Zegna doubles profits and increases coupon

MILAN – The Zegna group closes 2023 by doubling profits to 135.7 million euros107.8% compared to 65.3 million in 2022. Revenues rose to 1.9 billion, an increase of 27.6% compared to the 2022 financial year (+19.3% organic growth, not counting Tom Ford) with a adjusted operating profit of 220.2 million equal to 11.6% of sales (from 10.6% in 2022), with a improvement significant both for the Zegna brand and for Thom Browne. Strengthened by these results, the Piedmontese company listed on Wall Street will propose to its shareholders to approve the destruction of a dividend of 0.12 euros per share (+20% compared to the 2022 financial year).

New growth thanks to Tom Ford

“2023 was a fundamental year for our group – he explains Gildo Zegna president and CEO of the group -. We got outstanding results and we also met our sustainability commitmentsincluding those related to traceability, diversity, inclusion and the use of renewable energy”.

But the group he also sees pink for the year that has just begun. “We are well underway with the integration of Tom Ford fashion business, that is enriching our proposal unique in luxury glamor – adds Zegna – Looking at the future, I see a clear and well-defined path for our group. We are very clear about what we need to do: there will be challenges, but we know how to deal with them and how important long-term planning is.”

For this year the group confirms the objective of growing revenues above 2 billion. “The 2024 will be a volatile year but we stay extremely confident that our path will be traced – concludes Zegna – uncertainties can create incredible opportunities if you have a clear vision and are able to react immediately and firmly”.