Ermenegildo Zegna Q3 2025 Revenue Report

Ermenegildo Zegna N.V. reported unaudited revenues of €1,325.9 million for the first nine months of 2025, a decrease of 2.3% year-over-year (YoY) but a slight organic decline of 0.4%. The third quarter of 2025 saw revenues of €398.2 million, a marginal increase of 0.2% YoY and a 3.6% organic growth. The Direct-to-Consumer (DTC) channel showed robust growth, particularly in the Americas and EMEA, with ZEGNA, Thom Browne, and TOM FORD FASHION brands all recording solid DTC performance. However, wholesale revenues declined significantly due to strategic decisions to enhance distribution quality and focus on the DTC channel. The company remains optimistic about future growth despite ongoing challenges in consumer demand and currency fluctuations.