Friday, August 26, 2022

Italian fashion group Zegna raises guidance for 2022

A detail of the interior of an Ermenegildo Zegna store is seen in Rome, Italy, December 20, 2021. REUTERS/Yara Nardi

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MILAN, Aug 26 (Reuters) – Italian fashion group Ermenegildo Zegna raised its full-year guidance on Friday after reporting a 21% increase in half-year revenue.

The company, which is listed in New York, said it now expects revenue growth in the mid-teens in percentage terms versus previous guidance for low-teens percentage growth.

It also forecast a “solid improvement” in adjusted earnings before interests and taxes (EBIT) having previously spoken only of an improvement.

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“While our current performance is strong, including a healthy rebound in the Greater China Region, the global geopolitical and economic outlook remains uncertain,” Chairman and CEO Ermenegildo Zegna said in a statement.

“I am confident that we will remain on track, as we execute our strategy to achieve our new 2022 guidance,” he added.

The family-controlled group, which controls Italy’s luxury menswear brand Zegna and U.S. label Thom Browne, said revenue rose 21% to 729 million euros ($729 million) in the first six months of 2022 while adjusted EBIT rose 24% to 82.7 million euros.

($1 = 0.9994 euros)

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Writing by Keith Weir; editing by Jason Neely

Our Standards: The Thomson Reuters Trust Principles.

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