Sep 3, 2026 earnings call — Group earnings and brand strategy update
Group adjusted EBIT was slightly above EUR 74 million, with a margin of 7.5%.
Revenue $1.1B (est $1.1B) · EPS $0.10 (est $0.18)
Key quotes
"Overall, we continue to see a substantial, solid, double-digit positive trend for Zegna DTC with good performance across all regions and across all nationalities, and we continue to support with confidence the business."
"Looking ahead, we expect Thom Browne H2 2026 EBIT to return positive in the semester, bringing full-year EBIT close to breakeven."
"On wholesale, I think, hi, Adrien, we commented in July, and I go back to those comments, probably with some slight adjustments, but we expect wholesale not to be a driver of growth, to continue to contract."
Analyst Q&A 7
Zegna margins and China trends
Q (Robert Krankowski · UBS): Analyst asked if Zegna segment margins will be stronger in H2 like prior years and whether July/August showed improvement versus July commentary; also asked about China trends and comparatives.
A: They expect the Zegna segment adjusted EBIT margin for the full year to be around 15%. Management said Zegna DTC shows solid double-digit growth across regions; TOM FORD is doing well and Thom Browne decelerated in Q3. For China, they said Zegna is gaining market share and performing well, while softness over the summer has impacted Thom Browne more.
"In Zegna segment, we expect the adjusted EBIT margin in the region of 15%, driven by all the positive trends that we have mentioned, and if I need to label it in one word, it's about high-quality growth." — Gianluca Tagliabue (CEO)
Wholesale, consensus, 2027 guidance
Q (Adrien Duverger · Goldman Sachs): Analyst asked about wholesale channel performance and order book for H2, any timing issues, and about cost phasing, 2026 consensus on margins, and confidence on 2027 EBITDA guidance.
A: They said wholesale is expected to continue to contract and not be a growth driver. Brand details: Zegna wholesale down low double digit due to selective distribution, TOM FORD likely stable, and Thom Browne still declining but with a much smaller absolute drop than last year. They said the adjusted EBIT consensus moved to EUR 195 million and they still consider it reasonable; they confirmed the 2027 guidance at the lower end (EUR 250 million and EUR 2.2 billion).
"On wholesale, I think, hi, Adrien, we commented in July, and I go back to those comments, probably with some slight adjustments, but we expect wholesale not to be a driver of growth, to continue to contract." — Gianluca Tagliabue (CEO)
Thom Browne margins and marketing split
Q (Anthony Charchafji · BNP Paribas): Analyst asked how Thom Browne can return to breakeven in H2 and what moves gross margin and inventory risk; also asked what share of marketing (EUR 68 million) went to Zegna and the expected financial expense / FX impact below EBIT.
A: They expect Thom Browne adjusted EBIT to be close to breakeven and listed three moving parts: a lower currency headwind, better open-to-buy (inventory) management, and tight cost control. They said more than two-thirds, around 70%-75%, of marketing was for the Zegna segment. On net profit, they said profit after tax for 2026 should not be too far from last year despite last year's EUR 37 million positive financial income and FX gains, and the tax rate is normally around 28%-30%.
"So we said that we expect Thom Browne adjusted EBIT to be close to the breakeven." — Gianluca Tagliabue (CEO)
Americas and Thom Browne turnaround
Q (Oliver Chen · TD Cowen): Analyst asked about trends in the Americas (and wealth effect) and whether China gains will stick; also asked why the Thom Browne wholesale network recovery is taking longer and learnings.
A: They said they do not see a big difference by nationality and that America shows very solid double-digit growth, with Zegna and TOM FORD performing well. For China, they see market volatility but Zegna is gaining share by focusing on underrepresented categories. On Thom Browne, they said recovery is taking longer because they are reshaping senior leadership, changing habits toward retail capabilities, adjusting open-to-buy and assortments, and that these changes take time.
"We keep on seeing a positive performance in America, of course, driven by the Zegna solid positioning, but also TOM FORD is doing well." — Gianluca Tagliabue (CEO)
Tourists, China demand, store space plans
Q (Chris Gao · CLSA): Analyst asked about tourist demand by nationality in July/August, whether Chinese demand guidance might be raised given +6.8% in H1 and summer strength, and for updates on space plans and the 10 Zegna store net closures in China timing.
A: They said July showed some Europe tourism softness (likely World Cup related) but August improved; tourists matter less for them than for some peers. They reported organic +6.8% in the first half and said they remain in positive territory for China but are monitoring risks like new taxes on offshore investment. On space, they said they will reduce presence in Greater China gradually but reinvest in fewer better doors; Zegna and Thom Browne space changes will not be material this year while TOM FORD space changes and openings are more significant.
"In the first half, we finished the first half at organic +6.8%." — Gianluca Tagliabue (CEO)
Tax rate and Zegna medium-term margins
Q (Jean Danjou · ODDO BHF): Analyst asked the full-year 2026 tax rate and how much further Zegna segment margin can improve over the medium term, comparing to peers like Brunello Cucinelli.
A: They said the group's normal tax rate is in the region of 28%-30% and they do not expect 2026 to be different. On Zegna margins, they aim to reach 15% and see their 'sweet spot' between 15% and 20%; moving toward 20% is the next journey but will take time and is not immediate.
"Of course, the sweet spot for us is to be between the 15% and 20%." — Gianluca Tagliabue (CEO)
Zegna store openings and TOM FORD breakeven
Q (Maria Meita · Bernstein): Analyst asked if Zegna has store openings planned for H2 and when TOM FORD fashion is expected to break even given progress and investments.
A: They said Zegna recently opened a second Shenzhen store, Harbour City in Hong Kong, and Madrid, and that there are no material Zegna openings remaining this year though other openings are planned next year. For TOM FORD, they expect an improved P&L in H2, noted TOM FORD had positive adjusted EBIT in H2 last year, and expect full-year 2026 TOM FORD adjusted EBIT to be 'in the region of a few million negative.'
"We expect an adjusted EBIT for full year 2026 for TOM FORD in the region of a few million negative, and that is the outlook for this year." — Gianluca Tagliabue (CEO)