- FY 2022 Revenues1 of €1,493 million, up 15.5%
year-over-year, in line with mid-teens guidance; solid double-digit
growth in both Zegna and Thom Browne segments
- FY 2022 and 4Q 2022 Revenue growth of 42% and 24.7%
year-over-year2, respectively, excluding the Greater China
Region
- The Group expects an increase in Cash Surplus3 in the second
half of 2022, in line with guidance
- Early signs of recovery seen in the Greater China
region
Ermenegildo Zegna N.V. (NYSE:ZGN) (“Zegna Group,” “the Group,”
or “the Company”), owner of the Zegna and Thom Browne brands, today
announced preliminary and unaudited revenues of €1,493 million for
the full year 2022, an increase of 15.5% year-over-year. Revenues
for the fourth quarter of the year were €407 million, down 0.5%
year-over-year. Revenues at constant currency (“cFX”)4 grew 11.0%
and declined 2.9% in FY 2022 and 4Q 2022, respectively. Excluding
the Greater China Region (“GCR”), which was affected by
COVID-related restrictions throughout 2022, particularly from
mid-March to the end of May and then again in the fourth quarter,
revenues were up 42.0% year-over-year for FY 2022 and up 24.7%
year-over-year for 4Q 2022 (up 38.6% and up 21.1% at cFX in FY 2022
and 4Q 2022, respectively).
Ermenegildo “Gildo” Zegna, Chairman and CEO of the Zegna Group,
said: “I am very pleased with how we performed during 2022, in
spite of the continued global economic and geopolitical challenges
of the year, as well as how we continued to stand by our
commitments to the environment, our employees, and our communities.
Despite China continuing to be affected by COVID-related
restrictions throughout 2022, our growth for the year shows the
soundness and success of our strategy, global reach, and flawless
execution, with ongoing success in the Middle East, U.S., and
Europe. After my recent trip to Greater China, I am optimistic
about China’s reopening as we are witnessing a rebound in our
business and the industry at large. We will remain flexible to
proactively face external challenges while continuing to strengthen
our brands, execute on Our Road strategy, and deliver on our
mid-term targets.”
He added: “2022 was another year of important milestones for the
Group. In May, we shared our financial ambitions and sustainability
strategy at our very first Capital Markets Day, hosted at Oasi
Zegna. In August, we launched a unique partnership with Real
Madrid, bringing together our two storied brands to become the
club’s Official Luxury Travelwear Partner. And as a company built
on caring for the environment, we were extremely proud that in
September, thanks to our own production and integrated supply
chain, we were able to launch Oasi Cashmere, a significant step on
Our Road toward traceability and meeting our sustainability goals.
Finally, in November, we announced the TOM FORD fashion business
transaction alongside The Estée Lauder Companies. Subject to and
following the completion of that transaction we will operate the
TOM FORD fashion business under a long-term license from The Estée
Lauder Companies and acquire the related fashion operations. All of
these are strong steps towards realizing our long-term vision for
the Group.”
Select Highlights from the Fourth
Quarter of 2022
- Significant Growth, excluding COVID-related impacts in the
Greater China Region
- Excluding the GCR, global revenues showed significant growth
for both 4Q 2022 and FY 2022, at 24.7% and 42.0% year-over-year,
respectively. Revenue growth was especially strong in the U.S.,
even with a particularly strong comparison base in 4Q 2021,
reaching 26.1% year-over-year for 4Q 2022 and 53.5% year-over-year
for FY 2022. This comes despite the end of our distribution license
with Tom Ford International, which resulted in an 8% reduction of
our revenue growth for 4Q 2022 in the U.S.
- Revenues in Europe, the Middle East, and Africa (EMEA) also
continued to grow by double-digits percentage points compared to 4Q
2021, supported by exceptional results from the Middle East and
Africa (MEA), strong performance in Italy, and consistent
performance in other countries in Europe.
- After a positive 3Q, in 4Q 2022 we saw a 30% decline in
revenues from the GCR due to a new wave of particularly impactful
COVID-related restrictions put in place in October and November, as
well as some further unplanned temporary store closures in December
due to a wave of contagion. This resulted in 4Q 2022 Group revenues
decreasing 0.5% year-over-year (2.9% at cFX).
