Bhumi Kanabar

Bhumi Kanabar asked for more color on the performance of APAC ex-China, noting a slight sequential decline compared to H1, and inquired if any specific regions performed less well. She also asked if the company was comfortable with the gross margin consensus of around 67%, given the high share of DTC revenue.

Answer

Gianluca Tagliabue, Group CFO and COO, highlighted strong momentum in Singapore for both Zegna and Tom Ford Fashion. He noted continued softness in Japan, particularly among Japanese residents, and a slight sequential improvement in Korea. Macau showed no good momentum, while Hong Kong saw improvements in traffic and top line. Regarding gross margin, Gianluca Tagliabue stated that the consensus directionally is meaningful and that he would 'stick to the consensus' for now, despite the analyst's suggestion of potential upside.

Bhumi Kanabar requested more color on the performance of APAC ex-China, noting a slight sequential decline compared to H1 2025, and asked if any specific regions underperformed. She also inquired about the company's comfort with the gross margin consensus, which is around 67%.

Answer

Gianluca Tagliabue, Group CFO and COO, highlighted strong momentum in Singapore for both Zegna and Tom Ford, but noted continued softness in Japan, particularly among domestic residents. He mentioned a slight sequential improvement in Korea and weak momentum in Macau, while Hong Kong showed good traffic and top-line performance. Regarding gross margin, he stated that the consensus directionally appears meaningful but did not confirm an upside, preferring to stick to the current consensus.