Ermenegildo Zegna Group Reports Full Year 2024 Profit of EUR91 Million and Adjusted EBIT of EUR184 Million
-- Revenues reached EUR1,946.6 million, up 2.2% YoY from EUR1,904.5 million
in FY 2023, +3.4% at constant currency, -1.9% organic1
-- Profit of EUR90.9 million, compared to EUR135.7 million in FY 2023.
Profit performance in FY 2024 also reflects a normalized 30% effective
tax rate compared to 20% in FY 2023
-- Gross profit margin rose to 66.6%
-- Adjusted EBIT1 of EUR184.0 million
-- Proposed dividend per ordinary share of EUR0.12
-- Strategic investments in talent acquisition, store network and marketing
continued throughout the year, laying the foundations for sustainable
growth at ZEGNA, Thom Browne and TOM FORD FASHION
-- Mid-term targets updated
MILAN--(BUSINESS WIRE)--March 27, 2025--
Ermenegildo Zegna N.V. $(ZGN)$ (the "Company" and, together with its consolidated subsidiaries, the "Ermenegildo Zegna Group" or "the Group") today announced Profit of EUR90.9 million for FY 2024 with a Profit margin of 4.7%, compared to EUR135.7 million in FY 2023 (7.1% Profit margin).
FY 2024 Adjusted EBIT was EUR184.0 million, compared to EUR220.2 million in FY 2023 with an Adjusted EBIT Margin of 9.5% and revenues of EUR1,946.6 million, as announced on January 27, 2025.
Ermenegildo "Gildo" Zegna, Group Chairman and CEO, said: "Despite a challenging environment in 2024, the Group achieved Adjusted EBIT of EUR184 million.
ZEGNA led this performance, driven by the brand's distinctive competitive edge and management's commitment to delivering results. We maintained a highly disciplined approach, focusing on key projects and investments that enhance brand desirability while ensuring strict cost control. Thom Browne's operating performance reflects our strategic decision to streamline the wholesale channel while reinforcing client-centricity through Direct-to-Consumer. TOM FORD FASHION has continued its journey toward realizing its full potential with a clear understanding of key priorities. The recent, unanimously acclaimed fashion show--the first under Haider Ackermann--strongly aligns with this direction and confirms that our path forward is well-defined.
In 2024, we took decisive actions, strengthening our organization and prioritizing investments that are strategic in our brands. Our Filiera--our R&D powerhouse--remains a driving force for our Group, fueling the innovation that sets ZEGNA, Thom Browne, and TOM FORD FASHION apart.
As we look further into 2025, we recognize the importance of maintaining a cautious approach while also remaining committed to delivering on our projects. Especially in today's environment, protecting our brands' identity remains our first priority. We will do so with discipline, agility, and a sharp focus on executing our vision while creating value for our stakeholders."
____________________ (1) Revenues on an organic growth basis (organic or organic growth) and on a constant currency basis (constant currency), Adjusted EBIT, Adjusted EBIT Margin, Trade Working Capital, Net Financial Indebtedness/(Cash Surplus) and Free Cash Flow 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 16 of this press release for the definition and reconciliation of non-IFRS financial measures to the most directly compares IFRS measures.
Results of Operations
For the years ended December 31,
------------------------------------------------------
(EUR thousands,
except Percentage of Percentage of
percentages) 2024 revenues 2023 revenues
----------- -------------- --------- --------------
Revenues 1,946,647 100.0% 1,904,549 100.0%
Cost of sales (650,087) (33.4%) (680,235) (35.7%)
----------- -------------- --------- --------------
Gross profit 1,296,560 66.6% 1,224,314 64.3%
Selling, general
and
administrative (1,008,324) (51.8%) (901,364) (47.3%)
Marketing
expenses (121,384) (6.2%) (114,802) (6.0%)
----------- -------------- --------- --------------
Operating profit 166,852 8.6% 208,148 10.9%
Financial income 26,028 1.3% 37,282 2.0%
Financial
expenses (51,995) (2.7%) (68,121) (3.6%)
Foreign exchange
losses (11,338) (0.6%) (5,262) (0.3%)
Result from
investments
accounted for
using the
equity method 1,061 0.1% (2,953) (0.2%)
----------- -------------- --------- --------------
Profit before
taxes 130,608 6.7% 169,094 8.9%
Income taxes (39,747) (2.0%) (33,433) (1.8%)
----------- -------------- --------- --------------
Profit 90,861 4.7% 135,661 7.1%
Fiscal Year 2024 Key Financial Highlights
Revenues
In FY 2024 the Group recorded revenues of EUR1,946.6 million (+2.2% YoY and -1.9% organic). The ZEGNA brand recorded revenues of EUR1,163.7 million (+4.9% YoY and +5.5% organic). Thom Browne reported revenues of EUR314.7 million (-16.8% YoY and -20.5% organic). TOM FORD FASHION recorded revenues of EUR314.5 million (+33.5% YoY and -0.7% organic). Textile revenues were EUR138.2 million (-8.5% YoY and -7.5% organic) and Other revenues were EUR15.5 million (-48.4% YoY and -32.1% organic).
Full details of the Group's revenues are included in the Annual Report on Form 20-F for the year ended December 31, 2024, which has been filed with the U.S. Securities and Exchange Commission today.
