The Ermenegildo Zegna Group closed a stellar 2023 and is eyes further growth in 2024, while it continues to streamline its wholesale distribution.
brands, last year more than doubled its net profit, which reached 135.7 million euros, compared with 65.3 million euros in 2022, on revenues that rose 27.6 percent to 1.9 billion euros.
“Organic performance is expected midsingle-digit negative due to wholesale revenues expected to be down high double digit. Starting from the second quarter and going more into the second part of the year, we are expecting to see an improved performance largely driven by a stronger direct-to-consumer, while the wholesale streamlining will continue.”
Speaking about the first months of 2024, Zegna said “China is not really slowing down, but is reacting more slowly to the change of the Zegna one brand identity, compared to the U.S. and the Middle East, where the reaction was much faster.” The importance of structuring the company with a new management organization was made during the call and, on LinkedIn, Joyce Weng now appears as president of Tom Ford Fashion, Greater China, South East Asia and Oceania. Simon Kendall has been named president of Tom Ford Fashion, Americas.
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