Question · Q4 2025
Bunmi Kanabar from Jefferies asked to quantify the contribution of the Dubai Salotto and Villa Zegna Milan activations to Q4 organic growth. She also questioned if the Zegna segment margin could exceed 14-15% given the operating leverage from Q3 and Q4.
Answer
Gildo Zegna, Executive Chairman, clarified that Villa Zegna did not impact Q4 but is a long-term project focused on personalization and high-end products, with Milan and Dubai being very successful. Gianluca Ambrogio Tagliabue, COO, reiterated that the group EBIT consensus for 2025 is reasonable before Saks accruals, acknowledging a positive impact from Zegna DTC.
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