The Zegna brand posted 4.9% revenue growth over the fiscal year. Credit: Andrei Antipov/Shutterstock.

Italian luxury fashion house Ermenegildo Zegna Group has disclosed unaudited financial figures for the fiscal year 2024 (FY24), revealing a 2.2% year-on-year increase in revenue.  

The luxury fashion company registered €1.94bn ($2.03bn) in revenues, compared with the previous fiscal year’s €1.90bn.  

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During the fiscal year, the group’s Zegna segment – encompassing the Zegna brand, textile and others, reported revenues of €1.34bn, a 2% uptick from €1.32bn in FY23.  

The Zegna brand itself saw revenues climb to €1.16bn, a 4.9% increase from €1.10bn in the previous year. 

Thom Browne experienced a downturn, with revenues falling 17.2% to €314.8m in FY24 from €380.3m in FY23, while Tom Ford Fashion enjoyed substantial growth, with revenues surging 33.5% to €314.5m from €235.5m in FY23. 

The group’s direct-to-customer (DTC) revenues were particularly strong for the group in FY24, reaching €1.39bn, a 9.9% jump from €1.26bn in FY23.  

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But wholesale branded revenues declined by 12.2%, down to €402.3m from €458.4m in the previous fiscal year. 

In the fourth quarter of FY24, Zegna Group’s revenues increased by 3.3% to €589.2m compared to the same period of the previous year.  

The Zegna brand’s quarterly revenues rose by 8.4% to €353.1m, buoyed by robust organic growth in the US and Europe, Middle East and Africa (EMEA) regions. The double-digit growth in DTC channels within these markets was particularly notable. 

Thom Browne’s quarterly performance reflected a decrease of 4.3%, with revenues at €94.4m.  

Meanwhile, Q4 revenues for Tom Ford Fashion showed a positive trend with a 3.7% increase YoY to €100.6m.  

Group chairman and CEO Ermenegildo “Gildo” Zegna stated: “In the fourth quarter of 2024, group revenues increased 3% boosted by the Zegna DTC channel which grew by plus 11% with double-digit growth in the US and in EMEA, sequentially accelerating compared to the previous quarter.  

“We expect 2025 to play out differently across various geographies. While we have seen solid performance in the Americas and EMEA in the first weeks of January, we also believe that there will be ongoing volatility with respect to consumer demand in China.  

“We are prepared to navigate these challenges with the guidance of our talented team and a sharp focus on our priorities: continuing to build on brand equity, focusing investments on key strategic projects and doubling down on our existing strengths.”