Published by Global Banking and Finance Review
Posted on January 27, 2025
MILAN (Reuters) - Revenues at Italian luxury group Ermenegildo Zegna rose 2.9% on an organic basis in the last three months of the year, with double-digit growth in the Americas outweighing an 11% sales drop in China, it said on Monday.
"We expect 2025 to play out differently across various geographies," Chairman and CEO Ermenegildo Zegna said in a statement.
While the group has seen a "solid performance" in the Americas and the Europe, Middle East and Africa region in early January, "we also believe that there will be ongoing volatility with respect to consumer demand in China", he said.
Full-year revenues at the company, whose brands include Tom Ford, Thom Browne and ZEGNA, fell 1.9% on an organic basis to 1.95 billion euros ($2.05 billion), beating a company-provided revenue consensus of 1.91 billion euros.
Sales were sustained by the group's main brand ZEGNA, while Thom Browne's sales were down.
Last week Burberry reported a smaller than expected 4% drop in quarterly comparable store sales. Sales at Richemont jumped 10% to 6.2 billion euros in the fourth quarter, well ahead of analyst expectations for a 1% increase.
($1 = 0.9512 euros)
(Reporting by Elisa Anzolin; Editing by Cristina Carlevaro and Jan Harvey)