Gross Profit, Operating Profit and Profit
Gross profit in FY 2024 reached EUR1,296.6 million, up from EUR1,224.3 million in FY 2023, with a gross profit margin of 66.6%, compared to 64.3% in FY 2023. This was primarily driven by the increased proportion of direct-to-consumer ("DTC") revenues at the Group level, which reached 78% of revenues from branded products (compared to 73% in FY 2023).
Selling, general, and administrative (SG&A) expenses were EUR1,008.3 million (51.8% of revenues) in FY 2024, compared to EUR901.4 million (47.3% of revenues) in FY 2023. The higher incidence on revenues reflects investments in talent, the store network, and organization to support the long-term growth of each of the Group's brand.
Marketing expenses in FY 2024 were EUR121.4 million, compared to EUR114.8 million in FY 2023, with the incidence on revenues substantially in line in FY 2024 (6.2%) compared to FY 2023 (6.0%).
As a result of the above, the Group reported an operating profit of EUR166.9 million compared to EUR208.1 million in FY 2023.
The Group's profit in FY 2024 was EUR90.9 million (4.7% margin), compared to EUR135.7 million (7.1% margin) in FY 2023. In 2024, the Group's effective tax rate returning to a more standard level of 30%, compared to a lower effective tax rate of 20% in FY 2023 (mainly as a result of higher non-taxable income), resulted in an increase in taxes of EUR6.3 million. Foreign exchange losses increased by EUR6.1 million, mainly related to the impact of U.S. Dollar appreciation versus the Euro.
Adjusted EBIT and Adjusted EBIT Margin
The table below shows the reconciliation of Profit to Adjusted EBIT and the calculation of Profit Margin and Adjusted EBIT Margin for FY 2024 and 2023. Adjusted EBIT is the main performance metric used by the Group's management at the consolidated and reporting segment level.
For the years ended December 31,
----------------------------------
(EUR thousands, except percentages) 2024 2023
---------------- ----------------
Profit 90,861 135,661
Income taxes 39,747 33,433
Financial income (26,028) (37,282)
Financial expenses 51,995 68,121
Foreign exchange losses 11,338 5,262
Result from investments accounted for
using the equity method (1,061) 2,953
---------------- ----------------
Operating profit 166,852 208,148
Adjustments:
Net impairment of leased and owned
stores 11,196 1,782
Severance indemnities and provisions for
severance expenses 4,878 4,002
Legal costs for trademark dispute 1,061 2,168
Transaction costs related to
acquisitions 33 6,001
Costs related to the Business
Combination -- 2,140
Special donations for social
responsibility -- 100
Net income related to lease agreements -- (4,129)
---------------- ----------------
Adjusted EBIT 184,020 220,212
Revenues 1,946,647 1,904,549
Profit Margin (Profit / Revenues) 4.7% 7.1%
Adjusted EBIT Margin (Adjusted EBIT / Revenues) 9.5% 11.6%
Analysis by Segment
In FY 2024, Adjusted EBIT for the Zegna segment was EUR187.6 million, down from EUR193.5 million in FY 2023. Adjusted EBIT for the Thom Browne segment was EUR27.3 million, down from EUR59.0 million in FY 2023. The Tom Ford Fashion segment reported an Adjusted EBIT of negative EUR10.1 million, compared to negative EUR1.7 million in FY 2023.
For the years ended
December 31, Change
---------------------- ----------------------------
(EUR thousands,
except 2024 vs
percentages) 2024 2023 2023 % Organic
---------- ---------- ---------- ------- -------
Revenues
----------------
Zegna 1,348,839 1,322,045 26,794 2.0% 2.5%
Thom Browne 314,818 380,287 (65,469) (17.2%) (20.8%)
Tom Ford Fashion 314,514 235,544 78,970 33.5% (0.7%)
Intersegment
eliminations (31,524) (33,327) 1,803 n.m.(*) n.m.
---------- ---------- ---------- ------- -------
Total revenues 1,946,647 1,904,549 42,098 2.2% (1.9%)
____________________
(*) Throughout this section "n.m." means not meaningful.
For the years ended December
31, Change
------------------------------- ---------------------
(EUR thousands,
except
percentages) 2024 2023 2024 vs 2023 %
-------------- --------------- ------------ -------
Adjusted EBIT
------------------------------------------------------------------------
Zegna 187,598 193,466 (5,868) (3.0%)
Thom Browne 27,319 58,969 (31,650) (53.7%)
Tom Ford Fashion (10,116) (1,741) (8,375) n.m.
Corporate (19,977) (30,423) 10,446 (34.3%)
Intersegment
eliminations (804) (59) (745) n.m.
-------------- --------------- ------------ -------
Total 184,020 220,212 (36,192) (16.4%)
Adjusted EBIT
Margin
----------------
Zegna 13.9% 14.6%
Thom Browne 8.7% 15.5%
Tom Ford Fashion (3.2%) (0.7%)
Zegna segment
In FY 2024, the Zegna segment (which includes the ZEGNA brand, Textile and Other) generated revenues of EUR1,348.8 million(2) (+2.0% YoY and +2.5% organic).
Adjusted EBIT for the Zegna segment was EUR187.6 million in FY 2024 with an Adjusted EBIT Margin of 13.9% compared to 14.6% in FY 2023. The slight decrease in margin was mainly driven by the investments made in talent, in the retail network and by challenging environment in GCR.
