Latest news with #ErmenegildoZegna
Independent Singapore
6 hours ago
- Business
- Independent Singapore
Temasek gets fashionable with 10% stake in Ermenegildo Zegna
Two fashion models posing for pictorial in Ukraine. SINGAPORE: Singapore's state investor Temasek Holdings has purchased a tenth of Italian fashion label Ermenegildo Zegna Group. This transaction is estimated at US$220 million (S$284 million) and is Temasek's latest foray into the luxury fashion market. Five per cent was bought straight from Zegna, and the remaining 5% was acquired via open market transactions. This tactic demonstrates Temasek's careful approach to breaking into the luxury retail market. Started as a wool mill over a century ago, the Italian fashion house has gradually become a well-known name in global fashion. With recent purchases of Tom Ford International and a 2.2% increase in annual sales reaching €1.95 billion (S$2.89 billion) in 2024, the company aims for more growth worldwide. Speaking on the investment, Gildo Zegna, chairman and CEO of the group, said, 'I am delighted to welcome Temasek as a strategic investor in our group's shareholder base. Their investment is a strong endorsement of our vision and long-term growth potential, while firmly recognising the global significance of the Italian luxury sector. With Temasek's partnership, we are even better positioned to help strengthen our organic expansion globally and to reinforce our unique role as a custodian of truly authentic brands.' Nagi Hamiyeh, who oversees Temasek's efforts in Europe, the Middle East and Africa, will join Zegna's board as part of the agreement. This investment arrives at a time when the luxury market is facing mixed conditions. Uncertainties around the world are putting pressure on some brands. High-spending customers, who spend more than €50,000 a year, continue to be consistent, making up 23% of the industry's overall value. For Temasek, the Zegna deal fits into broader investment goals. As of March 31, the firm's portfolio reached US$434 billion, an increase of US$45 billion from the previous year. Diversifying into global luxury is an extension of that strategy. Temasek paid US$8.95 per share for the investment. Proceeds from the investment will help Zegna scale globally, especially in Asia. Temasek's regional presence and Asia Pacific focus are likely to facilitate new growth opportunities. The deal is a strategic alliance as well as a financial one. In a media statement, Hamiyeh commented: 'Our investment in them underscores our ongoing commitment to support leading European businesses with strong track records and global potential.' () => { const trigger = if ('IntersectionObserver' in window && trigger) { const observer = new IntersectionObserver((entries, observer) => { => { if ( { lazyLoader(); // You should define lazyLoader() elsewhere or inline here // Run once } }); }, { rootMargin: '800px', threshold: 0.1 }); } else { // Fallback setTimeout(lazyLoader, 3000); } });
Reuters
a day ago
- Business
- Reuters
Italian luxury group Zegna posts 2.6% drop in organic revenues in second quarter
MILAN, July 30 (Reuters) - Italian luxury group Ermenegildo Zegna (JN0.F), opens new tab reported a 2.6% drop in second-quarter organic revenues on Wednesday as sales in its wholesale channel sank, especially for the smaller Thom Browne brand, and with weakness in the Chinese market. Organic revenue totalled 469 million euros ($541 million) for the April-June quarter, broadly in line with an analyst consensus provided by Visible Alpha. Sales in the period were dragged down by a 17% drop in the Greater China region. The stronger euro also impacted the revenues. The decline in the wholesale performance in part reflects a decision to shift the focus away from this part of the business. "Our strategic initiatives and actions taken are yielding results, even though the sector navigates a continuously challenging environment", Chairman and CEO Gildo Zegna said in a statement. The group also announced that Sam Lobban, who had been working at department store group Nordstrom, will be Thom Browne's new CEO as Rodrigo Bazan stepped down after nine years to "pursue other opportunities". Singapore's state investment firm Temasek agreed on Tuesday to increase its stake in Ermenegildo Zegna Group to 10%. Zegna said that the $126 million proceeds would strengthen its financial position and enable it to seize any opportunities that arise. ($1 = 0.8665 euros)
Globe and Mail
a day ago
- Business
- Globe and Mail
Sam Lobban Appointed CEO of Thom Browne; Rodrigo Bazan Stepping Down to Pursue Other Opportunities
Ermenegildo Zegna N.V. (NYSE:ZGN) (the 'Company' and, together with its consolidated subsidiaries, the 'Ermenegildo Zegna Group' or the 'Group') today announced that Rodrigo Bazan, Chief Executive Officer of Thom Browne, is stepping down from his role to pursue other opportunities, effective August 31, 2025. Sam Lobban will assume the role of Chief Executive Officer on September 2, 2025. Rodrigo Bazan has led the Thom Browne brand since 2016. Under his leadership, along with the creative direction of Thom Browne, the company has grown to reach € 315 million in revenue in 2024, with 116 (1) directly operated stores globally, becoming a symbol of modern luxury tailoring. ' Rodrigo's entrepreneurial vision, along with his pivotal role in Thom Browne's defense of its intellectual property rights against Adidas, has been instrumental in protecting and reinforcing the brand's authentic and unique identity", commented Gildo Zegna, Ermenegildo Zegna Group's Chairman and CEO. " Under Rodrigo's leadership, Thom Browne's revenues have nearly tripled since our acquisition of the brand. We thank him for laying the foundation for future growth.' ' Over the past nine years, I have been working side by side with Rodrigo, and together we have developed Thom Browne from a niche brand into today's luxury icon of modern tailoring ', added Thom Browne, Chief Creative Officer