Ermenegildo Zegna Q1 Revenues Up 2.5% to €470.2M, DTC Organic Growth 14.2%
Ermenegildo Zegna’s Q1 2026 revenues rose 2.5% to €470.2 million, driven by a 14.2% organic gain in its Direct-to-Consumer channel which accounted for 85% of branded sales. ZEGNA brand led with 11.3% organic growth to €310.3 million, while wholesale branded revenues plunged 19.1%.
1. Q1 2026 Financial Highlights
Ermenegildo Zegna posted unaudited Q1 revenues of €470.2 million, up 2.5% year-over-year and 7.4% on an organic basis, reflecting solid top-line momentum in a challenging luxury market.
2. Direct-to-Consumer Momentum
Direct-to-Consumer sales reached €371.9 million, up 7.8% year-over-year and 14.2% organically, representing 85% of branded revenues as the Group’s retail-first strategy continued to gain traction.
3. Brand Performance Breakdown
The ZEGNA brand led with €310.3 million in revenues (+5.9% YoY, +11.3% organic), Thom Browne sales fell to €58.2 million (-9.4% YoY, -3.0% organic) despite strong DTC sneaker collaborations, and Tom Ford Fashion grew modestly to €67.7 million (+0.4% YoY, +5.4% organic).
4. Distribution and Regional Trends
Wholesale branded revenues declined 19.1% to €64.3 million, while the Americas and EMEA delivered double-digit organic growth. Directly operated store counts stood at 279 for ZEGNA (3 net closures) and 125 for Thom Browne (2 net openings) at quarter end.