The Italian group Ermenegildo Zegna posted a solid first half of 2026, marked by revenue growth and a sharp acceleration in the second quarter. In a luxury market that remains mixed, the owner of Zegna, Thom Browne, and TOM FORD FASHION confirms the effectiveness of its strategy focused on direct-to-consumer sales and reinforces its ambitions in the U.S. market.
A Second Quarter That Exceeded Expectations
The Ermenegildo Zegna Group posted revenue of 517.1 million euros in the second quarter, up 10.3% at current exchange rates and 11% in organic growth, exceeding analysts’ expectations of 493 million euros. For the first six months of the year, sales reached 987.3 million euros, representing a 6.4% increase compared to the first half of 2025.
This performance reflects an acceleration in business following a strong first quarter and comes at a time when several luxury players continue to face a slowdown in demand in certain markets.
The Zegna brand remains the main driver
Growth is driven primarily by the Zegna brand, which continues to move upmarket thanks to its direct-to-consumer strategy. Direct-to-consumer (DTC) sales—including company-owned stores and digital channels—rose by 16.4% in the second quarter, while the multi-brand distribution network continues to be streamlined.
The group’s other brands are showing mixed performance. TOM FORD FASHION continues to grow, supported by the first collections from Haider Ackermann, while Thom Browne remains hampered by the restructuring of its wholesale network—a strategy the group has embraced to prioritize long-term profitability.
The United States Drives Growth
The Americas are Zegna’s main geographic growth driver, with organic growth of 22% in the second quarter. This momentum is fueled by demand for customization services, made-to-measure offerings, and the brand’s experiential initiatives, notably the Villa Zegna event held in Los Angeles.
Greater China also returned to a positive trajectory with growth of 8.6%, while Europe posted more modest growth (+1.6%), weighed down by a slowdown in spending by international tourists, particularly those from Asia. Despite geopolitical tensions, the Middle East remained on a positive trajectory during the quarter.
Buoyed by these results, the group plans to open 14 to 15 new stores in 2026, more than half of which will be in the United States, while continuing a program to optimize its global network. This strategy illustrates management’s confidence in the potential of the U.S. market and in its direct-to-consumer model, as the luxury sector continues to operate in a mixed economic environment.
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Featured photo: Global ambassador Mads Mikkelsen © Zegna
