Fashion
Italy’s Zegna H1 profit surges as DTC drives 82% of branded sales
The profit rose 53 per cent to €47.9 million (~$56 million), lifting the profit margin to 5.2 per cent from 3.3 per cent. Adjusted EBIT was €68.7 million, with a 7.4 per cent margin (8.4 per cent in H1 2024).
Ermenegildo Zegna Group has posted revenues of €927.7 million (~$1,085.4 million) in H1 2025, down 3.4 per cent as wholesale streamlining offset 4.2 per cent DTC growth, now 82 per cent of branded sales.
Profit surged 53 per cent to €47.9 million (~$56 million), with gross margin at 67.5 per cent.
Zegna brand stayed resilient, Thom Browne fell, and Tom Ford Fashion posted losses.
The DTC revenues grew 4.2 per cent (6.1 per cent organic) to €698 million, reaching 82 per cent of branded revenues (76 per cent in H1 2024), and wholesale branded declined 27.1 per cent (26.5 per cent organic) to €154.2 million, Zegna Group said in a press release.
The gross margin improved to 67.5 per cent (+110 basis points), aided by the higher DTC mix, meanwhile the operating profit was €61.3 million (6.6 per cent margin) vs €73.1 million (7.6 per cent). The net financial items and foreign exchange (FX) turned positive €6 million (vs negative €24.8 million), aided by put-option remeasurement and a favourable US dollar/euro move.
Brand and segment wise, Zegna brand revenues were €570.4 million, up 0.8 per cent (2.6 per cent organic). Thom Browne recorded revenue of €129.2 million, down 22.5 per cent (21.7 per cent organic). Tom Ford Fashion saw a revenue of €152.7 million, up 2.8 per cent (3.8 per cent organic), and Textile with €67.1 million revenue was down 6.6 per cent.
Zegna delivered adjusted EBIT of €94.4 million, with margins rising to 14.3 per cent (up 150 basis points), supported by stronger operating leverage and disciplined cost management. Thom Browne generated €4.5 million, with margins falling to 3.5 per cent from 12.1 per cent, pressured by lower revenues and upfront costs tied to new DTC store openings. Tom Ford Fashion reported a loss of €19.4 million, with margins at –12.7 per cent, reflecting heavy investments in retail expansion, talent, IT systems, and organisational infrastructure.
By region, revenues in the Americas rose 6.8 per cent (9.3 per cent organic) to €262.7 million. Europe, Middle East, and Africa (EMEA) generated €328.9 million, a decline of 2.3 per cent (1.9 per cent organic). Greater China fell 16.2 per cent (14.7 per cent organic) to €223.1 million, while the Rest of Asia-Pacific (APAC) edged up 1.4 per cent (3.4 per cent organic) to €111.5 million.
The capital expenditure totalled €54 million, directed mainly towards DTC network growth and the new shoe plant in Parma (Italy). Trade working capital improved to €441.8 million, supported by reduced inventories and receivables following wholesale rationalisation. The net financial indebtedness stood at €92.1 million, remaining broadly stable.
“Our first-half 2025 results reflect the Group’s strategic decision to invest in the DTC store network and capabilities across our three brands, while continuing to support projects that fuel our long-term growth ambitions,” said Ermenegildo Gildo Zegna, Group chairman and CEO. “In this context, we are pleased with the operating results reported by the Zegna segment where stronger operating leverage and disciplined execution led to an improvement of the adjusted EBIT margin by 150 basis points. This strong performance helped balance the impact of the strategic transformation underway at Thom Browne and Tom Ford Fashion.”
“With the strength of our Filiera, the authenticity of our brands, and—above all—the clarity of our vision and the talent of our team, we remain on track to achieve our 2027 targets, despite sector and currency headwinds,” added Zegna.
The management reiterates confidence in achieving 2027 targets, citing the stronger Zegna segment profitability, continued DTC investments, and the group’s integrated Italian supply chain (Filiera). Near-term headwinds include sector softness and currency volatility as Thom Browne and Tom Ford Fashion continue strategic transitions.
Fibre2Fashion News Desk (SG)
“Mr. Jones brings extensive experience in consumer insights, brand building and organizational transformation and has a proven record of creating significant stakeholder value,” said Bob Eckert, chair of the board of Levi Strauss & Co. “He has repeatedly strengthened brands and organizations across industries, and his leadership will play a critical role as we evolve LS&Co. into a best-in-class, DTC-first retailer.”
