Ermenegildo Zegna Reports Q2 2026 Earnings with Strong Direct-to-Consumer Growth
Ermenegildo Zegna N.V. (ZGN) reported first-half results for 2026, highlighting a strategic shift toward direct-to-consumer sales and improved financial performance despite foreign exchange challenges. The company's gross profit reached EUR 668 million with a margin of 67.6%, driven by favorable channel mix from higher DTC revenue share (now at 86% of branded group revenues). Adjusted EBIT rose to EUR 74 million, up from the prior year period. The Zegna segment delivered strong performance with an adjusted EBIT margin of 14.8%, while Thom Browne and TOM FORD Fashion segments reported losses due to foreign exchange impacts and retail investments. Management confirmed its full-year financial targets for revenue (EUR 2.2 billion) and adjusted EBIT (EUR 250 million), noting expected improvements in the second half, particularly from the Thom Browne segment. The company also highlighted a EUR 19.9 million free cash flow generation due to stronger operating performance and improved working capital management.
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