Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2023 | |
Cover [Abstract] | |
Entity Registrant Name | Ermenegildo Zegna N.V. |
Entity Central Index Key | 0001877787 |
Current Fiscal Year End Date | --12-31 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2023 |
Amendment Flag | false |
Semi-Annual Condensed Consolida
Semi-Annual Condensed Consolidated Statement Of Profit And Loss - EUR (€) € in Thousands | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | [1] | ||
Profit or loss [abstract] | ||||
Revenues | € 903,059 | € 728,993 | ||
Cost of sales | (323,228) | (280,182) | ||
Gross profit | 579,831 | 448,811 | ||
Selling, general and administrative expenses | (415,792) | (332,854) | ||
Marketing expenses | (47,530) | (34,590) | ||
Operating profit | 116,509 | 81,367 | ||
Financial income | 15,601 | 15,901 | ||
Financial expenses | (44,592) | (41,965) | ||
Foreign exchange losses | (7,003) | (9,893) | ||
Result from investments accounted for using the equity method | (2,237) | 2,661 | ||
Profit before taxes | 78,278 | 48,071 | ||
Income taxes | (26,162) | (27,050) | ||
Profit | [2] | 52,116 | 21,021 | |
Attributable to: | ||||
Shareholders of the Parent Company | 45,967 | 14,038 | ||
Non-controlling interests | € 6,149 | € 6,983 | ||
Basic earnings per share (in EUR per share) | € 190 | € 60 | ||
Diluted earnings per share (in EUR per share) | € 190 | € 60 | ||
[1]Starting with the six months ended June 30, 2023, the Group presents the semi-annual condensed consolidated statement of profit and loss by function, which is most representative of the way the Chief Operating Decision Maker and management view the business, and is consistent with international practice. In order to conform to this new presentation, the information for the six months ended June 30, 2022 has been reclassified compared to what was previously presented by the Group.[2]Starting with the six months ended June 30, 2023, in the semi-annual condensed consolidated statement of changes in equity the Group separately presents certain components of equity, including share premium, the reserve for treasury shares and other legal reserves, which were previously presented within other reserves. Management believes this presentation, together with the accompanying notes, facilitate a better understanding of the underlying components of the Group’s equity. As a result of this new presentation, certain amounts presented for periods prior to the six months ended June 30, 2023 have been reclassified compared to amounts previously presented by the Group. |
Semi-Annual Condensed Consoli_2
Semi-Annual Condensed Consolidated Statement Of Comprehensive Income - EUR (€) € in Thousands | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | |||
Statement of comprehensive income [abstract] | ||||
Profit | [1] | € 52,116 | € 21,021 | [2] |
Items that will be subsequently reclassified to the statement of profit and loss: | ||||
Foreign currency exchange differences arising from the translation of foreign operations | [3] | (6,538) | 27,047 | |
Net gain from cash flow hedges | (5,198) | 2,210 | ||
Net loss from financial instruments measured at fair value | 372 | (1,349) | ||
Items that will not be subsequently reclassified to the statement of profit and loss: | ||||
Net actuarial gain from defined benefit plans | 274 | 1,340 | ||
Total other comprehensive income | [1] | (11,090) | 29,248 | |
Total comprehensive income | 41,026 | 50,269 | [1] | |
Attributable to: | ||||
Shareholders of the Parent Company | 35,364 | 42,858 | ||
Non-controlling interests | € 5,662 | € 7,411 | ||
[1]Starting with the six months ended June 30, 2023, in the semi-annual condensed consolidated statement of changes in equity the Group separately presents certain components of equity, including share premium, the reserve for treasury shares and other legal reserves, which were previously presented within other reserves. Management believes this presentation, together with the accompanying notes, facilitate a better understanding of the underlying components of the Group’s equity. As a result of this new presentation, certain amounts presented for periods prior to the six months ended June 30, 2023 have been reclassified compared to amounts previously presented by the Group.[2]Starting with the six months ended June 30, 2023, the Group presents the semi-annual condensed consolidated statement of profit and loss by function, which is most representative of the way the Chief Operating Decision Maker and management view the business, and is consistent with international practice. In order to conform to this new presentation, the information for the six months ended June 30, 2022 has been reclassified compared to what was previously presented by the Group.[3]As a result of the acquisition of Tom Ford International in April 2023, cumulative translation losses amounting to €4,705 thousand related to the original investment held in Tom Ford International were reclassified from other comprehensive income to profit and loss for the six months ended June 30, 2023. For additional information relating to the acquisition of Tom Ford International see Note 1 — General information, Note 12 — Investments accounted for using the equity method and Note 24 — Business combinations. |
Semi-Annual Condensed Consoli_3
Semi-Annual Condensed Consolidated Statement Of Comprehensive Income (Parenthetical) - EUR (€) € in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | [1] | |
Condensed Statement of Income Captions [Line Items] | |||
Foreign exchange loss | € 7,003 | € 9,893 | |
Tom Ford International LLC | |||
Condensed Statement of Income Captions [Line Items] | |||
Foreign exchange loss | € 4,705 | ||
[1]Starting with the six months ended June 30, 2023, the Group presents the semi-annual condensed consolidated statement of profit and loss by function, which is most representative of the way the Chief Operating Decision Maker and management view the business, and is consistent with international practice. In order to conform to this new presentation, the information for the six months ended June 30, 2022 has been reclassified compared to what was previously presented by the Group. |
Semi-Annual Condensed Consoli_4
Semi-Annual Condensed Consolidated Statement Of Financial Position - EUR (€) € in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | |
Non-current assets | |||
Intangible assets | € 543,896 | € 455,908 | |
Property, plant and equipment | 148,420 | 126,139 | |
Right-of-use assets | 528,747 | 375,508 | |
Investments accounted for using the equity method | 12,743 | 22,648 | |
Deferred tax assets | 139,351 | 124,627 | |
Other non-current financial assets | 37,614 | 36,240 | |
Total non-current assets | 1,410,771 | 1,141,070 | |
Current assets | |||
Inventories | 545,176 | 410,851 | |
Trade receivables | 217,208 | 177,213 | |
Derivative financial instruments | 17,985 | 22,454 | |
Tax receivables | 17,734 | 15,350 | |
Other current financial assets | 109,918 | 320,894 | |
Other current assets | 99,680 | 84,574 | |
Cash and cash equivalents | 255,040 | 254,321 | |
Total current assets | 1,262,741 | 1,285,657 | |
Total assets | 2,673,512 | 2,426,727 | |
Liabilities and Equity | |||
Equity attributable to shareholders of the Parent Company | 761,953 | 678,949 | |
Equity attributable to non-controlling interests | 52,966 | 53,372 | |
Total equity | [1] | 814,919 | 732,321 |
Non-current liabilities | |||
Non-current borrowings | 112,747 | 184,880 | |
Other non-current financial liabilities | 151,712 | 178,793 | |
Non-current lease liabilities | 463,552 | 332,050 | |
Non-current provisions for risks and charges | 16,621 | 19,581 | |
Employee benefits | 28,134 | 51,584 | |
Deferred tax liabilities | 63,907 | 60,534 | |
Total non-current liabilities | 836,673 | 827,422 | |
Current liabilities | |||
Current borrowings | 283,077 | 286,175 | |
Other current financial liabilities | 23,373 | 37,258 | |
Current lease liabilities | 121,761 | 111,457 | |
Derivative financial instruments | 2,186 | 2,362 | |
Current provisions for risks and charges | 15,458 | 13,969 | |
Trade payables and customer advances | 296,965 | 270,936 | |
Tax liabilities | 46,928 | 25,999 | |
Other current liabilities | 232,172 | 118,828 | |
Total current liabilities | 1,021,920 | 866,984 | |
Total equity and liabilities | € 2,673,512 | € 2,426,727 | |
[1]Starting with the six months ended June 30, 2023, in the semi-annual condensed consolidated statement of changes in equity the Group separately presents certain components of equity, including share premium, the reserve for treasury shares and other legal reserves, which were previously presented within other reserves. Management believes this presentation, together with the accompanying notes, facilitate a better understanding of the underlying components of the Group’s equity. As a result of this new presentation, certain amounts presented for periods prior to the six months ended June 30, 2023 have been reclassified compared to amounts previously presented by the Group. |
Semi-Annual Condensed Consoli_5
Semi-Annual Condensed Consolidated Cash Flow Statement - EUR (€) € in Thousands | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | |||
Operating activities | ||||
Profit | [1] | € 52,116 | € 21,021 | [2] |
Income taxes | 26,162 | 27,050 | ||
Depreciation, amortization and impairment of assets | 86,983 | 88,204 | ||
Financial income | (15,601) | (15,901) | ||
Financial expenses | 44,592 | 41,965 | ||
Foreign exchange losses | 7,003 | 9,893 | ||
Write downs and other provisions | 962 | 654 | ||
Write downs of the provision for obsolete inventory | 19,292 | 10,856 | ||
Result from investments accounted for using the equity method | 2,237 | (2,661) | ||
Gains arising from the sale of fixed assets | 0 | (1,511) | ||
Other non-cash expenses, net | 18,839 | 11,776 | ||
Change in inventories | (79,454) | (51,806) | ||
Change in trade receivables | (26,851) | (3,341) | ||
Change in trade payables including customer advances | 3,710 | (2,014) | ||
Change in other operating assets and liabilities | 2,870 | (69,396) | ||
Interest paid | (13,480) | (10,974) | ||
Income taxes paid | (21,797) | (25,440) | ||
Net cash flows from operating activities | 107,583 | 28,375 | ||
Investing activities | ||||
Payments for property, plant and equipment | (25,699) | (15,824) | ||
Proceeds from disposals of property, plant and equipment | 0 | 3,253 | ||
Payments for intangible assets | (8,801) | (12,715) | ||
Proceeds from disposals of non-current financial assets | 0 | 796 | ||
Payments for purchases of non-current financial assets | (585) | 0 | ||
Proceeds from disposals of current financial assets and derivative instruments | 221,869 | 31,040 | ||
Payments for acquisitions of current financial assets and derivative instruments | (6,023) | (21,204) | ||
Business combinations, net of cash acquired | (108,575) | 0 | ||
Acquisition of investments accounted for using the equity method | (11,228) | 0 | ||
Net cash flows from/(used in) investing activities | 60,958 | (14,654) | ||
Financing activities | ||||
Proceeds from borrowings | 65,000 | 0 | ||
Repayments of borrowings | (173,407) | (76,687) | ||
Repayments of other non-current financial liabilities | 0 | (3,919) | ||
Payments of lease liabilities | (59,115) | (64,641) | ||
Warrant redemption | 4,409 | 0 | ||
Capital contribution | 0 | 10,923 | ||
Sales of shares held in treasury | 3,654 | 3,390 | ||
Dividends paid to non-controlling interests | (6,068) | (4,147) | ||
Net cash flows used in financing activities | (165,527) | (135,081) | ||
Effects of exchange rate changes on cash and cash equivalents | (2,295) | 8,452 | ||
Net increase/(decrease) in cash and cash equivalents | 719 | (112,908) | ||
Cash and cash equivalents at the beginning of the period | 254,321 | 459,791 | ||
Cash and cash equivalents at the end of the period | € 255,040 | € 346,883 | ||
[1]Starting with the six months ended June 30, 2023, in the semi-annual condensed consolidated statement of changes in equity the Group separately presents certain components of equity, including share premium, the reserve for treasury shares and other legal reserves, which were previously presented within other reserves. Management believes this presentation, together with the accompanying notes, facilitate a better understanding of the underlying components of the Group’s equity. As a result of this new presentation, certain amounts presented for periods prior to the six months ended June 30, 2023 have been reclassified compared to amounts previously presented by the Group.[2]Starting with the six months ended June 30, 2023, the Group presents the semi-annual condensed consolidated statement of profit and loss by function, which is most representative of the way the Chief Operating Decision Maker and management view the business, and is consistent with international practice. In order to conform to this new presentation, the information for the six months ended June 30, 2022 has been reclassified compared to what was previously presented by the Group. |
Semi-Annual Condensed Consoli_6
Semi-Annual Condensed Consolidated Statement Of Changes In Equity - EUR (€) € in Thousands | Total | Total equity attributable to shareholders of the Parent Company | Share capital | Share premium | Currency translation difference | Cash flow hedge reserve | Reserve for remeasure-ment of defined benefit plans | Financial assets at FVOCI reserve | Other legal reserves | Reserve for treasury shares | Other reserves | Retained earnings | Total equity attributable to non-controlling interests | |||
At beginning of period at Dec. 31, 2021 | [1] | € 644,304 | € 601,210 | € 5,939 | € 721,187 | € (4,928) | € (8,365) | € 311 | € 687 | € 20,351 | € (455,000) | € (178,424) | € 499,452 | € 43,094 | ||
Profit | 21,021 | [1],[2] | 14,038 | 14,038 | 6,983 | [1] | ||||||||||
Other comprehensive income/(loss) | 29,248 | [1] | 28,820 | 26,719 | 2,210 | 1,240 | (1,349) | 428 | [1] | |||||||
Total comprehensive income | 50,269 | [1] | 42,858 | 26,719 | 2,210 | 1,240 | (1,349) | 14,038 | 7,411 | [1] | ||||||
Dividends | (26,001) | [1] | (21,854) | (21,854) | (4,147) | [1] | ||||||||||
Sale of treasury shares, net | 3,824 | [1] | 3,824 | 3,824 | ||||||||||||
Share-based payments | 6,683 | [1] | 6,683 | 6,683 | ||||||||||||
Other changes | 296 | [1] | (310) | (436) | 126 | 606 | [1] | |||||||||
At end of period at Jun. 30, 2022 | [1] | 679,375 | 632,411 | 5,939 | 721,187 | 21,791 | (6,155) | 1,551 | (662) | 20,351 | (451,176) | (172,177) | 491,762 | 46,964 | ||
At beginning of period at Dec. 31, 2022 | [1] | 732,321 | 678,949 | 5,939 | 721,187 | 5,295 | 13,379 | 1,252 | (795) | 25,278 | (451,174) | (169,732) | 528,320 | 53,372 | ||
Profit | 52,116 | [1] | 45,967 | 45,967 | 6,149 | [1] | ||||||||||
Other comprehensive income/(loss) | (11,090) | [1] | (10,603) | (6,059) | (5,198) | 282 | 372 | (487) | [1] | |||||||
Total comprehensive income | 41,026 | 35,364 | (6,059) | (5,198) | 282 | 372 | 45,967 | 5,662 | [1] | |||||||
Dividends | (31,099) | [1] | (25,031) | (25,031) | (6,068) | [1] | ||||||||||
Sale of treasury shares, net | 3,654 | [1] | 3,654 | 3,902 | (248) | |||||||||||
