Zegna is +27% on the year (good), but abandons fur (not good)

Zegna is +27% on the year (good), but abandons fur (not good)

If Zegna was able to be +27% on the year it has to do with the “Luxury Leisurewear” and “footwear” categories. The group’s sales amount to 1.29 billion euro, just below the 1.32 billion collected in 1.32 billion of 2019. US market performed well, awarding the Thom Browne brand with a revenue of 263 million euro, up 47%. The group, meanwhile, announced it plans on abandoning fur (which today counts for less than 1% of the group’s total sales); the collections in 2022 will be the last to use them.

Zegna is +27% on the year

The group closed 2021 with 1.292 billion euro of revenue. Sales of Zegna-branded products, including apparel, handbags, shoes, and leather goods, other than licensed and royalties, increased 33% with robust growth in the “Luxury Leisurewear” and “footwear” categories. Sales in the US increased consistently, with revenue up 53% on the previous year and a strong performance by Thom Browne.

Fur is abandondoned

The group, fresh from its IPO on Wall Street, forecasts the next results to show revenue growth in the “low teens” (between +10% and +14%), with improved profitability. Zegna, all the while, joined the group of brands that will no longer use fur. “The decision to stop using fur is part of our sustainability policy”, explained Ermenegildo ‘Gildo’ Zegna. The CEO pointed out to Il Sole 24 Ore that “fur represents just 1% of Zegna’s sales”.

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