Thom Browne segment
In FY 2024, the Thom Browne segment generated revenues of EUR314.8 million(2) (-17.2% YoY and -20.8% organic).
Adjusted EBIT for the Thom Browne segment was EUR27.3 million in FY 2024, with an Adjusted EBIT Margin of 8.7% compared to 15.5% in FY 2023. The decrease was a consequence of the decline in revenues and investments made to reinforce the retail organization.
Tom Ford Fashion segment
In FY 2024, the Tom Ford Fashion ("TFF") segment generated revenues of EUR314.5 million(2) (+33.5% YoY and -0.7% organic).
Adjusted EBIT for the Tom Ford Fashion segment was negative EUR10.1 million in FY 2024, compared to negative EUR1.7 million in FY 2023. The operating performance was mainly affected by the investments in talent, both at HQ and at the regional level, in the store network, and the reinforcement of various business functions including compliance and IT, all of which will support the brand's future growth.
Corporate
Corporate costs amounted to EUR20.0 million in FY 2024 compared to EUR30.4 million in FY 2023. The decrease is mainly due to lower costs for short-term and long-term remuneration.
____________________ (2) Before inter-segment eliminations
Capital Expenditure, Trade Working Capital, Net Financial Indebtedness/(Cash Surplus) and Free Cash Flow
Capital expenditure
For the years ended December 31,
----------------------------------
(EUR thousands) 2024 2023
------------------ --------------
Payments for property, plant and
equipment 100,104 57,034
Payments for intangible assets 25,425 20,843
------------------ --------------
Capital expenditure 125,529 77,877
Capital expenditure (capex) rose to EUR125.5 million in FY 2024, compared to EUR77.9 million in FY 2023. The increase is mainly attributable to the expansion of the DTC channel for all the brands, the reinforcement of the Group's IT infrastructure, and the initial investments in the new shoe production plant in Parma (Italy).
Trade Working Capital
At December 31, Change
-------------------- -------
(EUR thousands) 2024 2023
--------- --------- -------
Trade Working Capital 460,034 448,909 11,125
of which trade receivables 248,790 240,457 8,333
of which inventories 521,015 522,589 (1,574)
of which trade payables and customer
advances (309,771) (314,137) 4,366
Trade Working Capital was EUR460.0 million at December 31, 2024, up 2.5% from EUR448.9 million at December 31, 2023. The performance was positively influenced by solid inventory management, as inventories remained stable compared to the previous year.
Net Financial Indebtedness/(Cash Surplus)
At December 31, Change
----------------- ------
(EUR thousands) 2024 2023
-------- ------- ------
Net Financial Indebtedness/(Cash Surplus) 94,225 10,810 83,415
Net Financial Indebtedness was EUR94.2 million at December 31, 2024, compared to EUR10.8 million at December 31, 2023. The increase primarily reflects the cash-out for M&A transactions (mainly related to the acquisition of the additional 2% equity interest in Thom Browne and the acquisition of the Korean businesses of both Thom Browne and ZEGNA), dividends and other items (mainly related to fair value hedging), partially offset by the positive Free Cash Flow generation of EUR10.1 million.
Free Cash Flow
For the years ended December 31,
----------------------------------
(EUR thousands) 2024 2023
---------------- ----------------
Net cash flows from operating activities 279,129 275,382
Payments for property, plant and
equipment (100,104) (57,034)
Payments for intangible assets (25,425) (20,843)
Payments of lease liabilities (143,549) (125,732)
---------------- ----------------
Free Cash Flow 10,051 71,773
Notwithstanding the decrease in operating profit, the higher capex compared to FY 2023, and an increase in payments of lease liabilities due to the expansion of the store network at each brand, the Group continued to maintain positive cash flow generation in FY 2024, which reached EUR10.1 million, compared to EUR71.8 million in FY 2023.
Mid-term targets
To reflect the current business environment, the Group has updated its medium-term targets. In 2027, the Group expects to reach:
-- Revenues in the range of EUR2,200-EUR2,400 million -- Adjusted EBIT of EUR250-EUR300 million
Subsequent events
Proposal of dividend distribution
On March 26, 2025, the Board of Directors of Ermenegildo Zegna Group proposed to make a dividend distribution of EUR0.12 per share to holders of the Company's ordinary shares, equal to a total dividend distribution of approximately EUR30 million. The dividend proposal is subject to the finalization and adoption of the annual statutory accounts of the Company (provided that the distribution is permitted under Dutch law) and to the approval of the Company's shareholders at the 2025 annual general meeting, which is expected to be held on June 26, 2025.
Upcoming Events
Next financial releases
-- April 24, 2025: Q1 2025 Revenues -- July 30, 2025: H1 2025 Preliminary Revenues -- September 5, 2025: H1 2025 Financial Results -- October 23, 2025: Q3 2025 Revenues
To receive email alerts of the timing of future financial news releases, as well as future announcements, please register at https://ir.zegnagroup.com.
Conference Call
As previously announced, today, at 9:00 a.m. ET (2:00 p.m. CET), the Group will host a live webcast and conference call. To access the webcast please visit our website .
To participate in the call, please dial:
Italy: +39 06 9450 1060
United States: +1 646 233 4753
United Kingdom: +44 20 3936 2999
Access Code: 767620
Webcast link: https://events.q4inc.com/attendee/447377645
An online archive of the broadcast will be available on the website shortly after the live call and will be available for twelve months.
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 EUR1.95 billion in 2024.
Forward Looking Statements
This communication, including the section titled "Mid-term targets", 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; the conflict in Ukraine and sanctions imposed onto Russia; the occurrence of acts of terrorism or similar events, conflicts, civil unrest or situations of political instability; developments in Greater China and other growth and emerging markets; 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; disruption in our information technology, including as a result of cybercrime; 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; failures to comply with applicable laws and regulations; 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 and developments may cause that view to change. 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.
FY 2024 - Group Revenues Tables
Revenues by Segment
For the years ended
December 31, Increase/(Decrease)
---------------------- ----------------------------
(EUR thousands,
except 2024 vs
percentages) 2024 2023 2023 % Organic
---------- ---------- ---------- ------- -------
Zegna 1,348,839 1,322,045 26,794 2.0% 2.5%
Thom Browne 314,818 380,287 (65,469) (17.2%) (20.8%)
Tom Ford Fashion 314,514 235,544 78,970 33.5% (0.7%)
Intersegment
eliminations (31,524) (33,327) 1,803 n.m.(1) n.m.
---------- ---------- ---------- ------- -------
Total revenues 1,946,647 1,904,549 42,098 2.2% (1.9%)
---------- ---------- ---------- ------- -------
____________________
(1) Throughout this section "n.m." means not meaningful
Intersegment eliminations include revenues from products that the Textile and Other product lines (included in the Zegna segment) sell to the Group's brands.
Revenues by brand and product line
For the years ended
December 31, Increase/(Decrease)
------------------------ --------------------------
(EUR thousands,
except 2024 vs
percentages) 2024 2023 2023 % Organic
----------- ----------- -------- ------- -------
ZEGNA brand 1,163,722 1,109,491 54,231 4.9% 5.5%
Thom Browne 314,712 378,410 (63,698) (16.8%) (20.5%)
TOM FORD FASHION 314,514 235,531 78,983 33.5% (0.7%)
Textile 138,153 150,986 (12,833) (8.5%) (7.5%)
Other(1) 15,546 30,131 (14,585) (48.4%) (32.1%)
----------- ----------- -------- ------- -------
Total revenues 1,946,647 1,904,549 42,098 2.2% (1.9%)
----------- ----------- -------- ------- -------
____________________
(1) Other mainly includes revenues from agreements with third-party brands.
Revenues by distribution channel
For the years ended
December 31, Increase/(Decrease)
------------------------ --------------------------
(EUR thousands,
except 2024 vs
percentages) 2024 2023 2023 % Organic
----------- ----------- -------- ------- -------
Direct to
Consumer $(DTC.AU)$
----------------
ZEGNA brand 1,004,308 945,313 58,995 6.2% 6.1%
Thom Browne 186,066 183,422 2,644 1.4% (7.6%)
TOM FORD FASHION 200,302 136,291 64,011 47.0% 5.1%
----------- ----------- -------- ------- -------
Total Direct to
Consumer $(DTC)$ 1,390,676 1,265,026 125,650 9.9% 4.0%
As a percentage
of branded
products(1) 77.6% 73.4%
Wholesale
branded
----------------
ZEGNA brand 159,414 164,178 (4,764) (2.9%) 2.5%
Thom Browne 128,646 194,988 (66,342) (34.0%) (32.6%)
TOM FORD FASHION 114,212 99,240 14,972 15.1% (8.5%)
----------- ----------- -------- ------- -------
Total Wholesale
branded 402,272 458,406 (56,134) (12.2%) (15.0%)
As a percentage
of branded
products 22.4% 26.6%
Textile 138,153 150,986 (12,833) (8.5%) (7.5%)
Other(2) 15,546 30,131 (14,585) (48.4%) (32.1%)
----------- ----------- -------- ------- -------
Total revenues 1,946,647 1,904,549 42,098 2.2% (1.9%)
----------- ----------- -------- ------- -------
____________________
(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.
Revenues by geographic area
For the years ended
December 31, Increase/(Decrease)
------------------------ --------------------------
(EUR thousands,
except 2024 vs
percentages) 2024 2023 2023 % Organic
----------- ----------- -------- ------- -------
EMEA(1) 680,259 658,694 21,565 3.3% 0.4%
Americas(2) 524,790 454,890 69,900 15.4% 6.8%
Greater China
Region 509,378 595,515 (86,137) (14.5%) (13.7%)
Rest of APAC(3) 229,877 192,492 37,385 19.4% 6.9%
Other(4) 2,343 2,958 (615) (20.8%) (25.7%)
----------- ----------- -------- ------- -------
Total revenues 1,946,647 1,904,549 42,098 2.2% (1.9%)
----------- ----------- -------- ------- -------
____________________
(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.
