The gains were registered despite the impact of COVID-19 restrictions in Greater China in the fourth quarter.
Backstage at Zegna Men's Fall 2023VANNI BASSETTI/WWD
MILAN — The Ermenegildo Zegna Group closed 2022 with a 15.5 percent increase in revenues, although the Italian group was impacted by the COVID-19 restrictions in Greater China in the fourth quarter.
In the 12 months ended Dec. 31, Zegna preliminary and unaudited 2022 revenues amounted to 1.49 billion euros compared with the 1.29 billion euros in the previous year.
Sales in the fourth quarter of 2022 totaled 407 million euros, inching down 0.5 percent compared with the same period in 2021.
Excluding the Greater China region, group revenues rose 42 percent in 2022, and were up 24.7 percent in the last quarter.
“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,” said chairman and chief executive officer Gildo Zegna.
“Despite China continuing to be affected by COVID-19-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,” he added. “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.”
Zegna cited key achievements in 2022, ranging from the launch of Oasi Cashmere to taking over the operation of the Tom Ford men’s and women’s fashion businesses under a long-term license from The Estée Lauder Cos.
The U.S. contributed to boost the top line, registering a 26.1 percent increase in sales in the fourth quarter. In the region, revenues in the year climbed 53.5 percent.
On Monday, Zegna inked an agreement to buy 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. The agreement secures the possibility of accelerating the brand’s growth through a strong industrial and commercial partnership, the company said in a statement.