiment affecting all three brands, said the company. See catwalk 'Despite the ongoing challenges in our sector, all our three brands have reported positive performance in the strategic direct-to-consumer channel. The Zegna brand recorded a 4% increase in revenues, driven by solid DTC performance, which has been particularly outstanding in the Americas and EMEA. Thom Browne results, while supported by a positive retail trend, continued to be impacted by our strategic decision to reduce the exposure to the wholesale channel. Tom Ford Fashion posted 4% growth in revenues, boosted by a 10% growth in DTC, demonstrating improving momentum, especially in the U.S. and Europe, further amplified by the remarkable success of the March fashion show," said Ermenegildo 'Gildo' Zegna, chairman and CEO of the Ermenegildo Zegna Group. "We are encouraged by these early positive results but also mindful of the recent geopolitical and economic uncertainties. And while we have not observed significant changes in customers' behavior across our brands, we remain vigilant, agile, and focused on our strategic priorities knowing that what truly matters is the strength of our brands and our unwavering commitment to staying close to our customers." The Zegna Group earnings update comes just days after luxury rival Kering posted a 14% decline in sales for the first quarter, as the French group's largest brand Gucci continued to clock double-digit declines.
