Zegna二季度有机收入增长11%，直营渠道占品牌收入86%

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Introduction & Market Context
Ermenegildo Zegna Group (NYSE:ZGN) presented preliminary H1 2026 revenue results on July 23, 2026, showcasing sequential acceleration across its luxury fashion portfolio. The company reported second-quarter organic revenue growth of 11%, reaching €517 million, with direct-to-consumer sales now representing 86% of branded revenues as the group continues its strategic shift away from wholesale distribution. Shares rose 2.16% in premarket trading to $14.18, near the stock’s 52-week high of $15.44.
The presentation highlighted broad-based momentum across the group’s three main brands—ZEGNA, Thom Browne, and TOM FORD FASHION—with particularly strong performance in the Americas and Asia-Pacific regions. The results reflect the company’s multi-year transformation toward a retail-first business model and premium product positioning.
Quarterly Performance Highlights
As shown in the following summary of key revenue metrics, the company demonstrated sequential improvement from the first quarter across all major performance indicators:
For the first half of 2026, consolidated revenues reached €987 million, representing 6% year-over-year growth and 9% organic growth. The second quarter showed accelerating momentum, with revenues of €517 million growing 10% year-over-year and 11% on an organic basis. Direct-to-consumer revenues grew 16% organically in H1 and 17% in Q2, underscoring the success of the group’s retail-focused strategy.
Executive Chairman Ermenegildo "Gildo" Zegna emphasized the strength of the company’s client-centric approach in his statement accompanying the results:
"I am particularly proud to report 11% organic growth in the Group’s revenues in the past quarter, with sequential acceleration across all our brands," Zegna stated. "This performance reflects the strength of our client-centric model, with Direct-to-Consumer revenues up 17% organically in the quarter and all brands delivering double-digit growth."
Brand-by-Brand Analysis
The following breakdown illustrates how the ZEGNA brand drove the majority of the group’s revenue growth during the period:
The ZEGNA brand emerged as the primary growth engine, generating €635 million in H1 revenues with 14% organic growth, accelerating to 17% organic growth in Q2. The brand accounted for 64% of the group’s H1 revenues and benefited from strong performance in make-to-measure offerings, luxury leisure wear, and elevated fabric collections.
A detailed analysis of ZEGNA’s distribution strategy reveals the brand’s retail-first approach:
ZEGNA’s direct-to-consumer channel, which represents 90% of the brand’s H1 revenues, grew 18% organically in Q2, with double-digit growth across all geographic areas. The brand maintained 279 directly-operated stores at the end of the period, with wholesale revenues declining 3% organically as part of the strategic focus on retail.
Thom Browne showed signs of recovery after a challenging start to the year:
Thom Browne revenues totaled €123 million in H1, flat on an organic basis, but returned to growth in Q2 with 3% organic expansion. The brand’s DTC channel, representing 83% of H1 revenues, grew 16% organically in Q2, driven by solid performance in the Americas, Korea, and Japan. The brand added three net store openings during the quarter, including locations in Chicago and Vancouver, bringing its total to 128 directly-operated stores.
TOM FORD FASHION demonstrated accelerating momentum:
TOM FORD FASHION generated €157 million in H1 revenues with 6% organic growth, accelerating to 7% organic growth in Q2. The brand’s DTC channel, accounting for 68% of H1 revenues, grew 13% organically in Q2, with particularly strong performance in the Americas and Rest of APAC regions. The brand operated 67 directly-operated stores at period end.
Geographic Performance
Regional performance showed significant divergence, with the Americas and Asia-Pacific leading growth while Europe remained softer:
The Americas emerged as the strongest region, with revenues of €302 million in H1 growing 20% organically, accelerating to 22% organic growth in Q2 to reach €165 million. The region benefited from double-digit DTC growth across all three brands and represented 31% of group revenues.
Greater China Region revenues totaled €236 million in H1, up 7% organically, with sequential acceleration to 9% organic growth in Q2. The performance reflected improving momentum in the mainland market, with Chinese consumers spending approximately 90% of their purchases locally rather than abroad.
Rest of APAC showed robust growth of 14% organically in H1, accelerating to 19% in Q2, driven by strong performance in Korea and Japan. EMEA revenues grew more modestly at 1% organically in H1 and 2% in Q2, reflecting robust DTC growth offset by wholesale performance.
Distribution Strategy Evolution
The company’s strategic pivot toward direct-to-consumer sales continued to reshape its revenue mix:
Direct-to-consumer revenues reached €783 million in H1, growing 16% organically, and accelerated to 17% organic growth in Q2 with revenues of €411 million. DTC now represents 86% of branded product revenues, up from 82% in H1 2025, reflecting the group’s deliberate strategy to control more of the customer experience and capture higher margins.
Wholesale branded revenues declined 13% organically in H1 and 9% organically in Q2, totaling €132 million and €67 million respectively. This decline reflects the group’s strategic decision to pursue a "fewer, better doors" approach across all three brands, reducing dependence on third-party distribution channels.
The retail store network stood at 474 directly-operated stores at June 30, 2026, with 279 ZEGNA stores, 128 Thom Browne locations, and 67 TOM FORD FASHION boutiques. The wholesale network comprised 183 stores, bringing the total monobrand store count to 657.
Forward-Looking Statements
Management expressed confidence in achieving full-year 2026 consensus guidance and maintaining broadly stable margins compared to 2025. The company outlined several strategic priorities for the remainder of the year, including continued DTC expansion, new store openings in key markets such as Hong Kong Harbour City and Shenzhen MixC Shenzhen Bay, and a planned Paris store opening for TOM FORD FASHION in January 2027.
The group emphasized ongoing investment in premium product categories including make-to-measure, women’s ready-to-wear, and luxury leisure wear. Management also highlighted plans to deploy artificial intelligence across three main areas: demand planning and forecasting, customer engagement and personalization, and internal productivity enhancement.
However, the company noted that second-half comparisons could prove more challenging, as Q2 benefited from certain one-time initiatives including Villa Zegna in Los Angeles and a Thom Browne collaboration with ASICS. Management also acknowledged some softness in continental Europe in early July.
The textile division, which generated €67 million in H1 revenues, declined 3% organically in Q2, while other revenues decreased 26% organically, primarily affecting agreements with third-party brands. Despite these headwinds in non-core segments, the company’s three main luxury brands demonstrated resilience and sequential improvement throughout the first half of 2026.
Full presentation:
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