Levi Strauss & Co has appointed H&R Block president and CEO Jeffrey J Jones II to its board, effective January 21, 2026.
He will serve on the nominating, governance and corporate citizenship committee and the compensation and human capital committee.
Jones brings over 30 years of experience in consumer, retail and technology leadership, strengthening LS&Co’s DTC-focused strategy.
Mr. Jones has served as President, Chief Executive Officer and Director of H&R Block, Inc. since 2017 and will retire from the company on December 31, 2025. He previously served as President of Ride Sharing at Uber Technologies Inc., where he led operations, customer support, strategy and planning, product operations and marketing. Mr. Jones also served as Executive Vice President and Chief Marketing Officer at Target Corporation, overseeing brand, digital and guest experience strategy, corporate communications, investor relations and brand management of all owned brands and Target’s limited-time offering collaborations. Earlier in his career, Mr. Jones was partner and President of McKinney, an advertising agency, where he led major client engagements and organizational growth.
“Levi Strauss & Co. is an iconic company with a bold vision for the future, and I’m honored to join the board at such a pivotal moment,” said Jeffrey J. Jones II. “The company has been on a strong trajectory, deepening its connection with consumers and driving long-term, sustainable growth. I look forward to supporting the entire leadership team as they write the next chapter for this nearly 175-year-old company.”
Mr. Jones is a member of the Council for Inclusive Capitalism, the Fast Company Impact Council and the Kansas City Economic Club. He holds a Bachelor of Arts degree in Communications from the University of Dayton.
Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged.
Fibre2Fashion News Desk (RM)
USA athletes and coaches across the Men’s, Women’s, Mixed Doubles, and Wheelchair National Teams will compete in uniforms that tell a story of our country’s heritage and stunning landscapes. The dark jersey features eight cascading stars in red, white and blue – symbolizing the curling stones used in competition. And in a powerful tribute to history, every jersey is adorned with at least 250 stars, celebrating the upcoming 250th anniversary of America’s independence.
Columbia Sportswear returns as official uniform sponsor for the US Curling National Team at the 2026 Winter Olympic Games, blending technical performance with national pride.
New competition and village wear feature heritage-inspired designs, Omni-Heat Infinity insulation, and 250 stars marking America’s upcoming 250th independence anniversary, with replica jerseys available for fans.
In addition to the competition jerseys, pants and hats, Columbia is providing athletes with village wear, including USA-branded parkas. The parkas are insulated with Columbia’s award-winning Omni-Heat Infinity, the brand’s warmest technology, reimagined in a patriotic gold star pattern to honor the historic games.
“Outfitting the United States Curling Team for the Olympic stage is an incredible honor and our teams have worked closely with USA Curling over the past several years to help propel them to the podium in Italy,” said Joe Boyle, President of Columbia Sportswear. “The uniforms are a testament to our commitment to these ambassadors – and we’re proud to support these athletes as they compete at the highest level.”
“Preparing for the Winter Games demands more than just talent; it requires gear that performs under pressure,” said Dean Gemmell, CEO of USA Curling. “Columbia’s technical expertise and athlete-first approach make them trusted partners as we head to Italy with confidence.”
Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged.
Fibre2Fashion News Desk (RM)
Published
December 19, 2025
Chinese Global investment firm HSG has acquired a controlling stake in Italian sneaker label Golden Goose, in one of the biggest Chinese investments in a European luxury brand.
Temasek, a global investment company, and a fund managed by its wholly-owned asset manager, True Light Capital, will acquire a minority stake. US investment fund Permira will remain committed as a strategic minority shareholder, continuing its successful partnership with Golden Goose, according to a press release from the Venice-based sneaker brand.
The deal ends months of speculation that Golden Goose was about to be sold to a Chinese investor.
Financial terms of the transaction were not disclosed. The transaction is subject to customary closing conditions and regulatory approvals and is currently expected to close within the summer of 2026. Golden Goose S.p.A. expects its €480.0 million Senior Secured Floating Rate Notes due 2031 to be redeemed in full.
