管理層發言
Good afternoon, good morning, everyone. Thank you for joining the Ermenegildo Zegna Group first quarter 2026 revenues call. Please note that today's material and presentation are available on the zegnagroup.com website. Before we begin, we need to point out that the team will make certain forward-looking statements during the call. The group's actual results may be materially different from those expressed or implied by these forward-looking statements. Also, these statements are subject to a number of risks and uncertainties, including those described in our SEC filings. Please refer to the Forward-looking statements cautionary statement included at page two of today's presentation. I'll now hand over to Paola Durante, Chief of External Relations and Sustainability.
Thank you. Thank you, operator, and good morning, good afternoon, everyone. Welcome to our first quarter 2026 revenue call. Today, I'm joined by our Group CEO, Gianluca Tagliabue, who will lead our call shortly. I will begin with a brief comment on our Q1 revenues before handing the floor to Gianluca. Let's therefore move directly to page seven of the presentation. As always, I will comment on the organic revenue trend, because they better reflect the underlying business dynamics, excluding foreign exchange impacts. Q1 2026, the group reported EUR 470 million in revenues, which is up 7%, marking a sequential acceleration compared to the previous quarter. The performance was boosted by the DTC channel, which was up 14% at group level, with remarkable results across all three brands. Growth was positive in all regions, led by the Americas with a nice 17% growth and a positive Greater China Region at +5%.
Let's turn to page eight, where I will focus on the performance by brand. Zegna recorded in the quarter EUR 310 million, up 11% in sequential improvement compared to Q4 last year. This improvement has been driven by a solid DTC performance, which was strong across all regions. Thom Browne, EUR 58 million revenues in Q1, reported a 3% decline, which is a combination of a strong DTC performance, which was up double digits, and a contraction in the wholesale channel. TOM FORD FASHION, EUR 68 million in revenues, +5% organic, also in this case boosted by DTC. Very quick on the textile, performance was +3%, which reflects an ongoing soft demand in the sector. I will not focus on other revenues that are an increasingly marginal business, so quarter-on-quarter percentages are not meaningful. Directly on page nine, I will look at the revenues by geographic area. EMEA first. EMEA in the quarter represented 33% of our group revenues, up 1% with DTC solidly up across all brands.
This strong DTC performance has been counterbalanced by the decline in wholesale sales. The Americas in the quarter represented 29% of group revenues and recorded, as I already mentioned, a 17% growth in acceleration, boosted by double-digit growth across all three brands. Greater China Region, 26% of group revenues in the quarter, reported a +5% increase with a positive contribution from DTC at all brands. Finally, rest of APAC, which for us is a smaller region at 12% of group revenues, has reported 8% growth, driven particularly by Korea and Japan. That has been solidly positive across all three brands. Page 10, not many comments here, just a couple of numbers, if I may. The first one I would like to underline is the DTC channel performance in the first quarter, +14% at group level. The fact that DTC now accounts for 85% of our group branded revenue. As you know, branded revenues exclude the textile and other revenues, which are by nature B2B businesses.
Wholesaler performance continues to reflect our decision to improve the quality of the network and to protect our icons. Let's now move to the Zegna brand, page 11. In the first quarter of 2026, Zegna DTC revenues, which accounted for 88% of brand revenues, sequentially accelerated compared to the previous quarter and fostered a 14% organic growth. This performance was led by continued strong double-digit growth in the Americas and in EMEA, with EMEA in particular showing a strong contribution from both tourists and locals. Rest of APAC and Greater China Region improved sequentially with the Chinese cluster turning positive in the quarter. At the end of March, the brand reduced its network by three directly operated stores. Looking at wholesale, Zegna revenues were down 5%. The performance reflects the decision to reduce the brand exposure to this channel to protect exclusivity and iconicity.
