Ermenegildo Zegna Q2 Earnings Call Highlights

Ermenegildo Zegna reported second-quarter 2026 revenue of EUR 517 million , up 11% organically , with management saying the quarter showed sequential acceleration and broad-based strength in direct-to-consumer sales. The company’s retail-first strategy continued to gain traction: DTC accounted for 86% of branded revenue , while ZEGNA, Thom Browne and TOM FORD FASHION all posted DTC growth even as wholesale declined. Management said the Americas led growth and APAC also improved, while cautioning that the second half will face tougher comparisons and that some Q2 boosts, such as special events and launches, will not repeat at the same level.

Ermenegildo Zegna NYSE: ZGN reported a sequential acceleration in preliminary second-quarter 2026 revenue, with management citing broad-based strength in its direct-to-consumer business and continued progress in shifting the group toward a retail-first model. Paola Durante, Chief of External Relations and Sustainability, said group revenue reached EUR 517 million in the second quarter, up 11% on an organic basis. Durante said the company focuses on organic performance when discussing revenue trends because it excludes foreign exchange effects and “better reflects the underlying business dynamics.”

The company’s branded revenue mix continued to skew heavily toward direct-to-consumer sales. Durante said DTC accounted for 86% of group branded revenue in the quarter, excluding textile and other business-to-business revenue. Brand Performance Led by DTC Growth The ZEGNA brand generated EUR 324 million in second-quarter revenue, with management pointing to sequential acceleration and strong DTC performance across all regions. Durante said ZEGNA’s DTC revenue, which accounted for 90% of the brand’s first-half revenue, rose 18% organically in the quarter, entirely driven by comparable sales. Wholesale revenue for the brand declined 3% organically, reflecting the group’s continued focus on direct customer relationships and exclusive retail experiences.

Thom Browne reported EUR 65 million in second-quarter revenue, up 3% organically. The brand’s DTC revenue rose 16%, driven by the Americas, Korea and Japan, and helped by new space contribution. The company opened three net doors during the quarter, including locations in Chicago and Vancouver. Wholesale revenue fell 29% organically, reflecting channel streamlining and the conversion of distribution in Hong Kong. Durante said wholesale represented only 17% of Thom Browne’s first-half revenue and is expected to decline around 30% for the full year. TOM FORD FASHION generated EUR 89 million in second-quarter revenue, up 7% organically. Durante said DTC revenue increased 13%, led mainly by the Americas, with the rest of APAC outperforming. She said the performance was driven entirely by comparable store sales growth and supported by customer reception of the spring/summer collections. Wholesale revenue declined 3%, and management reiterated expectations for a low- to mid-single-digit decline by year-end. The group’s textile business declined 3% in the quarter, which Durante attributed largely to the phasing of deliveries.

Americas and APAC Show Strong Momentum By geography, the Americas posted the strongest second-quarter growth, rising 22% organically. Durante said the region, which represented 31% of first-half group revenue, benefited from double-digit DTC growth across all three brands. Greater China, representing 24% of first-half group revenue, grew 9% organically in the second quarter, accelerating from the firs