- Acquisition of Minority Stake in Norda Run
- On January 23, 2023, Zegna signed an agreement for the
acquisition of a minority stake in Canadian technical trail-running
shoe company Norda Run, with the option to gradually increase its
stake over the next nine years. The luxury outdoor space continues
to be an area of focus for the Group, and Norda Run, which uses the
finest materials on the planet to produce the world’s
best-performing all-weather footwear, aligns perfectly with Zegna’s
values of creating the best products from the best materials. The
agreement secures the possibility of accelerating the brand’s
growth through a strong industrial and commercial partnership.
- Fall 2023 Collection: Oasi Cashmere and The Elder Statesman
Partnership
- The Fall 2023 show, held during Milan Fashion Week earlier this
month, focused on Zegna’s iconic Oasi, with 70% of the collection
created using Oasi Cashmere. Oasi Cashmere is a central development
on Zegna’s Road to Traceability, and we are committed to certifying
its fibers as fully traceable by 2024.
- On January 16, 2023, Zegna announced a collaboration with Los
Angeles-based The Elder Statesman, and unveiled some items from the
collection, including a tweed cashmere coat, during our Fall 2023
show. The full collection will be presented during Paris Fashion
Week at the end of February and will be in stores in September
2023.
- Thom Browne Wins Trademark Case; Reaches Agreement to
Directly Operate Business in Korea
- On January 12, 2023, a jury found that at no time did Thom
Browne, Inc., infringe on any of the trademarks of adidas America,
Inc., in the lawsuit filed by adidas in the U.S.
- Today, January 25, 2023, Thom Browne announced an agreement
with its Korean partner of 12 years, Samsung C&T Corporation
(“Samsung”), pursuant to which Thom Browne will directly operate
its Korean business through a newly formed and wholly owned
company, Thom Browne Korea. Thom Browne Korea will assume direct
responsibility for all activities within the Korean market, with
external support from Samsung. Samsung and Thom Browne will
continue their successful collaboration through an innovative
retail management agreement, effective July 1, 2023, through which
Samsung will manage Thom Browne’s wholly owned network of 17 stores
in Korea.
Review of Fourth Quarter and Full Year
2022 Preliminary and Unaudited Revenues5
In 4Q 2022, Zegna Group generated revenues of €407 million, a
0.5% year-over-year decrease, bringing total revenues for FY 2022
to €1,493 million, up 15.5% year-over-year. At cFX, revenues grew
11.0% and declined 2.9% year-over-year in FY 2022 and 4Q 2022,
respectively. Excluding the GCR, which was affected by
COVID-related restrictions throughout 2022, particularly from
mid-March to the end of May and then again in the fourth quarter,
revenues were up 42.0% year-over-year for FY 2022, and up 24.7%
year-over-year for 4Q 2022 (up 38.6% and up 21.1% year-over-year at
cFX in FY 2022 and 4Q 2022, respectively). Growth in the fourth
quarter was also affected by the end of the Tom Ford International
distribution license agreement with the Fall/Winter 2022 season
deliveries, which had a negative impact on consolidated revenues
for 4Q 2022 of 2.0% year-over-year.
Revenues by Segment
Zegna: Revenues for the Zegna segment, which includes
Zegna-branded products as well as the Textile and Third-Party
Brands product lines, reached €334 million in 4Q 2022, a decrease
of 2.2% year-over-year, with the drop in GCR direct-to-consumer
(DTC) revenues and the end of the Tom Ford International
distribution license agreement more than offsetting solid
performance in other markets. Zegna segment revenues for FY 2022
were €1,177 million, a 13.7% year-over-year increase.
Thom Browne: The Thom Browne segment continues to be a
significant growth driver for the Group, with 4Q 2022 revenues of
€76 million, up 11.5% year-over-year. In FY 2022, the Thom Browne
segment posted revenues of €331 million, up 25.3% year-over-year.
Thom Browne saw women’s products growing slightly faster than
men’s, while children’s almost doubled. Despite COVID-related
restrictions and closures affecting the DTC channel, positive
performance was sustained by strong wholesale demand, e-commerce
through T-Mall in China, and the contribution of 11 net store
openings in 2022, bringing the total number of directly operated
stores to 63 at the end of 2022.
