Growth in the DTC Channel Across All Brands Drives Ermenegildo Zegna Group H1 2025 Revenues to €928 Million1
Ermenegildo Zegna N.V. (NYSE:ZGN) (the 'Company' and, together with its consolidated subsidiaries, the 'Ermenegildo Zegna Group' or the 'Group') today announced unaudited revenues of €927.7 million in H1 2025, -3.4% YoY from €960.1 million in H1 2024 (-2.0% organic). In the second quarter, revenues reached €468.9 million, -5.7% YoY (-2.6% organic).
YoY performance at reported currencies in Q2 2025 was notably affected by the appreciation of the Euro against key currencies such as the US dollar, the Renminbi, and other currencies linked to the US dollar. The organic results included herein are calculated at constant exchange rates, therefore excluding the effect of such significant currency fluctuations and offering a more accurate reflection of the underlying business trend.
Ermenegildo 'Gildo' Zegna, Chairman and CEO of the Ermenegildo Zegna Group, commented: 'The strong organic DTC channel performance of +8% in Q2 2025 for the Group demonstrates our strategic initiatives and actions taken are yielding results, even though the sector navigates a continuously challenging environment.
ZEGNA and Thom Browne each grew by +7% in the DTC channel while TOM FORD FASHION increased by +11%. In terms of regions, the Americas and the Middle East continued to sustain robust momentum.
The recent months were also marked by several pivotal milestones for the Group and our brands, starting with our first ZEGNA fashion show outside Milan in June, along with Villa Zegna Dubai.
Looking at Thom Browne, I welcome Sam Lobban as the brand's new CEO. With his extensive background in merchandising and customer-first mindset, Sam is exceptionally well-suited to lead this brand in capturing its unexpressed potential. Moreover, I am pleased that Temasek has chosen to invest in our Group, recognizing the strength of our vision and our Group's long-term growth potential. With Temasek by our side, I am even more confident in our ability to realize our ambitions.'
Revenues Analysis for the Six and Three Months Ended June 30, 2025
Intersegment eliminations include revenues from products that the Textile and Other lines (included in the Zegna segment) sell to the Group's brands.
Zegna segment
In H1 2025, revenues for the Zegna segment – which includes the ZEGNA brand, textile, and other (revenues mainly relating to third party brands) – amounted to €660.3 million, compared to €660.5 million in H1 2024, flat YoY (+1.6% organic). Revenues in Q2 2025 were €327.0 million, -2.6% YoY (+1.0% organic), reflecting the positive organic performance of the ZEGNA brand and the negative performance of the Textile division.
ZEGNA brand revenues were €570.4 million in H1 2025, compared to €566.1 million in H1 2024, +0.8% YoY (+2.6% organic). Revenues in Q2 2025 were €277.5 million, -2.0% YoY (+2.2% organic), driven by solid growth in the DTC channel, in particular in the Americas, where performance sequentially accelerated compared to Q1 2025. EMEA also reported solid double-digit organic growth, with the Middle East outperforming within the region.
Textile revenues were €67.1 million in H1 2025, compared to €71.8 million in H1 2024, -6.6% YoY (-6.3% organic), largely reflecting declining orders from brands outside the Group. The textile revenue trend improved slightly in Q2 2025, with revenues -3.8% YoY and organic. Other revenues, which mainly include revenues from the sale of finished product to third-party brands 4, were €8.4 million in H1, compared to €7.0 million in H1 2024, +19.2% YoY (+19.3% organic).
Thom Browne segment
In H1 2025, revenues for the Thom Browne segment amounted to €129.5 million, compared to €166.9 million in H1 2024, -22.4% YoY (-21.6% organic). Revenues in Q2 2025 were €65.1 million, -25.9% YoY (-23.9% organic). The trend in the second quarter was significantly affected by the performance of the wholesale channel, which more than offset the growth recorded in the DTC channel. Since 2024, the brand has been streamlining its presence in the wholesale channel to focus on direct distribution.
Thom Browne brand results were substantially aligned to those of the segment, with H1 2025 revenues at €129.2 million, compared to €166.7 million in H1 2024, -22.5% YoY (-21.7% organic).
Tom Ford Fashion segment
In H1 2025, revenues for the Tom Ford Fashion segment - which are aligned to the TOM FORD FASHION brand - amounted to €152.7 million, compared to €148.5 million in H1 2024, +2.8% YoY (+3.8% organic). Revenues in Q2 2025 were €85.2 million, +2.1% YoY (+4.1% organic), driven by solid double-digit organic growth in the DTC channel.
