Zegna reports strong growth in the second quarter

According to many, patience is an innate quality, difficult to develop even for those who, rationally speaking, appreciate its benefits in personal relationships and at work. Gildo Zegna, executive chairman of the group bearing his name, admits that he has not always been a patient man or a patient manager and entrepreneur, but explains that he has worked hard to become one and has succeeded.

At least in part, he says, commenting – with what one might call patient pride – on the results for the first half of the year, and in particular those for the second quarter, of the group, which includes the Tom Ford and Thom Browne brands. Revenue for the April–June period rose by 9 per cent to €517.1 million, a trend which – Zegna admits with a touch of reluctant optimism – has surprised not only some analysts but the company’s top management as well.

It is almost superfluous to mention the reasons for this (partial) astonishment: the first is the war unleashed on 28 February by Donald Trump’s United States against Iran, which has disrupted not only the geopolitical balance of the region, but also the global economic and financial equilibrium. Then there is Ukraine, the tensions between the US and China, and the uncertainties surrounding the immediate future – which we all feel, regardless of our spending power.

‘I often think of a saying dear to my father: “Chew the bitter and spit out the sweet”. Very Piedmontese – or rather, very Biella-style and very mountain-like,’ says Zegna. I don’t think we would have achieved these results had we not devised a clear strategy that required investment and sacrifice. Or rather, dedication and, at the same time, the humility to pick up on every signal from the various markets that either confirmed our choices or suggested we adapt them. “I’m satisfied with the geographical balance of the Zegna brand, and we aim to achieve the same for Tom Ford – which is currently heavily weighted towards the United States – and for Thom Browne, which is extremely strong in Asia but which we want to see grow rapidly in Europe, starting with Italia.”

The group’s three brands share the same positioning (which we might describe as luxury) and a feature that makes the group unique on the global stage: its textile heritage. “We have our roots in fabrics and, over the years, we have strengthened the upstream part of the supply chain, including through acquisitions: the Zegna brand benefits from this first and foremost, and will always specialise in menswear, catering to a clientele – including younger customers – who aspire to develop a textile culture and want to know everything about the creation and construction of a suit.”