Revenues by Product Line
Zegna-Branded Products: Zegna-branded products revenues
were €274 million for 4Q 2022, down 2.7% year-over-year, but up
double-digit year-over-year excluding GCR, benefitting from the
rollout of the One Brand collection since July 2022. Revenues for
FY 2022 were €924 million, up 9.0% year-over-year. Shoes showed
exceptional performance throughout the year, while growth in the
luxury leisurewear segment remained steady. Tailoring and
Made-to-Measure both saw a strong rebound in 2022, especially in
the U.S. and EMEA.
Thom Browne: Thom Browne continues to be a growth pillar
for the Group, with revenues of €76 million in 4Q 2022, up 11.4%
year-over-year, bringing FY 2022 revenues to €330 million, up 25.3%
year-over-year. The growth was largely driven by wholesale
demand.
Textile: Textile revenues were up 7.1% year-over-year for
4Q 2022, reaching €38 million. Revenues for the year were up 33.8%
to €137 million, with all the key subsidiaries experiencing healthy
double-digit growth.
Third-Party Brands: Third-Party Brands revenues reached
€18 million in 4Q 2022, down 18.8% year-over-year, impacted by the
termination of the Tom Ford International distribution license
which ended with deliveries of the FW 2022 collection, replaced by
a supply agreement. Excluding this impact, Third-Party Brand
revenues were up by strong double-digits in 4Q 2022. We expect the
negative impact to be more than offset by the consolidation of the
TOM FORD fashion business subject to and upon closing of the
transaction with The Estée Lauder Companies, expected later this
year. For FY 2022, Third-Party Brands revenues were up 30.5%
year-over-year to reach €98 million, driven by higher Gucci orders
and Tom Ford deliveries for SS22/FW22.
Revenues by Geography
The Group saw significant growth across geographies, excluding
the GCR due to the rapidly changing nature of the COVID-19 policies
in the region. Excluding the GCR, the Group saw a 42.0% increase in
revenues in FY 2022 driven by performance in Europe, the Middle
East, and the U.S. Revenue growth was 24.7% in 4Q 2022, excluding
the GCR.
Activities in Europe, the Middle East, and the U.S. demonstrated
the strongest growth in 4Q 2022. EMEA revenues in 4Q 2022 were €140
million, a 22.8% year-over-year increase, of which the Middle East
and Africa (MEA6) region represented €24 million, a
34.9% year-over-year growth, building on the region’s robust
performance in the earlier quarters of the year. For FY 2022, EMEA
revenues reached €520 million, up 36.8% year-over-year. Revenues
from the Middle East and Africa (MEA5) region constituted €69
million for the year, a 56.1% year-over-year growth.
North America 4Q 2022 revenues increased 26.7% year-over-year
and amounted to €82 million, of which the U.S. made up €77 million,
up 26.1% year-over-year. The U.S. continues to be an area of focus
for the Group as we execute our strategic growth plan. Revenues in
North America reached €295 million in FY 2022, up 54.1%
year-over-year, with the U.S. up 53.5% to €270 million.
Group revenues in the GCR were down 30.3% year-over-year for 4Q
2022, reaching €131 million. The decrease was 16.1% for FY 2022,
with revenues of €494 million for the year. The drop in revenues
was a result of COVID-19 disruptions throughout the year,
especially severe during the fourth quarter. After restrictions
were eased in early December, we also experienced temporary store
closures due to staff shortages. Operations have since normalized,
returning to more predictable activities.
Revenues by Channel
In FY 2022, DTC revenues for Zegna-branded products saw an 8.4%
year-over-year increase, reaching €773 million. DTC revenues for
Thom Browne increased 5.1% year-over-year to €146 million in FY
2022, pushed by high-double-digit performance in the U.S., EMEA,
and Japan. The FY 2022 increases in DTC revenues come despite
decreases of 6.2% and 10.0% for Zegna-branded products and Thom
Browne, respectively, in 4Q 2022, as a result of the COVID-19
disruption in the GCR.
