Ermenegildo Zegna Group sales are bucking luxury’s North American slowdown.
The company’s US revenue hit €157 million ($173) in the first half of 2023, up 26 percent from a year earlier at constant exchange rates, boosted by the acquisition of the Tom Ford fashion business, as well as double digit growth at Zegna and Thom Browne, the brand said on Thursday.
Earlier this week, sector leader LVMH reported weakened sales in the America, citing lower demand from aspirational customers. Prada also saw US sales decline in the first half, according to results released Thursday.
At Zegna, total group revenue reached €903 million in the first half, up 24 percent year on year. In addition to growth in the US, the company said a rebound in Chinese consumer spending and strong European sales also contributed to the group’s uptick in sales.
”I am particularly pleased that we are gaining market share, and I am confident about the strong opportunities ahead as the menswear segment grows globally with existing and new audiences,” said chairman Gildo Zegna.
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Zegna Group Reports €65M Profit Amid ‘Quiet Luxury’ Boom
Ermenegildo Zegna Group is currently seeing double-digit growth in stores after hitting €1.5 billion in sales last year. With a slowdown expected for luxury brands, chairman Gildo Zegna tells BoF the recently rebranded menswear giant is well-positioned to outperform.