Warrant Redemption | 63,496 | [1] | 63,496 | 115 | 64,617 | (1,236) | ||||||||||
Share-based payments | 6,536 | [1] | 6,536 | 6,536 | ||||||||||||
Settlement of share-based payments | 0 | [1] | 10,650 | (11,093) | 443 | |||||||||||
Other changes | (1,015) | [1] | (1,015) | 5,389 | (6,404) | |||||||||||
At end of period at Jun. 30, 2023 | [1] | € 814,919 | € 761,953 | € 6,054 | € 785,804 | € (764) | € 8,181 | € 1,534 | € (423) | € 25,278 | € (436,622) | € (170,384) | € 543,295 | € 52,966 | ||
[1]Starting with the six months ended June 30, 2023, in the semi-annual condensed consolidated statement of changes in equity the Group separately presents certain components of equity, including share premium, the reserve for treasury shares and other legal reserves, which were previously presented within other reserves. Management believes this presentation, together with the accompanying notes, facilitate a better understanding of the underlying components of the Group’s equity. As a result of this new presentation, certain amounts presented for periods prior to the six months ended June 30, 2023 have been reclassified compared to amounts previously presented by the Group.[2]Starting with the six months ended June 30, 2023, the Group presents the semi-annual condensed consolidated statement of profit and loss by function, which is most representative of the way the Chief Operating Decision Maker and management view the business, and is consistent with international practice. In order to conform to this new presentation, the information for the six months ended June 30, 2022 has been reclassified compared to what was previously presented by the Group. |
General information
General information | 6 Months Ended |
Jun. 30, 2023 | |
General Information [Abstract] | |
General information | 1. General information Ermenegildo Zegna N.V. (formerly known as Ermenegildo Zegna Holditalia S.p.A., and hereinafter referred to as “Zegna,” the “Company” or the “Parent Company” and together with its consolidated subsidiaries, or any one or more of them, as the context may require, the “Zegna Group” or the “Group”) is the holding company of the Zegna Group and is incorporated as a public company ( naamloze vennootschap ) under the laws of the Netherlands and its ordinary shares are listed on the New York Stock Exchange under the “ZGN” ticker. The Company is domiciled in Amsterdam, the Netherlands, and the Company’s registered office is Viale Roma 99/100, Valdilana (Biella), Italy. Zegna is a leading global luxury group, internationally recognized for the distinctive heritage of craftsmanship and design associated with the Zegna and Thom Browne brands and the noble fabrics and fibers of its in-house luxury textile and knitwear business. Since its foundation in 1910 through Lanificio Ermenegildo Zegna e Figli S.p.A. in Valdilana (BI), Italy, Zegna has expanded beyond luxury textile production to ready-to-wear products and accessories to become a highly recognized luxury lifestyle group. The Group designs, manufactures, markets and distributes luxury menswear, footwear, leather goods and other accessories under the Zegna and the Thom Browne brands, and luxury womenswear and childrenswear under the Thom Browne brand. The Group’s product range is complemented by eyewear, cufflinks and jewelry, watches, underwear and beachwear manufactured by third parties under licenses. In addition, following the completion of the acquisition of Tom Ford International (“TFI”) on April 28, 2023 (the “TFI Acquisition”), the Group has become a long-term licensee of the Estée Lauder Companies Inc. (“ELC”) for all TOM FORD men’s and women’s fashion as well as accessories and underwear, fine jewelry, childrenswear, textile, and home design products. The Group’s business covers the entire value chain as a result of its design, manufacturing and distribution business and the Group has a significant international presence through the retail channel, consisting of directly operated single-brand stores (“Directly Operated Stores” or “DOS”) and online stores, as well as through the wholesale channel, represented by multi-brand stores, luxury department stores and major international airports. Seasonality The luxury apparel market in which the Zegna Group operates is subject to seasonal fluctuations in sales. The Zegna Group’s sales are usually higher in the months of the year in which wholesale customers concentrate their purchases. For example, deliveries of seasonal goods to wholesale customers tend to concentrate from November to February for the Spring/Summer collection and from June to September for the Fall/Winter collection. With regard to retail sales at the Zegna Group’s DOS, sales tend to be higher in the last quarter of the year, driven by the holiday shopping season and in January and February, in correspondence with the Chinese New Year celebrations. However, several events may affect retail sales, including adverse weather conditions or other macroeconomic and external events (including the COVID-19 pandemic). Operating costs, in contrast, do not generally experience significant seasonal fluctuations, except for certain increases in the months of November and December due to the variable costs associated with sales commissions and variable leases. As a result of the foregoing, the financial results for interim periods may not be indicative of results for the entire fiscal year. |
Basis of preparation
Basis of preparation | 6 Months Ended |
Jun. 30, 2023 | |
Basis of Preparation [Abstract] | |
Basis of preparation | 2. Basis of preparation Statement of compliance with IFRS These Semi-Annual Condensed Consolidated Financial Statements have been prepared in compliance with IAS 34 — Interim Financial Reporting (“IAS 34”) as issued by the International Accounting Standards Board (“IASB”). The Semi-Annual Condensed Consolidated Financial Statements should be read in conjunction with the Group’s consolidated financial statements at December 31, 2022 and December 31, 2021 and for each of the three years in the period ended December 31, 2022 (the “Annual Consolidated Financial Statements”), which have been prepared in compliance with the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) as well as IFRS as adopted by the European Union. The accounting policies adopted are consistent with those applied in the Annual Consolidated Financial Statements, except as described in the section in Note 3 — Summary of significant accounting policies “ New standards and amendments issued by the IASB and applicable from January 1, 2023 ”. These Semi-Annual Condensed Consolidated Financial Statements were approved and authorized for issue by the Board of Directors of Ermenegildo Zegna N.V. on September 12, 2023. These Semi-Annual Condensed Consolidated Financial Statements include the semi-annual condensed consolidated statement of profit and loss, the semi-annual condensed consolidated statement of comprehensive income, the semi-annual condensed consolidated statement of financial position, the semi-annual condensed consolidated cash flow statement, the semi-annual condensed consolidated statement of changes in equity and the accompanying condensed notes. The Semi-Annual Condensed Consolidated Financial Statements are presented in Euro, which is the functional and presentation currency of the Company, and amounts are stated in thousands of Euros, unless otherwise indicated. The Semi-Annual Condensed Consolidated Financial Statements have been prepared on a going concern basis and applying the historical cost method, modified as required for certain financial assets and liabilities (including derivative instruments), which are measured at fair value. The preparation of the Semi-Annual Condensed Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities as well as the disclosure of contingent liabilities. If in the future such estimates and assumptions, which are based on management’s best judgment at the date of these Semi-Annual Condensed Consolidated Financial Statements, deviate from the actual circumstances, the original estimates and assumptions will be modified as appropriate in the period in which the circumstances change. Reference should be made to the section “ Use of estimates ” in the Annual Consolidated Financial Statements for a detailed description of the more significant valuation procedures used by the Group in preparing its consolidated financial statements. Impairment tests of non-current assets (including goodwill and brands with an indefinite useful life for which impairment tests are performed for the preparation of Group’s annual consolidated financial statements) are not performed for the preparation of the semi-annual condensed consolidated financial statements unless impairment indicators have been identified. Similarly, the actuarial valuations that are required for the determination of employee benefit provisions are also usually carried out during the preparation of the annual consolidated financial statements, except in the event of significant market fluctuations, or significant plan amendments, curtailments or settlements. Starting with the six months ended June 30, 2023, the Group presents the semi-annual condensed consolidated statement of profit and loss by function, which is most representative of the way the Chief Operating Decision Maker and management view the business, and is consistent with international practice. In order to conform to this new presentation, the information for the six months ended June 30, 2022 has been reclassified compared to what was previously presented by the Group. Starting with the six months ended June 30, 2023, in the semi-annual condensed consolidated statement of changes in equity the Group separately presents certain components of equity, including share premium, the reserve for treasury shares and other legal reserves, which were previously presented within other reserves. Management believes this presentation, together with the accompanying notes, facilitate a better understanding of the underlying components of the Group’s equity. As a result of this new presentation, certain amounts presented for periods prior to the six months ended June 30, 2023 within these Semi-Annual Condensed Consolidated Financial Statements have been reclassified compared to amounts previously presented by the Group. Other information The table below shows the exchange rates compared to the Euro of the main foreign currencies used by the Group. Average for the six months ended June 30, 2023 At June 30, 2023 At December 31, 2022 Average for the six months ended June 30, 2022 At June 30, 2022 U.S. Dollar 1.081 1.087 1.067 1.093 1.039 Swiss Franc 0.986 0.979 0.985 1.032 0.996 Chinese Renminbi 7.489 7.898 7.358 7.081 6.962 Pound Sterling 0.876 0.858 0.887 0.842 0.858 Hong Kong Dollar 8.471 8.516 8.316 8.556 8.149 Singapore Dollar 1.444 1.473 1.430 1.492 1.448 United Arab Emirates Dirham 3.969 3.991 3.917 4.015 3.815 Japanese Yen 145.760 157.160 140.660 134.323 141.540 |
Summary of significant accounti
Summary of significant accounting policies | 6 Months Ended |
Jun. 30, 2023 | |
Summary Of Accounting Policies [Abstract] | |
Summary of significant accounting policies | 3. Summary of significant accounting policies The accounting principles applied are consistent with those used for the preparation of the Annual Consolidated Financial Statements, except as otherwise stated below. New standards and amendments effective from January 1, 2023 In May 2017 the IASB issued IFRS 17 — Insurance Contracts , which establishes principles for the recognition, measurement, presentation and disclosure of insurance contracts issued as well as guidance relating to reinsurance contracts held and investment contracts with discretionary participation features issued. In June 2020 the IASB issued amendments to IFRS 17 aimed at helping companies implement IFRS 17 and make it easier for companies to explain their financial performance. The new standard and amendments are effective on or after January 1, 2023. There was no effect from the adoption of these amendments. In February 2021 the IASB issued amendments to IAS 1 — Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting Policies which require companies to disclose their material accounting policy information rather than their significant accounting policies and provide guidance on how to apply the concept of materiality to accounting policy disclosures. These amendments are effective for annual periods beginning on or after January 1, 2023. The group will include the required disclosures in the annual financial statements. In February 2021 the IASB issued amendments to IAS 8 — Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates which clarify how companies should distinguish changes in accounting policies from changes in accounting estimates. These amendments are effective on or after January 1, 2023. There was no effect from the adoption of these amendments. In May 2021 the IASB issued amendments to IAS 12 — Income Taxes: Deferred Tax related to Assets and Liabilities Arising From a Single Transaction that clarify how companies account for deferred tax on transactions such as leases and decommissioning obligations. These amendments are effective on or after January 1, 2023. There was no effect from the adoption of these amendments. In December 2021 the IASB issued an amendments to IFRS 17 — Insurance Contracts: Initial Application of IFRS 17 and IFRS 9 - Comparative Information , which provides a transition option relating to comparative information about financial assets presented on initial application of IFRS 17. The amendment is aimed at helping entities to avoid temporary accounting mismatches between financial assets and insurance contract liabilities, and therefore improve the usefulness of comparative information for users of financial statements. The amendment is effective on or after January 1, 2023. There was no effect from the adoption of these amendments. In June 2020 the IASB issued amendments to IFRS 4 — Insurance Contracts which defer the expiry date of the temporary exemption from applying IFRS 9 to annual periods beginning on or after January 1, 2023. There was no effect from the adoption of these amendments. In May 2023, the IASB issued amendments to IAS 12 — Income taxes: International Tax Reform – Pillar Two Model Rules, to clarify the application of IAS 12 — Income taxes to income taxes arising from tax law enacted or substantively enacted to implement the Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) Pillar Two model rules (Pillar Two income taxes). The amendments introduce: (i) a mandatory temporary exception for the recognition of and disclosure relating to deferred tax assets and liabilities arising from the jurisdictional implementation of the Pillar Two model rules, which was effective immediately upon issuance of the amendment and which the Group applied from that date, and (ii) disclosure requirements for affected entities to help users of the financial statements better understand an entity’s exposure to Pillar Two income taxes arising from that legislation, particularly before the effective date of the Pillar Two model