Thom Browne on page 12. In the first quarter of this year, Thom Browne reported a 20% DTC growth in acceleration, also thanks to the successful launch in March of a limited edition of sneakers in collaboration with ASICS. This launch boosted revenues worldwide and drove both existing and new customers to the stores. It was an important driver of the brand's Q1 DTC performance, but not the only one. In terms of store network, in the quarter Thom Browne opened two directly operated stores. On wholesale, the wholesale channel reported a 59% decline, which is a continuous reflection of the decision to tighten control over distribution and enhance the quality of the channel. This performance was also partially impacted by different timing in deliveries, with some shifts from Q1 to Q2 2026 versus last year. The first quarter trend should not be taken as a proxy for the full year. As already anticipated in our previous call, we expect that Thom Browne wholesale in 2026 will be down double digit, but less than what we have seen in the first quarter this year.
TOM FORD FASHION, TOM FORD FASHION recorded a flat 9% growth in DTC, which was driven by consistent performance across all regions, in particular in the Americas, the most important market for the brand, also benefiting from the success of the new spring collection. This very good brand momentum has also been further supported by the show in Paris in March this year. During Q1 TOM FORD FASHION opened two directly operated stores. Wholesale declined 3%, a normal reflection of our decision to focus on the DTC channel. Page 14, you can find a summary of the group store network, not much to add. Before leaving the floor to Gianluca, let me take a moment to highlight our main 2025 sustainability achievements. Full details and our sustainability report are available on our website. In 2025, we reached some important goals in sustainability. I would like to highlight four of them. First, at group level, 42% of top-priority raw material has been sourced from traceable and lower-impact sources.
We aim in 2026 to grow this percentage to 50%. We also reached last year the gender equality certification for the Italian entities of the Zegna brand, and we have been included in the A-list recognition in the CDP climate. Last, but very important, let me mention a project that goes beyond sustainability but embraces our legacy and unique know-how. In 2025, our internal academy, the Accademia dei Maestri, trained more than 50 Maestri craftspeople, who will pass their knowledge on to future generations. A very important project that is part of our legacy and values. With this, I hand over to Gianluca for his final remarks.
Thank you, Paola. Before we move to the Q&A, I would like to share a few final remarks. Let me begin with a brief update on the main recent projects and events across our three brands. I would like to start with Thom Browne and comment on the recent Thom Browne ASICS launch. As Paola already mentioned, in early March the brand introduced a three-color limited edition sneaker, which resonated strongly among both existing and new clients. This was a relevant contributor to the DTC growth in the quarter. This successful launch reflects not only a strong creative project, but also a solid go-to-market execution. Now we aim to leverage this momentum and the launch as a way to recruit new clients. Our goal is to make them, or at least a portion of them, repeat customers for Thom Browne. We see jersey and knitwear as the expected second-purchase items in the journey to make them loyal customers of the brand.
We will soon launch a high-summer capsule with a focus on colorful knitwear and jersey shirts, a project that will promote a retail-first and merchandising-driven approach to support Thom Browne DTC revenues. On the other hand, as Paola mentioned, while wholesale performance in Q1 is not indicative of the full-year trend, we continue to streamline this channel in order to improve its quality and further focus on Thom Browne DTC. Moving now to Zegna brand. The brand vision is clearly defined, and the team continues to double down on it with strong coherence. At the end of March, during Art Basel Hong Kong—an event of which Zegna is a global sponsor—the brand successfully hosted a Foundersuite in the city. Foundersuites are smaller-scale Zegna Villas built on the same concept: intimate, by-invitation-only spaces where our most important guests, the Friends of the Brand, are immersed in the Zegna legacy through highly personalized experiences.
This includes special collections that are exclusive to the event and not available in regular stores. Guests learn about Zegna's legacy and history in a physical space when the brand's international community naturally comes together. Building on this philosophy of immersive and highly curated brand experiences, Zegna's engagement journey will continue in the months ahead. In June the brand will further scale this approach in the U.S., hosting a Summer 2027 fashion show in Los Angeles alongside the Villa Zegna experience. The decision to locate the next fashion show and villa in Los Angeles reflects both the growing relevance of the U.S. market for Zegna and the city's role as a global center of cultural influence. TOM FORD FASHION: we already commented during the last call on the success of the most recent fashion show, which further confirmed Haider Ackermann's ability to interpret TOM FORD codes in a way that is unique, contemporary, and deeply personal.
