Italian fashion house Ermenegildo Zegna Group has announced unaudited revenue of €960.1 million (approximately $1.04 billion) for the first half of fiscal year 2024 (H1 FY24). This represents a year-over-year increase of 6.3 percent from €903.1 million in the first half of fiscal year 2023, although organic revenue decreased by 2.7 percent.
Italian fashion house Ermenegildo Zegna reported unaudited revenue for the first half of fiscal year 2024 of €960.1 million, up 6.3 percent year-over-year. The Zegna segment grew 2.5 percent, while Thom Browne declined 19.7 percent. In the second quarter of fiscal year 2024, revenue increased 4.7 percent year-over-year to €497 million. The Zegna brand performed well, but Thom Browne experienced a year-over-year decline of 7.2 percent.
In the first half of fiscal year 2024, the Zegna segment, which includes the Zegna brand, textiles and other revenues, recorded €660.5 million in revenues, up 2.5 percent from €644.3 million in the first half of fiscal year 2023, with organic growth of 3.5 percent. Within this segment, textile revenues decreased slightly to €71.8 million from €73.1 million, marking a decrease of 1.7 percent year-on-year and an organic decrease of 0.6 percent.
Other revenues, mainly from third-party brands, saw a significant drop to €7 million from €17.7 million in H1FY23, representing a year-on-year decrease of 60.4 percent and an organic decline of 32.9 percent, the company said in a press release.
The Thom Browne segment experienced a challenging fiscal first half of the year, with revenues of €166.9 million compared to €208.0 million in the first half of fiscal year 2023, a decrease of 19.7% year-over-year and an organic decrease of 27.0%. The performance of the Thom Browne brand mirrored the segment's results, with revenues for the first half of fiscal year 2024 of €166.7 million compared to €207.0 million in the first half of fiscal year 2023. First half of fiscal year 2023reflecting a year-over-year decrease of 19.4 percent and an organic decrease of 26.7 percent.
In the second quarter of fiscal year 2024, Ermenegildo Zegna Group revenues reached €497 million, up 4.7% year-over-year but down slightly organically by 0.4%. The Zegna segment recorded second-quarter revenues of €335.6 million, up 3.3% year-over-year and organic growth of 2.7%, driven by the strong performance of the Zegna brand. In contrast, the Thom Browne segment saw second-quarter revenues decline by 7.2% year-over-year and 17.8% organically.
“Looking ahead, I remain fully confident in the strategy we have put in place and the path we are following. Our Group is the custodian of three authentic brands, each with untapped long-term growth potential. We all recognise that 2024 will continue to be a challenging year, which is why we have been working on cost control initiatives across the Group. However, we will continue to act with perseverance and determination, combined with foresight and vision, to pursue our long-term ambitions,” he said. Ermenegildo 'Gildo' Zegna, President and CEO.
Fibre2Fashion (DP) Press Desk
