Zegna Group's direct retail channel climbs to 86% of branded sales as wholesale keeps shrinking
Ermenegildo Zegna Group's first-half revenue rose 6.4% as its own stores and e-commerce grew to 86% of branded sales and wholesale kept shrinking, with the core Zegna brand carrying the group while Thom Browne — a stronger draw on Japan's department-store menswear floors — went backwards.
Ermenegildo Zegna Group, the Milan-listed luxury group behind the Zegna, Thom Browne and Tom Ford Fashion labels, reported first-half 2026 revenue of €987.3 million, up 6.4% year on year (9.3% at constant exchange rates), according to the group's results filed with the US Securities and Exchange Commission. Sales through the group's own stores and e-commerce — its direct-to-consumer (DTC) channel — rose 12.1% to €782.8 million and now account for 86% of branded product revenue, up from 82% a year earlier, while wholesale revenue fell 14.6% to €131.7 million and slipped to 14% of the branded mix from 18%, the group said.