Under his creative direction, the brand has defined its path and articulated a clear bridge between its past and its future. We are now working to translate this momentum and brand energy into in-store revenue generation. The positive Q1 results in DTC confirm that we are moving in the right direction, but we are fully aware that there is still work to be done to build on this progress. The brand has opened in Q1 two stores in Mexico, entering a market we see as offering strong potential. Early feedback has been encouraging from these stores. Before concluding, let me add some comments on the situation in the Middle East and on current trading. As you know, the group operates 16 directly operated stores in the Middle East region, alongside a limited number of franchise stores. All our stores are open and operational, and our teams continue to work with dedication and strong engagement in an environment that is obviously complex.
Over the past weeks, we have implemented immediate actions to contain inventory levels and adjust discretionary costs. Thanks to our people's connection with clients and the strength of our brands, in particular Zegna, the revenue decline in the region, although down double-digit, is more contained than the decrease in average mall traffic. Considering the Middle Eastern cluster—that is, resident overall, which includes Middle East clients spending locally and spending abroad—since the beginning of the conflict the impact is even more limited, being substantially flat to last year. This demonstrates the relevance of the strategy we have implemented over the years in the region, with investments that laid the foundation for this relative resilience. While the current situation requires close monitoring, our long-term conviction in the region remains unchanged. The Middle East continues to be a key market for the luxury goods sector and a strategic area of focus for our growth, to which we remain committed.
On current trading, first of all, it is important to underline that we are only one month into Q2, so any indication is by definition partial. Looking at DTC performance for Zegna brand, we are seeing trends broadly in line with Q1, excluding the Middle East. In the Middle East, April continues to show a double-digit negative trend, but at a lower rate than what we hear from the market and the competition. On Thom Browne, we are pleased that the ASICS collaboration is now almost sold out across the regions. As expected, the revenue trend will normalize in Q2 as the ASICS effect adjusts. While we continue to see positive signs, we are also mindful that we need to further build and strengthen this momentum in the coming months and leverage the new clients that the collaboration brought to the brand. TOM FORD FASHION: the spring/summer collection has been well received. April continues to confirm this good trend.
These early months of the year reflect the outcome of a vision and the long-term strategy defined in recent years, executed with discipline. We are aware that important work lies ahead, and we remain fully engaged in delivering on our commitments, knowing that the overall context remains challenging. With that, we open to the Q&A session.
Thank you, Gianluca. Operator, can you please open the Q&A?
分析師問答
We will now begin the question and answer session. If you would like to ask a question, please press star one on your telephone keypad to raise your hand. To withdraw your question, press star one again. Please stand by while we compile the Q&A roster. Your first question comes from the line of Chris Huang with UBS. Your line is now open. Please go ahead.
Hi, thanks for taking my question. It's Chris from UBS. First of all, congrats on the very strong results. I will stick to two questions. First, just wanted to come back on the Chinese consumer comment you made on the Zegna brand. Paola, you mentioned that it was back to positive territory in Q1, which was very impressive. Could you elaborate a little bit more on what you have been doing in the region? And following that positive start in Q1, would you expect this positive momentum to continue throughout the rest of the year? That's my first one. Secondly, can we talk a little bit about Thom Browne? Q1 was clearly strong and boosted by the ASICS collaboration. Are you able to quantify how much incremental revenue that collaboration brought to the brand in Q1? Also, could you break down like-for-like versus space components? If we look simply at the number of stores, probably like-for-like is in the range of low to mid-teens; if that's correct, what does that mean for the H1 margins? Thank you very much.
Thank you, Chris. Okay, I'll ask Gianluca to comment on the Chinese market and on Thom Browne.
