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Nicole Silvia

Vice President and Equity Research Analyst at Cowen Inc.

Nicole Silvia is a Vice President and Equity Research Analyst at TD Cowen, specializing in coverage of the food, beverage, and household products sectors. She is responsible for analyzing major consumer packaged goods companies and delivering actionable research to institutional investors, with measurable impact in terms of client engagement and industry reputation. Nicole began her career in equity research with several years at other investment firms before joining TD Cowen, where she has steadily advanced to her current role. She holds FINRA Series 7, 63, 86, and 87 licenses, underscoring her professional credentials within the securities research industry.

Nicole Silvia's questions to Ermenegildo Zegna (ZGN) leadership

Question · Q3 2025

Nicole Silvia inquired about how Zegna is leveraging its direct-to-consumer (DTC) network to drive growth and how the company is offsetting FX costs and currency pressures, especially in light of recent tariff impacts.

Answer

Gianluca Tagliabue, Group CFO and COO, explained that Zegna's DTC growth (7.4% organic in Q3) is primarily comp-driven, focusing on conversion through targeted client outreach and appointments, which mitigates traffic declines. He noted increasing average unit retail (AUR) through elevated collections and future U.S. store expansion. Regarding FX, he stated that currency is hedged months in advance through Spring 2026, protecting selling margins, and that September 2025 price increases due to U.S. tariffs were well-received by customers.

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