rules, which apply for annual reporting periods beginning on or after January 1, 2023, but not for any interim periods ending on or before December 31, 2023. The Group is currently evaluating the impact of the disclosure requirements for the year end consolidated financial statements, together with developments in the adoption into domestic tax law of the Pillar Two models rules in jurisdictions in which the Group operates. Scope of consolidation The following changes in the scope of consolidation of the Group occurred during the six months ended June 30, 2023: In March 2023, the Group completed the acquisition of a 25% minority stake interest in Canadian technical trail running shoe company Norda Run Inc. (“Norda”) for consideration of $7.1 million, with the option to gradually increase its stake over the next nine years. Management has determined that it has significant influence over Norda as a result of its 25% minority equity interest and the Group accounts for its investment in Norda using the equity method. EZ CA Holding Corporation, a limited liability company based in Canada and fully owned by Ermenegildo Zegna N.V. was incorporated in March 2023, primarily to manage the acquisition of Norda. The Group held a 100% interest in the company at June 30, 2023. In March 2023, Zegna Denmark ApS, a limited liability company based in Denmark and fully owned by Ermenegildo Zegna N.V. was incorporated, primarily to manage the operating activities in Denmark. The Group held a 100% interest in the company at June 30, 2023. In April 2023, the Group completed the acquisition of Tom Ford International (“TFI”) (the “TFI Acquisition”), through which it acquired the company that owns and operates the Tom Ford Fashion business, as part of a transaction in which sole ownership of the Tom Ford brand, its trademarks, and other intellectual property rights have been acquired by The Estée Lauder Companies Inc. (“ELC”). Before the completion of the TFI Acquisition, the Zegna Group already owned 15% of TFI, through its fully owned subsidiary EZ US Holding Inc., and, through the TFI Acquisition it acquired the remaining 85% equity interest. As a result of the TFI Acquisition, the Group also obtained 100% of Pelletteria Tizeta, for which it previously held a 50% interest and accounted for the investment using the equity method, with the remaining 50% interest owned by TFI and being acquired by the Group through the TFI Acquisition. For additional information relating to the TFI Acquisition and the acquisition method of accounting for the transaction, see Note 24 — Business combinations . In the first six months of 2023, the interest held in Consorzio Re.Crea was reduced from 16.7% at December 31, 2022 to 15.5% due to the entrance of new consortium members in the company. In March 2023, Thom Browne Korea Ltd., a limited liability company fully owned by Thom Browne Trading SA, was incorporated, primarily to manage the retail business in South Korea, following the acquisition, completed on July 1, 2023, of a network of 17 Thom Browne retail stores previously managed by Samsung C&T Corporation (“Samsung”) under franchising arrangements. Samsung will continue to support the Group through an innovative retail management agreement. The Group held a 90% interest in the company at June 30, 2023. On April 6, 2023 and April 20, 2023, respectively, Investindustrial Acquisition Corp. and Ismaco Amsterdam B.V. were liquidated. |
Segment reporting
Segment reporting | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of operating segments [abstract] | |
Segment reporting | 4. Segment reporting The Group has determined the operating segments based on the reports reviewed by the Board of Directors, which is considered the Chief Operating Decision Maker (“CODM”) as defined under IFRS 8 — Operating Segments (“IFRS 8”), for the purposes of allocating resources and assessing the performance of the Group. The Group is organized in three operating and reportable segments, based on a brand perspective, as described below: • Zegna segment — Includes all activities related to the Zegna branded products, Textile and Third Party Brands (previously referred to as Strategic Alliances) product lines. • Thom Browne segment — Includes all activities related to the Thom Browne brand. • Tom Ford Fashion segment — Includes all activities related to the Tom Ford Fashion business. Prior to the TFI Acquisition, which was completed on April 28, 2023, the Zegna Group was organized in two segments: the Zegna segment and the Thom Browne segment. Adjusted Earnings Before Interest and Taxes (“Adjusted EBIT”) is the key profit measure used by the CODM to assess performance and allocate resources to the Group’s operating segments, as well as to analyze operating trends, perform analytical comparisons and benchmark performance between periods and among the segments. Adjusted EBIT is defined as profit or loss before income taxes plus financial income, financial expenses, foreign exchange losses and the result from investments accounted for using the equity method, adjusted for income and costs which are significant in nature and that management considers not reflective of underlying operating activitie s, including, for one or all of the periods presented and as further described below, transaction costs related to acquisitions, costs related to the Business Combination, severance indemnities and provisions for severance expenses, legal costs for trademark disputes, special donations for social responsibility, net income related to lease agreements and net impairment of leased and owned stores. Transactions between segments are executed on commercial terms that are normal in the respective markets and primarily relate to intersegment sales. As a result of a change in the way the CODM and management view the business, starting with the year ended December 31, 2022, costs for certain central corporate functions that are not directly attributable to individual segments, and which were previously allocated to the Zegna segment, are presented separately as Corporate. These central corporate costs, which have increased significantly following the Company’s public listing in December 2021, primarily relate to the compensation of the Board of Directors and costs for functions that are managed centrally on behalf of the entire group, including group general counsel, central finance, internal audit, investor relations, insurance coverage for directors and officers, compliance and certain other centralized activities, including those related to being a public company, for which the costs are not allocated to the segments. This presentation reflects the information regularly reviewed by the CODM for the purposes of allocating resources and assessing the performance of the Group, and management believes this presentation more accurately reflects the underlying nature of such costs and the profitability of the individual segments. As a result, the related costs for six months ended June 30, 2022 have been reclassified from the Zegna segment to Corporate to conform to the current period presentation, resulting in an increase in the Zegna segment Adjusted EBIT compared to the amount previously reported for the six months ended June 30, 2022. No measures of assets or liabilities by segment are reported to the CODM. Therefore, the related information is not provided. The following tables summarize selected financial information by segment for the six months ended June 30, 2023 and 2022. For the six months ended June 30, 2023 (€ thousands) Zegna Thom Browne Tom Ford Fashion Corporate Intercompany eliminations Group Consolidated Revenues with third parties 632,093 206,951 64,015 — 903,059 Inter-segment revenues 19,662 1,008 12 — (20,682) — Revenues 651,755 207,959 64,027 — (20,682) 903,059 Depreciation and amortization (67,489) (12,953) (6,521) (20) — (86,983) Adjusted EBIT 100,498 31,521 3,676 (15,626) (165) 119,904 Transaction costs related to acquisitions (1) (4,975) Costs related to the Business Combination (2) (1,059) Severance indemnities and provisions for severance expenses (3) (738) Legal costs for trademark disputes (4) (649) Special donations for social responsibility (5) (100) Net income related to lease agreements (6) 4,126 Financial income 15,601 Financial expenses (44,592) Foreign exchange losses (7,003) Result from investments accounted for using the equity method (2,237) Profit before taxes 78,278 ________________________________________ (1) Relates to transaction costs of €4,975 thousand for consultancy and legal fees related to the TFI Acquisition and the acquisition of a 25% in Norda. This amount relates to Corporate. (2) Costs related to the Business Combination of €1,059 thousand relate to the grant of equity awards to management in 2021 with vesting subject to the public listing of the Company’s shares and certain other performance and/or service conditions. This amount relates to the Zegna segment for €548 thousand, to the Thom Browne segment for €46 thousand and to Corporate for €465 thousand. (3) Relates to severance indemnities of €738 thousand. This amount relates to the Zegna segment for €486 thousand and to the Tom Ford Fashion segment for €252 thousand. (4) Relates to legal costs of €649 thousand in connection with a legal dispute between adidas and Thom Browne, primarily in relation to the use of trademarks. This amount relates to the Thom Browne segment. (5) Relates to a donation of €100 thousand to support initiatives related to humanitarian emergencies in Turkey. This amount relates to Corporate. (6) Net income related to lease agreements of €4,126 thousand relates to the derecognition of lease liabilities following a change in terms of a lease agreement in Hong Kong. This amount relates to the Zegna segment. For the six months ended June 30, 2022 (€ thousands) Zegna Thom Browne Tom Ford Fashion Corporate Intercompany eliminations Group Consolidated Revenues with third parties 543,827 185,166 — — — 728,993 Inter-segment revenues 9,139 603 — — (9,742) — Revenues 552,966 185,769 — — (9,742) 728,993 Depreciation and amortization (73,755) (10,709) — — — (84,464) Adjusted EBIT 67,997 31,562 — (16,881) — 82,678 Net impairment of leased and owned stores (1) (3,309) Costs related to the Business Combination (2) (1,090) Special donations for social responsibility (3) (1,000) Severance indemnities and provisions for severance expenses (4) (912) Net income related to lease agreements (5) 5,000 Financial income 15,901 Financial expenses (41,965) Foreign exchange losses (9,893) Result from investments accounted for using the equity method 2,661 Profit before taxes 48,071 ________________________________________ (1) Includes net impairment of leased and owned stores, of which €2,764 thousand relates to right-of-use assets, €530 thousand relates to property, plant and equipment and €15 thousand relates to intangible assets. This amount relates to the Zegna segment. (2) Includes €1,090 thousand, relating to the grant of equity awards to management in 2021 with vesting subject to the public listing of the Company’s shares and certain other performance and/or service conditions. This amount relates to the Zegna segment for €578 thousand , to the Thom Browne segment for €47 thousand and to Corporate for €465 thousand. For additional information see Note 22 — Share-based payments . (3) Relates to a donation of €1,000 thousand to support initiatives related to humanitarian emergencies in Ukraine. This amount relates to Corporate. (4) Relates to severance indemnities of €912 thousand. This amount relates to the Zegna segment. (5) Relates to proceeds of €5,000 thousand received from a new tenant in order for Zegna to withdraw from an existing lease agreement of a commercial property. This amount relates to the Zegna segment. |
Revenues
Revenues | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
Revenues | 5. Revenues Zegna generates revenues primarily from the sale of its products and services, as well as from royalties received from third parties and licensees. Revenues are recognized net of returns and discounts. The following table provides a breakdown of revenues by product line: For the six months ended June 30, (€ thousands) 2023 2022 Zegna branded products (1) 541,319 425,252 Thom Browne 206,951 185,166 Tom Ford Fashion 64,015 — Textile 73,072 68,968 Third Party Brands 15,477 47,341 Other (2) 2,225 2,266 Total revenues 903,059 728,993 ________________________________________ (1) Zegna branded products include apparel, bags, shoes and small and large leather goods, as well as licensed goods and royalties. (2) Other mainly includes certain sales of products from previous seasons’ collections. The following table provides a breakdown of revenues by sales channel: For the six months ended June 30, (€ thousands) 2023 2022 Direct to Consumer (DTC) Zegna branded products 465,710 361,850 Thom Browne 82,924 66,174 Tom Ford Fashion 34,751 — Total Direct to Consumer (DTC) 583,385 428,024 Wholesale Zegna branded products 75,609 63,402 Thom Browne 124,027 118,992 Tom Ford Fashion 29,264 — Third Party Brands and Textile 88,549 116,309 Total Wholesale 317,449 298,703 Other (1) 2,225 2,266 Total revenues 903,059 728,993 ________________________________________ (1) Other mainly includes certain sales of products from previous seasons’ collections. The following table provides a breakdown of revenues by geographic area: For the six months ended June 30, (€ thousands) 2023 2022 EMEA (1) 322,680 260,627 of which Italy 151,464 125,996 of which UK 28,823 23,544 of which UAE 31,906 21,745 North America (2) 174,376 135,275 of which United States 156,747 124,291 Latin America (3) 15,736 12,525 APAC (4) 389,025 318,825 of which Greater China Region 306,835 247,193 of which Japan 39,597 30,240 Other (5) 1,242 1,741 Total revenues 903,059 728,993 ________________________________________ (1) EMEA includes Europe, the Middle East and Africa. (2) North America includes the United States of America and Canada. (3) Latin America includes Mexico, Brazil and other Central and South American countries. (4) APAC includes the Greater China Region, Japan, South Korea, Thailand, Malaysia, Vietnam, Indonesia, Philippines, Australia, New Zealand, India and other Southeast Asian countries. (5) Other mainly includes royalties. Revenues in the Netherl a nds, the Company’s country of domicile, amounted to €7,503 thousand and €4,234 thousand for the six months ended June 30, 2023 and 2022, respectively. |
Financial income, financial exp
Financial income, financial expenses and exchange losses | 6 Months Ended |
Jun. 30, 2023 | |
Detailed Information About Financial Income Financial Expenses And Exchange Gains Or Losses Abstract [Abstract] | |