For FY 2022, wholesale revenues reached €570 million, up 30.7%
year-over-year, with Thom Browne wholesale revenues growing 47.7%
for the year to €184 and Zegna-branded product wholesale revenues
growing 12.6% for the year to €151 million. In 4Q 2022, the Group
saw growth across the wholesale channel, with revenues totaling
€132 million, a 16.1% year-over-year increase. This is attributed
to exceptional wholesale growth for Thom Browne of 62.4%
year-over-year during the quarter and consistent growth of 20.7%
year-over-year for Zegna-branded products during the quarter. At
the end of FY 2022, DTC revenues represented 62% of total sales,
down from 66% in FY 2021, as a result of the disruptions affecting
the GCR, which is mainly a retail market.
Outlook
The Group expects a moderate improvement in Adjusted EBIT3 and a
substantial improvement in Profit for FY 2022 compared to 2021
despite significant headwinds in the GCR. The Group also continues
to expect a Cash Surplus increase in the second half of the year,
in line with guidance. Medium-term targets remain unchanged as
Zegna continues to focus on executing its strategy, targeting €2
billion in revenues and 15% Adjusted EBIT Margin3 in the medium
term, excluding the TOM FORD fashion business. This outlook assumes
no further future escalation of the war in Ukraine, no significant
macroeconomic deterioration, no further disruption linked to the
COVID-19 pandemic in the GCR or elsewhere, and no other unforeseen
events.
______________________________________
1 Throughout this press release, FY 2022 and 4Q 2022 revenues
are preliminary and unaudited. 2 Throughout this press release,
revenue growth refers to year-over-year growth. 3 Adjusted EBIT,
Adjusted EBIT Margin, and Net Financial Indebtedness/(Cash Surplus)
are non-IFRS financial measures. See the Non-IFRS Financial
Measures section starting on page 4 of this press release for the
definition of such non-IFRS measures. 4 This press release includes
information about our revenues measured on a constant currency
basis, which is a non-IFRS financial measure. See the Non-IFRS
Financial Measures section starting on page 4 of this press release
for a definition of such non-IFRS measure. 5 All % changes are
calculated on an actual currency exchange rate basis, unless
otherwise specified. 6 MEA includes Middle East and African
countries and Turkey.
***
Conference
Call
As previously announced, today at 8:30 a.m. ET (2:30 p.m. CET),
the Company will host a webcast and conference call to discuss its
preliminary revenues for 4Q 2022 and FY 2022. A live webcast of the
conference call will also be available on the Company’s website at
ir.zegnagroup.com. To participate in the call, please dial:
Italy (Local): 06 9450 1060 United Kingdom
(Local): 020 3936 2999 United States (Local): 1 646 664 1960 All
other locations: +44 20 3936 2999 Participant Access code:
064376
An online archive of the broadcast will be available on the
website shortly after the live call and will be available for
twelve months.
***
Next Scheduled
Announcement
The next scheduled announcement will be the full-year 2022
earnings on April 6, 2023. To receive email alerts of the timing of
future financial news releases, as well as future announcements,
please register at https://ir.zegnagroup.com.
***
Non-IFRS Financial
Measures
Zegna’s management monitors and evaluates operating and
financial performance using several non-IFRS financial measures
including: adjusted earnings before interest and taxes (“Adjusted
EBIT”), Adjusted EBIT Margin, Net Financial Indebtedness/(Cash
Surplus) and revenues on a constant currency basis. Zegna’s
management believes that these non-IFRS financial measures provide
useful and relevant information regarding Zegna’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 Zegna 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 Zegna operates, the
financial measures that Zegna 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.
Adjusted EBIT and Adjusted EBIT
Margin
Adjusted EBIT is defined as profit or loss before income taxes
plus financial income, financial expenses, exchange losses and the
result from investments accounted for using the equity method,
adjusted for income and costs which are significant in nature and
that management considers not reflective of underlying operating
activities. Adjusted EBIT Margin is defined as Adjusted EBIT
divided by revenues of the applicable period.
