Zegna’s Growth Halts in Q3, Sales Dip 2.3% in Nine-Month Span

Zegna saves the third quarter, but falls in the first nine months of the year as a whole. The Italian luxury group has reduced its turnover by 2.3% from January to September, to €1.326 billion, compared to €1.357 billion in the same period last year. As for the third quarter, the company managed to grow by a slight 0.2%, to €398.2 million.

The results were basically dragged down by the performance of Thom Browne, which sold 19% less in the first nine months of 2025, going from a turnover of €220 million in the same period last year to 177.4 million this year. Thom Browne renewed its management in August, with Sam Lobban as the new CEO. In the first quarter of the year, it already posted a drop of 18.6%.

Both Zegna and Tom Ford Fashion grew in the period. Zegna grew by 1.1% to 819.9 million euros. Tom Ford grew by 2.2% to €218.7 million. Its textile sales business fell by 4.6% to €96.9 million.

While Zegna held its own in direct-to-consumer, with sales up 3.6% to €714.9 million, Thom Browne grew at a slower rate, up 2.9% to €130.9 million. However, in the wholesale channel, Zegna fell by 12.8% to 105 million euros, while Thom Browne lost 50% of its sales, dropping from 92.9 million in the first nine months of 2024 to 46.5 million in the 2025 period.

Thom Browne sold 19% less, falling from €220 million to €177.4 million in 2025

By markets, the group’s worst performer is China, with a 14.9% decline, recording sales of €300.5 million compared to €353 million in the same period last year. Emea, which includes Europe, the Middle East and Africa, and which is its main region in terms of sales, reduced its turnover by 1.2% to €480 million.

The Americas and the rest of Asia Pacific were the only two markets with an increase in sales. The American market was the most notable, up 7.2% to €384 million. The second, which includes Japan, South Korea, Singapore, Thailand, Malaysia, Vietnam, Indonesia, the Philippines, Australia, New Zealand and India, grew by 0.2% to €159 million.

As for the third quarter, Zegna sold 2% more than in the same period last year, to €249.4 million, while Thom Browne continued to fall, down 9.6% to €48.2 million. Tom Ford managed to increase by 0.9% to €66 million, while the textile business was up by 0.3% to €29.8 million.

Zegna chairman and CEO Ermenegildo Zegna said the results show a good performance of the company’s own stores. “Looking ahead, we anticipate that the environment will remain challenging for the industry, with uncertainty regarding consumer demand and currency fluctuations,“ he lamented. However, he insisted that the company expects to “meet its medium-term objectives.“

Zegna had 670 points of sale as of September 30th, more than half of which (396) are Zegna. Another 145 are Thom Browne and 129 are Tom Ford. In absolute terms, this is six points of sale more than in the same period of 2024.