Ermenegildo Zegna N.V. Annual Report 2024 - Annual report for the year ended December 31, 2024

Oct 13, 2026

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Ermenegildo Zegna N.V. annual report for the year ended December 31, 2024 presents the Group’s business and financial performance in a challenging macro environment shaped by inflationary pressures, wars, and heightened geopolitical tensions. The letter from the chairman highlights key results, including €1.95 billion revenues and €184 million adjusted EBIT, alongside investments of €126 million in CAPEX. It also outlines corporate governance, risk management, outlook, and consolidated and company financial statements.

LanguageEnglish

CategoryGeneral

FormatPDF

Pages277

Reading Time1 h 37 min

AccessFree to download

Letter from the Chairman

Part I: Board Report

Introduction

Company and Business Overview

Financial Overview

Risk Management and Risk Factors

Corporate Governance Report

Report of the Non-Executive Directors

Compensation Report

Major Shareholders and Related Party Transactions

Response Measures

Part II: Financial Statements

Consolidated Financial Statements

Company Financial Statements

Part III: Other Information and Auditors' Report

Other Information

Auditors' Report

Ermenegildo Zegna N.V. Annual Report 2024 Ermenegildo Zegna N.V. Annual report for the year ended December 31, 2024 TABLE OF CONTENTS Page LETTER FROM THE CHAIRMAN 3 PART I: BOARD REPORT 6 1. INTRODUCTION 6 1.1. Preparation of the report 6 1.2. Certain defined terms 7 1.3. Cautionary note regarding forward looking statements 10 2. COMPANY AND BUSINESS OVERVIEW 12 2.1. History and Development of the Company 12 2.2. Business Overview 15 2.3. Property, Plants and Equipment 31 2.4. Employees 32 2.5. Sustainability 33 3. FINANCIAL OVERVIEW 35 3.1. Selected consolidated financial data 35 3.1.1. Results of operations 35 3.1.2. Cash Flows 36 3.2. Management’s discussion and analysis of financial condition and results of operations 37 3.2.1. Overview 37 3.2.2. Trends, Uncertainties and Opportunities 38 3.2.3. Results of operations 45 A. Revenues 45 B. Cost of Sales 51 C. Gross Profit 52 D. Selling, general and administrative expenses 53 E. Marketing Expenses 54 F. Financial income and financial expenses 55 G. Foreign exchange losses 57 H. Result from investments accounted for using the equity method 58 I. Income taxes 58 J. Results by Segment 60 K. Critical Accounting Estimates 67 L. Non-IFRS Financial Measures 68 3.2.4. Liquidity and Capital Resources 81 A. Overview 81 B.Cash Flows 81 C. Capital Expenditure 84 D. Contractual Obligations 86 E. Net Financial Indebtedness / (Cash Surplus) 86 3.3. Outlook 91 4. RISK MANAGEMENT AND RISK FACTORS 92 4.1. Risk management, risk appetite and control framework 92 4.2. Risk Factors 95 5. CORPORATE GOVERNANCE REPORT 118 5.1. Introduction 118 5.2. The Board 118 5.3. General Meetings 131 5.4. Share capital of the Company 132 5.5. The Group’s values and compliance with the Code of Ethics 133 5.6. Compliance with the DCGC 137 6. REPORT OF THE NON-EXECUTIVE DIRECTORS 140 7. COMPENSATION REPORT 143 7.1. Remuneration Policy 143 7.2. Historical Compensation 147 8. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 154 9. RESPONSE MEASURES 158 PART II: FINANCIAL STATEMENTS 160 10. CONSOLIDATED FINANCIAL STATEMENTS 160 11. COMPANY FINANCIAL STATEMENTS 247 PART III: OTHER INFORMATION AND AUDITORS' REPORT 262 12. OTHER INFORMATION 262 13. AUDITORS' REPORT 266 LETTER FROM THE CHAIRMAN Dear Shareholders, 2024 has been a challenging, yet transformative year for our Group. Persistent inflationary pressures, ongoing wars, and rising geopolitical tensions continued to weigh on the global outlook for all companies. The prospect of rising tariffs and trade barriers added further uncertainty, leading to questions about the pace and consistency of growth for our sector. But amid this complexity, we remained focused on reinforcing the Group for the long term, and we used this moment to take bold decisions, even if some of these caused short-term challenges. We believe these changes were necessary to set us on a stronger path towards the future. In 2024 the Group’s revenues reached €1.95 billion, a 2% increase from 2023. Adjusted EBIT was €184 million, with an adjusted EBIT margin of 9.5%, while profits reached €91 million. During the year, we invested €126 million in CAPEX to further develop our retail network, reinforcing the Group’s IT infrastructure, and strengthening our state-of-the-art Filiera (our integrated supply chain) . Our eponymous brand, ZEGNA, which is at the heart of our Group, generated €1.16 billion in revenues, up 5%, contributing 60% of the Group’s total revenues. During the year, we continued to reinforce ZEGNA’s leadership in the timeless luxury menswear segment. We launched VILLA ZEGNA, an immersive experience, to engage key clients around the brand’s legacy and core values. Starting in Milan in April, VILLA ZEGNAtraveled to Shanghai in May and to New York in September, acting as a testament to the brand’s journey. The successful launch of Vellus Aureum –

FAQs

What challenges does the chairman describe for 2024 and how did the Group respond?

The chairman describes persistent inflation, ongoing wars, and rising geopolitical tensions, alongside uncertainty from potential tariffs and trade barriers. The Group focused on reinforcing long-term strength while making bold decisions despite short-term challenges.

What are the main 2024 performance figures reported by the Group?

In 2024, the Group reports revenues of €1.95 billion, a 2% increase from 2023, and adjusted EBIT of €184 million with an adjusted EBIT margin of 9.5%. Profits are reported at €91 million, with €126 million invested in CAPEX.

How does the report structure governance, risk, and financial reporting?

The report includes sections for board reporting, risk management and risk factors, and a corporate governance report, followed by non-executive directors’ and compensation reports. It then presents part I financial information and part II consolidated and company financial statements, and concludes with auditors’ reporting.

Oct 13, 2026

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