Zegna's profit drops to €90.861 million from €135.661 million. Revenue reached €1.947 billion in 2024

The Ermenegildo Zegna Group closed 2024 with a profit decline to €90.861 million from €135.661 million, "penalized—as stated in a company note—by a 30% tax rate, compared to 20% in 2023, due to extraordinary items that did not recur in 2024." Revenue stood at €1.94 billion, up 2.2% compared to 2023. The Zegna brand led the performance with revenue growth of 6%. Gross Margin increased by over two percentage points, reaching 66.6% of revenue compared to 64.3% in 2023, driven by the growth of the retail channel. Adjusted EBIT amounted to €184 million, down from €220 million in FY 2023, with an EBIT margin of 9.5%, "impacted particularly by the performance of the Thom Browne brand and, in part, by investments in the development of Tom Ford Fashion." The Board of Directors has proposed a dividend of €0.12 per ordinary share, unchanged from 2023. Throughout the year, investments continued in talent acquisition, the development of directly operated stores, and marketing activities. The Group also announced its mid-term targets, which it expects to achieve by 2027: revenue between €2.2-2.4 billion and Adjusted EBIT between €250-300 million. "In a particularly challenging year, our Group recorded an Adjusted EBIT of €184 million, surpassing recent expectations," commented Ermenegildo Gildo Zegna, Chairman and CEO of the Group. "Zegna drove these results, thanks to its unique DNA and the management's commitment to achieving goals. We have adopted a highly consistent approach, focusing exclusively on fundamental strategic projects and investments that strengthen brand desirability while ensuring rigorous cost control. Thom Browne's results reflect our strategic choice to optimize the wholesale channel to enhance customer centrality through Direct-to-Consumer. Tom Ford Fashion continued its journey toward fully unlocking its potential with a clear vision of its priorities. The recent fashion show — the first under Haider Ackermann's creative direction — received unanimous acclaim, confirming that our strategic direction is well-defined. In 2024, we took decisive action, consolidating our organization and selectively investing in our brands. Our Supply Chain—the backbone of the Group—remains a driving and distinctive element, fueling the innovation that sets Zegna, Thom Browne, and Tom Ford Fashion apart. Looking ahead to 2025, we recognize the importance of maintaining a prudent approach while entirely focused on executing our projects. We are aware that, especially in an increasingly complex environment, protecting the identity of our brands remains our top priority. We will do so with discipline, flexibility, and a strong commitment to executing our strategic vision and creating value for our stakeholders."