Ermenegildo Zegna N.V. (ZGN)

Ermenegildo Zegna N.V. is a Dutch public limited liability company and the parent of the Ermenegildo Zegna Group, a global luxury group founded in 1910 in Trivero (Biella), Northern Italy. It holds a leading position in high-end menswear. Through three brands, ZEGNA, Thom Browne and TOM FORD FASHION, it designs, produces, markets and distributes luxury menswear, footwear, leather goods and other accessories, as well as womenswear (Thom Browne and TOM FORD FASHION) and children's clothing (Thom Browne). It also has selected third-party licensing agreements for specific product categories. Its shares trade on the NYSE under the symbol "ZGN" since December 2021, and the Zegna family continues to lead the business.

The Group reports three segments. The Zegna segment comprises the ZEGNA brand, Textile, and Other, which mainly consists of sales of finished garments to third-party brands. The ZEGNA brand generated €1,181.6 million in 2025 (61.6% of revenues after eliminations) from luxury leisurewear, tailoring, footwear, leather accessories and Su Misura (made-to-measure) services, plus licensed eyewear and fragrances. The Textile line (7.0% of revenues) designs, makes and sells luxury fabrics under the Lanificio Ermenegildo Zegna, Dondi, Bonotto, Tessitura di Novara and Tessitura Ubertino names. The Thom Browne segment covers the New York-based brand, in which the Group holds 92%, and the Tom Ford Fashion segment covers the TOM FORD FASHION business, which the Group has operated since the 2023 acquisition of Tom Ford International. That business operates under a 20-year license from The Estée Lauder Companies, renewable once for 10 years.

The Group operates in the personal luxury goods market, focusing on apparel and accessories, and distributes worldwide across EMEA, the Americas, Greater China and the rest of APAC. At December 31, 2025, it had 471 directly operated stores in 35 countries, accounting for 76% of consolidated revenues, and TOM FORD FASHION operated 66 of its own stores. It also sells through wholesale and licensing partners. Clients are served through a clienteling model, with by-invitation initiatives such as VILLA ZEGNA events and Salotto stores.

Operationally, the Group is vertically integrated through its Italian "Filiera," a supply chain of fine textile producers combined with its own luxury manufacturing facilities. It owns Lanificio Ermenegildo Zegna, Dondi, Bonotto, Tessitura di Novara and Tessitura Ubertino, holds 48.5% of Filati Biagioli Modesto and a 15% interest in Luigi Fedeli & Figlio. It competes with other global luxury companies, in a market with high barriers to entry such as brand heritage, brand equity, know-how and prime retail locations. The company's legal seat is in the Netherlands, having moved from Italy in December 2021.