Maria Meita

Maria Meta with Bernstein asked for a breakdown of Zegna's growth between price mix and volumes, and how this is expected to evolve. She also inquired about the actions planned for Tom Ford to sustain its strong momentum into 2026.

Answer

Gianluca Ambrogio Tagliabue, COO, explained that Zegna's growth is primarily driven by price mix, consistent with its strategy to focus on elevated items and clients, with price increases defending margins and mix reflecting sophisticated materials. For Tom Ford, he highlighted space expansion (targeting 100 stores mid-term, new US stores, Paris) and deploying Zegna's go-to-market model, including retail teams, CRM, and client activations, to maintain momentum.

Maria Meita asked for a breakdown of Zegna's growth between price mix and volumes, and how this is expected to evolve into the next year. She also inquired about the specific actions planned for Tom Ford to sustain its strong momentum into 2026.

Answer

Gianluca Ambrogio Tagliabue, COO of Ermenegildo Zegna, explained that Zegna's growth is primarily driven by price mix rather than volume, consistent with the brand's strategy to focus on elevated items and clients. Price increases are aimed at defending margins, while mix improvements come from sophisticated materials and elevated details. For Tom Ford, momentum will be maintained through space expansion (targeting 100 stores mid-term, with openings in Bal Harbour, San Diego, Costa Mesa, and Paris) and by deploying Zegna's successful go-to-market model, including investments in retail teams, merchandising, IT, CRM, and client activations.