Ermenegildo Zegna N.V. (NYSE: ZGN)

Ermenegildo Zegna N. V. is a Dutch public limited liability company that serves as the parent of the Ermenegildo Zegna Group. The Group traces its origins to a wool mill founded in Trivero Italy in 1910 by Ermenegildo Zegna. Over more than a century it has built a vertically integrated luxury fashion house that designs produces and distributes menswear womenswear childrenswear accessories footwear leather goods and textiles. The Group operates in the personal luxury goods market and is known for its three complementary brands ZEGNA Thom Browne and TOM FORD FASHION. Its business model combines control of the entire textile supply chain known as the Filiera with direct to consumer retail and wholesale distribution. The Group emphasizes heritage craftsmanship innovation and responsibility toward the environment and community.

The Group generates revenue primarily from the sale of finished goods under its three brands. In 2025 the ZEGNA brand contributed €1,181,583 thousand representing 61.6 percent of revenue after eliminations. The Thom Browne segment contributed €268,469 thousand representing 14.0 percent. The Tom Ford Fashion segment contributed €317,056 thousand representing 16.5 percent. The Textile product line generated €134,229 thousand or 7.0 percent of revenue after eliminations by selling luxury fabrics to internal brands and external customers. The Other product line contributed €15,610 thousand or 0.8 percent mainly from manufacturing apparel for third party brands such as Dunhill and Gucci. Revenue also comes from licensing agreements for eyewear fragrances and other product categories. Distribution channels split between direct to consumer stores which accounted for 76 percent of consolidated revenue in 2025 and wholesale channels including department stores specialty stores and online retailers such as MyTheresa and Mr Porter. Royalties from franchised monobrand stores add a smaller share.

The company operates through the following segments: the Zegna segment the Thom Browne segment and the Tom Ford Fashion segment.

• Zegna segment: includes the ZEGNA brand the Textile product line which designs manufactures and sells luxury fabrics under brands such as Lanificio Ermenegildo Zegna Dondi Bonotto Tessitura di Novara Tessitura Ubertino and the Other product line which manufactures apparel for third party brands such as Dunhill and Gucci.

• Thom Browne segment: includes all activities related to the Thom Browne brand offering menswear womenswear childrenswear accessories footwear leather goods and operating a global network of directly operated stores and wholesale partnerships.

• Tom Ford Fashion segment: includes all activities related to the TOM FORD FASHION business which designs produces and distributes menswear womenswear accessories underwear fine jewelry childrenswear textile and home design products under a long term licensing agreement with The Estée Lauder Companies.

The Ermenegildo Zegna Group holds a leading position in the luxury menswear category backed by more than a century of heritage and the reputation of the ZEGNA name for quality and style. Its competitive advantages stem from the integrated Filiera that controls raw material sourcing yarn production fabric weaving and finishing which enables rapid innovation and consistent product excellence. The possession of three distinct yet complementary brands allows the Group to appeal to different consumer preferences ranging from timeless elegance to modern tailoring to seductive luxury. A world class retail network of 471 directly operated stores across 35 countries provides direct consumer engagement and valuable market insights. The Group further differentiates itself through its commitment to sustainability community investment and responsible business practices which are rooted in the founder’s original vision.

The Company serves affluent individual consumers who seek high quality luxury products across apparel accessories footwear and leather goods. It also sells to wholesale customers including department stores specialty stores and online multi brand retailers such as MyTheresa and Mr Porter. The Textile product line supplies fabrics to internal brands as well as to external luxury houses and specialized tailors. The Other product line manufactures apparel for third party brands notably Dunhill and Gucci. Licensing agreements generate revenue from partners in the eyewear fragrances and other accessory categories. Overall the customer base spans private shoppers wholesale distributors and licensed business partners across the Americas Europe the Middle East Africa and Asia Pacific.