and Founder. ' I am profoundly grateful for his unwavering support and dedication throughout this extraordinary journey.' ' Leading Thom Browne over the past 9 years has been an extraordinary journey. I'm proud of what we've built and grateful for the team's support ', said Rodrigo Bazan. ' Working with Gildo Zegna and Thom Browne has been a true privilege. After thoughtful consideration, I've decided to step down to focus on new opportunities, but I'll always remain connected and supportive of the brand's future.' Currently serving as Executive Vice President and General Merchandising Manager for Apparel & Designer at Nordstrom, Sam Lobban is a British fashion executive and merchandising innovator. Sam began his career at Selfridges in London, later joining Mr. Porter as part of its founding team. At Nordstrom, he curated collaborations with leading brands, including Thom Browne. Sam is known for blending creative vision with strategic execution. " I am pleased to welcome Sam, whose widely recognized customer-first mindset and innovative approach to merchandising will be most valuable to accelerate the retail-driven growth journey of the Thom Browne brand ', said Gildo Zegna. ' As we enter a new chapter in our journey, I am delighted to welcome Sam. His deep understanding of our brand's distinctive DNA and his visionary approach make him the ideal partner to help shape the future of our brand ', commented Thom Browne. ' As a longstanding fan of the brand, I'm very excited to be joining Thom Browne ', concluded Sam Lobban. ' Having been a wholesale partner for so long, I've been fortunate enough to have a front row seat watching as they've built an incredible business celebrating Thom's creativity and his unique take on a modern wardrobe. I'm very much looking forward to being able to support the team to continue to grow and inspire customers. ' 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. (1) As of December 31, 2024
Associated Press
a day ago
- Business
- Associated Press
Growth in the DTC Channel Across All Brands Drives Ermenegildo Zegna Group H1 2025 Revenues to €928 Million1
MILAN--(BUSINESS WIRE)--Jul 30, 2025-- 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 Next financial releases 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 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
Fashion United
2 days ago
- Business
- Fashion United
Singapore's Temasek fund acquires 10 percent of Ermenegildo Zegna Group
A few hours before announcing its results for the first half of 2025, Ermenegildo Zegna Group announced that the Asian fund Temasek Holdings (through its subsidiary Venezio Investments Pte. Ltd) is acquiring a 10 percent stake in the fashion house. In a statement, Ermenegildo Zegna Group and Temasek explained that they have signed a share and investor rights purchase agreement. Under this agreement, the Italian group will sell 14.1 million of its own shares to the Singapore-based investment company at a price of 8.95 dollars per share. International growth partnership for the New York-listed company founded by Ermenegildo Zegna Upon closing of the transaction, Temasek will hold a total of 26.8 million shares. This represents 10 percent of Ermenegildo Zegna Group's outstanding ordinary shares. Temasek previously acquired 12.7 million shares on the market. Upon completion of the purchase, Ermenegildo Zegna Group will receive 126.4 million dollars in cash. Nagi Hamiyeh, Temasek's head of EMEA, is expected to join the group's board of directors in June 2026. The transaction is expected to close by tomorrow, 30 July. The partnership aims to support the international growth of the company founded by Ermenegildo Zegna. The management explained that the transaction 'will strengthen the group's balance sheet at a time when the management is well positioned to capitalise on the strong momentum of its brands. The increased financial flexibility will allow the group to carefully seize select opportunities to accelerate the organic growth of the current brand portfolio. Temasek's extensive experience in the luxury sector and deep knowledge of the Asian market will contribute to Ermenegildo Zegna Group's growth prospects. This will support expansion in key geographies where the group's presence is still underdeveloped.' 'I am delighted to welcome Temasek as a strategic investor in our group's shareholding base,' said Ermenegildo 'Gildo' Zegna, chairman and CEO of Ermenegildo Zegna Group, in the statement. 'Their investment represents strong support for our vision and long-term growth potential, while recognising the global importance of the Italian luxury sector. With Temasek's partnership, we are even better positioned to help strengthen our organic expansion globally and to consolidate our unique role as custodians of authentic brands.' 'The investment in Zegna underscores our ongoing commitment to supporting leading European companies with solid expertise and global potential,' added Hamiyeh in the statement. 'We look forward to being a careful, long-term partner for the Zegna family and the management team, enabling them to implement their growth strategy and supporting their vision to elevate their iconic brands and global presence.' Temasek is a global investment company headquartered in Singapore with a net portfolio value of 434 billion Singapore dollars (299 billion euros) as of 31 March 2025. Ermenegildo Zegna Group was assisted by UBS AG and Sullivan & Cromwell LLP as financial and legal advisors, respectively. This article was translated to English using an AI tool. FashionUnited uses AI language tools to speed up translating (news) articles and proofread the translations to improve the end result. This saves our human journalists time they can spend doing research and writing original articles. Articles translated with the help of AI are checked and edited by a human desk editor prior to going online. If you have questions or comments about this process email us at info@