Financial income, financial expenses and exchange losses | 6. Financial income, financial expenses and exchange losses The following table provides a breakdown for financial income, financial expenses and exchange losses: For the six months ended June 30, (€ thousands) 2023 2022 Financial income Options - Changes in fair value 3,347 60 Warrants - Changes in fair value — 8,417 Securities 5,517 6,290 Hedging operations 1,596 302 Interest on financial other assets 1,095 527 Interest on financial receivables/loans 106 197 Derivative financial instruments 3,180 95 Other financial income 760 13 Total financial income 15,601 15,901 Financial expenses Options - Changes in fair value (2,137) (15,705) Warrants - Changes in fair value (22,909) — Hedging operations (3,179) (5,626) Interest and financial charges for lease liabilities (6,654) (4,947) Securities (2,488) (12,996) Interest on bank loans and overdrafts (6,299) (20) Interest expenses on interest rate swaps (207) (936) Derivative financial instruments — — Other financial expenses (719) (1,735) Total financial expenses (44,592) (41,965) Foreign exchange losses (7,003) (9,893) Financial income and financial expenses relating to options represent the fair value changes during the period in the value of the put options owned by the non-controlling interests in the Group’s investments in the Thom Browne Group and Gruppo Dondi S.p.A. See Note 18 — Other current and non-current financial liabilities for additional details relating to the Group’s written put options on non-controlling interests. On February 28, 2023, Zegna completed the redemption of its outstanding public and private placement warrants to purchase ordinary shares of the Company, which resulted in a remeasurement of the warrant liability and financial expenses of €22,909 thousand. See Note 18 — Other current and non-current financial liabilities for additional information relating to the warrant redemption. Financial income and financial expenses for securities relate to investments in securities held by the Group. In line with the Group’s funding strategy, during the six months ended June 30, 2023 the Group disposed of securities (primarily investments in insurance contracts, fixed income and hedge funds) for total consideration of €219,354 thousand and recognized a gain on disposal of €2,626 thousand. Interest on bank loans and overdrafts mainly includes interest expenses on bank loans. Foreign exchange losses primarily relate to exchange rate effects deriving from the remeasurement of the put options owned by the non-controlling interests in the Group’s investments, and for six months ended June 30, 2023 only, to the reclassification of the cumulative translation losses related to the investment held in TFI, amounting to €4,705 thousand, from other comprehensive income to profit and loss at the date of the TFI Acquisition. |
Income taxes
Income taxes | 6 Months Ended |
Jun. 30, 2023 | |
Major components of tax expense (income) [abstract] | |
Income taxes | 7. Income taxes The following table provides a breakdown for income taxes: For the six months ended June 30, (€ thousands) 2023 2022 Current taxes (39,679) (35,051) Deferred taxes 13,517 8,001 Income taxes (26,162) (27,050) Income taxes for the six months ended June 30, 2023 and 2022 amounted to €26,162 thousand and €27,050 thousand, respectively, of which €23,993 thousand and €24,849 thousand, respectively, related to general corporate income taxes in Italy (the Italian Corporate Income Tax (“IRES”)) and other countries in which the Group operates and €2,201 thousand and €2,169 thousand, respectively, related to the Italian Regional Income Tax (“IRAP”), which is calculated on a measure of income defined by the Italian Civil Code as the difference between operating revenues and costs, before financial income and expense, the cost of fixed term employees, credit losses and any interest included in lease payments. For each of the six months ended June 30, 2023 and 2022 the applicable IRAP rate was 5.57% for the Parent Company and 3.9% for the other Italian entities of the Group. |
Earnings per share
Earnings per share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings per share [abstract] | |
Earnings per share | 8. Earnings per share Basic and diluted earnings per share are calculated as the ratio of net profit or (loss) attributable to the shareholders of the Company by the weighted average number of outstanding shares (basic and diluted) of the Company. The following table summarizes the amounts used to calculate basic and diluted earnings per share: For the six months ended June 30, (€ thousands) 2023 2022 Profit attributable to shareholders of the Parent Company 45,967 14,038 Weighted average number of shares for basic earnings per share 244,167,243 237,314,960 Adjustments for calculation of diluted earnings per share: CEO remuneration in shares (1) 1,041,460 1,230,826 Long-Term Incentive Awards 2022-2025 (2) 949,679 384,655 Non-executive directors remuneration in shares (3) 154,860 — Weighted average number of shares for diluted earnings per share 246,313,241 238,930,441 Basic earnings per share in € 0.19 0.06 Diluted earnings per share in € 0.19 0.06 For the first six months ended June 30, 2023 and 2022, the diluted weighted average number of shares outstanding was increased to take into consideration the theoretical effect of the potential ordinary shares relating to equity awards granted by the Group, to the extent to which they are dilutive. All potential ordinary shares are assumed to be converted into ordinary shares at the beginning of the period or, if later, at the date of grant of the potential ordinary shares. The adjustments for the calculation of the weighted average number of shares for diluted earnings per share are further explained below. For additional information see also Note 22 — Share-based payments . (1) CEO remuneration in shares - Potential ordinary shares from the conversion of all or part of the CEO’s fixed remuneration in ordinary shares of the Company. (2) Long-Term Incentive Awards 2022-2025 - Performance share units (PSUs) and retention restricted share units (RSUs) granted to the senior management (excluding the CEO), which in the case of the PSUs are considered to be potential ordinary shares if the performance conditions relating to Adjusted EBIT and adjusted net financial indebtedness/(cash surplus) targets would have been met based on the Group’s performance up to the reporting date, and in the case of the RSUs are considered to be potential ordinary shares if the recipient was still employed by the Group at the reporting date. (3) Non-executive directors remuneration in shares - Potential ordinary shares of the Company granted to the non-executive directors for 50% of their annual base remuneration for services provided in 2022 and 2023 and that will be assigned to the recipients in June 2024. |
Other information by nature
Other information by nature | 6 Months Ended |
Jun. 30, 2023 | |
Summary Of Additional Information [Abstract] | |
Other information by nature | 9. Other information by nature The following table provides a breakdown of depreciation and amortization and of personnel costs within the semi-annual consolidated statement of profit and loss: For the six months ended June 30, (€ thousands) 2023 2022 Depreciation and amortization Personnel costs Depreciation and amortization Personnel costs Cost of sales 7,417 65,925 7,548 58,041 Selling, general and administrative 78,738 160,309 76,321 136,716 Marketing expenses 828 4,924 595 3,777 Total 86,983 231,158 84,464 198,534 At June 30, 2023 and December 31, 2022 the Group had 7,165 and 6,256, employees, respectively. Headcount increased mainly due to the TFI Acquisition (577 TFI employees and 46 Pelletteria Tizeta employees at June 30, 2023) and the hiring of personnel to reinforce the corporate governance and certain functions as a result of becoming a public company in December 2021. |
Intangible assets
Intangible assets | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of detailed information about intangible assets [abstract] | |
Intangible assets | 10. Intangible assets The following table provides a breakdown for intangible assets: (€ thousands) Goodwill Brand Concessions, licenses, trademarks and patents Other intangible assets Intangible assets in progress Total Historical cost at December 31, 2022 239,709 168,694 42,339 147,204 1,146 599,092 Additions — — 238 6,888 198 7,324 Disposals — — (420) (81) (1) (502) Business combinations — — 90,856 3,797 309 94,962 Exchange differences (3,939) (3,105) 808 (93) (30) (6,359) Other movements and reclassifications — — 1,854 (1,799) (129) (74) Historical cost at June 30, 2023 235,770 165,589 135,675 155,916 1,493 694,443 Accumulated amortization at December 31, 2022 — — (36,989) (106,195) — (143,184) Amortization — — (1,308) (6,669) — (7,977) Disposals — — 226 81 — 307 Exchange differences — — 114 146 — 260 Accumulated amortization at June 30, 2023 — — (38,966) (111,581) — (150,547) Carrying amount at: December 31, 2022 239,709 168,694 5,350 41,009 1,146 455,908 June 30, 2023 235,770 165,589 96,709 44,335 1,493 543,896 The intangible assets held by the Group increased primarily as a result of the TFI Acquisition. In particular, as part of the acquisition accounting for the acquisition, the Group recognized a license agreement asset at its preliminary fair value of €90,856 thousand determined through an income approach based on the relief from royalty method, which requires an estimate of future expected cash flows. The estimated useful life of the license agreement is 30 years, which includes the 20 guaranteed years as per the contract plus the automatic renewal period of 10 years which is subject to certain minimum performance conditions that management believes will be satisfied based on the business plan and information currently available. For additional information related to the TFI Acquisition see Note 24 — Business combinations . |
Right-of-use assets
Right-of-use assets | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of quantitative information about right-of-use assets [abstract] | |
Right-of-use assets | 11. Right-of-use assets The following table provides a breakdown for right-of-use assets: (€ thousands) Land and buildings Industrial and commercial equipment Plant and machinery Other tangible assets Total Historical cost at December 31, 2022 758,923 524 168 5,793 765,408 Additions 55,996 65 — 1,118 57,179 Disposals (37,877) — — (711) (38,588) Business combinations 160,541 — — 210 160,751 Exchange differences (15,326) — — (18) (15,344) Historical cost at June 30, 2023 922,257 589 168 6,392 929,406 Accumulated amortization at December 31, 2022 (385,896) (486) (115) (3,403) (389,900) Amortization (56,372) (60) (17) (828) (57,277) Disposals 36,111 — — 666 36,777 Exchange differences 9,725 — — 16 9,741 Accumulated amortization at June 30, 2023 (396,432) (546) (132) (3,549) (400,659) Carrying amount at: December 31, 2022 373,027 38 53 2,390 375,508 June 30, 2023 525,825 43 36 2,843 528,747 The Group leases various retail stores, warehouses, equipment and vehicles. Rental contracts are typically made for fixed periods of 1 year to 15 years but may have extension options. Contracts may contain both lease and non-lease components. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Extension options in a range of 1 year to 10 years are included in a number of property leases across the Group. These are used to maximize operational flexibility in terms of managing the assets used in the Group’s operations. Such extension options are exercisable only by the Group and not by the respective lessor. Other tangible assets mainly refer to vehicles. For the six months ended June 30, 2023 no impairments were recognized. An impairment of €2,764 thousand was recognized for the six months ended June 30, 2022, and primarily related to stores in Hong Kong that are part of the Zegna segment, due to the ongoing developments in the area that could affect future cash flow generation. |
Investments accounted for using
Investments accounted for using the equity method | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of associates [abstract] | |
Investments accounted for using the equity method | 12. Investments accounted for using the equity method The Group’s carrying value of investments accounted for using the equity method were as follows: (€ thousands) Total investments at equity method At December 31, 2022 22,648 Additions 13,073 Net income/(loss) (2,237) Translation differences 764 Business combinations (21,505) At June 30, 2023 12,743 Additions for the six months ended June 30, 2023 included (i) €6,728 thousand for the acquisition of a 25% minority stake interest in Canadian technical trail running shoe company Norda which was completed on March 31, 2023, (ii) €4,500 thousand for the capital increase in Filati Biagioli Modesto S.p.A., and (iii) €1,845 thousand for the conversion of financial receivables from TFI into a capital contribution. As a result of the TFI Acquisition, the Group obtained 100% of TFI, as well as 100% of Pelletteria Tizeta, which was previously 50% owned by the Zegna Group and 50% owned by TFI. The Group measured the fair value as of the date of the acquisition of the previously equity interests held, which were recognized as part of the consideration transferred according to IFRS 3 — Business Combinations, and, following completion of the TFI Acquisition on April 28, 2023, TFI and Pelletteria Tizeta (which was previously owned 50% by Zegna and 50% by TFI) are consolidated by the Group. The cumulative translation losses related to the investment held in TFI, amounting to €4,705 thousand, were reclassified from other comprehensive income to profit and loss at the acquisition date as foreign exchange losses. For additional information relating to the TFI Acquisition see Note 24 — Business combinations. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of Measuring inventories [Abstract] | |
Inventories | 13. Inventories The following table provides a breakdown for inventories (net of the provision for slow moving and obsolete inventories): (€ thousands) At June 30, 2023 At December 31, 2022 Raw materials, ancillary materials and consumables 77,141 61,822 Work-in-progress and semi-finished products 76,348 63,019 Finished goods 391,687 286,010 Total inventories 545,176 410,851 The amount of provisions for slow moving and obsolete inventories recognized (primarily within cost of raw materials, consumables and finished goods) for the six months ended June 30, 2023 and 2022 was €19,292 thousand and €17,624 thousand, respectively. |
Derivative financial instrument
Derivative financial instruments | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Financial Instruments [Abstract] | |
