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Tom Nass

Research Analyst at Cowen Inc.

Tom Nass is a Vice President, Equity Research Analyst at TD Cowen, specializing in consumer and hardlines retail with active coverage of companies such as BJ's Wholesale Club and Ermenegildo Zegna. He has been a lead or supporting analyst on quarterly earnings calls and provides margin and strategy analysis for major retail names, demonstrating strong sector insight and a reputation for thoughtful, data-driven questioning. Nass began his career as a Finance Analyst at Burns & McDonnell in 2018 before moving to TD Securities and advancing to TD Cowen. He holds FINRA Series 7 and 63 licenses, underscoring his professional credentials and regulatory qualifications in U.S. equity research.

Tom Nass's questions to Ermenegildo Zegna (ZGN) leadership

Question · H1 2025

Tom Nass, representing TD Cowen, asked about the Zegna segment's margin improvement, seeking insights into long-term opportunities and potential margin trends. He also inquired about the Thom Browne segment's margins, specifically regarding progress with wholesale rationalization and how to model long-term margins for that segment.

Answer

Gianluca Tagliabue, Group CFO and COO, addressed the Zegna segment margin, noting it reached over 14% and that while the short-term target for the year is 13%-14%, the long-term potential is to reach 15% as a first step, despite ongoing investments. For Thom Browne, Tagliabue acknowledged the significant impact of a 52% decline in wholesale in H1, projecting a reduced decline of around 20% for the full year. He emphasized the company's strategy to bring Thom Browne back to double-digit EBIT through a DTC-centric approach, merchandising, retail training, and leveraging the new CEO, Sam Lobban.

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