Full Year 2024 Ermenegildo Zegna NV Earnings Call Transcript
Key Points
- Ermenegildo Zegna NV (ZGN) reported an adjusted EBIT of EUR 184 million for FY2024, demonstrating resilience despite a challenging year.
- The Tom Ford Winter '25 Fashion Show in Paris received significant acclaim, doubling the media impact compared to previous shows.
- The company is seeing positive customer interest in the new Tom Ford collection, with strong initial sales of the 'see now, buy now' pieces.
- Thom Browne's February show was well-received, confirming the brand's strong journey and distinctive tailoring.
- Zegna's exclusive collection and innovative advertising campaign outperformed expectations, attracting both existing and new customers.
- The challenging environment in Greater China, particularly in Hong Kong, is expected to persist, impacting revenue growth in the region.
- The wholesale business is being streamlined, with Thom Browne's wholesale channel expected to see a similar trend to Q1 '24, indicating a decline.
- SG&A expenses increased to EUR 1.008 billion, with a higher incidence on revenues due to investments in talent and store network expansion.
- The adjusted EBIT for FY2024 decreased to EUR 184 million from EUR 220 million in 2023, reflecting the challenging sector environment.
- The company anticipates a cautious outlook for 2025, with expected low single-digit growth in revenue and adjusted EBIT.
Good afternoon. Good morning, everyone. Thank you for joining the Ermenegildo Zegna Group FY2024 financial results call. Please note that today's material and presentation are available under the zegnagroup.com website.
Joining us today, the Zegna Group leadership team, including Ermenegildo Zegna, the group CEO, and Gianluca Ambrogio Tagliabue, Group CFO and COO. Before we begin, we need to point out that the team will make certain forward-looking statements during the call. The group actual results may be materially different from those expressed or implied by these forward-looking statements. Also, these statements are subject to a number of risks and uncertainties, including those described in our SEC filings. Please refer to the forward-looking statements cautionary statement included at page 2 of today's presentation.
I will now hand over to Ermenegildo Zegna.
Thank you and good morning and good afternoon, everyone. Thank
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