Hi, Chris. You're right. Talking about the Chinese cluster, most of the demand is local. The Chinese cluster for Zegna did turn positive in the quarter, so we see this as a positive indication. When you look at the full year, we stay cautious because we see volatility in the results, so we cannot yet say we are entirely into a stable growth momentum. That's why we remain cautious in our planning and still look at Greater China more as a flat environment on a comp basis. We are seeing within China big momentum in Hong Kong, and we will take advantage of this momentum with an important opening along the year at Harbour City for Zegna. There is less strong momentum in mainland China; Tier 1 cities are holding much better than Tier 2 cities. Regarding ASICS, you asked about its contribution. ASICS is not the only driver of the +20% DTC growth for Thom Browne. It's an important contributor, but substantial growth also comes from other initiatives. In other words, removing ASICS would not bring the brand to zero growth. In terms of space and comp, when you look across brands, Zegna and TOM FORD are predominantly comp-driven. For Thom Browne, there is likely a more balanced contribution between comp and space expansion.
Thank you. Next question, please.
Your next question comes from the line of Natasha Banoori with Morgan Stanley. Your line is now open. Please go ahead.
Hi, this is Natasha Banoori from Morgan Stanley. Thank you for taking my questions, Paola and Gianluca. I have two. First, can you remind us on the contribution from pricing this year? I believe it's mid-single digits. Then maybe if you could break down how volume, mix, and pricing have trended in Q1. Second question on the Zegna brand specifically: what are you seeing in terms of new versus existing clients in Q1, especially in the U.S., and anything to call out in terms of performance by product categories? Thank you.
Thank you, Natasha. Just to clarify, the second question is about new versus existing clients and category contribution, correct?
Yes. On pricing and the drivers by brand: for Zegna the big driver is definitely AUR, with a low to mid-single-digit price component. There is a significant mix effect, whether elevated luxury leisure wear or personalization offerings like Su Misura, which raise AUR. For Thom Browne and TOM FORD, AUR is less material and volume is a more relevant driver. In terms of new versus existing clients, we are seeing an increased number of new clients entering the Zegna brand, attracted by the overall brand momentum. We are also focused on retention of these new clients. For example, new fragrance launches like Memorie provide an entry door to the brand and resonate with customers because they tell the story of Zegna. Personalization offerings—Su Misura and other tailored experiences in villas and suites—also contribute to higher price points. Su Misura is definitely growing strongly. We are also working to increase make-to-measure across TOM FORD and Thom Browne from a smaller base. On Thom Browne, the ASICS launch has been an important hook to engage new customers and re-engage prior customers, and we are working to convert those into repeat clients.
Thank you. Next question, please.
Your next question comes from the line of Bhumi Kanabar with Jefferies. Your line is now open. Please go ahead.
Hi. Can I just confirm that when you include the Middle East cluster, it was flat versus last year, but when you exclude tourists, locals were down double-digit? Also, can you talk about how much Su Misura now is as a percentage of Zegna branded sales versus as a percentage of TOM FORD and Thom Browne sales, and where you hope that will get to?
Bhumi, could you please repeat the first part? It was difficult to hear.
I can rephrase. On the Middle East cluster clarity: we indicated that Middle East residents' spending has been flat overall since the beginning of the conflict, meaning January and February were positive and March onwards became more challenging. Residents have purchased less locally and more abroad, mostly in Europe. On personalization incidence: for Zegna Su Misura is around 10% of brand sales and is growing. For TOM FORD and Thom Browne, personalization is minimal today, but we see it as untapped potential and are working to increase it over time.
Thank you. Next question, please.
Your next question comes from the line of Chiara Battistini with JPMorgan. Your line is now open. Please go ahead.
Thank you very much. I have a couple of questions. First, on EMEA performance at group level: could you quantify how much DTC was actually up in the quarter in EMEA, and possibly what was the EMEA performance excluding the Middle East in Q1? Second, on operating leverage for the Zegna brand: given mid-teens growth, how should we think about margin progression and investments? Any indication for H1 margin progression would be helpful. Thank you very much.
In terms of EMEA, the quarter has been very solid and DTC outperformed. EMEA performance excluding Middle East is not much different from the reported EMEA performance.
