Zegna Leads Growth as Direct-to-Consumer Sales Strengthen, Tom Ford Fashion Advances and Thom Browne Faces Continued Challenges
Ermenegildo Zegna Group reported solid growth for the first nine months of 2026, supported by strong direct-to-consumer demand, improving performance in Greater China and continued momentum in the Americas, although results across its three fashion brands remained uneven.
The Italian luxury group generated revenue of €1.42 billion in the nine months ending September 30, an increase of 7.2% year-over-year and 8.9% on an organic basis. Third-quarter revenue reached €433.8 million, rising 8.9% on a reported basis and 8.2% organically.
The Zegna brand continued to lead the group’s performance, while Tom Ford Fashion maintained positive momentum. Thom Browne remained under pressure, particularly in Greater China, where weaker consumer demand and ongoing adjustments to wholesale distribution weighed on results.
“This was another quarter of solid progress for our group. Direct-to-consumer continued to drive our growth, led by Zegna, which delivered a robust 16 percent organic increase in the DTC channel,” said Gildo Zegna, Executive Chairman of Ermenegildo Zegna Group.
The results reflect the group’s continuing transformation toward a more directly controlled luxury business, with an emphasis on full-price selling, personalized service and closer relationships with its customers.
Zegna Leads the Group’s Growth
The Zegna brand generated €918.4 million in revenue during the first nine months, an increase of 12% compared with the previous year. Third-quarter sales climbed 13.8% to €283.8 million, supported by strong direct-to-consumer growth across all regions.
The brand’s performance reflects its continued investment in an elevated luxury positioning built around Italian craftsmanship, personalization and a wardrobe that extends beyond traditional tailoring.
Zegna’s direct retail business has become particularly important to that strategy. The company has focused on developing stronger relationships with individual clients, expanding its personalized services and creating retail environments that communicate the brand’s heritage and approach to contemporary menswear.
That strategy is also reshaping the group’s overall distribution.
Direct-to-consumer revenue increased 12.4% to approximately €1.11 billion during the first nine months, representing 85% of branded revenue, compared with 82% in the corresponding period last year.
Third-quarter DTC revenue rose 13%, driven primarily by the Zegna brand.
Wholesale branded revenue, meanwhile, declined 11.8% to €195.2 million during the nine-month period, reflecting the group’s ongoing efforts to streamline distribution and prioritize higher-quality retail partnerships.
The shift gives Zegna greater control over pricing, presentation and customer relationships, while reducing its dependence on traditional wholesale channels.
Tom Ford Fashion Continues to Build Momentum
Tom Ford Fashion delivered positive growth during the period, generating €226.4 million in revenue, an increase of 3.5% year-over-year.
Third-quarter sales rose 5.4% to €69.6 million, with both direct-to-consumer and wholesale channels contributing to the improvement.
The performance suggests continued progress as the brand develops its position within the group under Creative Director Haider Ackermann.
The designer’s collections have brought a renewed emphasis on sophisticated tailoring, sensuality and the polished glamour associated with the house, while the business continues strengthening its retail presence and commercial offering.
Third-quarter direct-to-consumer revenue increased 4.2% organically, while wholesale grew 8.9% organically, supported by demand for the Fall/Winter collections.
The group continues to invest in Tom Ford Fashion’s distribution, with an emphasis on directly operated stores and carefully selected wholesale partners.
While the brand remains considerably smaller than Zegna, its positive performance across both channels provides an encouraging indication of its development within the group’s portfolio.
Thom Browne Faces a More Difficult Environment
Thom Browne remained the group’s most challenged fashion business during the period.
Revenue declined 5% to €168.5 million in the first nine months, while third-quarter sales fell 5.9% to €45.4 million.
The performance reflected continued weakness in Greater China, alongside the group’s ongoing efforts to rationalize wholesale distribution and strengthen the quality of its retail network.
Third-quarter direct-to-consumer revenue declined 6.6% organically, marking a reversal from the more positive trends recorded earlier in the year.
The results highlight the challenges facing the brand as it works to translate its distinctive creative identity into more consistent commercial performance across international markets.
Thom Browne has established a recognizable position in luxury fashion through its tailoring, precise proportions and theatrical presentations. The commercial challenge is to build on that identity while strengthening its product offering and relationships with customers in an increasingly selective market.
Greater China remains particularly important to the brand’s recovery, given the region’s significance to its international business.
The group’s continued focus on distribution quality and full-price sales suggests that rebuilding sustainable growth remains a priority over short-term volume expansion.
The Americas and Greater China Support Growth
The Americas remained the group’s strongest regional performer during the first nine months, with revenue increasing 14.7% to €440.7 million.
Third-quarter sales rose 14%, supported by continued double-digit growth at Zegna and positive contributions from Tom Ford Fashion.
The region accounted for approximately 31% of group revenue, reflecting its growing importance to the business.
Greater China also delivered an encouraging performance, with nine-month revenue increasing 6.6% to €320.2 million. Third-quarter sales rose 8.7%, driven by strong direct-to-consumer demand at Zegna, which more than offset the weaker performance at Thom Browne.
The improvement is particularly significant given the challenging conditions that have affected luxury spending in China over recent years.
For Zegna, the recovery reflects the benefits of its focus on personalized service, client relationships and a more elevated retail experience.
Europe, the Middle East and Africa generated €491.4 million in revenue during the nine-month period, an increase of 2.4%.
Third-quarter growth accelerated to 6.9%, supported by double-digit performance at Zegna and an improvement in the Middle East.
The Rest of Asia-Pacific region recorded revenue of €166.9 million, rising 4.9% during the first nine months, with third-quarter growth of 3.6%.
The geographic results demonstrate the importance of the group’s increasingly diversified international business, particularly as luxury spending patterns remain uneven across regions.
A More Direct Relationship With Luxury Consumers
Beyond the quarterly figures, the results point to a broader evolution in Ermenegildo Zegna Group’s business model.
The growing contribution from direct-to-consumer sales is particularly significant. With 85% of branded revenue now generated through directly controlled channels, the group is increasingly positioned to manage the customer experience from product development through to the final sale.
That approach is particularly well suited to Zegna’s emphasis on craftsmanship, personalized service and long-term relationships with clients.
It also provides a framework for developing Tom Ford Fashion and Thom Browne, although the differing performances of the two brands demonstrate that distribution strategy alone cannot guarantee growth.
Tom Ford Fashion is showing encouraging signs of progress as its creative direction and commercial development advance. Thom Browne, meanwhile, faces the more immediate task of restoring momentum in Greater China and strengthening demand across its retail network.
For the group, the challenge will be to maintain Zegna’s strong performance while developing more consistent contributions from its other brands.
Gildo Zegna expressed cautious confidence about the months ahead, emphasizing the group’s commitment to craftsmanship and customer relationships despite continued uncertainty in the global luxury market.
The nine-month results suggest that the group’s investment in directly controlled distribution is providing a solid foundation for growth. The next phase will depend on how effectively that model can support each brand’s distinct identity and commercial ambitions.