Group Monobrand(1) Store Network at December 31, 2024 and 2023
At December 31,
------------------------------------------------------------
2024 2023
----------------------------- -----------------------------
TOM TOM
Thom FORD Thom FORD
# Stores ZEGNA Browne FASHION Group ZEGNA Browne FASHION Group
----- ------ ------- ----- ----- ------ ------- -----
EMEA(2) 76 9 11 96 71 9 4 84
Americas 72 28 13 113 59 7 12 78
Greater
China
Region 78 40 12 130 79 33 10 122
Rest of
APAC 55 39 28 122 44 37 25 106
----- ------ ------- ----- ----- ------ ------- -----
Total
Direct to
Customer
(DTC) 281 116 64 461 253 86 51 390
----- ------ ------- ----- ----- ------ ------- -----
EMEA(2) 44 5 16 65 55 7 14 76
Americas 59 1 46 106 63 3 50 116
Greater
China
Region 11 10 -- 21 13 10 -- 23
Rest of
APAC 4 5 2 11 20 5 6 31
----- ------ ------- ----- ----- ------ ------- -----
Total
Wholesale 118 21 64 203 151 25 70 246
----- ------ ------- ----- ----- ------ ------- -----
Total 399 137 128 664 404 111 121 636
----- ------ ------- ----- ----- ------ ------- -----
____________________
(1) Monobrand store count includes our DOSs (which are divided into
boutiques and outlets) and our wholesale monobrand stores (including
also monobrand franchisees).
(2) Does not include any stores in Russia. Although some stores may still be
operating in Russia, they have not been supplied by the Group since
February 2022 and have therefore been excluded from the Group's store
count.
Ermenegildo Zegna N.V.
CONSOLIDATED STATEMENT OF PROFIT AND LOSS
for the years ended December 31, 2024 and 2023
For the years ended December 31,
----------------------------------
(EUR thousands, except per share data) 2024 2023
------------------ --------------
Revenues 1,946,647 1,904,549
Cost of sales (650,087) (680,235)
------------------ --------------
Gross profit 1,296,560 1,224,314
Selling, general and administrative
expenses (1,008,324) (901,364)
Marketing expenses (121,384) (114,802)
------------------ --------------
Operating profit 166,852 208,148
Financial income 26,028 37,282
Financial expenses (51,995) (68,121)
Foreign exchange losses (11,338) (5,262)
Result from investments accounted for
using the equity method 1,061 (2,953)
------------------ --------------
Profit before taxes 130,608 169,094
Income taxes (39,747) (33,433)
------------------ --------------
Profit 90,861 135,661
Attributable to:
Shareholders of the Parent Company 77,083 121,529
Non-controlling interests 13,778 14,132
Basic earnings per share in EUR 0.31 0.49
Diluted earnings per share in EUR 0.30 0.48
Ermenegildo Zegna N.V.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
at December 31, 2024 and 2023
At December 31,
--------------------
(EUR thousands) 2024 2023
--------- ---------
Assets
Non-current assets
Intangible assets 614,363 572,274
Property, plant and equipment 204,806 159,608
Right-of-use assets 581,437 533,952
Investments accounted for using the equity method 19,690 18,765
Deferred tax assets 166,029 160,878
Other non-current financial assets 41,486 33,898
--------- ---------
Total non-current assets 1,627,811 1,479,375
Current assets
Inventories 521,015 522,589
Trade receivables 248,790 240,457
Derivative financial instruments 1,711 11,110
Tax receivables 32,505 31,024
Other current financial assets 77,269 90,917
Other current assets 105,742 95,260
Cash and cash equivalents 219,130 296,279
--------- ---------
Total current assets 1,206,162 1,287,636
--------- ---------
Total assets 2,833,973 2,767,011
Liabilities and Equity
Equity attributable to shareholders of the Parent
Company 916,120 840,294
Equity attributable to non-controlling interests 66,767 60,602
--------- ---------
Total equity 982,887 900,896
Non-current liabilities
Non-current borrowings 196,401 113,285
Other non-current financial liabilities 146,448 136,556
Non-current lease liabilities 518,728 471,083
Non-current provisions for risks and charges 23,550 19,849
Employee benefits 34,945 29,645
Deferred tax liabilities 78,129 73,885
Other non-current liabilities -- 9,689
--------- ---------
Total non-current liabilities 998,201 853,992
Current liabilities
Current borrowings 177,166 289,337
Other current financial liabilities -- 22,102
Current lease liabilities 142,957 122,642
Derivative financial instruments 15,138 897
Current provisions for risks and charges 16,792 16,019
Trade payables and customer advances 309,771 314,137
Tax liabilities 32,389 41,976
Other current liabilities 158,672 205,013
--------- ---------
Total current liabilities 852,885 1,012,123
--------- ---------
Total equity and liabilities 2,833,973 2,767,011
--------- ---------
Ermenegildo Zegna N.V.
