Italian fashion group Ermenegildo Zegna NV was able to achieve an increase in sales in the first half of the 2024 financial year. However, the group owes the increase only to the takeover of Tom Ford Fashion, which was completed in April of last year .
According to an interim report published on Thursday, group sales in the period from January to June amounted to 960.1 million euros. This exceeded the corresponding level of the previous year by 6.3 percent. On an organic basis – i.e. adjusted for currency effects and changes in the group portfolio and in the licensing business – revenues fell by 2.7 percent.
The consolidated sales of the Tom Ford Fashion division rose by 131.9 percent to 148.5 million euros. However, the revenues in the previous year’s period were only included in the balance sheet after the takeover was completed in April. On an organic basis, the segment’s sales grew by 4.7 percent.
The Zegna division achieved an increase of 2.5 percent (organic +3.5 percent) to 660.5 million euros. In the Thom Browne division, however, sales fell by 19.7 percent (organic -27.0 percent) to 166.9 million euros. The group attributed the losses not least to the strategic streamlining of the brand’s wholesale distribution.
This article originally appeared on FashionUnited.DE. Translation via AI and edit by Rachel Douglass.