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    Anthony Charchafji

    Research Analyst at BNP Paribas

    Anthony Charchafji is an Equity Research Analyst at BNP Paribas Exane, specializing in European consumer and luxury goods companies. He covers notable firms including Hugo Boss and Ermenegildo Zegna, providing investment recommendations and price target forecasts such as a recent upgrade on Zegna with a target representing a significant potential upside for investors. Charchafji began his role at BNP Paribas Exane in November 2021 and is recognized for his rigorous analysis and sector expertise, with participation in industry calls and published research reflected on platforms like TipRanks. He holds professional credentials relevant to securities research, aligning with regulatory standards for European equity analysts.

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

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

    Question

    Anthony Charchafji of BNP Paribas posed several questions regarding the margin impact from the declining wholesale business, particularly at Thom Browne and Tom Ford, and asked for comments on the consensus adjusted EBIT. He also inquired about current trading, H2 comparative performance, potential benefits from a competitor's supply chain issues, and the implications of the Temasek investment on share liquidity and listing strategy.

    Answer

    COO & CFO Gianluca Ambrogio Tagliabue addressed the margin question, stating that H1 EBIT margin seasonality would be similar to or higher than last year due to wholesale streamlining and new store ramp-ups. He affirmed that the current consensus for top and bottom-line figures is 'directionally reasonable.' Chairperson & CEO Ermenegildo Zegna commented that H2 regional trends would likely mirror H1, with strength in the Gulf and Americas and volatility in Asia. He dismissed the idea of a dual listing, confirmed no intention to go private, and framed the Temasek investment as a long-term strategic positive for all stakeholders.

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

    Question

    Anthony Charchafji from BNP Paribas asked about year-to-date price increases by brand, whether Tom Ford Fashion's Q1 revenue was up year-over-year on a pro forma basis, and if Q2 would benefit from delivery timing. He also questioned the marketing strategy, asking if the Oasi Zegna activation signaled a move to a broader audience or a focus on deepening relationships with existing exclusive clients.

    Answer

    Group COO and CFO Gianluca Tagliabue addressed the first two questions, confirming that price increases were in the low single-digit range and that Tom Ford Fashion's Q2 is expected to be higher than Q1 due to delivery timing and new store openings. Group CEO Gildo Zegna explained the marketing strategy, stating the company will pursue a dual approach: deepening relationships with Very Important Clients through exclusive events and personalization, while also using iconic products and brand experiences like Oasi Zegna to attract new customers.

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