CONSOLIDATED CASH FLOW STATEMENT
for the years ended December 31, 2024 and 2023
For the years ended December 31,
----------------------------------
(EUR thousands) 2024 2023
---------------- ----------------
Operating activities
Profit 90,861 135,661
Income taxes 39,747 33,433
Depreciation, amortization and
impairment of assets 235,950 194,952
Financial income (26,028) (37,282)
Financial expenses 51,995 68,121
Foreign exchange losses 11,338 5,262
Write-downs and other provisions 8,180 (1,168)
Write-downs of the provision for
obsolete inventory 25,745 31,850
Result from investments accounted for
using the equity method (1,061) 2,953
Gains arising from the disposal of fixed
assets -- --
Other non-cash expenses, net 51,253 66,641
Change in inventories (5,896) (72,770)
Change in trade receivables (12,572) (51,022)
Change in trade payables including
customer advances (13,098) 11,670
Change in other operating assets and
liabilities (86,373) (29,765)
Interest paid (38,140) (29,166)
Income taxes paid (52,772) (53,988)
---------------- ----------------
Net cash flows from operating activities 279,129 275,382
Investing activities
Payments for property, plant and
equipment (100,104) (57,034)
Payments for intangible assets (25,425) (20,843)
Proceeds from the sale of investment 7,582 --
Proceeds from disposals of non-current
financial assets 334 2,345
Payments for purchases of non-current
financial assets (4,174) (2,623)
Proceeds from disposals of current
financial assets and derivative
instruments 41,421 270,317
Payments for acquisitions of current
financial assets and derivative
instruments (26,341) (36,956)
Business combinations, net of cash
acquired (19,307) (117,686)
Acquisition of investments accounted for
using the equity method -- (15,734)
---------------- ----------------
Net cash flows (used in)/from investing
activities (126,014) 21,786
Financing activities
Repayments of borrowings (290,781) (306,150)
Proceeds from borrowings 259,720 204,424
Payments of lease liabilities (143,549) (125,732)
Proceeds/(repayments) of other
non-current financial liabilities -- --
Dividends to owners of the parent (30,290) (25,031)
Dividends paid to non-controlling
interests (6,132) (6,068)
Payments for acquisition of
non-controlling interests (23,502) --
Proceeds from the exercise of warrants -- 4,409
Sales of shares held in treasury -- 3,654
Proceeds from capital contribution from
Monterubello -- --
---------------- ----------------
Net cash flows used in financing
activities (234,534) (250,494)
Effects of exchange rate changes on cash
and cash equivalents 4,270 (4,716)
---------------- ----------------
Net (decrease)/increase in cash and cash
equivalents (77,149) 41,958
---------------- ----------------
Cash and cash equivalents at the
beginning of the year 296,279 254,321
---------------- ----------------
Cash and cash equivalents at the end of
the year 219,130 296,279
---------------- ----------------
Non-IFRS Financial Measures
The Group's management monitors and evaluates operating and financial performance using several non-IFRS financial measures including: adjusted earnings before interest and taxes ("Adjusted EBIT"), Adjusted EBIT Margin, Net Financial Indebtedness/(Cash Surplus), Trade Working Capital, Free Cash Flow, 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.
Adjusted EBIT and Adjusted EBIT Margin
Adjusted EBIT is defined as profit or loss before income taxes plus financial income, financial expenses, foreign exchange losses and the result from investments accounted for using the equity method, adjusted for income and costs which are significant in nature and that management considers not reflective of underlying operating activities, including, for one or all of the periods presented and as further described below, net impairment of leased and owned stores, severance indemnities and provisions for severance expenses, legal costs for trademark dispute, transaction costs related to acquisitions, costs related to the Business Combination, special donations for social responsibility and net income related to lease agreements.
Adjusted EBIT Margin is defined as Adjusted EBIT divided by revenues of the applicable period.
The Group's management uses Adjusted EBIT and Adjusted EBIT Margin for internal reporting to assess performance and as part of the forecasting, budgeting and decision-making processes as they provide additional transparency regarding the Group's underlying operating performance. The Group's management believes these non-IFRS financial measures are useful because they exclude items that management believes are not indicative of the Group's underlying operating performance and allow management to view operating trends, perform analytical comparisons and benchmark performance between periods and among segments. The Group's management also believes that Adjusted EBIT and Adjusted EBIT Margin are useful for investors and analysts to better understand how management assesses the Group's underlying operating performance on a consistent basis and to compare the Group's performance with that of other companies. Accordingly, management believes that Adjusted EBIT and Adjusted EBIT Margin provide useful information to third party stakeholders in understanding and evaluating the Group's operating results.
The following table presents a reconciliation of Profit to Adjusted EBIT and the calculation of the Profit Margin and the Adjusted EBIT Margin for the years ended December 31, 2024 and 2023.
For the years ended December 31,
----------------------------------
(EUR thousands, except percentages) 2024 2023
---------------- ----------------
Profit 90,861 135,661
Income taxes 39,747 33,433
Financial income (26,028) (37,282)
Financial expenses 51,995 68,121
Foreign exchange losses 11,338 5,262
Result from investments accounted for
using the equity method (1,061) 2,953
---------------- ----------------
Operating profit 166,852 208,148
Adjustments:
Net impairment of leased and owned
stores(1) 11,196 1,782
Severance indemnities and provisions for
severance expenses(2) 4,878 4,002
Legal costs for trademark dispute(3) 1,061 2,168
Transaction costs related to
acquisitions(4) 33 6,001
Costs related to the Business
Combination(5) -- 2,140
Special donations for social
responsibility(6) -- 100
Net income related to lease
agreements(7) -- (4,129)
---------------- ----------------
Adjusted EBIT 184,020 220,212
Revenues 1,946,647 1,904,549
Profit Margin (Profit / Revenues) 4.7% 7.1%
Adjusted EBIT Margin (Adjusted EBIT /
Revenues) 9.5% 11.6%
__________________
(1) Net impairment of leased and owned stores for 2024 and 2023, includes:
For the years ended December 31,
----------------------------------
(EUR thousands) 2024 2023
------------------ --------------
Right-of-use assets 7,905 832
Property, plant and equipment 3,233 915
Intangible assets 58 35
------------------ --------------
Total 11,196 1,782
(2) Relates to severance indemnities of EUR4,878 thousand and EUR4,002
thousand in 2024 and 2023.