To add: if you exclude Middle East from the group result, the group growth goes up slightly, but not even a full percentage point. On operating leverage and outlook: we are not revising guidance today. Consensus is floating between EUR 185 million and EUR 190 million for adjusted EBIT, and we have said margins will be broadly sideways to last year excluding the one-off tax impact. There are two offsetting factors: we are investing heavily in IT and group backbone systems, and we have currency headwinds—Q1 saw roughly five points of currency impact; we expect closer to two points for the full year. We also prefer not to rely on strong price increases. Therefore, we do not expect significant operating leverage to fully materialize this year. We remain focused on long-term foundations and investment.
Thank you. Next question, please.
Your next question comes from the line of Maria Meita with Bernstein. Your line is now open. Please go ahead.
Hello, and thank you for taking my questions. I have three. First, at TOM FORD, what is the split between womenswear and menswear today? On womenswear specifically, Haider Ackermann has focused on ready-to-wear in his first collection, but is he now working on the iconic leather goods or next bag that will be popular at TOM FORD? Finally, a longer-term question: how confident are you in your 2027 guidance? Consensus I see is below on both top line and bottom line. What levers do you plan to use to achieve the results in your guidance? Thank you.
Thank you, Maria. I'll leave to Gianluca on the TOM FORD split and product strategy.
TOM FORD is approximately 70% menswear and 30% womenswear today. We are ahead on leather wear rather than leather goods; leather wear is driving momentum, and we see good results on shoes as well. We are still working to create an iconic women's bag offering—this remains an untapped potential and a key workstream for design and merchandising. Ready-to-wear has been a key driver of growth so far. On 2027 guidance: we remain confident in the targets we stated and are comfortable with the lower part of the range we provided last year. When we set guidance in March 2025, currencies have moved, so we are focused on the lower end of the range. The Middle East situation remains a question mark but we still view that range as our goal.
Thank you. Next question, please.
Your next question comes from the line of Chris Gao with CLSA. Your line is now open. Please go ahead.
Hi. Thank you for taking my question. Two points. First, a follow-up on current trading: how do you see Q2 to date trends compared with March exit rates? Some clarity on DTC and the Zegna core brand would be appreciated. Second, on GP margin trends for H1: how should we think about this given strong DTC growth but industry headwinds from FX and input cost volatility? How is DTC supporting GP margin in the first half? Also, you mentioned more new customers; is this also the case in the Chinese cluster, and are these new clients more aspirational or higher-spending Zegna Friends? Thank you.
Thank you, Chris. We'll start with current trading and DTC trends, and ask Gianluca to provide color.
Hi, Chris. On how we enter Q2: DTC finished Q1 at +14% at group level. Excluding Middle East, DTC is trending in line with Q1; we don't see major differences. The Middle East is double-digit down but much more muted than public traffic figures, which some have reported at -50%. For Thom Browne, the Q1 wholesale decline will normalize in Q2 and the full-year decline will be much less than the Q1 rate. The ASICS effect will partially normalize in Q2 as the collaboration sells through. On margin, we did not provide a detailed H1 GP margin color today as the call focuses on revenues. In terms of new customers and DOERS, we are seeing growth across channels: Friends, DOERS, personalization, Triple Stitch and fragrances are all entry doors to the brand. We see a stable and healthy pattern of growth across clusters, including China. Regarding currency: Q1 had about five points of FX headwind; for the full year we expect something closer to two points.
Thank you. Next question, please.
Your next question comes from the line of Adrien Duverger with Goldman Sachs. Your line is now open. Please go ahead.
Hi, good afternoon, Gianluca and Paola. Thank you for taking my questions. First, could you provide a bit more color on performance by cluster? Second, what are the trends in wholesale so far in H1 2026—confidence across partners and order book visibility? Third, a quick follow-up on margins: you've reiterated guidance for margins to be sideways ex-tax for the full year. Could you help frame phasing for investments between H1 and H2, please? Thank you.
Thank you, Adrien. I'll ask Gianluca to comment on clusters, wholesale, and phasing of investments.
