Italy · Fashion business
Zegna’s three brands grew direct sales while wholesale declined
Direct sales grew for ZEGNA, Thom Browne and Tom Ford Fashion over the first nine months of 2026. Reported wholesale sales fell for all three. The biggest split was Thom Browne, where direct sales rose 6.3% and wholesale fell 36.8%.
Sources checked
Nine-month reported change
Shared scale · -36.8% to 18.2%
Nine-month organic change
Shared scale · -36.8% to 18.2%
Third-quarter reported change
Shared scale · -36.8% to 18.2%
Switch between the nine-month and third-quarter views. Negative values appear to the left of zero.
The quarter can tell a different story from the year to date
Tom Ford Fashion wholesale rose 7.2% in Q3 but fell 0.8% over nine months. Zegna says seasonal wholesale deliveries can move between quarters. That makes the nine-month comparison useful alongside the latest quarter. Source 1
Thom Browne's channels moved in different directions
Direct revenue increased by about EUR 8.2 million over nine months while wholesale fell by about EUR 17.1 million. Taken together, Thom Browne’s reported brand revenue fell 5.0%. The filing attributes much of the wholesale decline to changes in its distribution. Source 1
What 85% covers
The filing puts direct revenue at 85% of branded product sales, up from 82%. That denominator combines the direct and wholesale channels of the three brands. The group’s EUR 1.42 billion total also includes textiles and other revenue. Source 1
Why Tom Ford Fashion is the reporting label
Zegna operates the fashion business under an exclusive long-term licence with Estée Lauder. The filing figures cover that business. The group describes Estée Lauder as the owner of the Tom Ford brand and trademarks. Source 1 Source 2