Topic: Q1 DTC trends, Zegna segment margins, FX headwinds
Key points:
Q1 DTC started well with trend slightly better than Q4 2025 (group DTC growth in Q4 was 10%); China seeing sequential improvement but remains cautious with flattish full-year assumption; Americas and Europe resilient.
Zegna segment EBIT margin in H2 2025 excluding Saks provisions was close to 15%; management acknowledges need for stronger profitability but prioritizes long-term brand projects.
FX headwind for 2026 expected to be ~2 points on group revenues; recent moves (EUR/USD from 1.18 to ~1.15-1.16, RMB from 8.10 to <8) are favorable but still leave a ~2 point headwind versus 2025.
Mgmt stance: Neutral – acknowledges Q1 DTC acceleration and margin progress, but reaffirms 2026 group profitability expected to move sideways (excluding Saks one-time provisions) due to FX drag.
Q2 — Adrien Duverger
Topic: Consumer behavior in Middle East, high-spender resilience, pricing
Key points:
No second-order impacts in other regions; Middle East stores initially closed then opened with less traffic, but brand performance better than feared; partner relationships (Altair for Zegna, Chalhoub for Tom Ford) key.
High-spending cohort remains resilient; personalization programs, store events, and exclusive product drive engagement.
Pricing: low mid-single-digit like-for-like price increases continue to offset cost factors; mix upgrade ongoing via exclusive collections and ready-to-wear elevation.
Mgmt stance: Bullish on brand resilience and high-spender retention; neutral on pricing (consistent low-mid single-digit increases).
Q3 — Chiara Battistini (follow-up)
Topic: Middle East shipments, rent structure, tourism exposure
Key points:
Spring/summer shipments mostly delivered before end of February; only tail of summer to be delivered, situation monitored.
Rent structures in Middle East: more variable than fixed (skewed to variable, unlike typical Western European street-side fixed).
Tourism exposure at group level is minimal; locals dominate in Greater China and Americas; in Europe (ex-Middle East), 30-40% non-local.
Mgmt stance: Neutral – shipment monitoring ongoing; rent structure provides flexibility; customer base skewed to locals and top-of-pyramid.
Q4 — (Ermenegildo di Monte Rubello clarified)
Topic: Tom Ford EBIT improvement, gross margin drivers
Key points:
Tom Ford EBIT in H2 improved due to: (1) step-up in gross margin from higher full-price sell-through; (2) slowdown in OpEx growth after infrastructure build.
Gross margin improvement driven by channel mix (shift to DTC) and increased full-price sell-through for Thom Browne and Tom Ford.
Mgmt stance: Bullish on Tom Ford margin trajectory – sees structural improvement from scale and full-price discipline.
Q5 — Anthony Charchafji (BNP Paribas)
Topic: 2026 brand-level growth expectations, wholesale trends, FX impact, Middle East exposure
Key points:
DTC across all 3 brands growing well, combined growth above Q4 2025 trend; wholesale contraction continues by brand: Zegna -mid-teens (icon protection + conversions), Tom Ford -low-single-digit (Middle East sell-in), Thom Browne -solid double-digit but smaller absolute impact.
FX headwind of ~2 points on group revenues in 2026; translation to bottom line is partially offset by OpEx deflation.
Middle East exposure mid- to high-single-digit of group sales; nationality mix includes temporary residents/travelers – no specific number; some customers observed migrating to London/Istanbul.
Mgmt stance: Neutral-cautious – wholesale drag continues but declining in absolute terms; FX remains a headwind; Middle East exposure manageable via client mobility.