Question · Q3 2025
Nicholas Sylvia asked how Zegna is leveraging its direct-to-consumer (DTC) network to drive growth and how the company is offsetting FX costs and currency pressures, particularly in light of recent tariff impacts.
Answer
Gianluca Tagliabue, Group CFO and COO, explained that Zegna's DTC growth, particularly the 7.4% organic increase in full-price boutiques, is almost entirely comp-driven by improved conversion rates through CRM and targeted client outreach. He noted an increase in average unit retail (AUR) due to an elevated product mix and mentioned strategic store expansions in the U.S. while consolidating in China. Regarding FX, he detailed that the company hedges currency for price lists months in advance, protecting selling margins, and confirmed coverage through Spring 2026. He also mentioned considering low-to-mid single-digit price growth for Fall/Winter 2026, potentially adjusted for U.S. tariffs. Paola Durante, Chief of External Relations, confirmed positive customer reception to September's tariff-related price increases.