DTC Revenues Analysis
In H1 2025, Group DTC revenues were €698.0 million, representing 82% of the Group's branded product revenues, compared to €669.6 million in H1 2024, +4.2% YoY (+6.1% organic). DTC revenues reached €352.9 million in Q2 2025, compared to €341.6 million in Q2 2024, +3.3% YoY (+7.5% organic).
ZEGNA DTC revenues were €504.5 million in H1 2025, compared to €486.6 million in H1 2024, +3.7% YoY (+5.6% organic). In Q2 2025, the brand's DTC revenues were €253.7 million, +2.7% YoY (+7.1% organic), driven by the Americas with strong double-digit growth, which sequentially accelerated compared to Q1 2025, followed by solid double-digit growth in EMEA, in particular in the Middle East. Performance in the DTC channel in the Greater China Region (GCR) in Q2 2025 remained negative and broadly in line with Q1 2025. On June 30, 2025, ZEGNA counted 286 Directly Operated Stores (DOS), with three net openings in Q2 2025, including an additional store in Dubai Mall (Level Shoes) and in Porto Cervo, Italy.
Thom Browne DTC revenues were €92.6 million in H1 2025, +3.0% YoY (+5.0% organic). In Q2 2025, the brand's DTC revenues were €46.4 million, +2.4% YoY (+6.6% organic), driven by performance in the Americas, where the brand opened some important stores during the quarter. On June 30, Thom Browne's DTC network reached 120 DOS, with three net openings in Q2, including Los Angeles Melrose, New York Madison and Tokyo Ginza.
TOM FORD FASHION DTC revenues were €100.9 million in H1 2025, up 8.4% YoY (+9.9% organic). In Q2 2025, the brand's DTC revenues were €52.8 million, +7.1% YoY (+10.7% organic), with all regions showing positive organic performance and EMEA delivering the strongest results. On June 30, 2025, TOM FORD FASHION had 66 DOS, with one net opening in the second quarter in Hong Kong Pacific Place.
Wholesale Branded Revenues Analysis
In H1 2025, Group wholesale branded revenues were €154.2 million, compared to €211.7 million in H1 2024, -27.1% YoY (-26.5% organic). In Q2 2025, wholesale branded revenues came in at €74.8 million, compared to €112.6 million in Q2 2024, -33.6% YoY (-32.5% organic).
ZEGNA wholesale revenues were €65.9 million in H1 2025, -17.1% YoY (-15.4% organic). In Q2 2025, the brand reported wholesale revenues of €23.8 million, -34.4% YoY (-31.1% organic). In line with management's strategy, the negative wholesale performance in H1 includes the impact of some store conversions into retail concessions in H2 2024, and tighter control over iconic products. Q2 2025 performance also reflects a shift in delivery timing.
Thom Browne wholesale revenues were €36.5 million in H1, -52.4% YoY and organic. In Q2 2025, the brand's revenues in the wholesale channel were €18.6 million, -56.0% YoY (-55.8% organic), reflecting the previously announced strategy to streamline the brand's wholesale presence to focus on the DTC channel.
TOM FORD FASHION wholesale revenues were €51.8 million in H1, -6.5% YoY (-6.3% organic). In Q2 2025, the brand's wholesale revenues reached €32.4 million, -5.0% YoY (-5.3% organic), mainly driven by some previous conversions of stores into retail concessions.
In H1 2025, Group revenues in EMEA were €328.9 million, -2.3% YoY (-1.9% organic), representing 35% of the Group's revenues. In Q2 2025, EMEA revenues were €174.8 million, -2.9% YoY (-1.9% organic), impacted by the negative results in the wholesale channel at the three brands, notwithstanding the solid DTC positive performance, largely at ZEGNA and TOM FORD FASHION.
H1 2025 revenues in the Americas were €262.7 million, +6.8% YoY (+9.3% organic), representing 28% of the Group's revenues. In Q2 2025, revenues in the Americas were €137.7 million, +4.5% YoY (+9.8% organic), driven by the strong performance of the ZEGNA and Thom Browne DTC channel.
