A look at the second quarter results for 2025. Miu Miu continues to support the Prada Group’s growth, albeit at a slightly slower pace. Meanwhile, the Ermenegildo Zegna Group shows signs of slowing, largely due to a downturn at Thom Browne.
Miu Miu keeps boosting Prada Group
Prada Group’s net revenues for the first half of 2025 reached €2.74 billion, up 9% year-on-year (+7.6% in the second quarter). Retail sales for the Prada brand fell by 1.9% in the six-month period and by 3.6% between April and June, while Miu Miu sales continued their significant upward trajectory: +49% in the first half and +40% in Q2. Church’s also saw positive figures, with a 4% rise in the first half and 6% in the second quarter. Net profit held steady at €386 million, compared to €383 million a year earlier. “We close this first half with a solid second quarter that built on a strong start to the year,” commented CEO Andrea Guerra. “We believe some sector dynamics are cyclical rather than structural and we are continuing with our strategy and remain committed to generating solid, sustainable growth that outpaces the market average”.
Meanwhile at Zegna
Zegna closed the first half of 2025 with revenue of €927.7 million, down 2% on an organic basis. In the second quarter, revenue stood at €468.9 million, a 2.6% organic decline. The results were affected by the appreciation of the euro, strong retail growth, and a steep drop in wholesale. By brand, at constant exchange rates, Zegna rose by 1% in Q2 (flat over the full half-year), while Thom Browne dropped 23.9% (-21.6% from January to June). Tom Ford Fashion was the only brand to see growth: +4.1% in Q2 and +3.8% for the half-year. “The strong organic performance of our DTC channel, up 8% in Q2 2025, shows our strategic initiatives and actions are delivering results”, commented CEO Ermenegildo “Gildo” Zegna.
Strategic moves
In terms of leadership, the Zegna Group announced that Thom Browne’s CEO, Rodrigo Bazan, will step down on 31 August 2025 after nine years “to pursue other opportunities”. He will be succeeded by Sam Lobban, formerly of Nordstrom. There are also updates on the shareholder front. Venezio Investments, a wholly owned subsidiary of Singapore-based Temasek Holdings, has invested over $126 million in Zegna through share purchases. Combined with its existing holdings, Temasek now owns 10% of Zegna’s share capital. The agreement gives the Italian luxury group greater room for expansion in Asia, and enables the Singaporean firm to strengthen its position in Europe.
Photos: Zegna and Prada‘s social media
Read also:
