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First-half 2026 revenues at Ermenegildo Zegna Group (NYSE: ZGN) reached €987.3 million, growing 9.3% organically, with direct-to-consumer now making up 86% of branded revenue.
Headline profit slid to €28.4 million from €47.9 million a year earlier, a gap that makes a structurally improving business look worse than it is on the surface, and more complicated than the DTC growth rate alone suggests.
The case for the underlying business The clearest read-through from these results is that Zegna is succeeding where it has chosen to compete.
Direct-to-consumer revenue grew 15.8% organically in the first half, while the Group deliberately cut wholesale by 14.6%.
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