Ermenegildo Zegna, owner of the Zegna and Thom Browne brands, has reported revenue of €1.9bn ($2.05bn) in fiscal 2023 (FY23), an increase of 27.6% compared to fiscal 2022 (FY22).
Revenue increased 29.7% on a constant currency basis during the year, with an organic growth rate of 19.3%.
The Zegna segment generated revenues of €1.32bn, up 12.4% from the previous year, and Thom Browne saw its revenue increase by 14.9% year-on-year (YoY) to €380m.
Geographically, Zegna Group experienced significant growth in North America with revenues soaring by 41.6% to €417m.
The Europe, the Middle East and Africa (EMEA) region was not far behind, with revenues climbing to €659m, a 26.6% increase compared to the previous year.
In the Asia-Pacific and Latin America regions, the company’s revenues increased 22.2% and 25.6% respectively over the fiscal year.
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During the fourth quarter (Q4) of FY23, Zegna Group delivered revenues of €570m, increasing 40.1% compared with the same period a year previously.
Q4 revenues were driven by 60.1% growth in North America and 30.9% in EMEA.
Zegna Group chairman and CEO Ermenegildo “Gildo” Zegna said: “The significant increase in our revenues in 2023, and especially from our network of directly operated stores, is a clear indication that demand for our brands remains healthy, and that we are successfully executing our strategy to increase their desirability and solidify their position as leaders in the luxury market.
“While we have seen broad-based strength, I am particularly pleased by the continued growth in EMEA and the very positive performance in the US, which was driven by strong double-digit Zegna sales via the retail channel. These strengths, coupled with the rebound in the Greater China region, are testaments to the soundness of our long-term strategy.
“Our performance across all our key geographies reflects the plans we set out at our second Capital Markets Day at the NYSE in December 2023 and charts a path forward to reach our medium-term goals even in an environment that remains challenging, with the invaluable contributions of our management team and all our employees across the group and its brands.”