Zegna Group sprinted in the fourth quarter of 2025, and even if exchange rates, tariffs, wars, and the Chinese market are causes for concern, the company responded with flexibility, a clear vision, and advance planning. The holding reported a strong performance in the direct‑to‑consumer channel, which offset the ongoing rationalization of wholesale distribution.
Zegna sprints in the fourth quarter
Preliminary results from the Ermenegildo Zegna Group show that in 2025 revenue amounted to €1.917 billion, +1.1% on an organic basis and -1.5% at current exchange rates. In the fourth quarter, preliminary revenues totaled €591 million (+0.3% at current exchange rates, +4.6% organically), an improvement over the third quarter. Sales from the Direct‑to‑Consumer (DTC) channel grew 9.6% organically. In detail, the DTC channel of the Zegna brand recorded organic growth of 10.3%, Thom Browne +11.2%, while Tom Ford Fashion recorded +4.8%.
The scenario
Exchange rates, U.S. tariffs, and ongoing wars are a source of concern for the group due to the instability and reduced propensity for travel and spending they entail. “But we remain calm, we must be agile”, said Gildo Zegna, in his new role as executive chairman of the group, as reported by WWD. Zegna admitted that the brand is suffering in China, but that there is growth potential in Asia. The group’s new CEO and former CFO, Gianluca Tagliabue, believes China is likely to “remain volatile” in 2026.
Meanwhile, the group is due to collect $26.3 million from Saks. “It is a limited impact on our sales”, CEO Tagliabue clarified, speaking of ongoing negotiations with Saks Global whose outcome is entirely uncertain. “The situation is very complex, and we must be ready to find solutions, defending ourselves while at the same time supporting Saks, since it is an important partner”, Tagliabue concluded.
Photos from social media
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