Zegna’s management uses Adjusted EBIT and Adjusted EBIT Margin
for internal reporting to assess performance and as part of the
forecasting, budgeting and decision-making processes as they
provide additional transparency regarding Zegna’s underlying
operating performance. Zegna’s management believes these non-IFRS
measures are useful because they exclude items that management
believes are not indicative of Zegna’s underlying operating
performance and allow management to view operating trends, perform
analytical comparisons and benchmark performance between periods
and among segments. Zegna’s management also believes that Adjusted
EBIT and Adjusted EBIT Margin are useful for investors and analysts
to better understand how management assesses Zegna’s underlying
operating performance on a consistent basis and to compare Zegna’s
performance with that of other companies. Accordingly, management
believes that Adjusted EBIT and Adjusted EBIT Margin provide useful
information to third-party stakeholders in understanding and
evaluating Zegna’s operating results.
Net Financial Indebtedness/(Cash Surplus)
Net Financial Indebtedness/(Cash Surplus) is defined as the sum
of financial borrowings (current and non-current), derivative
financial instruments, loans, and certain other financial
liabilities (recorded within other non-current financial
liabilities in the consolidated statement of financial position),
net of cash and cash equivalents, derivative financial instruments
and certain other current financial assets.
Zegna’s management believes that Net Financial
Indebtedness/(Cash Surplus) is useful to monitor the level of net
liquidity and financial resources available to Zegna. Zegna’s
management believes this non-IFRS measure aids management,
investors and analysts to analyze Zegna’s financial position and
financial resources available, and to compare Zegna’s financial
position and financial resources available with that of other
companies.
Constant Currency Information
In addition to presenting our revenues on a current currency
basis, we also present certain revenue information on a constant
currency basis, which excludes the effects of foreign currency
translation from our subsidiaries with functional currencies
different from 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.
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.
Revenues on a constant currency basis are not a substitute for
revenues on a current currency basis or any GAAP-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 trend.
***
About Ermenegildo Zegna Group
Founded in 1910 in Trivero, Italy by Ermenegildo Zegna, the
Zegna Group designs, creates and distributes luxury menswear and
accessories under the Zegna brand, as well as womenswear, menswear,
and accessories under the Thom Browne brand. Through its Luxury
Textile Laboratory Platform – which works to preserve artisanal
mills producing the finest Italian fabrics – the Zegna Group
manufactures and distributes the highest quality fabrics and
textiles. Group products are sold through 500 stores in about 80
countries around the world, of which 302 are directly operated by
the Group as of December 31, 2022 (239 Zegna stores and 63 Thom
Browne stores). Over the decades, Zegna Group has charted Our Road:
a unique path that winds itself through era-defining milestones
that have seen the Group grow from a producer of superior wool
fabric to a global luxury group. Our Road has led us to New York,
where the Group has been listed on the New York Stock Exchange
since December 20, 2021. And while we continue to progress on Our
Road to tomorrow, we remain committed to upholding our founder’s
legacy – one that is based upon the principle that a business’s
activities should help the environment. Today, the Zegna Group is
creating a lifestyle that marches to the rhythm of modern times
while continuing to nurture bonds with the natural world and with
our communities that create a better present and future.
***
Forward-Looking Statements
This communication, including the section “Outlook”, contains
forward-looking statements that are based on beliefs and
assumptions and on information currently available to the Company.
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” 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. Although the Company believes that it
has a reasonable basis for each forward-looking statement contained
in this communication, the Company cautions you that these
statements are based on a combination of facts and factors
currently known and projections of the future, which are inherently
uncertain. In addition, risks and uncertainties are described in
the Company’s filings with the SEC. These filings may identify and
address other important risks and uncertainties that could cause
actual events and results to differ materially from those contained
in the forward-looking statements. 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 Zegna as of the date of this communication. Subsequent
events and developments may cause that view to change. However,
while Zegna 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.
