Zegna

ZGN

Market cap $3.26B

Ermenegildo Zegna N.V. delivered solid 2025 results, outperforming luxury peers with €1.91 billion in sales and a robust gross margin, but faces a muted growth outlook. Profitability is supported by an 82% DTC retail mix and prudent CAPEX, but margin visibility is constrained by regional uncertainties and segment pressures. Our updated 2026 estimates imply a limited upside, close to the current trading levels; therefore, we maintain a Neutral stance and prefer to wait for a better entry point.

Ermenegildo Zegna N.V. is rated Hold due to an unfavorable risk-reward balance amid high investor expectations and execution risks. ZGN's shift to direct-to-consumer, or DTC, channels improved gross margins but increased fixed costs, pressuring operating leverage. Valuation appears stretched: ZGN stock trades at a 21.37x forward P/E, 47% above the sector median, despite modest 7% revenue growth expectations.

Ermenegildo Zegna N.V. (ZGN) Q4 2025 Earnings Call Transcript

MILAN--(BUSINESS WIRE)--Ermenegildo Zegna N.V. (NYSE:ZGN) (the “Company” and, together with its consolidated subsidiaries, the “Ermenegildo Zegna Group” or “the Group”) today announced Profit of €109.5 million for FY 2025, up 20% year-on-year (YoY), compared to €90.9 million in FY 2024. Adjusted EBIT for FY 2025 was €163.0 million (€173.0 million before a €10 million provision for expected losses on trade receivables related to Saks Global), compared to €184.0 million in FY 2024. Ermenegildo “G.

Ermenegildo Zegna N.V. (ZGN) Q4 2025 Sales/Trading Call Transcript

MILAN--(BUSINESS WIRE)--Ermenegildo Zegna N.V. (NYSE:ZGN) (the “Company” and, together with its consolidated subsidiaries, the “Ermenegildo Zegna Group” or the “Group”) today announced preliminary and unaudited revenues of €1,916.9 million for fiscal year 2025, -1.5% YoY from €1,946.6 million in fiscal year 2024 (+1.1% organic). In the fourth quarter of 2025 revenues reached €591.0 million, +0.3% YoY and +4.6% organic. Ermenegildo “Gildo” Zegna, Executive Chairman of the Ermenegildo Zegna Group.

It was socked with an analyst downgrade on the last trading day of the week. The pundit behind the move expressed concern about two of the company's brands, among other critiques.

MILAN--(BUSINESS WIRE)--Ermenegildo Zegna N.V. (NYSE:ZGN) (the “Company” and, together with its consolidated subsidiaries, the “Ermenegildo Zegna Group” or the “Group”) today announced a new leadership structure for the Group and ZEGNA brand, effective January 1, 2026. The changes follow a succession planning process carried out thoroughly by the Board of Directors. Ermenegildo “Gildo” Zegna, currently Group Chairman and CEO, will assume the role of Group Executive Chairman. In this capacity, h.

Ermenegildo Zegna remains a buy as the DTC pivot and brand repositioning drive tangible results and set up for growth acceleration. Q3 2025 showed organic revenue growth, with DTC up 9.1% and gross margin expanding, validating the shift away from wholesale. Thom Browne and Tom Ford Fashion brands are seeing strong DTC gains, with China stabilizing and new collections resonating with customers.

FTK, NWG and ZGN emerge as today's breakout picks, identified through price range analysis and strict screening criteria.