H1 2025 revenues in the GCR were €223.1 million, -16.2% YoY (-14.7% organic), representing 24% of the Group's revenues. In Q2 2025, GCR revenues were at €99.8 million, -21.3% YoY (-17.1% organic), still impacted by a subdued consumer environment in the region. The slight sequential deterioration in organic terms compared to the first quarter is linked to the performance of the wholesale channel, in particular at Thom Browne.
H1 2025 revenues in the Rest of APAC were €111.5 million, +1.4% YoY (+3.4% organic), representing 12% of the Group's revenues. In Q2 2025, revenues in the region were €55.7 million, -3.3% YoY (-1.0% organic). Performance in Q2 was impacted by the demanding base of comparison in Japan for the whole sector and a more subdued consumer confidence in Korea.
SIGNIFICANT EVENTS IN THE SECOND QUARTER OF 2025
VILLA ZEGNA Dubai and Summer 2026 Fashion Show
In June, Villa Zegna Dubai transformed the Dubai Opera into an immersive expression of the world of ZEGNA, along with the unveiling of the Summer 2026 Fashion Show. Rooted in the Founder's legacy, Villa Zegna turned the iconic space into a celebration of the brand's vision, with nature, culture and innovation coming together to tell a story of timeless ambition in the heart of the desert. Following the fashion show, the spaces welcomed top clients, cultural voices, international press and close friends of the brand for exclusive talks, curated experiences, the opportunity to re-view products from the show and a dedicated exclusive collection and pieces available only for that period.
SIGNIFICANT EVENTS SINCE JUNE 30, 2025
PARTNERSHIP WITH TEMASEK
On July 29, 2025 Ermenegildo Zegna Group and Venezio Investments Pte. Ltd., an indirect wholly-owned subsidiary of Temasek Holdings (Private) Limited ('Temasek') announced an agreement under which Temasek invested in the Group, purchasing 14,121,062 of the Company's treasury shares at a price of $8.95 per share, which, together with the previously acquired 12,699,981 ordinary shares of the Company in the stock market, represent a 10% stake in the Company's ordinary share capital outstanding.
SAM LOBBAN APPOINTED CEO OF THOM BROWNE
On July 30, 2025 Ermenegildo Zegna Group announced that from September 2, Sam Lobban will assume the role of Chief Executive Officer of Thom Browne. Rodrigo Bazan, the current CEO is stepping down to pursue other opportunities, effective August 31st. Sam began his career at Selfridges in London, later joining Mr. Porter as part of its founding team. He is currently serving as Executive Vice President and General Merchandising Manager for Apparel & Designer at Nordstrom, where he curated collaborations with leading brands, including Thom Browne. Sam is widely known for blending creative vision with strategic execution.
UPCOMING EVENTS
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About Ermenegildo Zegna Group
Founded in 1910 in Trivero, Italy, the Ermenegildo Zegna Group (NYSE:ZGN) is a global luxury company with a leading position in the high-end menswear business. Through its three complementary brands, the Group reaches a wide range of communities and market segments across the high-end fashion industry, from ZEGNA's timeless luxury to the modern tailoring of Thom Browne, to luxury glamour with TOM FORD FASHION. The Ermenegildo Zegna Group is internationally recognized for its unique Filiera, owned and controlled by the Group, which is made up of the finest Italian textile producers fully integrated with unique luxury manufacturing capabilities, to ensure superior excellence, quality and innovation capacity. The Ermenegildo Zegna Group has more than 7,100 employees and recorded revenues of €1.95 billion in 2024.
