Zegna Group’s 2024 EBIT Beats Expectations, Sees Sales Increasing by Up to 2.4B Euros by 2027
- Sofia Celeste
- Apr 2
- 3 min read
The group's net profit narrowed to 90.9 million euros in 2024, but its CEO said he expects strategic investments, like its new luxury footwear and leather goods production facility and new stores, to pay off by 2027.

Ermenegildo Zegna, Chairman and CEO of Ermenegildo Zegna Group , at the Group's headquarters, in Milan, Italy, Wednesday, July, 12, 2023. Francesca Volpi for Financial Times Francesca Volpi for Financial Ti
MILAN — Amid market uncertainty, Ermenegildo Zegna Group is confident its recent investments will pay off by 2027.
With its full-year 2024 results, the company issued 2027 guidance of revenues in the range of 2.2 billion to 2.4 billion euros. That compares to the 1.94 billion euros in revenues in 2024. Earnings before interest and taxes, or EBIT, are expected to reach 250 million to 300 million euros by 2027.
During the full-year earnings conference call, Gildo Zegna, chairman and chief executive officer of Ermenegildo Zegna Group, said that 2027 is the year when the firm expects investments to pay off.
Investments include research and development, artificial intelligence and the completion of new key store openings in 2025. Locations to be opened later this year include a new Zegna store in Miami, another in Mexico City, as well as Riyadh, and others in the Middle East. The group will open a new Thom Browne store on Madison Avenue in New York City, another in Los Angeles on Melrose Avenue, as well as Ginza in Tokyo. A new Tom Ford store is planned for Puerto Banus, Spain, in 2025.
Key to Zegna Group’s growth strategy is its new luxury footwear and leather goods production facility in Sala Baganza, near Parma, which should be in full swing by 2027. The new facility will allow the group to rely on its own manufacturing capabilities and supply chain.
Zegna also remarked on the potential of Haider Ackermann, the new creative director of Tom Ford Fashion, succeeding Peter Hawkings. Ackermann debuted his first collection for Tom Ford on March 6 during Paris Fashion Week.
“We’re going for the long term. We have a vision for each brand and we want to keep that vision,” he added.
In 2024, the company’s net profit narrowed to 90.9 million euros versus 135.7 million euros in 2023, penalized by a higher tax rate of 30 percent compared to just 20 percent last year. EBIT was also impacted, falling to 184 million euros versus 220.2 million euros in 2023. This was higher than a consensus figure of brokers polled by the group, of 178 million euros.
Shares leaped 10.6 percent on the New York Stock Exchange in midday trading on Thursday to $7.83.
In terms of sales, the Zegna brand continued to be a key driver for the group last year, offset by the streamlining of the Thom Browne wholesale channel, which slid 34 percent. In 2024, group wholesale branded revenues fell 12.2 percent to 402.3 million euros. Group DTC revenues rose 9.9 percent to 1.39 billion euros, representing 78 percent of the total.

Young Mazino in Zegna. Courtesy of Max Montgomery
Growing local roots in each geographic location is crucial for growth, Zegna explained.
“I keep saying the biggest challenge of a luxury brand is to cater to the local [customer],” he said during the call.
By brand, Zegna sales rose 4.9 percent to 1.16 billion euros, while Thom Browne revenues fell 16.8 percent to 314.7 million euros. Sales of Tom Ford Fashion climbed 33.5 percent to 314.5 million euros.
In 2024, the EMEA region reported 3.3 percent growth in sales to 680.2 million euros.
Revenues in the Americas amounted to 524.8 million euros, up 15.4 percent.
In the Greater China region, sales fell 14.5 percent to 509.4 million euros, reflecting the enduring challenging consumer environment, in particular in mainland China.
In the rest of the Asia-Pacific area, sales rose 19.4 percent to 229.9 million euros.
Looking ahead, the group said it is necessary to maintain “a cautious approach, while also remaining committed to delivering on our projects. We will do so with discipline, agility and a sharp focus on executing our vision while creating value for our stakeholders.”
Into 2025 performance in China will remain challenging. “I think overall, overrated China will be negative in 2025,” Zegna said, while Latin America and the U.S. are showing positive signs, despite the U.S. trade policy.
“We are uncertain what the tariff [policy] might bring, but we are prepared to face the challenges. And I think that our customer base is overall resilient for whatever happens,” Zegna added.

Zegna’s store in the Dubai Mall of the Emirates. courtesy of Zegna
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