***
Fourth Quarter 2022 and FY 2022 -
Preliminary Unaudited Group Revenues
Group Revenues by Segment
(Unaudited)
(€ thousands, except percentages)
FY 2022
Preliminary
FY 2021
△% vs FY 2021
△% vs FY 2021 at constant
currency
4Q 2022
Preliminary
4Q 2021
△% vs 4Q 2021
△% vs Q4 2021 at constant
currency
Unaudited
Unaudited
Unaudited
Revenues
1,492,840
1,292,402
15.5%
11.0%
406,973
409,074
(0.5%)
(2.9%)
Zegna segment
1,176,706
1,035,175
13.7%
9.3%
334,477
341,940
(2.2%)
(4.4%)
Thom Browne segment
330,891
264,066
25.3%
20.6%
75,818
67,997
11.5%
8.7%
Eliminations
(14,757)
(6,839)
n.m.
n.m.
(3,322)
(863)
n.m.
n.m.
________________________________________
Note: throughout this section “n.m.” means
not meaningful
Group Revenues by Product Line
(Unaudited)
(€ thousands, except percentages)
FY 2022
Preliminary
FY 2021
△% vs FY 2021
△% vs FY 2021 at constant
currency
4Q 2022
Preliminary
4Q 2021
△% vs 4Q 2021
△% vs Q4 2021 at constant
currency
Unaudited
Unaudited
Unaudited
Revenues
1,492,840
1,292,402
15.5 %
11.0 %
406,973
409,074
(0.5) %
(2.9) %
Zegna branded products (1)
923,942
847,311
9.0 %
4.1 %
274,374
281,952
(2.7) %
(5.0) %
Thom Browne
330,014
263,397
25.3 %
20.6 %
75,668
67,901
11.4 %
8.6 %
Textile
136,769
102,244
33.8 %
35.4 %
37,513
35,042
7.1 %
7.6 %
Third Party Brands
97,792
74,957
30.5 %
27.9 %
18,188
22,403
(18.8) %
(23.2) %
Other (2)
4,323
4,493
(3.8) %
(7.5) %
1,230
1,776
(30.7) %
(32.1) %
________________________________________
(1)
Zegna branded products include apparel,
bags, shoes and small and large leather goods, as well as licensed
goods and royalties.
(2)
Other revenues include revenues relating
to the Agnona business, which was sold in January 2021. For the
years ended December 31, 2022 and 2021 the Agnona business
generated revenues after eliminations of €59 thousand and €1,191
thousand, respectively.
Group Revenues by Geographical Area
(Unaudited)
(€ thousands, except percentages)
FY 2022
Preliminary
FY 2021
△% vs FY 2021
△% vs FY 2021 at constant
currency
4Q 2022
Preliminary
4Q 2021
△% vs 4Q 2021
△% vs Q4 2021 at constant
currency
Unaudited
Unaudited
Unaudited
Revenues
1,492,840
1,292,402
15.5%
11.0 %
406,973
409,074
(0.5) %
(2.9) %
EMEA (1)
520,226
380,325
36.8%
36.2 %
140,400
114,337
22.8 %
21.8 %
of which Italy
224,342
158,722
41.3%
41.8 %
53,234
39,876
33.5 %
32.1 %
of which UK
53,970
37,682
43.2%
42.2 %
15,362
14,064
9.2 %
8.8 %
of which MEA (2)
69,046
44,236
56.1%
49.6 %
24,047
17,832
34.9 %
31.9 %
North America (3)
294,686
191,283
54.1%
43.2 %
82,406
65,018
26.7 %
17.2 %
of which United States
270,312
176,059
53.5%
42.1 %
76,718
60,858
26.1 %
15.8 %
Latin America (4)
29,889
19,971
49.7%
33.4 %
10,331
7,573
36.4 %
19.5 %
APAC (5)
644,802
696,344
(7.4%)
(11.6) %
173,058
220,934
(21.7) %
(22.1) %
of which Greater China Region
494,110
588,876
(16.1%)
(20.6) %
130,657
187,459
(30.3) %
(30.8) %
of which Japan
65,445
55,479
18.0%
23.7 %
20,727
18,637
11.2 %
17.7 %
Other (6)
3,237
4,479
n.m.
n.m.
778
1,212
n.m.
n.m.
_______________________________________
(1)
EMEA includes Europe, the Middle East and
Africa.
(2)
MEA includes Middle East countries,
African countries and Turkey.
(3)
North America includes the United States
of America and Canada.
(4)
Latin America includes Mexico,
Brazil and other Central and South American countries.