Derivative financial instruments | 14. Derivative financial instruments The Group enters into certain derivative contracts in the course of its risk management activities, primarily to hedge the interest rate risk on its bank debt and the currency risk on sales made in currencies other than the Euro. The Company only enters into these contracts for hedging purposes as the Group’s financial management policy does not permit trading in financial instruments for speculative purposes. Derivative financial instruments meeting the hedge requirements of IFRS 9 are accounted for using hedge accounting. Changes in the fair value of derivative financial instruments not qualifying for hedge accounting are recognized in profit or loss in the relevant reporting period. The interest rate and currency derivatives used by the Company are over the counter (OTC) instruments, meaning those negotiated bilaterally with market counterparties, and the determination of their current value is based on valuation techniques that use input parameters (such as interest rate curves, foreign exchange rates, etc.) observable on the market (level 2 of the fair value hierarchy defined in IFRS 13 — Fair Value Measurement ). Derivatives are measured at fair value each reporting date by taking as a reference the applicable foreign currency exchange rates or the interest rates and yield curves observable at commonly quoted intervals. At the reporting date, the Group had outstanding hedges as detailed in the tables below: At June 30, 2023 At December 31, 2022 (€ thousands) Notional amount Positive fair value Negative fair value Notional amount Positive fair value Negative fair value Foreign currency exchange risk Forward contracts 549,499 9,679 (2,186) 481,110 13,075 (2,362) Interest rate risk Interest rate swaps 234,626 8,306 — 320,000 9,379 — Total derivatives – Hedging 784,125 17,985 (2,186) 801,110 22,454 (2,362) Total derivatives instruments - Asset/(Liabilities) 784,125 17,985 (2,186) 801,110 22,454 (2,362) |
Other current financial assets
Other current financial assets | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Other current Financial Assets [Abstract] | |
Other current financial assets | 15. Other current financial assets The following table provides a breakdown for other current financial assets (see Note 20 — Fair value measurement for a breakdown of other current financial assets by fair value level): (€ thousands) At June 30, 2023 At December 31, 2022 Securities 105,752 316,595 Financial receivables 2,200 2,224 Guarantee deposits 1,966 2,075 Total other current financial assets 109,918 320,894 The following table provides a breakdown for securities: (€ thousands) At December 31, 2022 Investments Disposals Fair value adjustments Realized gains/(losses) Exchange rate gains/(losses) At June 30, 2023 FVPL Insurance contracts 114,975 — (87,906) 491 (35) — 27,525 Private equity 18,311 2,130 (507) 271 — (197) 20,008 Real estate funds 12,129 1,889 — (159) — (111) 13,748 Private debt 13,644 — (4,164) (28) 33 — 9,485 Hedge funds 46,761 2,004 (40,653) 51 264 (67) 8,360 Money market funds 2,587 — (505) (5) 60 (103) 2,034 Equity 14,592 — (14,999) (43) 703 7 260 Fixed income 64,017 — (65,018) — 1,001 — — Commodities 2,727 — (2,601) — (126) — — Total FVPL 289,743 6,023 (216,353) 578 1,900 (471) 81,420 FVOCI Floating income 17,742 — (1,005) (37) — — 16,700 Fixed income 9,110 — (1,996) 71 447 — 7,632 Total FVOCI 26,852 — (3,001) 34 447 — 24,332 Total securities 316,595 6,023 (219,354) 612 2,347 (471) 105,752 In line with the Group’s funding strategy, during the six months ended June 30, 2023 the Group disposed of securities (primarily insurance contracts, fixed income and hedge funds) for total consideration of €219,354 thousand and recognized a gain on disposal of €2,626 thousand. |
Shareholder' equity
Shareholder' equity | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of reserves within equity [abstract] | |
Shareholder' equity | 16. Shareholder’ equity Share capital At June 30, 2023 the fully paid up share capital of the Company was €6,054 thousand, consisting of 302,704,726 ordinary shares (€5,939 thousand, consisting of 296,943,659 ordinary shares at December 31, 2022), all with a nominal value of €0.02. Each ordinary share confers the right to cast one vote. Holders of ordinary shares become entitled to special voting shares upon registering their ordinary shares in the loyalty register (thereby blocking such shares from trading on the NYSE) and maintaining them registered in such register for an interrupted period of time as prescribed by the articles of association of Zegna. Ordinary shares carry the right to receive dividends and each ordinary share carries the right to repayment of capital in the event of dissolution and liquidation, with the remaining equity after all debts are satisfied for the benefit of the holders of ordinary shares in proportion to the aggregate nominal value of their ordinary shares. Ordinary shares carry preemptive rights in proportion to the aggregate number of ordinary shares held upon the issuance of new ordinary shares or the granting of rights to subscribe for ordinary shares, subject to certain exceptions. Share premium At June 30, 2023, the share premium amounted to €785,804 thousand (€721,187 thousand at December 31, 2022) and includes (i) €710,264 thousand (net of transaction costs of €17,239 thousand) as a result of shares issued as part of the business combination between Zegna and Investindustrial Acquisition Corp. (IIAC), which was completed on December 17, 2021 (the “ Business Combination ” - for additional information relating to the Business Combination, see Note 1—General information “Business combination and other transactions in 2021” to the Annual Consolidated Financial Statements), (ii) €64,617 thousand as a result of shares issued for the Warrant Redemption (See Note 18 — Other current and non-current financial liabilities for additional information), and (iii) €10,923 thousand relating to the reimbursement to Zegna by Monterubello of a special gift to all employees of the Group. Legal reserves Legal reserves include the following: • a translation reserve for the translation differences arising from the consolidation of subsidiaries with a functional currency different from the Euro; • a cash flow hedge reserve for the changes in the fair value of derivative financial instruments held by the Group designated as a hedge of the exposure to variability in currency exchange rate and interest rate risk; • gains and losses on the remeasurement of defined benefit plans for actuarial gains and losses arising during the period which are offset against the related net defined benefit liabilities; • the financial assets at FVOCI reserve which arises from changes in the fair value of debt instruments held by the company under a hold to collect and sell business model, which will be reversed when the investment is derecognized or impaired; • other legal reserves required for Dutch purposes for earnings of subsidiaries and associates that are subject to restrictions on distributions to the Company and to capitalized development costs recognized by subsidiaries of the Group. Reserve for treasury shares At June 30, 2023, the reserve for treasury shares amounted to €436,622 thousand (€451,174 thousand at December 31, 2022) and 52,394,463 ordinary shares were held in treasury (54,140,913 ordinary shares at December 31, 2022). Other reserves Other reserves are detailed as follows: (€ thousands) At June 30, 2023 At December 31, 2022 Share-based payments reserve 82,764 88,557 Non-controlling interests options reserve (183,525) (183,525) Other (69,623) (74,764) Other reserves (170,384) (169,732) The non-controlling interests options reserve includes a reduction of equity attributable to shareholders of the Company resulting from the initial recognition of the financial liabilities at fair value (which are subsequently remeasured at the end of each period through the statement of profit and loss) relating to the put option held by Gruppo Dondi S.p.A. non-controlling interest shareholders for €21,459 thousand originally recognized in 2019, as well as on the put option held by Thom Browne Group non-controlling interest shareholders for €162,066 thousand originally recognized in 2018 and subsequently partially reclassified to retained earnings in 2021 as a result of the exercise of the first tranche of the option. Retained earnings Retained earnings include the Group’s accumulated earnings, less dividends paid to equity holders and other changes. Among other changes, retained earnings also include the first-time IFRS adoption reserve, reflecting the combined effects of the equity adjustments, net of tax effects, arising from the transition to IFRS from previous local GAAP, which occurred on January 1, 2018. At the Annual General Meeting of the Shareholders held on June 27, 2023, the shareholders approved a dividend distribution of €0.10 per ordinary share, corresponding to a total dividend of €25 million. The dividend distribution was paid on July 28, 2023 and was made from the retained earnings reserve. |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of detailed information about borrowings [abstract] | |
Borrowings | 17. Borrowings The following table provides a breakdown for non-current and current borrowings: (€ thousands) Committed loans Other financial loans Total borrowings At December 31, 2022 470,627 428 471,055 Business combinations 21,258 8,632 29,890 Repayments (167,902) (5,505) (173,407) Proceeds 50,000 15,000 65,000 Other 3,286 — 3,286 At June 30, 2023 377,269 18,555 395,824 of which: Non-current 112,710 37 112,747 Current 264,559 18,518 283,077 The Group enters into interest rate swaps to hedge the risk of fluctuations in interest rates on its borrowings that bear floating rates of interest. The use of interest rate swaps is exclusively to hedge interest rate risks associated with monetary flows and not for speculative purposes. The following table summarizes the Group’s financial liabilities at June 30, 2023, into relevant maturity groupings based on their contractual maturities: (€ thousands) Within 1 Year 2 years 3 years Beyond Total contractual cash flows Carrying amount at June 30, 2023 Derivative financial instruments 2,186 — — — 2,186 2,186 Trade payables and customer advances 296,965 — — — 296,965 296,965 Borrowings 285,732 74,151 28,166 11,741 399,790 395,824 Lease liabilities 139,556 117,022 93,430 306,346 656,354 585,313 Other current and non-current financial liabilities 23,373 — — 151,712 175,085 175,085 Total 747,812 191,173 121,596 469,799 1,530,380 1,455,373 |
Other current and non-current f
Other current and non-current financial liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of financial liabilities [abstract] | |
Other current and non-current financial liabilities | 18. Other current and non-current financial liabilities The following table provides a breakdown for other non-current financial liabilities. (€ thousands) At June 30, 2023 At December 31, 2022 Written put options on non-controlling interests 151,320 178,766 of which Thom Browne option 131,451 155,551 of which Dondi option 19,869 23,215 Other 392 27 Other non-current financial liabilities 151,712 178,793 Written put options on non-controlling interests 23,373 — of which Thom Browne option 23,373 — Warrant liabilities — 37,258 Other current financial liabilities 23,373 37,258 Total 175,085 216,051 Written put options on non-controlling interests Thom Browne The Group is party to an option agreement which provides Mr. Thom Browne a put option giving him the right to sell to the Group his remaining 10% interest in the Thom Browne Group not owned by the Group, in two tranches. The exercise price of the option is established as the EBITDA of the Thom Browne Group recorded in 2028 and 2030, multiplied by a given multiple (“TB Exercise Formula”). The financial liability arising from the obligation of the Group to purchase the non-controlling interest in the Thom Browne Group is measured at the present value of the expected exercise amount, calculated through the TB Exercise Formula as per projections contained in the latest business plan, which cover the period from 2023 to 2025. The remeasurement of the liability at each reporting date is recognized through profit or loss based on the latest available information. The liability related to this written put option at June 30, 2023 amounted to €154,824 thousand, of which €23,373 thousand was classified as current and €131,451 thousand was classified as non-current (€155,551 thousand at December 31, 2022). Dondi The Group is party to an option agreement which provides the Dondi family with a put option giving them the right to sell to the Group the Dondi family’s remaining 35% interest in Dondi not owned by the Group, in two tranches in 2029 and 2034. The exercise price of the option is established as the EBITDA of Dondi at the exercise date, less its net indebtedness, multiplied by a given multiple less a given discount (“Dondi Exercise Formula”). The financial liability arising from the obligation is measured at the present value of the expected exercise amount, calculated through the Dondi Exercise Formula as per projections contained in the approved Business Plan. The remeasurement of the liability at each reporting date is recognized through profit or loss based on the latest available information. The liability related to this written put option at June 30, 2023 amounted to €19,869 thousand and was classified as non-current (€23,215 thousand at December 31, 2022). Warrant liabilities On February 28, 2023, Zegna completed the previously announced redemption of its outstanding public and private placement warrants to purchase ordinary shares of the Company that remained outstanding at 5:00 p.m. New York City time on February 27, 2023 (the “Redemption Date”), following which (i) 408,667 warrants were exercised by the warrant holders at an exercise price of $11.50 per ordinary share and Zegna received total cash proceeds of $4.7 million in exchange for 408,667 newly issued ordinary shares, and (ii) 19,322,846 warrants were exercised by the warrant holders on a cashless basis in exchange for 0.277 ordinary shares of the Company per warrant, with the Company issuing an aggregate of 5,761,067 newly issued ordinary shares. As a result of these transactions, approximately 98% of the outstanding warrants were exercised, of which approximately 2% were exercised for cash and approximately 96% were exercised on a cashless basis. The remaining 385,123 warrants remained unexercised on the Redemption Date and were redeemed by the Company for cash at a redemption price of $0.10 per warrant in accordance with the terms of the related warrant agreements, for a total of $38.5 thousand. Following the above transactions, there are no remaining public or private placement warrants outstanding. |
Lease liabilities
Lease liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Lease liabilities [abstract] | |
Lease liabilities | 19. Lease liabilities The following table provides a breakdown for lease liabilities. (€ thousands) Lease liabilities At December 31, 2022 443,507 Interest expense 6,654 Repayment of lease liabilities (including interest expense) (65,769) Business combinations 160,751 Additions due to new leases and store renewals 57,175 Decrease of lease liabilities due to store closures (9,148) Translation differences (7,857) At June 30, 2023 585,313 of which: Non-current 463,552 Current 121,761 In certain countries, leases for stores entail the payment of both minimum amounts and variable amounts, especially for stores with lease payments indexed to revenue. As required by IFRS 16, only the minimum fixed lease payments are capitalized. For information relating to contractual maturities of the lease liabilities, see Note 17 — Borrowings . |
Fair value measurement