Forward Looking Statements
This communication contains forward-looking statements that are based on beliefs and assumptions and on information currently available to the Company. In particular, statements regarding future financial performance and the Group's expectations as to the achievement of certain targeted metrics at any future date or for any future period are forward-looking statements. In some cases, you can identify forward-looking statements by the following words: 'may,' 'will,' 'could,' 'would,' 'should,' 'expect,' 'intend,' 'plan,' 'anticipate,' 'believe,' 'estimate,' 'predict,' 'project,' 'potential,' 'continue,' 'ongoing,' 'target,' 'seek', 'aspire,' 'goal,' 'outlook,' 'guidance,' 'forecast,' 'prospect' or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Any statements that refer to expectations, projections or other characterizations of future events or circumstances, including strategies or plans, are also forward-looking statements. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements, and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in forward-looking statements as a result of a variety of factors, including: the recognition, integrity and reputation of our brands; our ability to anticipate trends and to identify and respond to new and changing consumer preference; pandemics or other public health crises; international business, regulatory, social and political risks; restrictions on trade and the imposition of tariffs among countries; political instability, events or conflicts (including armed conflicts, such as the war in Ukraine and the conflict in the Middle East, and sanctions imposed onto Russia); the occurrence of acts of terrorism or similar events, conflicts or civil unrest; developments in Greater China and other growth and emerging markets; existing or future disputes, proceedings or litigation; future sales of our securities in the public market; our ability to maintain compliance with applicable listing standards; volatility in our share price; sanctions 'trade wars'; our ability to implement our strategy; recent and potential future acquisitions; disruption to our manufacturing and logistics facilities; risks related to the sale of our products through our direct-to-consumer channel, as well as through points of sale operated by third parties, including credit risks; our dependence on our local partners to sell our products in certain markets; fluctuations in the price or quality of, or disruptions in the availability of, raw materials; our ability to negotiate, maintain or renew our license or co-branding agreements with high end third party brands; tourist traffic and demand; our dependence on certain key senior personnel as well as skilled personnel; our ability to protect our intellectual property rights; any malfunction or disruption in our information technology and networks, including as a result of cybercrime; any impact of a possible cybersecurity breach, the theft or unauthorized use of personal information of our customers, employees or other parties; fluctuations in currency exchange rates or interest rates; the level of competition in the industry in which we operate; global economic conditions and macro events, including inflation; changes in, or failures to comply with, applicable laws and regulations, or actions taken by regulatory authorities; climate change and other environmental impacts and our ability to meet our customers' and other stakeholders' expectations on environment, social and governance matters; the enactment of tax reforms or other changes in tax laws and regulations; and other risks and uncertainties, including those described in our filings with the SEC.
Most of these factors are outside the Company's control and are difficult to predict. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by the Company and its directors, officers or employees or any other person that the Company will achieve its objectives and plans in any specified time frame, or at all. The forward-looking statements in this communication represent the views of the Company as of the date of this communication. Subsequent events, factors and developments may cause that view to change, and it is not possible to assess the impact of such event, factor or development on the Company's and the Group's business. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company disclaims any obligation to update or revise publicly forward-looking statements. You should, therefore, not rely on these forward-looking statements as representing the views of the Company as of any date subsequent to the date of this communication.
Non-IFRS Financial Measures
The Group's management monitors and evaluates operating and financial performance using several non-IFRS financial measures including: revenues on a constant currency basis (Constant Currency) and revenues on an organic growth basis (organic or organic growth). The Group's management believes that these non-IFRS financial measures provide useful and relevant information regarding the Group's financial performance and financial condition, and improve the ability of management and investors to assess and compare the financial performance and financial position of the Group with those of other companies. They also provide comparable measures that facilitate management's ability to identify operational trends, as well as make decisions regarding future spending, resource allocations and other strategic and operational decisions. While similar measures are widely used in the industry in which the Group operates, the financial measures that the Group uses may not be comparable to other similarly named measures used by other companies nor are they intended to be substitutes for measures of financial performance or financial position as prepared in accordance with IFRS Accounting Standards. A definition, explanation of relevance and a reconciliation of each non-IFRS financial measure to the most directly comparable measure calculated and presented in accordance with IFRS Accounting Standards are set out below.
Revenues on a constant currency basis (Constant Currency)
In addition to presenting our revenues on a current currency basis, we also present certain revenue information on a constant currency basis (Constant Currency), which excludes the effects of foreign currency translation from our subsidiaries with functional currencies different from the Euro.
We calculate Constant Currency revenues by applying the current period average foreign currency exchange rates to translate prior period revenues of foreign subsidiaries expressed in local functional currencies different than the Euro.
We use revenues on a Constant Currency basis to analyze how our underlying revenues have changed between periods independent of the effects of foreign currency translation.
Revenues on a Constant Currency basis are not a substitute for revenues on a current currency basis or any IFRS-related measures, however we believe that revenues excluding the impact of foreign currency translation provide additional useful information to management and to investors in analyzing and evaluating our revenues and operating performance.
Revenues on an organic growth basis (organic or organic growth)
In addition to presenting our revenues on a current currency basis, we also present certain revenue information on an organic growth basis (organic or organic growth). Organic growth is calculated as the change in revenues from period to period, excluding the effects of (a) foreign exchange, (b) acquisitions and disposals and (c) changes in license agreements where the Group operates as a licensee.
