Ermenegildo Zegna Group reported first-half 2026 revenue of €987 million, up 9% organically, as its direct-to-consumer strategy gained momentum. The group, which includes Zegna, Thom Browne and Tom Ford Fashion, said DTC sales rose 16% to €783 million, now accounting for 86% of branded revenue compared with 82% a year earlier.
Gross profit reached €668 million, yielding a margin of 67.6%, up 10 basis points from 67.5% in the same period of 2025. Adjusted earnings before interest and tax improved to €74 million, representing a 7.5% margin, while reported profit fell to €28 million from €48 million due to a €28 million non-cash gain in the prior year. Free cash flow turned positive at €19 million, a €42 million improvement from negative €23 million in H1 2025.
The Zegna brand led performance with revenue of €724 million and adjusted EBIT of €107 million, a 14.8% margin. Thom Browne’s revenue declined to €123 million, with adjusted EBIT swinging to a loss of €8 million, while Tom Ford Fashion reported revenue of €157 million and a loss of €12 million. Wholesale revenue fell 14.6% to €132 million, now representing 14% of branded sales.
Geographic growth was strongest in the Americas, where revenue rose 19.8% organically to €302 million. Greater China grew 6.8% organically to €236 million, while EMEA edged up 1.5% to €330 million. The Rest of APAC region expanded 13.6% organically to €118 million.
Management reaffirmed full-year 2026 adjusted EBIT guidance of approximately €195 million, above the prior consensus of €190 million. The Zegna segment expects a full-year adjusted EBIT margin near 15%, while Thom Browne and Tom Ford Fashion are projected to return to positive adjusted EBIT in the second half, with Thom Browne targeting breakeven for the full year and Tom Ford Fashion remaining slightly negative.