(3) Relates to legal costs of EUR1,061 thousand (net of reimbursements)
and EUR2,168 thousand in 2024 and 2023 respectively, in connection
with a legal dispute between Adidas AG and Thom Browne, primarily in
relation to the use of trademarks.
(4) Relates to transaction costs of EUR33 thousand and EUR6,001 thousand
in 2024 and 2023, respectively, primarily for consultancy and legal
fees related to the Group's acquisition of the ZEGNA business in
South Korea (2024 and 2023), the acquisition of the Thom Browne
business in South Korea (2023), the TFI Acquisition (2023) and the
acquisition of a 25% interest in Norda (2023).
(5) Costs related to the Business Combination of EUR2,140 thousand in
2023, relate to the grant of equity awards to management in 2021 with
vesting subject to the public listing of the Company's shares and
certain other performance and/or service conditions.
(6) Relates to donations to support initiatives related to humanitarian
emergencies in Turkey in 2023 (EUR100 thousand).
(7) Net income related to lease agreements of EUR4,129 thousand in 2023
relates to the derecognition of lease liabilities following a change
in terms of a lease agreement in Hong Kong.
Net Financial Indebtedness/(Cash Surplus)
Net Financial Indebtedness/(Cash Surplus) is defined as the sum of financial borrowings (current and non-current) and derivative financial instrument liabilities, net of cash and cash equivalents, derivative financial instrument assets, securities (recorded within other current financial assets in the consolidated statement of financial position).
The Group's management believes that Net Financial Indebtedness/(Cash Surplus) is useful to monitor the level of net liquidity and financial resources available to the Group. The Group's management believes this non-IFRS financial measure aids management, investors and analysts to analyze the Group's financial position and financial resources available, and to compare the Group's financial position and financial resources available with that of other companies.
The following table sets forth the calculation of Net Financial Indebtedness/(Cash Surplus) at December 31, 2024 and 2023.
At December 31,
--------------------
(EUR thousands) 2024 2023
--------- ---------
Non-current borrowings 196,401 113,285
Current borrowings 177,166 289,337
Derivative financial instruments -- Liabilities 15,138 897
--------- ---------
Total borrowings, other financial liabilities and
derivatives 388,705 403,519
Cash and cash equivalents (219,130) (296,279)
Derivative financial instruments -- Assets (1,711) (11,110)
Other current financial assets (Securities) (73,639) (85,320)
--------- ---------
Total cash and cash equivalents, other current
financial assets and derivatives (294,480) (392,709)
--------- ---------
Net Financial Indebtedness/(Cash Surplus) 94,225 10,810
Trade Working Capital
Trade Working Capital is defined as current assets less current liabilities adjusted for derivative assets and liabilities, tax receivables and liabilities, cash and cash equivalents, borrowings, lease liabilities, and certain other current assets and liabilities.
The Group's management uses Trade Working Capital to understand and evaluate the Group's liquidity generation/absorption. The Group's management believes this non-IFRS financial measure is important supplemental information for investors in evaluating liquidity in that it provides insight into the availability of net current resources to fund our ongoing operations. Trade Working Capital is a measure used by management in internal evaluations of cash availability and operational performance.
At December 31,
----------------------
(EUR thousands) 2024 2023
--------- -----------
Current assets 1,206,162 1,287,636
Current liabilities (852,885) (1,012,123)
--------- -----------
Working capital 353,277 275,513
Less:
Derivative financial instruments - Assets 1,711 11,110
Tax receivables 32,505 31,024
Other current financial assets 77,269 90,917
Other current assets 105,742 95,260
Cash and cash equivalents 219,130 296,279
Current borrowings (177,166) (289,337)
Current lease liabilities (142,957) (122,642)
Derivative financial instruments - Liabilities (15,138) (897)
Other current financial liabilities -- (22,102)
Current provisions for risks and charges (16,792) (16,019)
Tax liabilities (32,389) (41,976)
Other current liabilities (158,672) (205,013)
--------- -----------
Trade Working Capital 460,034 448,909
of which trade receivables 248,790 240,457
of which inventories 521,015 522,589
of which trade payables and customer advances (309,771) (314,137)
Free Cash Flow
Free Cash Flow is defined as net cash flows from operating activities less payments for property, plant and equipment (net of proceeds from disposals), intangible assets and lease liabilities.
The Group's management believes that Free Cash Flow is a useful metric for management, investors and analysts to evaluate and monitor the Group's ability to generate cash, including in comparison to other companies. Free Cash Flow is not representative of residual cash flows available for discretionary purposes.
The following table sets forth the Free Cash Flow for the years ended December 31, 2024 and 2023:
For the years ended December 31,
----------------------------------
(EUR thousands) 2024 2023
---------------- ----------------
Net cash flows from operating activities 279,129 275,382
Payments for property, plant and
equipment (100,104) (57,034)
Payments for intangible assets (25,425) (20,843)
Payments of lease liabilities (143,549) (125,732)
---------------- ----------------
Free Cash Flow 10,051 71,773
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:
(1) 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.
(2) 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.