Golden Goose has been the fastest growing Italian fashion label in the past half-decade, stunning observers with its exceptional performance. Since 2020, the group has delivered consistent, strong, and profitable growth, with revenues increasing from €266 million in FY 2020 to €655 million in FY 2024. During this period, the group has accelerated its direct-to-consumer (DTC) channels, launched its Forward Store concept, diversified its product assortment, and invested significantly in ‘Co-Creation’ experiences, deepening connections with its customers worldwide.
This investment comes amid a period of strong financial performance for Golden Goose. In the nine months ending September 2025, the group reported double-digit growth across regions. Revenues rose 13% year-on- year, driven by 21% growth in its DTC channel and an expanded store network, which reached 227 directly operated stores, up from 97 in 2019.
The investment is underpinned by a strong strategic and cultural fit with Golden Goose’s growth ambitions. Drawing on the new investors’ combined experience and track records investing in international luxury and consumer technology brands, such as Moncler and Ermenegildo Zegna group by Temasek, and ByteDance, Pop Mart, RedNote, and Marshall by HSG, they will support Golden Goose’s international ambitions as a leading next-generation luxury brand, while preserving and continuing to invest in Golden Goose’s Made in Italy roots.
Silvio Campara, Golden Goose’s hard charging CEO, will continue to lead the group as chief executive officer, alongside the existing leadership team. Marco Bizzarri, currently a non- executive director on the Golden Goose board, will become non-executive chairman. He brings significant industry expertise, shaped by his leadership of globally renowned luxury brands including Gucci, Bottega Veneta, and Kering, and will play an important role in accelerating Golden Goose’s next phase of global expansion.
“We are delighted to welcome HSG and Temasek as strategic partners to Golden Goose as we step up our global ambitions as a leading international luxury brand. Their investment is yet another vote of confidence in the success of our model at the intersection of luxury, lifestyle, and sportswear, beloved by a growing, global community of dreamers. With their experience of scaling international leaders across luxury and the broader business spectrum, HSG and Temasek will help us unlock the vast opportunity ahead for Golden Goose. We are grateful to Permira for being integral partners to our successful journey so far and are delighted they will remain valued partners alongside HSG and Temasek,” said Campara.
“Golden Goose stands for love, empathy, authenticity and a powerful sense of community in today’s luxury landscape,” added Jiajia Zou, Partner at HSG. “We feel deeply privileged to partner with Temasek and Permira, together with Silvio and his talented team to support the brand as it enters its next exciting chapter of growth- especially internationally- while preserving and celebrating what makes Golden Goose so uniquely Italian. We look forward to contributing our global experience, resources, and deep respect for the brand’s heritage, with the shared ambition of bringing the unique joy and spirit of Golden Goose to consumers around the world, for generations to come.”
In addition, Francesco Pascalizi and Tara Alhadeff, partners at Permira, commented: “Golden Goose has led the way in defining what it is to be a next-gen luxury brand for two decades now. They have built a unique community of GG-lovers around the world whilst also building a robust and high performing business. Against a challenging backdrop for the luxury industry in 2024 and 2025, Silvio and his talented team have continued to deliver strong performance and healthy growth, proving that Golden Goose is a brand that can stand the test of time.”
Copyright © 2025 FashionNetwork.com All rights reserved.
Anthony Joshua knocks out Jake Paul in boxing spectacle
Bank Holiday Today: Are Banks Open Or Closed On December 20, 2025? Find Out
US brand Levi Strauss appoints H&R Block CEO Jeffrey Jones to board
-
Business6 days agoHitting The ‘High Notes’ In Ties: Nepal Set To Lift Ban On Indian Bills Above ₹100
-
Business1 week agoIPO Explained: Meaning, Process, Benefits, Risks
-
Business5 days agoKSE-100 index gains 876 points amid cut in policy rate | The Express Tribune
-
Business5 days agoStudying Abroad Is Costly, But Not Impossible: Experts On Smarter Financial Planning
-
Sports5 days agoJets defensive lineman rips NFL officials after ejection vs Jaguars
-
Tech1 week agoCursor Launches an AI Coding Tool For Designers
-
Tech6 days agoFor the First Time, AI Analyzes Language as Well as a Human Expert
-
Entertainment5 days agoPrince Harry, Meghan Markle’s 2025 Christmas card: A shift in strategy