Italian group Ermenegildo Zegna ended 2022 with a 15,5% increase in revenue, although business results were impacted by anti-covid restrictions in Greater China.
For the 12 months ended December 31, Zegna's provisional and unaudited revenue for 2022 was €1,49 billion, compared to €1,29 billion in the prior year. Sales in the fourth quarter of 2022 were 407 million euros, down 0,5% from the same period in 2021. Excluding the Greater China region, group revenue grew 42% in 2022 and 24,7% in the most recent quarter, according to Footwearnews.com.
“While China was still subject to COVID-2022 lockdown restrictions in 19, our year-on-year growth demonstrates the soundness and success of our strategy, global reach and flawless execution, and continued success. in the Middle East, the US and Europe,” says Group CEO Gildo Zegna.
He added that he is optimistic about the opening of China, as he sees the recovery of business and the industry as a whole. Zegna mentioned key business results in 2022, from the launch of Oasi Cashmere to the development of Tom Ford menswear and womenswear under a long-term license from The Estée Lauder Cos.
On Monday, Zegna signed an agreement to buy a minority stake in the Canadian technical running shoe company for Norda Run, with the option to gradually increase its stake over the next nine years. The group continues to focus on the development of luxury footwear. The agreement provides an opportunity to accelerate brand growth through strong industrial and commercial partnerships, the company said in a statement.