Zegna posts revenue of €470M as direct-to-consumer strategy accelerates

Ermenegildo Zegna (NYSE:ZGN) reported a steady start to 2026, with unaudited first-quarter revenues rising to €470.2 million.

The 2.5% year-over-year increase—and a robust 7.4% jump on an organic basis—was driven by the continued success of the Group’s strategic pivot toward its Direct-to-Consumer (DTC) channel and the sustained momentum of the ZEGNA brand.

The quarter’s performance was anchored by the DTC channel, where revenues grew 7.8% to €371.9 million, reflecting an impressive 14.2% organic increase.

This growth came as wholesale revenues fell 19.1% to €64.3 million.

Management noted that the wholesale decline reflects a deliberate strategic decision to prioritize the DTC channel, allowing the Group to maintain tighter control over brand equity and customer experience.

While the ZEGNA brand remained the primary growth engine, with revenues rising 5.9% to €310.3 million (+11.3% organic), TOM FORD FASHION reported stable performance with revenues up 0.4% (+5.4% organic) as the brand continues its integration under the Zegna umbrella.

Elsewhere, the Thom Browne brand faced continued headwinds with revenues down 9.4% (-3.0% organic), though the brand showed signs of stabilization on an organic basis compared to previous periods.

Geographically, the Group recorded positive organic performances across all regions.

The Americas emerged as the standout performer, outperforming other regions with a 9.6% increase in revenue and a 17.5% jump on an organic basis.