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An update from Ermenegildo Zegna ( (ZGN) ) is now available.
On February 2, 2026, Ermenegildo Zegna Group reported preliminary, unaudited revenues of €1.9169 billion for fiscal year 2025, down 1.5% year-on-year but up 1.1% on an organic basis, reflecting a deliberate shift toward its direct-to-consumer (DTC) strategy and away from wholesale. Fourth-quarter 2025 revenues edged up 0.3% year-on-year to €591.0 million, or 4.6% on an organic basis, with DTC sales rising 3.9% reported and 9.6% organic, and the Americas and EMEA outperforming other regions. By brand, ZEGNA posted modest full-year growth (+1.5% reported, +4.7% organic) and accelerated in Q4 (+2.4% reported, +7.4% organic), while Thom Browne declined for the year as wholesale was streamlined despite double‑digit DTC growth, and TOM FORD FASHION delivered slightly higher full-year sales but softer Q4 on a reported basis. The Group also highlighted a generational leadership transition completed in 2025, with Gianluca Tagliabue becoming Group CEO and family members Edoardo and Angelo Zegna taking charge of the ZEGNA brand, underscoring a strategy centered on brand elevation, DTC expansion and the company’s vertically integrated “Filiera” as it navigates a volatile macro environment.
The most recent analyst rating on (ZGN) stock is a Buy with a $11.90 price target. To see the full list of analyst forecasts on Ermenegildo Zegna stock, see the ZGN Stock Forecast page.
Spark’s Take on ZGN Stock
According to Spark, TipRanks’ AI Analyst, ZGN is a Neutral.
The score is primarily supported by strong revenue growth history, high gross margins, and stable operating cash generation. It is held back by profitability pressure (lower net/EBIT margins), higher leverage and reduced ROE, and a weak near-term technical setup with the stock trading below key short- and mid-term moving averages. Valuation is moderate-to-rich (P/E ~27) with only a modest dividend, while the latest earnings call was constructive on DTC mix and Zegna segment performance but highlighted cost-driven margin pressure and underperformance in other segments.
To see Spark’s full report on ZGN stock, click here.
More about Ermenegildo Zegna
Ermenegildo Zegna N.V., listed on the NYSE, is an Italian luxury group focused on high-end menswear, ready-to-wear and accessories under the ZEGNA and Thom Browne brands, as well as TOM FORD FASHION, supported by its textile operations and a growing emphasis on the direct-to-consumer channel across key markets including the Americas and EMEA.
Average Trading Volume: 600,702
Technical Sentiment Signal: Sell
Current Market Cap: $3.55B
For a thorough assessment of ZGN stock, go to TipRanks’ Stock Analysis page.