Global luxury group Ermenegildo Zegna has delivered €431.13m ($457.77m) in revenue in the third quarter (Q3) of fiscal 2023 (FY23), up 20.8% from €356.87m ($378.92m) in the same period in fiscal 2022 (FY22).

Zegna’s segment revenue grew 3.0% year-on-year (YoY) to €298m ($316.41m) while revenues of the Thom Browne segment rose 6.3% YoY to €74m ($78.57m).

The company’s revenues in the Europe, Middle East and Africa (EMEA) region increased 27.7% YoY in Q3 FY23, while in North America and Latin America, revenues grew 44.2% YoY and 19.6% YoY respectively.

Zegna’s direct-to-consumer (DTC) revenues were €282m ($299.43m) in Q3 FY23, up 29.9% YoY, while wholesale revenues reached €148m ($157.14m) over the quarter, an increase of 6.6% compared to the same period of the previous year.

Zegna Group chairman and CEO Ermenegildo Zegna stated: “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.”

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By GlobalData

In the first nine months of the year ending 30 September 2023, the total group’s reported revenues were €1.33bn ($1.41bn), up 22.9% against the same period in FY22.

Revenues were driven by strong performance from Zegna-branded products, especially in the DTC channel.

For the full year 2023, Zegna expects revenues to exceed €2bn ($2.12bn) and adjusted earnings before interest and taxes margin to reach at least 15%.