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Italian luxury menswear house making tailored clothing and accessories under the Zegna brand, also owns Thom Browne.
Italian luxury menswear house making tailored clothing and accessories under the Zegna brand, also owns Thom Browne.
Controls the chain from wool and fabric to finished clothing, with its own directly operated stores and online sales the largest channel, which keeps prices and brand image in its hands. The Zegna family retains control. It added Tom Ford Fashion in 2023 and bought Thom Browne earlier, widening the group beyond its namesake line.
In one line: An Italian menswear Ralph Lauren, at luxury price points.
Moat: narrow (brand, IP / patents). Century-old Italian luxury heritage and vertically integrated wool sourcing support premium positioning.
Headquarters: Milan, Italy · Founded: 1910 · Employees: 7,437
Size Ermenegildo Zegna (ZGN) is a United States Consumer Discretionary company (Apparel/Footwear) with a market value of $5.96B, the 1069th largest of 3,117 United States companies the cockpit tracks. Shares closed at $14.07 on 6 Nov 2026.
Performance Over six months the shares gained 6.9%, against +3.7% for the median peer and -1.1% for the United States market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 10.8% over the last twelve months (peer median +4.7%); the operating margin is 8.5% (peer median 13.5%).
Valuation It trades at 31.1× forward earnings against a peer median of 14.3× (4th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 20% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is +9 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.1 points below its cost of capital (8.7% WACC).
Short interest Short interest is 2.7% of the free float (15 Oct 2026).
Next results Next results expected around 15 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.31B | $2.16B | $2.11B | $2.06B | $1.57B |
| Revenue growth | — | +3% | +2% | +31% | — |
| Gross profit | $1.29B | $1.20B | $1.18B | $1.13B | $186M |
| EBITDA | $484M | $460M | $442M | $451M | $332M |
| Net income | $91.7M | $111M | $83.4M | $131M | $54.1M |
| Free cash flow | $352M | $285M | $194M | $236M | $102M |
| Capital expenditure | $139M | $119M | $136M | $84.2M | $77.0M |
| Total debt | n/a | $1.15B | $1.07B | $1.10B | $976M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Ermenegildo Zegna ZGN | $5.96B | +7% | +11% | 9% | 31.1× | 20.3% |
| LVMH Moet Hennessy Louis Vuitton MC.PA | $226B | -11% | -4% | 22% | 18.6× | 10.2% |
| Kering KER.PA | $25.7B | -23% | -9% | 11% | 30.9× | 12.2% |
| Brunello Cucinelli BC.MI | $6.61B | +4% | +10% | 18% | 37.8× | 20.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ZGN | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.4% | +11.8% | 11th highest of 21 |
| 6-month return | +6.9% | +3.7% | 7th highest of 21 |
| Distance from 52-week high | -11.8% | -14.4% | 9th highest of 21 |
| Revenue growth (TTM) | +10.8% | +4.7% | 4th highest of 21 |
| Operating margin | 8.5% | 13.5% | 7th lowest of 21 |
| Forward P/E | 31.1× | 14.3× | 4th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 20.3% | 5.2% | 5th most demanding of 20 |
| Growth delivered (Del g) | +11.3% | +11.4% | 10th lowest of 20 |
| Hurdle (Req g minus delivered) | +9.0 pp | -7.2 pp | 6th most demanding of 20 |
| ROIC minus cost of capital | -2.1 pp | +7.4 pp | 6th lowest of 21 |
| EV / EBITDA | 14.5× | 9.4× | 4th most expensive of 17 |
| Net debt / EBITDA | 2.0× | 1.5× | 7th most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ermenegildo Zegna ZGN | United States | $5.96B | +7% | +11% | 9% | 31.1× | 20.3% | +11.3% |
| Youngor Fashion 600177.SS | China | $5.69B | +10% | -5% | -3% | 12.8× | 23.3% | +0.1% |
| Gildan Activewear GIL.TO | Canada | $6.48B | -40% | +40% | 15% | 6.8× | 6.5% | +13.7% |
| Brunello Cucinelli BC.MI | Italy | $6.61B | +4% | +10% | 18% | 37.8× | 20.6% | +20.9% |
| Burberry BRBY.L | United Kingdom | $5.38B | -4% | -2% | 7% | 28.8× | 19.1% | +0.6% |
| Birkenstock BIRK | United States | $6.64B | -5% | +20% | 24% | 13.9× | 7.4% | +19.9% |
| Bosideng International 3998.HK | Hong Kong | $6.64B | +3% | +8% | 18% | 10.3× | -10.8% | +14.2% |
| Crocs CROX | United States | $6.94B | +47% | +1% | 23% | 9.6× | 1.1% | +23.9% |
| Li Ning 2331.HK | Hong Kong | $5.10B | -21% | +7% | 13% | 14.4× | -5.4% | +14.6% |
| Abc-mart 2670.T | Japan | $5.03B | +20% | +4% | 17% | 16.2× | -10.0% | +11.4% |
| Huali Industrial 300979.SZ | China | $7.09B | +6% | -10% | 14% | 19.7× | -4.4% | +12.4% |
| Fosun International 0656.HK | Hong Kong | $4.82B | +11% | -1% | 3% | 12.9× | 10.6% | +4.1% |
| HLA 600398.SS | China | $4.47B | -6% | +7% | 11% | 14.3× | -13.1% | +3.8% |
| V.F VFC | United States | $8.01B | +7% | -2% | 8% | 16.6× | 11.1% | +0.8% |
| Puma PUM.DE | Germany | $4.42B | +4% | -19% | -6% | n/a | n/a | n/a |
| Shenzhou Intl 2313.HK | Hong Kong | $8.08B | -7% | +2% | 16% | 11.8× | -4.5% | +5.4% |
| Page Industries PAGEIND.NS | India | $4.22B | -4% | +8% | 19% | 46.8× | 27.7% | +13.1% |
| Kontoor Brands KTB | United States | $4.21B | +5% | +16% | 13% | 13.2× | 1.1% | +8.5% |
| K.P.R. Mill KPRMILL.NS | India | $4.21B | +19% | +6% | 18% | 34.8× | 29.9% | +13.3% |
| PVH PVH | United States | $4.15B | +1% | +2% | 8% | 8.1× | 2.5% | +4.6% |
| Levi Strauss & LEVI | United States | $8.77B | +1% | +5% | 13% | 14.6× | 5.2% | +7.1% |