Fair value measurement | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of financial assets [abstract] | |
Fair value measurement | 20. Fair value measurement The reported amount of derivative instruments, whether assets or liabilities, reflects their fair value at the reporting date. The carrying amount of cash and cash equivalents, financial assets and trade receivables, as adjusted for impairment where necessary as required by IFRS 9, approximates their estimated realizable value and their fair value. Lease liabilities are reported at present value, while all of the other financial liabilities recorded at amortized cost approximate fair value. Categories of financial assets and liabilities according to IFRS 7 The following tables provide a breakdown for financial assets by category at June 30, 2023: At June 30, 2023 Financial assets Fair value Level (€ thousands) FVPL FVOCI Amortized cost Total Note 1 2 3 Derivative financial instruments — 17,985 — 17,985 14 — 17,985 — Cash and cash equivalents — — 255,040 255,040 — 255,040 — Trade receivables — — 217,208 217,208 — 217,208 — Other non-current financial assets 4,021 — 33,593 37,614 — 34,238 3,376 Other current financial assets (*) 81,420 24,332 4,166 109,918 15 24,592 6,474 78,852 Financial assets 85,441 42,317 510,007 637,765 24,592 530,945 82,228 (*) The following table provides an additional breakdown for other current financial assets at June 30, 2023: At June 30, 2023 Other current financial assets Fair value Level (€ thousands) FVPL FVOCI Amortized cost Total 1 2 3 Insurance contracts 27,525 — — 27,525 — — 27,525 Private equity 20,008 — — 20,008 — — 20,008 Money market funds 2,034 16,700 — 18,734 16,700 2,034 — Real estate funds 13,748 — — 13,748 — — 13,748 Private debt 9,485 — — 9,485 — 274 9,211 Hedge funds 8,360 — 8,360 — — 8,360 Fixed income — 7,632 — 7,632 7,632 — — Financial receivables — — 2,200 2,200 — 2,200 — Guarantee deposits — — 1,966 1,966 — 1,966 — Equity 260 — — 260 260 — — Commodities — — — — — — — Total other current financial assets 81,420 24,332 4,166 109,918 24,592 6,474 78,852 The following table presents the changes in level 3 items for financial assets for the six months ended June 30, 2023: (€ thousands) Fair value At December 31, 2022 215,727 Investments 6,023 Disposals (139,706) Fair value adjustments 608 Realized gains (49) Exchange rate gains (375) At June 30, 2023 82,228 The fair value of Level 2 items is mainly estimated on the basis of data provided by pricing services (non-active markets) and the fair value of Level 3 items is estimated on the basis of the last available net asset value (NAV). The following tables provide a breakdown for financial assets by category at December 31, 2022: At December 31, 2022 Financial assets Fair value Level (€ thousands) FVPL FVOCI Amortized cost Total Note 1 2 3 Derivative financial instruments — 22,454 — 22,454 14 — 22,454 — Cash and cash equivalents — — 254,321 254,321 — 254,321 — Trade receivables — — 177,213 177,213 — 177,213 — Other non-current financial assets 3,958 — 32,282 36,240 — 32,861 3,379 Other current financial assets (*) 289,743 26,852 4,299 320,894 15 30,076 78,470 212,348 Financial assets 293,701 49,306 468,115 811,122 30,076 565,319 215,727 (*) The following table provides an additional breakdown for other current financial assets at December 31, 2022: At December 31, 2022 Other current financial assets Fair value Level (€ thousands) FVPL FVOCI Amortized cost Total 1 2 3 Insurance contracts 114,975 — — 114,975 — — 114,975 Private equity 18,311 — — 18,311 — — 18,311 Money market funds 2,587 17,742 — 20,329 17,742 2,587 — Real estate funds 12,129 — — 12,129 — — 12,129 Private debt 13,644 — — 13,644 — 259 13,385 Hedge funds 46,761 — — 46,761 — 10,116 36,645 Fixed income 64,017 9,110 — 73,127 9,110 47,114 16,903 Financial receivables — — 2,224 2,224 — 2,224 — Guarantee deposits — — 2,075 2,075 — 2,075 — Equity 14,592 — — 14,592 497 14,095 — Commodities 2,727 — — 2,727 2,727 — — Total other current financial assets 289,743 26,852 4,299 320,894 30,076 78,470 212,348 The fair value of Level 2 items is mainly estimated on the basis of data provided by pricing services (non-active markets) and the fair value of Level 3 items is estimated on the basis of the last available net asset value (NAV). The following tables provide a breakdown for financial liabilities by category at June 30, 2023: At June 30, 2023 Financial liabilities Fair value Level (€ thousands) FVPL FVOCI Amortized cost Total Note 1 2 3 Derivative financial instruments — 2,186 — 2,186 14 — 2,186 — Non-current borrowings — — 112,747 112,747 17 — 112,747 — Current borrowings — — 283,077 283,077 17 — 283,077 — Other non-current financial liabilities 151,320 — 392 151,712 18 — 151,712 — Other current financial liabilities 23,373 — — 23,373 18 — 23,373 — Trade payables and customer advances — — 296,965 296,965 — 296,964 — Lease liabilities – Current/Non-current — — 585,313 585,313 19 — — 585,313 Financial liabilities 174,693 2,186 1,278,494 1,455,373 — 870,059 585,313 The following tables provide a breakdown for financial liabilities by category at December 31, 2022: At December 31, 2022 Financial liabilities Fair value Level (€ thousands) FVPL FVOCI Amortized cost Total Note 1 2 3 Derivative financial instruments — 2,362 — 2,362 14 — 2,362 — Non-current borrowings — — 184,880 184,880 17 — 184,880 — Current borrowings — — 286,175 286,175 17 — 286,175 — Other non-current financial liabilities 178,766 — 27 178,793 18 — 178,766 27 Other current financial liabilities 37,258 — — 37,258 18 — 37,258 — Trade payables and customer advances — — 270,936 270,936 — 270,936 — Lease liabilities – Current / Non-current — — 443,507 443,507 19 — — 443,507 Financial liabilities 216,024 2,362 1,185,525 1,403,911 — 960,377 443,534 |
Related party transactions
Related party transactions | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of transactions between related parties [abstract] | |
Related party transactions | 21. Related party transactions Pursuant to IAS 24 — Related Party Disclosures (“IAS 24”), the related parties of the Group are all entities and individuals, including their close family members, capable of exercising control, joint control or significant influence over the Group and its subsidiaries, including the Group’s controlling shareholder, Monterubello, as well as other companies owned by Monterubello and its shareholders. Related parties also include Zegna’s associates and joint arrangements, members of the Board of Directors and executives with strategic responsibilities, as well as their families and entities controlled by them. The Group carries out transactions with related parties on commercial terms that are normal in the respective markets, considering the characteristics of the goods or services involved. Transactions carried out by the Group with these related parties are of commercial and financial nature and are mainly relate to: Transactions with associates • Transactions with TFI and its subsidiaries (the “TFI Group”), prior to the completion of the TFI Acquisition, related to: ◦ a licensing agreement for the production and worldwide distribution of luxury men’s ready to wear and made to measure clothing, footwear and accessories under the TOM FORD brand (which ended with the deliveries of the Fall/Winter 2022 collection), as well as a supply agreement to act as exclusive supplier for certain TOM FORD menswear products starting with the Spring/Summer 2023 collection (for which the supply commenced in 2022); ◦ financial loans to TFI that were settled during the period; and ◦ a financial guarantee provided by the Group to TFI (which at the time was an associate of the Zegna Group) for an amount of $7,500 thousand in relation to its payment obligations under a bank loan issued to TFI. The financial guarantee was subsequently reduced to $6,875 thousand in 2022 and closed in 2023 as part of the transactions contemplated by the TFI acquisition. No amounts were claimed under the guarantee. • The purchase of raw materials, in particular carded yarns from Filati Biagioli Modesto. • The purchase of finished products from Norda Run Inc. Transactions with Monterubello and companies controlled by Monterubello or its shareholders, Zegna directors or senior management • The purchase of raw materials, in particular of wool, from Gruppo Schneider S.p.A and its subsidiaries (the “Schneider Group”). • The purchase of industrial services, in particular of fabrics’ finishing, from Finissaggio e Tintoria Ferraris S.p.A. • The purchase of industrial services from Pettinatura di Verrone S.r.l. • Transactions with PKB Bank AG relating to an interest-bearing loan amounting to €5,000 thousand which was fully repaid in the first half of 2022. • Following the disposition in November 2021 of certain businesses that were previously part of the Group, the payment of rent to EZ Real Estate or its subsidiaries under lease agreements for the use of properties. • Licensing, marketing and other sustainability-related services from Oasi Zegna. • Support to the activities of Fondazione Zegna, a charitable organization which provides an opportunity for charitable work on the part of the Zegna family and Group employees. Fondazione Zegna supports and funds projects in cooperation with non-profit organizations operating in various fields and different parts of the world. • Put contracts entered into as part of the Group’s investments in Thom Browne whereby the Group has been required to, and may in the future be required to, purchase all or a portion of the remaining non-controlling interests in Thom Browne. For additional information relating to the Thom Browne put contract see Note 18 — Other current and non-current financial liabilities . Transactions with other related parties connected to directors and shareholders • Transactions with UBS Group AG and its subsidiaries (together referred to as the “UBS Group AG”) for borrowings, revolving credit lines and financial assets the Group holds (mainly cash and cash equivalents and other securities), as well as derivative contracts in the course of the Group’s risk management activities. UBS Group AG also provides certain financial guarantees to third parties on behalf of the Group. Following Mr. Sergio Ermotti's appointment as Group Chief Executive Officer of UBS Group AG effective April 5, 2023, UBS Group AG and its subsidiaries qualify as related parties of the Group. The following tables summarize transactions and balances with related parties: For the six months ended June 30, 2023 For the six months ended June 30, 2022 (€ thousands) Revenues Cost of sales Selling, general and administrative expenses Marketing expenses Financial income/(expenses) Foreign exchange gains/(losses) Revenues Cost of sales Selling, general and administrative expenses Financial income/(expenses) Associates TFI Group (1)(2) 3,212 288 740 — (7) — 16,743 — 4,009 36 Filati Biagioli Modesto S.p.A. — 3,581 20 — 45 — 7 1,590 — — Norda Run Inc. — 841 120 — (2) — — — — — Pelletteria Tizeta S.r.l. (1) — — — — — — — (3) — — Total associates 3,212 4,710 880 — 36 — 16,750 1,587 4,009 36 Companies controlled by Monterubello or its shareholders, Zegna directors or senior management EZ Real Estate (3) 1 1,379 2,065 1,024 (181) — 6 1,308 2,637 (248) Schneider Group 17 6,732 11 — — — — 2,703 — — Alan Real Estate S.A. (3) — 874 649 — (26) — — 823 424 — Agnona S.r.l. 14 15 87 49 (1) — 35 — 250 — 61 West 23rd Street LLC (3) — — — — — — — — (15) — Other companies controlled by Monterubello or its shareholders, Zegna directors or senior management (4) 37 2,790 11 8 1 — 4 455 — 300 Other related parties connected to directors and shareholders UBS Group AG — — 103 — (262) 1,915 — — — — Other — — 1,524 — — — — — 1,033 — Total transactions with related parties 3,281 16,500 5,330 1,081 (433) 1,915 16,795 6,876 8,338 88 Total for Zegna Group 903,059 323,228 415,792 47,530 (28,991) (7,003) 728,993 280,182 332,854 (26,064) ________________________________________ (1) Following the TFI Acquisition completed on April 28, 2023, TFI Group and Pelletteria Tizeta S.r.l. are controlled by the Group and are no longer related parties. (2) Costs with TFI Group include royalties amounting to €181 thousand for the six months ended June 30, 2023 (€2,074 thousand for the six months ended June 30, 2022). (3) Entities disposed of as part of the disposition in November 2021 of certain businesses that were previously part of the Group. (4) Includes transactions with Fondazione Zegna, Finissaggio e Tintoria Ferraris S.p.A., PKB Privatbank AG and Pettinatura di Verrone S.r.l. At June 30, 2023 At December 31, 2022 (€ thousands) Non-current assets Current assets Non-current liabilities Current liabilities Non-current assets Current assets Non-current liabilities Current liabilities Associates TFI Group (1) — 5 — — — 11,808 — 366 Filati Biagioli Modesto S.p.A. 2,200 120 — 2,851 — 2,200 — 2,830 Norda Run Inc. — — — 2 — — — — Pelletteria Tizeta S.r.l. (1) — — — — — 1 — — Total associates 2,200 125 — 2,853 — 14,009 — 3,196 Monterubello and Companies controlled by Monterubello or its shareholders, Zegna directors or senior management Monterubello — — — — — — — — Agnona S.r.l. — 21 — 17 — 32 — 67 Schneider Group — 7 — 2,458 — 4 — 4,102 EZ Real Estate (2) 41,799 40 36,092 8,120 41,671 69 35,776 6,476 61 West 23rd Street LLC (2) — 24 — — — 24 — — Alan Real Estate S.A. (2) 9,409 — 6,866 2,866 9,875 — 7,565 2,471 Other companies controlled by Monterubello or its shareholders, Zegna directors or senior management (3) — 269 — 1,512 — 240 — 2,204 Other related parties connected to directors and shareholders UBS Group AG — 45,352 20,000 70,087 — — — — Other — — — 350 — — — 384 Total transactions with related parties 53,408 45,838 62,958 88,263 51,546 14,378 43,341 18,900 Total for Zegna Group 1,410,771 1,262,741 836,673 1,021,920 1,141,070 1,285,657 827,422 866,984 ________________________________________ (1) Following the TFI Acquisition completed on April 28, 2023, TFI Group and Pelletteria Tizeta S.r.l. are controlled by the Group and are no longer related parties. (2) Entities disposed of as part of the disposition in November 2021 of certain businesses that were previously part of the Group. (3) Includes transactions with Fondazione Zegna, Finissaggio e Tintoria Ferraris S.p.A., PKB Privatbank AG, Achill Station Pty Ltd., and Pettinatura di Verrone S.r.l. |
Share-based payments
Share-based payments | 6 Months Ended |
Jun. 30, 2023 | |
Share-based payment arrangements [Abstract] | |