(3) 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 year ended December 31, 2024 compared to the year ended December 31, 2023 (FY 2024 vs FY 2023)
Segment
FY 2024 vs FY 2023
---------------------------------------------------------------
less
Changes in
license
agreements
where the
less Group
less Acquisitions operates
Revenues Foreign Constant and as a
Growth exchange Currency disposals licensee Organic
-------- -------- -------- ------------ ---------- -------
Zegna 2.0% (1.4%) 3.4% 0.7% 0.2% 2.5%
Thom
Browne (17.2%) (0.8%) (16.4%) 4.4% --% (20.8%)
Tom Ford
Fashion 33.5% (0.8%) 34.3% 35.0% --% (0.7%)
-------- -------- -------- ------------ ---------- -------
Total 2.2% (1.2%) 3.4% 5.7% (0.4%) (1.9%)
-------- -------- -------- ------------ ---------- -------
Brand and product line
FY 2024 vs FY 2023
---------------------------------------------------------------
less
Changes in
license
agreements
where the
less Group
less Acquisitions operates
Revenues Foreign Constant and as a
Growth exchange Currency disposals licensee Organic
-------- -------- -------- ------------ ---------- -------
ZEGNA
brand 4.9% (1.5%) 6.4% 0.9% --% 5.5%
Thom
Browne
brand (16.8%) (0.8%) (16.0%) 4.5% --% (20.5%)
TOM FORD
FASHION 33.5% (0.8%) 34.3% 35.0% --% (0.7%)
Textile (8.5%) (1.0%) (7.5%) --% --% (7.5%)
Other (48.4%) (0.2%) (48.2%) (0.1%) (16.0%) (32.1%)
-------- -------- -------- ------------ ---------- -------
Total 2.2% (1.2%) 3.4% 5.7% (0.4%) (1.9%)
-------- -------- -------- ------------ ---------- -------
Distribution channel
FY 2024 vs FY 2023
---------------------------------------------------------------
less
Changes in
license
agreements
where the
less Group
less Acquisitions operates
Revenues Foreign Constant and as a
Growth exchange Currency disposals licensee Organic
-------- -------- -------- ------------ ---------- -------
Direct to
Consumer
(DTC)
----------
ZEGNA
brand 6.2% (1.5%) 7.7% 1.6% --% 6.1%
Thom
Browne
brand 1.4% (2.2%) 3.6% 11.2% --% (7.6%)
TOM FORD
FASHION 47.0% (1.2%) 48.2% 43.1% --% 5.1%
-------- -------- -------- ------------ ---------- -------
Total
Direct to
Consumer
(DTC) 9.9% (1.6%) 11.5% 7.5% --% 4.0%
-------- -------- -------- ------------ ---------- -------
Wholesale
branded
----------
ZEGNA
brand (2.9%) (1.5%) (1.4%) (3.9%) --% 2.5%
Thom
Browne
brand (34.0%) --% (34.0%) (1.4%) --% (32.6%)
TOM FORD
FASHION 15.1% (0.2%) 15.3% 23.8% --% (8.5%)
-------- -------- -------- ------------ ---------- -------
Total
Wholesale
branded (12.2%) (0.5%) (11.7%) 3.3% --% (15.0%)
Textile (8.5%) (1.0%) (7.5%) --% --% (7.5%)
Other (48.4%) (0.2%) (48.2%) (0.1%) (16.0%) (32.1%)
-------- -------- -------- ------------ ---------- -------
Total 2.2% (1.2%) 3.4% 5.7% (0.4%) (1.9%)
-------- -------- -------- ------------ ---------- -------
Geographic area
FY 2024 vs FY 2023
---------------------------------------------------------------
less
Changes in
license
agreements
where the
less Group
less Acquisitions operates
Revenues Foreign Constant and as a
Growth exchange Currency disposals licensee Organic
-------- -------- -------- ------------ ---------- -------
EMEA(1) 3.3% --% 3.3% 3.4% (0.5%) 0.4%
Americas(2) 15.4% (1.0%) 16.4% 10.3% (0.7%) 6.8%
Greater
China
Region (14.5%) (1.5%) (13.0%) 0.7% --% (13.7%)
Rest of
APAC(3) 19.4% (5.2%) 24.6% 18.1% (0.4%) 6.9%
Other(4) (20.8%) --% (20.8%) 4.9% --% (25.7%)
-------- -------- -------- ------------ ---------- -------
Total 2.2% (1.2%) 3.4% 5.7% (0.4%) (1.9%)
-------- -------- -------- ------------ ---------- -------
__________________
(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.
Capital expenditure
Capital expenditure is defined as the sum of cash outflows that result in additions to property, plant and equipment and intangible assets.
The following table shows a breakdown of capital expenditure by category for the years ended December 31, 2024 and 2023:
For the years ended December 31,
----------------------------------
(EUR thousands) 2024 2023
------------------ --------------
Payments for property, plant and
equipment 100,104 57,034
Payments for intangible assets 25,425 20,843
------------------ --------------
Capital expenditure 125,529 77,877
View source version on businesswire.com: https://www.businesswire.com/news/home/20250327313236/en/
CONTACT: Paola Durante, Chief of External Relations
Alice Poggioli, Investor Relations Director
Clementina Tito, Head of Corporate Communication
ir@zegna.com / corporatepress@zegna.com
(END) Dow Jones Newswires
March 27, 2025 07:32 ET (11:32 GMT)
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