Zegna Group More Than Doubled Its Profit in 2023

Zegna Group, parent to the Zegna, Thom Browne and Tom Ford labels, posted outstanding financial results for the full year 2023 on Friday, reporting a profit of €135.7 million EUR, up 107.8% from the €65.3 million EUR in the year prior.

Across the board, the Group recorded revenues of €1.9 billion EUR, marking a 27.6% increase when compared to the same figures for 2022. The Zegna segment earned revenues of €1.32 billion EUR, up 12.4% from the year prior, while Thom Browne’s revenues increased by 14.9% to €380 million EUR. Zegna Group officially acquired the Tom Ford brand in April of 2023, so the company does not have previous results to draw a comparison. However, the Tom Ford fashion segment was responsible for an additional €235.5 million EUR.

“2023 has been a milestone year for our Group,” said Ermenegildo “Gildo” Zegna, the Group’s chairman and CEO, in a statement. “We are on track with the integration of the TOM FORD FASHION business, which is enriching our unique proposition in luxury glamour.”

He added, “2023 was also an important year for the Thom Browne and Zegna brands. Thom Browne celebrated its twentieth anniversary reaffirming the brand as a symbol of modern luxury tailoring. Zegna continued a well-defined journey to ensuring its place as one of the strongest brands in absolute luxury menswear.”

Regionally, Zegna Group saw growth in every sector. EMEA sales climbed 26.6% to reach €658.7 million EUR, while North America was up 41.6% to €417.3 million EUR and Latin America increased by 25.6% to hit €37.5 million USD. In the Asia-Pacific region, the company saw growth of 22.2% to reach €788 million EUR.

Looking ahead, Zegna issued the following statement: “In the volatile world we live in, we must continue to be increasingly responsive, flexible and authentic to who we are. The Ermenegildo Zegna Group is a guardian of brands, and while short-term results are important, our top priority must always be their overall trajectory. What we should do is well defined; there will be challenges, but we know how to tackle them and how important it is to plan for the long term.”

See Zegna Group’s full 2023 financial report here.