Share-based payments | 22. Share-based payments The Group has several equity incentive arrangements under which share-based compensation has been awarded to the Chief Executive Officer (“CEO”), other members of Zegna senior management and certain other employees of the Group. The equity incentives primarily consist of performance share units (“PSUs”) and retention restricted share units (“RSUs”), which each represent the right to receive one Zegna Ordinary Share. For the six months ended June 30, 2023 and 2022, the Company recognized €6,536 thousand and €6,683 thousand, respectively, as share-based compensation expense and an increase to other reserves within equity in relation to the Group’s equity incentive plans. On March 14, 2023, the release conditions relating to 70% of the Escrow Shares, representing 3,521,875 Ordinary Shares of the Company and for which the share-based payment cost was previously recognized in 2021 as part of the Business Combination, were satisfied and the shares were released from escrow and delivered to the recipients during the period. For additional information see Note 1—General information “Business combination and other transactions in 2021” to the Annual Consolidated Financial Statements. On April 5, 2023, the Board of Directors determined the level of achievement of the performance conditions applicable to the awards under the CEO 2022-2024 LTIP in relation to the 2022 performance period. As a result of such determination, 588,000 Ordinary Shares vested and were delivered to the Chairman and CEO during the period. On April 5, 2023, the Board of Directors verified the achievement of the vesting conditions applicable to the first tranche of awards under the IPO Performance Bonus plan conditioned upon the completion of the public listing of the Company’s shares by December 31, 2021 and the attainment of predefined targets relating to the Company’s share price. The Board of Directors determined that the conditions were satisfied and as a result, 690,000 Ordinary Shares vested and the same number of Ordinary Shares held in treasury were delivered, respectively, to the CEO (240,000 Ordinary Shares) and to certain members of management and other employees (450,000 Ordinary Shares), in the second quarter of 2023. In June 2023, the CEO exercised his right to convert all of part of his cash compensation in shares of the Company, to be converted at a rate based on a multiplier of EBIT. As a result of such conversion, 468,450 Ordinary Shares previously held in treasury were delivered to the CEO for an aggregate purchase price of €3,654 thousand. In accordance with Zegna’s remuneration policy, Zegna Non-Executive Directors are entitled to receive an annual base fee of €150 thousand paid 50% in cash and 50% in Ordinary Shares of the Company, subject to a restricted stock-award. As a result, subject to continuous office through 2023 and otherwise on a prorated basis, each Non-Executive Director will be entitled to receive 7,640 Ordinary Shares of the Company in 2025. |
Notes to the semi-annual conden
Notes to the semi-annual condensed consolidated cash flow statement | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Consolidated Cash Flow Statement [Abstract] | |
Notes to the semi-annual condensed consolidated cash flow statement | 23. Notes to the semi-annual condensed consolidated cash flow statement Operating activities For the six months ended June 30, 2023 and 2022, other non-cash expenses/(income), net in the semi-annual condensed consolidated cash flow statement primarily include non-cash share-based compensation and bonuses earned by certain members of Zegna’s senior management. |
Business combinations
Business combinations | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of detailed information about business combination [abstract] | |
Business combinations | 24. Business combinations Acquisition of Tom Ford International (TFI) On April 28, 2023, Zegna completed the TFI Acquisition, through which it acquired TFI, the company that owns and operates the Tom Ford Fashion business, as part of a transaction in which sole ownership of the Tom Ford brand, its trademarks, and other intellectual property rights were acquired by ELC and the Group has become a long-term licensee for all Tom Ford men’s and women’s fashion as well as accessories and underwear, fine jewelry, childrenswear, textile, and home design products. The Group will be in charge of the end-to-end Tom Ford Fashion business, from collection creation and development to production and merchandising, as well as retail and wholesale distribution. Tom Ford Fashion, under Zegna Group, operates a network of 51 directly operated Tom Ford stores globally at June 30, 2023. Before the completion of the TFI Acquisition, the Zegna Group already owned 15% of TFI, through its fully owned subsidiary EZ US Holding Inc., and, through the TFI Acquisition acquired the remaining 85% equity interest. The transaction implied a value for the acquired 85% stake of TFI at $150 million in cash, on a cash-free and debt-free basis and assuming a normalized working capital. The final purchase price is subject to customary final confirmation of purchase price adjustments related primarily to indebtedness, trade working capital and transaction expenses, as stipulated in the related agreements. No contingent consideration arrangements were agreed as part of the transaction. In connection with the TFI Acquisition, the Group entered into a long-term license agreement through TFI with ELC under which the Group will be licensee for all Tom Ford men’s and women’s fashion as well as accessories and underwear, fine jewelry, childrenswear, textile, and home design products (as further described below). As a result of the TFI Acquisition, the Group also obtained 100% of Pelletteria Tizeta, for which it previously held a 50% interest and accounted for the investment using the equity method, with the remaining 50% interest owned by TFI and being acquired by the Group through the TFI Acquisition. See Note 12 — Investments accounted for using the equity method for additional information. A financial guarantee provided to TFI in relation to its payment obligations under a bank loan for an amount of $6,875 thousand was closed as part of the transactions contemplated by the TFI acquisition. No amounts were claimed under the guarantee. The Group has accounted for the TFI Acquisition using the acquisition method of accounting in accordance with IFRS 3 — Business Combinations (“IFRS 3”), which applies the fair value concepts defined in IFRS 13 — Fair Value Measurement (“IFRS 13”) and requires the Group to recognize the assets acquired and the liabilities assumed at their fair values as of the acquisition date of April 28, 2023 (with certain exceptions). Following the TFI Acquisition, the earnings of the Group reflect the impacts of purchase accounting adjustments, including changes in amortization and depreciation expense for acquired assets. The preliminary fair value estimates reflected below are preliminary in nature and the final valuations will be completed and the fair values assigned to the assets acquired and liabilities assumed will be finalized during the one year measurement period provided for by IFRS 3. Differences between the preliminary purchase accounting presented herein and the final purchase accounting may occur and these differences could have a material impact on the Group’s financial information, including differences in fair value estimates of assets and liabilities, depreciation and amortization, and other expenses. Acquisition-related costs amounted to €4,681 thousand and were expensed in the semi-annual consolidated statement of profit and loss. Preliminary details of the purchase consideration, previously equity interest held and the net assets acquired are presented below. (€ thousands) At acquisition date Consideration paid for 85% of TFI 91,259 Fair value of the previously equity interests held 21,505 Settlement of pre-existing intercompany balances 5,949 Total 118,713 (€ thousands) Preliminary fair value at Cash and cash equivalents 109,667 Inventories 85,659 Right-of-use assets 160,751 Intangible assets and property, plant and equipment 114,629 Other current and non-current assets 45,378 Other current and non-current liabilities (170,307) Current and non-current lease liabilities (160,751) Current and non-current borrowings (29,890) Trade payables and customer advances (28,174) Employee benefits (3,259) Deferred tax liabilities (4,990) Net identifiable assets acquired 118,713 Intangible assets and property, plant and equipment include the preliminary fair value of the license agreement under which the Group has become a long-term licensee for all Tom Ford men’s and women’s fashion as well as accessories and underwear, fine jewelry, childrenswear, textile, and home design products, amounting to €90,856 thousand and determined through an income approach based on the relief from royalty method, which requires an estimate of future expected cash flows. The estimated useful life of the license agreement is 30 years, which includes the 20 guaranteed years as per the contract plus the automatic renewal period of 10 years which is subject to certain minimum performance conditions that management believes will be satisfied based on the business plan and information currently available. Details of the net cash outflows related to the acquisition are presented below. (€ thousands) At acquisition date Consideration paid for 85% of TFI (91,259) Cash and cash equivalents acquired 109,667 Payment of TFI acquisition-related liabilities (126,983) Net cash outflow - Investing activities (108,575) TFI contributed revenues of €64,015 thousand and a loss of €1,317 thousand to the Group from the acquisition date until June 30, 2023 (including additional costs as a result of the purchase price accounting). If the acquisition had occurred on January 1, 2023, the semi-annual consolidated statement of profit and loss for the period ended June 30, 2023 would have included additional revenues of €97 million and an additional loss of €17 million (including transaction costs incurred by TFI prior to the closing of the TFI Acquisition). Total assets and total revenues of TFI represent approximately 17% and approximately 7%, respectively, of the related consolidated financial statement amounts at and for the six months ended June 30, 2023. As part of the license agreement, the Zegna Group has become a long-term licensee of ELC for all Tom Ford men’s and women’s fashion as well as accessories and underwear, fine jewelry, childrenswear, textile, and home design products, by virtue of a long-term licensing and collaboration agreement with ELC for 20 years with an automatic renewal for a further 10 years subject to certain minimum performance conditions. As part of the license agreement, the Zegna Group is required to pay minimum annual guaranteed royalties for the first 10 years of the license agreement, which at June 30, 2023 were as follows (undiscounted): At June 30, 2023 (€ millions)* Due within 1 year 16.8 Due in 1 to 5 years 72.2 Due in 5 to 10 years 92.7 Total 181.7 (*) Translated from U.S. Dollars to Euro at the June 30, 2023 end of day exchange rate. For the remaining term of the license the minimum annual guaranteed royalties to be paid by the Zegna Group will be calculated based on a percentage of the net sales of the preceding annual period. The license agreement also requires the Zegna Group to make minimum investments for marketing activities as a percentage of net sales of the licensed products as per customary market practices. |
Subsequent events
Subsequent events | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent events | 25. Subsequent events The Group has evaluated subsequent events through September 12, 2023 which is the date the Semi-Annual Condensed Consolidated Financial Statements were authorized for issuance, and identified the following events, all of which are non-adjusting as defined in IAS 10 — Events after the reporting period : As of July 1, Thom Browne began directly operating its Korean business and its network of 17 stores. The business is now wholly owned through Thom Browne Korea, a newly formed and wholly owned company, and will be operated in the region with external support from Samsung, previously its franchise partner. In July 2023, a financial receivable amounting to €2.2 million relating to a loan granted to Filati Biagioli Modesto S.p.A., an associate company of the Group, was converted to equity as a capital contribution. On August 29, 2023, the release conditions relating to remaining 30% of the Escrow Shares, representing 1,509,375 ordinary shares of the Company, were satisfied. On September 5, 2023, Zegna and Prada Group completed the previously announced acquisition of a 30% interest in Luigi Fedeli e Figlio S.r.l., the world-renowned maker of fine Italian knitwear and yarns, with each group acquiring 15% of the company. Zegna paid consideration of €4.7 million for 15% of the company. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Summary Of Accounting Policies [Abstract] | |
New standards and amendments | New standards and amendments effective from January 1, 2023 In May 2017 the IASB issued IFRS 17 — Insurance Contracts , which establishes principles for the recognition, measurement, presentation and disclosure of insurance contracts issued as well as guidance relating to reinsurance contracts held and investment contracts with discretionary participation features issued. In June 2020 the IASB issued amendments to IFRS 17 aimed at helping companies implement IFRS 17 and make it easier for companies to explain their financial performance. The new standard and amendments are effective on or after January 1, 2023. There was no effect from the adoption of these amendments. In February 2021 the IASB issued amendments to IAS 1 — Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting Policies which require companies to disclose their material accounting policy information rather than their significant accounting policies and provide guidance on how to apply the concept of materiality to accounting policy disclosures. These amendments are effective for annual periods beginning on or after January 1, 2023. The group will include the required disclosures in the annual financial statements. In February 2021 the IASB issued amendments to IAS 8 — Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates which clarify how companies should distinguish changes in accounting policies from changes in accounting estimates. These amendments are effective on or after January 1, 2023. There was no effect from the adoption of these amendments. In May 2021 the IASB issued amendments to IAS 12 — Income Taxes: Deferred Tax related to Assets and Liabilities Arising From a Single Transaction that clarify how companies account for deferred tax on transactions such as leases and decommissioning obligations. These amendments are effective on or after January 1, 2023. There was no effect from the adoption of these amendments. In December 2021 the IASB issued an amendments to IFRS 17 — Insurance Contracts: Initial Application of IFRS 17 and IFRS 9 - Comparative Information , which provides a transition option relating to comparative information about financial assets presented on initial application of IFRS 17. The amendment is aimed at helping entities to avoid temporary accounting mismatches between financial assets and insurance contract liabilities, and therefore improve the usefulness of comparative information for users of financial statements. The amendment is effective on or after January 1, 2023. There was no effect from the adoption of these amendments. In June 2020 the IASB issued amendments to IFRS 4 — Insurance Contracts which defer the expiry date of the temporary exemption from applying IFRS 9 to annual periods beginning on or after January 1, 2023. There was no effect from the adoption of these amendments. In May 2023, the IASB issued amendments to IAS 12 — Income taxes: International Tax Reform – Pillar Two Model Rules, to clarify the application of IAS 12 — Income taxes |