Cluster performance: North America remains very solid with double-digit growth—this includes not only the U.S. but also Mexico and other Latin American markets which are showing strong percentage growth even if smaller at scale. Continental Europe is also showing double-digit growth driven by both locals and foreigners. Greater China Region turned positive in the quarter. Japan and Korea are showing good traction across the three brands. Middle East was positive in Q1 up to February and became more challenging from March. On wholesale: our reductions in wholesale are a strategic, self-inflicted decision to improve channel quality and protect brand iconicity. We expect the wholesale business to decline further this year as part of that strategy. Thom Browne wholesale will not be down 59% for the full year; full-year decline should be materially less. TOM FORD wholesale likely single-digit negative for the year and Zegna wholesale low double-digit negative for the year. It's a deliberate decision rather than an order-book concern. On phasing and investments: we are investing in IT and other group-level capabilities now. That investment timing impacts margin phasing; however, we are not providing more detailed H1 versus H2 margin phasing today. Overall guidance remains sideways ex-tax.
Thank you. Next question, please.
Your next question comes from the line of Anthony Charchafji with BNP. Your line is now open. Please go ahead.
Good morning. Thank you for taking my question. On China, momentum is improving and in Zegna the market tends to skew to tailoring, but your shoe business was resilient last year. Can you share what category outperformed in Q1 between tailoring, shoes, and outerwear? Also by clientele, have top spenders (Zegna Friends) improved and are they catching up with U.S. and European Zegna Friend growth? Second, on store closures in China: given you plan to close 10 stores in 2026, have early closures benefited nearby stores so top-line impact is neutral? Third, on Zegna DTC between price, mix and volume: growth has been driven by price and mix recently—do you have a timeframe where you expect volume to pick up? Lastly, on Zegna wholesale: given you increased supply of iconic products to partners, and you guided Zegna wholesale down low double digits, is there any shift where retail is capturing sales of those iconic items? Thank you.
Anthony, on China: it's not correct to say China is skewed only to tailoring. The category drivers are luxury leisure categories and shoes, including Triple Stitch and 232 shoes, which have performed well. We also had good make-to-measure activity in Q1. We are seeing good results among high-spending loyal clients as well as new clients—so both cohorts are contributing. On store closures: whenever we close a location, we implement retention plans to capture business into nearby doors and digital channels; we do not expect full 100% retention but we target realistic retention goals per closure. On volume versus price/mix: price increases are low-single-digit and mix uplift is a meaningful driver; number of tickets is also up in some areas with strong conversion, so volume is beginning to show signs of improvement but mix and AUR remain key contributors today. On Zegna wholesale and iconic products: we are deliberately containing distribution of iconic items and channeling business into our own doors where possible. We are opening DOS in locations where wholesale had been dominant, which allows us to capture business in our network.
Thank you. Next question, please.
Your next question comes from the line of Oliver Chen with TD Cowen. Your line is now open. Please go ahead.
Hi, Paola and Gianluca. The Zegna brand has been impressive. Which regions or geographies drove the outperformance for the core Zegna brand? How has China tourism been relative to your expectations? And on the Middle East, you have done better than peers—what strategies have driven the relative resilience versus competition? Thank you.
Thank you, Oliver. I'll ask Gianluca to comment on regional drivers and Middle East resilience.
Oliver, across regions: the Americas, including U.S., Mexico and Latin America, have been very strong. Continental Europe is also performing very well, with locals and foreigners contributing. Greater China Region turned positive in Q1. Japan and Korea show traction across brands. On China tourism: we see a positive contribution from tourists in locations such as Hong Kong, but overall Chinese tourist flows to Europe are mixed; Europe is still benefiting from South American and Middle Eastern tourists as well. On Middle East resilience: this is due to long-term relationships, client intimacy and consistent investments in the market. Our teams have strong connections with clients, and the brand is seen as a destination that clients visit in multiple markets, which supports resilience when local traffic declines.
Thank you. Are there any further questions? There are no further questions at this time. Okay. Alicia, please.
Hello, everyone. Alicia speaking. Thank you for attending today's call. I would like to remind you that our next release and conference call will take place on July 23rd for H1 preliminary revenues. The silent period will begin on July 1st. If you need any further clarification, please do not hesitate to contact us. Have a nice rest of the day. Ciao.
A nice, hopefully long, weekend. Thank you, also from myself.
Thank you. Ciao.
This concludes today's call. Thank you for attending. You may now disconnect.