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    Anthony Charchafji • BNP Paribas

    Anthony Charchafji's questions to Ermenegildo Zegna NV (ZGN) leadership

    Anthony Charchafji's questions to Ermenegildo Zegna NV (ZGN) leadership • H1 2025

    Question

    Anthony Charchafji of BNP Paribas questioned the margin impact of the declining wholesale business for H1 and the full year. He also asked about current trading, H2 comparative performance, potential benefits from a competitor's supply chain issues, and the company's view on share liquidity and listing strategy following the Temasek investment.

    Answer

    COO and CFO Gianluca Ambrogio Tagliabue stated that H1 margins would reflect seasonality similar to or greater than the prior year due to wholesale streamlining and store opening costs, deeming the full-year consensus EBIT "directionally reasonable." Chairperson & CEO Ermenegildo Zegna anticipated H2 trends would mirror H1, passed on commenting on competitors, and affirmed the company's commitment to being listed, stating a dual listing is not a priority and the Temasek partnership strengthens long-term strategy.

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    Anthony Charchafji's questions to Ermenegildo Zegna NV (ZGN) leadership • H1 2025

    Question

    Anthony Charchafji from BNP Paribas questioned the impact of declining wholesale revenues on margins, the outlook for DTC trading in H2 given changing comparable bases, any potential benefits from a competitor's supply chain issues, and the implications of the Temasek investment on share liquidity and listing strategy.

    Answer

    COO and CFO Gianluca Ambrogio Tagliabue stated that H1 margins would be impacted by wholesale streamlining and new store ramp-ups, but found the current consensus reasonable. Chairperson and CEO Ermenegildo Zegna expects H2 trends to mirror H1, declined to comment on competitors, and affirmed the company's commitment to being public, seeing no major issue with liquidity and ruling out a dual listing.

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    Anthony Charchafji's questions to Ermenegildo Zegna NV (ZGN) leadership • Q1 2024

    Question

    Anthony Charchafji of BNP Paribas inquired about year-to-date price increases, whether Tom Ford Fashion's Q1 revenue grew year-over-year on a pro forma basis, and the marketing strategy of balancing exclusivity with broader reach.

    Answer

    Group COO and CFO Gianluca Tagliabue stated that price increases are in the low single-digit range. He noted Tom Ford's Q1 revenue represents about 20% of the expected full year, with Q2 anticipated to be higher. Group CEO Gildo Zegna explained the dual marketing strategy: enhancing experiences for top clients and using iconic products and brand activations like Oasi Zegna to attract new customers.

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