In calculating organic performance, the following adjustments are made to revenues:
We believe the presentation of revenues on an organic basis is useful to better understand and analyze the underlying change in the Group's revenues from period to period on a consistent perimeter and constant currency basis.
Revenues on an organic basis are not a substitute for revenues on a current currency basis or any IFRS-related measures, however we believe that revenues excluding the effects of (a) foreign exchange, (b) acquisitions and disposals and (c) changes in license agreements where the Group operates as a licensee provide additional useful information to management and to investors in analyzing and evaluating our revenues and operating performance.
The tables below show a reconciliation of reported revenue performance to Constant Currency, excluding the effects of foreign exchange, and to organic performance, which excludes also acquisitions and disposals and changes in license agreements where the Group operates as a licensee, by segment, by brand and product line, by distribution channel and by geographic area for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 (H1 2025 vs H1 2024) and for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 (Q2 2025 vs Q2 2024).
View source version on businesswire.com:https://www.businesswire.com/news/home/20250730823496/en/
CONTACT: Paola Durante, Chief of External Relations
Alice Poggioli, Investor Relations Director
[email protected]/[email protected]
KEYWORD: EUROPE UNITED STATES ITALY NORTH AMERICA
INDUSTRY KEYWORD: FASHION FOOTWEAR RETAIL LUXURY MANUFACTURING TEXTILES
SOURCE: Zegna Group
Copyright Business Wire 2025.
PUB: 07/30/2025 06:05 AM/DISC: 07/30/2025 06:05 AM
http://www.businesswire.com/news/home/20250730823496/en
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- New York Times
Why the Premier League's traditional ‘Big Six' are buying more from the rest of the league
If you thought there has been an increase in Premier League-to-Premier League transfers, you could be forgiven. This summer, there have been numerous Premier League players who have moved clubs within England's top flight, but the sense that intra-Premier League transfers are increasing is only a fallacy. Advertisement At the time of writing, these moves have only accounted for 25 per cent of Premier League arrivals (excluding loans) in the current transfer window, which is equal to the lowest rate in the last five summers. However, that feeling is probably related to the magnitude of those signings. Noni Madueke swapped Chelsea for Arsenal, Bryan Mbeumo and Matheus Cunha joined Manchester United from Brentford and Wolverhampton Wanderers, and Newcastle United signed Anthony Elanga from Nottingham Forest. Meanwhile, Tottenham Hotspur snapped up Mohammed Kudus from West Ham United, and Chelsea added Brighton & Hove Albion's Joao Pedro and Ipswich Town's Liam Delap to their squad. Moves towards the Premier League's historic 'Big Six' will generate the biggest noise, and in addition to the above, Milos Kerkez, Rayan Ait-Nouri and Christian Norgaard's transfers to Liverpool, Manchester City and Arsenal respectively empowers another theory: wealthier Premier League teams are harvesting talent from up and down the table. Despite moves between Premier League teams being just below the average of the usual rate, a big portion of these transfers have been 'Big Six' signings from the rest of the league. By the 'Big Six' in this context, we mean the richest clubs since 2010: Arsenal, Liverpool, Manchester United and Chelsea, who were joined by Manchester City after Abu Dhabi United Group took over the club in 2008, and Tottenham who benefited from Champions League money for the first time in 2010. This summer transfer window, 39 per cent of Premier League-to-Premier League moves have been the 'Big Six' acquiring players from the rest of the league — the highest share since 2010. The above isn't simply because 'Big Six' clubs are buying more players in general. Between 2015 and 2019, Arsenal, Manchester United, Liverpool, Tottenham, Chelsea and Manchester City focused on buying talent from abroad, with the percentage of their summer signings (excluding loans) from the rest of the Premier League never exceeding 15 per cent. Advertisement Purchases such as Kevin De Bruyne, Mohamed Salah, Son Heung-min, William Saliba and Jorginho proved to be worth their money. During that period, the upcoming talent in European teams were more lucrative than those at non-'Big Six' clubs. However, that has been changing in recent years, with 'Big Six' teams focusing more on signings from the rest of the Premier League. This summer, 27 per cent of the 'Big Six's signings have been from the rest of the league — the highest share since 2010. The Premier League's 'Big Six' are buying more from the rest of the league, and there are a couple of reasons behind this trend. The launch of the elite player performance plan (EPPP) by the Premier League in 2012 has helped English academies produce better talents. 