Ermenegildo Zegna Group Earlier Reported Q3 2023 Results; Revenue Of €431M Up 20.8% YoY

Author: Benzinga Newsdesk | October 24, 2023 01:05pm

• Revenues1 for the third quarter of 2023 reach €431 million, up 20.8% year-over-year and with an organic2 growth rate of 11.3%.
• Revenues for the first nine months of 2023 reach €1.33 billion, up 22.9% year-over-year and with an organic growth rate of 19.2%.
• Group is taking over retail distribution of the ZEGNA brand in South Korea as of early 2024.
• Third quarter revenues support the Group's FY 2023 and mid-term outlook.

Ermenegildo Zegna N.V. (NYSE:ZGN) ("Zegna Group," the "Group," "Zegna," or the "Company"), owner of the ZEGNA and Thom Browne brands and exclusive licensee for the TOM FORD fashion business, today announced unaudited revenues of €431 million for the third quarter of 2023. Revenues were up 20.8% year-over-year and up 25.0% year-over-year on a constant currency3 basis, with an organic growth rate of 11.3%. For the first nine months of the year, unaudited revenues came in at €1,334 million, up 22.9% year-over-year and up 24.8% year-over-year on a constant currency basis, with an organic growth rate of 19.2%. Revenues for the first nine months of 2023 reflect the consolidation of Tom Ford International LLC as of April 29, 2023, as well as the consolidation of Pelletteria Tizeta S.r.l., which was previously accounted for using the equity method, as of the same date.

Ermenegildo "Gildo" Zegna, Chairman and CEO of the Zegna Group, said: "Our results this quarter continue to showcase the broad-based strength of our three brands and the successful execution of our strategy. I am particularly pleased that we are performing well across a diverse set of regions, as the balance of our geographic mix provides resilience in a highly dynamic environment."

"I am confident that the continued progress of the ZEGNA rebranding, including the full implementation of the One Brand strategy in China, the expansion opportunities for Thom Browne, and the integration and evolution of TOM FORD FASHION all provide valuable tailwinds despite the current global operating environment."

"The Group's leadership team is looking forward to our second Capital Markets Day this December at the New York Stock Exchange, where we will be presenting our updated financial goals, including those for the TOM FORD fashion business."

Posted In: ZGN