(5)
APAC includes the Greater China Region,
Japan, South Korea, Thailand, Malaysia, Vietnam, Indonesia,
Philippines, Australia, New Zealand, India and other Southeast
Asian countries. Greater China Region includes the Chinese
mainland, Hong Kong S.A.R., Macau S.A.R. and Taiwan.
(6)
Other revenues mainly include royalties
and certain sales of products from previous seasons
collections.
Group Revenues by Channel
(Unaudited)
(€ thousands, except percentages)
FY 2022
Preliminary
% on Revenues
FY 2021
% on Revenues
△% vs FY 2021
△% vs FY 2021 at constant
currency
4Q 2022
Preliminary
% on Revenues
4Q 2021
% on Revenues
△% vs 4Q 2021
△% vs Q4 2021 at constant
currency
Unaudited
Unaudited
Unaudited
Revenues
1,492,840
100 %
1,292,402
100%
15.5%
11.0%
406,973
100%
409,074
100%
(0.5%)
(2.9%)
Direct to Consumer (DTC) - Zegna branded
products
772,505
712,862
8.4%
2.9%
230,277
245,416
(6.2%)
(8.6%)
Direct to Consumer (DTC) - Thom Browne
branded products
145,702
138,567
5.1%
(1.5%)
42,983
47,778
(10.0%)
(12.5%)
Total Direct to Consumer (DTC)
918,207
62 %
851,429
66%
7.8%
2.2%
273,260
67%
293,194
72%
(6.8%)
(9.2%)
Wholesale Zegna branded products
151,437
134,449
12.6%
10.6%
44,097
36,536
20.7%
18.7%
Wholesale Thom Browne branded products
184,312
124,830
47.7%
46.6%
32,685
20,123
62.4%
60.2%
Wholesale Third Party Brands and
Textile
234,561
177,201
32.4%
32.2%
55,701
57,445
(3.0%)
(4.7%)
Total Wholesale
570,310
38 %
436,480
34%
30.7%
29.4%
132,483
33%
114,104
28%
16.1%
14.3%
Other (1)
4,323
— %
4,493
—%
n.m.
n.m.
1,230
—%
1,776
—%
n.m.
n.m.
________________________________________
(1)
Other revenues include revenues relating
to the Agnona business, which was sold in January 2021. For the
years ended December 31, 2022 and 2021 the Agnona business
generated revenues after eliminations of €59 thousand and €1,191
thousand, respectively.
***
Group Monobrand(1) Store Network as of December 31, 2022 and
2021
As of December 31,
2022
As of December 31,
2021
# Stores
Zegna
Thom Browne
Zegna Group
Zegna
Thom Browne
Zegna Group
EMEA
65
10
75
69
9
78
Americas (2)
53
7
60
50
5
55
APAC
121
46
167
126
38
164
Total Direct to Customer (DTC)
239
63
302
245
52
297
EMEA (3)
57
6
63
89
5
94
Americas (2)
64
4
68
74
3
77
APAC
35
32
67
32
30
62
Total Wholesale
156
42
198
195
38
233
Total
395
105
500
440
90
530
________________________________________
(1)
Monobrand store count includes our DOSs (which are divided into
boutiques and outlets) and our Wholesale monobrand stores
(including also monobrand franchisees).
(2)
Americas include North America and Latin America.
(3)
Does not include any stores in Russia as of December 31, 2022
(14 Wholesale stores in EMEA as of December 31, 2021). Although
some stores may still be operating as of December 31, 2022, they
have not been supplied by Zegna since February 2022 and have
therefore been excluded from Zegna's store count.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230125005186/en/
Investor Relations/Group Communications Francesca Di
Pasquantonio francesca.dipasquantonio@zegna.com +39 335 5837669
Clementina Tito clementina.tito@zegna.com
Media Brunswick Group Brendan Riley / Daria Danelli /
Marie Jensen briley@brunswickgroup.com /
ddanelli@brunswickgroup.com / mjensen@brunswickgroup.com +1 (917)
755-1454 / +39 348 635 1149 / +33 (0) 6 49 09 39 54
Marco Rubino Community +39 335 6509552
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