'We needed to see a step change,' Neil Saunders, the Premier League's director of football, who was an academy programme manager when the EPPP was introduced, told The Athletic in June. 'The EPPP was born out of a backdrop of a perception that English players — and players coming through our system — weren't technically as advanced or tactically as astute as some of our European counterparts.' Delap's switch from Ipswich to Chelsea follows in the footsteps of Dominic Solanke's move from Bournemouth to Tottenham last summer and Declan Rice's transfer from West Ham to Arsenal in 2023 — well-developed homegrown talent is ending up at 'Big Six' clubs. The spending power of these teams allows them to do that, which brings us to the second point: the Premier League's crazy money. According to UEFA's latest annual European Club Finance and Investment Landscape report, which is based on the audited accounts for 2023 from 745 top-flight clubs in UEFA's 55 member associations, the Premier League's aggregate revenue (€7.1billion) is almost as much as the second and third highest earning leagues, La Liga and Bundesliga, combined. Advertisement It is why upcoming players at non-'Big Six' clubs usually stay in the Premier League, where the top-earning teams can offer larger transfer fees and higher salaries. The gap in TV revenue is part of the equation, with the Premier League's latest domestic four-year deal starting from the 2025-26 season collectively valued at £6.7bn. The jump in TV revenue since the 2016-2019 cycle — £5.1bn from domestic rights compared with £3bn in the previous three-year cycle — empowered the league's spending power and allowed non-'Big Six' teams to venture into Europe and sign players such as Youri Tielemans (Monaco to Leicester City in 2019) and Amadou Onana (Lille to Everton in 2022). In the three-summer cycle (2016, 2017 and 2018) corresponding to the improved TV deal, the rate of signings from outside United Kingdom and Ireland for non-'Big Six' teams increased to 51 per cent, before dropping to 46 per cent between 2019 and 2022, and going back to 51 per cent during the 2022-2025 TV cycle. Since 2016, non-'Big Six' teams have been signing players from Europe's biggest leagues with France leading the way with 72 arrivals in the Premier League, followed by Spain (60), Germany (59) and Italy (43). Unearthing talent from the second divisions of these leagues may reap rewards, but the Premier League's non-'Big Six' teams are signing straight from the top with Serie A, Bundesliga, La Liga and Ligue 1 comprising 51 per cent of their summer signings since 2016. Wolves signed Cunha from Atletico Madrid on loan with an obligation to buy the forward in the summer of 2023, before selling him to Manchester United in June 2025. Another example is Marc Cucurella, who joined Brighton from Getafe in the summer of 2021 and was bought by Chelsea the following year. Additionally, the Premier League clubs with the lowest transfer-weighted average age of signings since 2016 have been Brighton and Brentford, who are looking to find young potential talents from different markets before selling them higher up the ladder in the league. Advertisement Brighton's list is a long one, with Joao Pedro and Cucurella joined by Yves Bissouma, Moises Caicedo and Alexis Mac Allister — although the latter two were winter signings. Meanwhile, Brentford have David Raya and Mbeumo to boast their smart approach in the transfer market. Looking at which non-'Big Six' teams buy the most players from abroad, Brighton are only in third place with 74 per cent of their summer signings (excluding loans) since 2016 coming from outside the United Kingdom and Ireland. Sitting above them are Leeds United (75 per cent) who have signed six players from overseas markets this summer, and Wolves (81 per cent) who have focused on bringing in Portuguese players since their promotion to the Premier League in 2018. Players joining these clubs are increasingly having clauses in their contracts that allow 'Big Six' teams to sign them at a certain price, whether that's a release clause or a relegation one. Even if it's a hefty fee, the spending power of the 'Big Six' clubs means that they are capable of matching the required amount. Instead of searching for an equivalent and cheaper prospect in an untapped market, 'Big Six' clubs have the luxury of paying a 'Premier League premium' to get a player who has proved himself in the league and adapted to the lifestyle in England. 'You watch Matheus (Cunha) every weekend doing things against the players that you are going to face,' said Manchester United's head coach, Ruben Amorim, last month. 'That can help you to have more certainty when you choose players.' Developing better players through the English academies alongside the non-'Big Six' clubs' ability to attract talent from abroad has made the Premier League the perfect market for the wealthier 'Big Six'. Summer 2025 is the reaping season in the Premier League.
