Daria Nasledysheva

Daria Nasledysheva asked for a quantification of Haider Ackermann's new collection impact on Tom Ford Fashion's acceleration and the expected pace of product rollout for next year. She also inquired about the company's thoughts on the full-year EBIT consensus.

Answer

Paola Durante, Chief of External Relations, explained that quantifying Haider Ackermann's specific impact on Tom Ford Fashion's acceleration is difficult, as it's a mix of the 'wow effect,' improved personnel, CRM tools, better collections (including pre-show), merchandising, and marketing visibility. Gianluca Tagliabue, Group CFO and COO, added that the show collection impacted part of the quarter, but other factors were also at play. He stated that the full-year EBIT consensus looks 'pretty reasonable,' subject to the performance of the final two months. Regarding product rollout, Gianluca Tagliabue mentioned the first Spring collection drop in mid-November, followed by a second in January, with Paola Durante clarifying that the 'pre-show' collections represent the most significant part of the season's offerings.

Daria Nasledysheva asked to quantify the impact of Haider Ackermann's new collection on Tom Ford Fashion's acceleration and the pace of new product rollout for 2026 as a percentage of revenues. She also inquired about the company's thoughts on the full-year EBIT consensus.

Answer

Paola Durante, Chief of External Relations, and Gianluca Tagliabue, Group CFO and COO, explained that quantifying the specific impact of Haider Ackermann's collection is difficult as it's a mix of factors including improved talent, CRM, merchandising, and marketing. They noted the first Spring 2026 collection drop is expected mid-November, with a second in January, and that show collections represent a smaller portion of the overall seasonal offering. Gianluca Tagliabue stated that the full-year EBIT consensus appears reasonable, subject to performance in the remaining two months.

Asked for clarification on the softness in Chinese consumer spending, the allocation of marketing expenses across brands, and the outlook for marketing pushes in the coming months.

Answer

The softness is concentrated in Mainland China, while Hong Kong and Macau are seeing a strong comeback. Chinese tourist spending in Europe is still only about 50% of 2019 levels. Marketing spend is increasing for both Zegna and Thom Browne. Zegna's marketing is focused on high-end customer events, while Thom Browne's is driven by its 20th-anniversary celebrations and global events to boost brand awareness.