Ermenegildo Zegna N.V. announced preliminary unaudited revenues of €1,946.6 million for fiscal year 2024, marking a 2.2% year-over-year increase and a 1.9% organic decline. This figure surpassed the company-provided revenue consensus of €1.91 billion.
In the fourth quarter of 2024, revenues reached €589.2 million, up 3.3% year-over-year and 2.9% organically. The ZEGNA brand was a key driver, with its revenues increasing 8.4% year-over-year and 7.3% organically in Q4, fueled by robust double-digit growth in the Direct-to-Consumer (DTC) channel in the US and EMEA.
The Group's DTC revenues for fiscal year 2024 grew 9.9% year-over-year and 4.0% organically, representing 78% of branded product revenues. Thom Browne's revenues declined 17.2% year-over-year and 20.8% organically for the full year, while Tom Ford Fashion's revenues rose 33.5% year-over-year but declined 0.7% organically.
The Greater China Region (GCR) continued to present challenges, with revenues declining 14.5% year-over-year and 13.7% organically for the full year, and 11.4% year-over-year and organically in Q4. Chairman and CEO Ermenegildo Zegna noted that while early January showed solid performance in the Americas and EMEA, ongoing volatility in consumer demand in China is anticipated for 2025.
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