Direct-to-consumer expansion and regional strength in the Americas offset wholesale declines and ongoing market adjustments
Ermenegildo Zegna Group reported revenues of 470.2 million euros for the first quarter ended March 31, 2026, up 2.5 percent year-over-year, or 7.4 percent at constant currency, supported by continued growth in its direct-to-consumer channel and strong performance in the Americas.
Executive chairman Gildo Zegna cited “growing momentum across all our brands,” as the group continued to execute on a retail-first strategy. Direct-to-consumer sales rose 7.8 percent to 371.9 million euros, representing 85 percent of total revenues, with organic growth reaching 14.2 percent across all brands and regions. Wholesale revenues declined 19.1 percent to 64.3 million euros, reflecting the group’s ongoing channel rationalization.
By brand, Zegna led performance with revenues of 310.3 million euros, up 5.9 percent, driven by double-digit growth in the Americas and EMEA regions and continued traction in Greater China. Thom Browne reported revenues of 58.2 million euros, down 9.4 percent, as wholesale reductions weighed on results despite double-digit growth in direct channels and positive reception to its collaboration with Asics. Tom Ford Fashion recorded revenues of 67.7 million euros, up 0.4 percent, or 5.4 percent organically, supported by retail performance and marketing activity tied to its March runway show.
Regionally, the Americas remained a key growth driver, with revenues increasing 9.6 percent to 137 million euros, or 17.5 percent at constant currency. EMEA revenues were broadly stable at 152.9 million euros, while Greater China edged up 0.7 percent to 124.1 million euros, showing signs of recovery. Asia-Pacific outside Greater China declined slightly but grew at constant currency, while the Middle East experienced softness linked to geopolitical conditions.
The group continued to invest in its retail network, ending the quarter with 279 Zegna stores, alongside expansion plans across the Americas, Europe, and Asia. The performance reflects a broader strategic shift toward controlled distribution, brand elevation, and long-term market positioning as the company adapts to evolving global demand.