Scope of consolidation | Scope of consolidation The following changes in the scope of consolidation of the Group occurred during the six months ended June 30, 2023: In March 2023, the Group completed the acquisition of a 25% minority stake interest in Canadian technical trail running shoe company Norda Run Inc. (“Norda”) for consideration of $7.1 million, with the option to gradually increase its stake over the next nine years. Management has determined that it has significant influence over Norda as a result of its 25% minority equity interest and the Group accounts for its investment in Norda using the equity method. EZ CA Holding Corporation, a limited liability company based in Canada and fully owned by Ermenegildo Zegna N.V. was incorporated in March 2023, primarily to manage the acquisition of Norda. The Group held a 100% interest in the company at June 30, 2023. In March 2023, Zegna Denmark ApS, a limited liability company based in Denmark and fully owned by Ermenegildo Zegna N.V. was incorporated, primarily to manage the operating activities in Denmark. The Group held a 100% interest in the company at June 30, 2023. In April 2023, the Group completed the acquisition of Tom Ford International (“TFI”) (the “TFI Acquisition”), through which it acquired the company that owns and operates the Tom Ford Fashion business, as part of a transaction in which sole ownership of the Tom Ford brand, its trademarks, and other intellectual property rights have been acquired by The Estée Lauder Companies Inc. (“ELC”). Before the completion of the TFI Acquisition, the Zegna Group already owned 15% of TFI, through its fully owned subsidiary EZ US Holding Inc., and, through the TFI Acquisition it acquired the remaining 85% equity interest. As a result of the TFI Acquisition, the Group also obtained 100% of Pelletteria Tizeta, for which it previously held a 50% interest and accounted for the investment using the equity method, with the remaining 50% interest owned by TFI and being acquired by the Group through the TFI Acquisition. For additional information relating to the TFI Acquisition and the acquisition method of accounting for the transaction, see Note 24 — Business combinations . In the first six months of 2023, the interest held in Consorzio Re.Crea was reduced from 16.7% at December 31, 2022 to 15.5% due to the entrance of new consortium members in the company. In March 2023, Thom Browne Korea Ltd., a limited liability company fully owned by Thom Browne Trading SA, was incorporated, primarily to manage the retail business in South Korea, following the acquisition, completed on July 1, 2023, of a network of 17 Thom Browne retail stores previously managed by Samsung C&T Corporation (“Samsung”) under franchising arrangements. Samsung will continue to support the Group through an innovative retail management agreement. The Group held a 90% interest in the company at June 30, 2023. On April 6, 2023 and April 20, 2023, respectively, Investindustrial Acquisition Corp. and Ismaco Amsterdam B.V. were liquidated. |
Basis of preparation (Tables)
Basis of preparation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Basis of Preparation [Abstract] | |
Schedule of Exchange Rates of Main Foreign Currencies | The table below shows the exchange rates compared to the Euro of the main foreign currencies used by the Group. Average for the six months ended June 30, 2023 At June 30, 2023 At December 31, 2022 Average for the six months ended June 30, 2022 At June 30, 2022 U.S. Dollar 1.081 1.087 1.067 1.093 1.039 Swiss Franc 0.986 0.979 0.985 1.032 0.996 Chinese Renminbi 7.489 7.898 7.358 7.081 6.962 Pound Sterling 0.876 0.858 0.887 0.842 0.858 Hong Kong Dollar 8.471 8.516 8.316 8.556 8.149 Singapore Dollar 1.444 1.473 1.430 1.492 1.448 United Arab Emirates Dirham 3.969 3.991 3.917 4.015 3.815 Japanese Yen 145.760 157.160 140.660 134.323 141.540 |
Segment reporting (Tables)
Segment reporting (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of operating segments [abstract] | |
Summary of Selected Financial Information by Segment | The following tables summarize selected financial information by segment for the six months ended June 30, 2023 and 2022. For the six months ended June 30, 2023 (€ thousands) Zegna Thom Browne Tom Ford Fashion Corporate Intercompany eliminations Group Consolidated Revenues with third parties 632,093 206,951 64,015 — 903,059 Inter-segment revenues 19,662 1,008 12 — (20,682) — Revenues 651,755 207,959 64,027 — (20,682) 903,059 Depreciation and amortization (67,489) (12,953) (6,521) (20) — (86,983) Adjusted EBIT 100,498 31,521 3,676 (15,626) (165) 119,904 Transaction costs related to acquisitions (1) (4,975) Costs related to the Business Combination (2) (1,059) Severance indemnities and provisions for severance expenses (3) (738) Legal costs for trademark disputes (4) (649) Special donations for social responsibility (5) (100) Net income related to lease agreements (6) 4,126 Financial income 15,601 Financial expenses (44,592) Foreign exchange losses (7,003) Result from investments accounted for using the equity method (2,237) Profit before taxes 78,278 ________________________________________ (1) Relates to transaction costs of €4,975 thousand for consultancy and legal fees related to the TFI Acquisition and the acquisition of a 25% in Norda. This amount relates to Corporate. (2) Costs related to the Business Combination of €1,059 thousand relate to the grant of equity awards to management in 2021 with vesting subject to the public listing of the Company’s shares and certain other performance and/or service conditions. This amount relates to the Zegna segment for €548 thousand, to the Thom Browne segment for €46 thousand and to Corporate for €465 thousand. (3) Relates to severance indemnities of €738 thousand. This amount relates to the Zegna segment for €486 thousand and to the Tom Ford Fashion segment for €252 thousand. (4) Relates to legal costs of €649 thousand in connection with a legal dispute between adidas and Thom Browne, primarily in relation to the use of trademarks. This amount relates to the Thom Browne segment. (5) Relates to a donation of €100 thousand to support initiatives related to humanitarian emergencies in Turkey. This amount relates to Corporate. (6) Net income related to lease agreements of €4,126 thousand relates to the derecognition of lease liabilities following a change in terms of a lease agreement in Hong Kong. This amount relates to the Zegna segment. For the six months ended June 30, 2022 (€ thousands) Zegna Thom Browne Tom Ford Fashion Corporate Intercompany eliminations Group Consolidated Revenues with third parties 543,827 185,166 — — — 728,993 Inter-segment revenues 9,139 603 — — (9,742) — Revenues 552,966 185,769 — — (9,742) 728,993 Depreciation and amortization (73,755) (10,709) — — — (84,464) Adjusted EBIT 67,997 31,562 — (16,881) — 82,678 Net impairment of leased and owned stores (1) (3,309) Costs related to the Business Combination (2) (1,090) Special donations for social responsibility (3) (1,000) Severance indemnities and provisions for severance expenses (4) (912) Net income related to lease agreements (5) 5,000 Financial income 15,901 Financial expenses (41,965) Foreign exchange losses (9,893) Result from investments accounted for using the equity method 2,661 Profit before taxes 48,071 ________________________________________ (1) Includes net impairment of leased and owned stores, of which €2,764 thousand relates to right-of-use assets, €530 thousand relates to property, plant and equipment and €15 thousand relates to intangible assets. This amount relates to the Zegna segment. (2) Includes €1,090 thousand, relating to the grant of equity awards to management in 2021 with vesting subject to the public listing of the Company’s shares and certain other performance and/or service conditions. This amount relates to the Zegna segment for €578 thousand , to the Thom Browne segment for €47 thousand and to Corporate for €465 thousand. For additional information see Note 22 — Share-based payments . (3) Relates to a donation of €1,000 thousand to support initiatives related to humanitarian emergencies in Ukraine. This amount relates to Corporate. (4) Relates to severance indemnities of €912 thousand. This amount relates to the Zegna segment. (5) Relates to proceeds of €5,000 thousand received from a new tenant in order for Zegna to withdraw from an existing lease agreement of a commercial property. This amount relates to the Zegna segment. |
Revenues (Tables)
Revenues (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
Summary of Breakdown of Revenues by Product Line | The following table provides a breakdown of revenues by product line: For the six months ended June 30, (€ thousands) 2023 2022 Zegna branded products (1) 541,319 425,252 Thom Browne 206,951 185,166 Tom Ford Fashion 64,015 — Textile 73,072 68,968 Third Party Brands 15,477 47,341 Other (2) 2,225 2,266 Total revenues 903,059 728,993 ________________________________________ (1) Zegna branded products include apparel, bags, shoes and small and large leather goods, as well as licensed goods and royalties. (2) Other mainly includes certain sales of products from previous seasons’ collections. |
Summary of Breakdown of Revenues by Sales Channel | The following table provides a breakdown of revenues by sales channel: For the six months ended June 30, (€ thousands) 2023 2022 Direct to Consumer (DTC) Zegna branded products 465,710 361,850 Thom Browne 82,924 66,174 Tom Ford Fashion 34,751 — Total Direct to Consumer (DTC) 583,385 428,024 Wholesale Zegna branded products 75,609 63,402 Thom Browne 124,027 118,992 Tom Ford Fashion 29,264 — Third Party Brands and Textile 88,549 116,309 Total Wholesale 317,449 298,703 Other (1) 2,225 2,266 Total revenues 903,059 728,993 ________________________________________ (1) Other mainly includes certain sales of products from previous seasons’ collections. |
Summary of Breakdown of Revenues by Geographic Area | The following table provides a breakdown of revenues by geographic area: For the six months ended June 30, (€ thousands) 2023 2022 EMEA (1) 322,680 260,627 of which Italy 151,464 125,996 of which UK 28,823 23,544 of which UAE 31,906 21,745 North America (2) 174,376 135,275 of which United States 156,747 124,291 Latin America (3) 15,736 12,525 APAC (4) 389,025 318,825 of which Greater China Region 306,835 247,193 of which Japan 39,597 30,240 Other (5) 1,242 1,741 Total revenues 903,059 728,993 ________________________________________ (1) EMEA includes Europe, the Middle East and Africa. (2) North America includes the United States of America and Canada. (3) Latin America includes Mexico, Brazil and other Central and South American countries. (4) APAC includes the Greater China Region, Japan, South Korea, Thailand, Malaysia, Vietnam, Indonesia, Philippines, Australia, New Zealand, India and other Southeast Asian countries. (5) Other mainly includes royalties. |
Financial income, financial e_2
Financial income, financial expenses and exchange losses (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Detailed Information About Financial Income Financial Expenses And Exchange Gains Or Losses Abstract [Abstract] | |
Summary of Detailed Information About Financial Income Financial Expenses And Exchange Gains Or Losses | The following table provides a breakdown for financial income, financial expenses and exchange losses: For the six months ended June 30, (€ thousands) 2023 2022 Financial income Options - Changes in fair value 3,347 60 Warrants - Changes in fair value — 8,417 Securities 5,517 6,290 Hedging operations 1,596 302 Interest on financial other assets 1,095 527 Interest on financial receivables/loans 106 197 Derivative financial instruments 3,180 95 Other financial income 760 13 Total financial income 15,601 15,901 Financial expenses Options - Changes in fair value (2,137) (15,705) Warrants - Changes in fair value (22,909) — Hedging operations (3,179) (5,626) Interest and financial charges for lease liabilities (6,654) (4,947) Securities (2,488) (12,996) Interest on bank loans and overdrafts (6,299) (20) Interest expenses on interest rate swaps (207) (936) Derivative financial instruments — — Other financial expenses (719) (1,735) Total financial expenses (44,592) (41,965) Foreign exchange losses (7,003) (9,893) |
Income taxes (Tables)
Income taxes (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Major components of tax expense (income) [abstract] | |
Summary of Breakdown For Income Taxes | The following table provides a breakdown for income taxes: For the six months ended June 30, (€ thousands) 2023 2022 Current taxes (39,679) (35,051) Deferred taxes 13,517 8,001 Income taxes (26,162) (27,050) |
Earnings per share (Tables)
Earnings per share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings per share [abstract] | |
Summary of Amounts Used to Calculate Basic and Diluted Earnings Per Share | The following table summarizes the amounts used to calculate basic and diluted earnings per share: For the six months ended June 30, (€ thousands) 2023 2022 Profit attributable to shareholders of the Parent Company 45,967 14,038 Weighted average number of shares for basic earnings per share 244,167,243 237,314,960 Adjustments for calculation of diluted earnings per share: CEO remuneration in shares (1) 1,041,460 1,230,826 Long-Term Incentive Awards 2022-2025 (2) 949,679 384,655 Non-executive directors remuneration in shares (3) 154,860 — Weighted average number of shares for diluted earnings per share 246,313,241 238,930,441 Basic earnings per share in € 0.19 0.06 Diluted earnings per share in € 0.19 0.06 |
Other information by nature (Ta
Other information by nature (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Summary Of Additional Information [Abstract] | |
Schedule of Breakdown of Depreciation, Amortization, and Personnel Costs | The following table provides a breakdown of depreciation and amortization and of personnel costs within the semi-annual consolidated statement of profit and loss: For the six months ended June 30, (€ thousands) 2023 2022 Depreciation and amortization Personnel costs Depreciation and amortization Personnel costs Cost of sales 7,417 65,925 7,548 58,041 Selling, general and administrative 78,738 160,309 76,321 136,716 Marketing expenses 828 4,924 595 3,777 Total 86,983 231,158 84,464 198,534 |
Intangible assets (Tables)
Intangible assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of detailed information about intangible assets [abstract] | |
Summary of Breakdown For Intangible Assets | The following table provides a breakdown for intangible assets: (€ thousands) Goodwill Brand Concessions, licenses, trademarks and patents Other intangible assets Intangible assets in progress Total Historical cost at December 31, 2022 239,709 168,694 42,339 147,204 1,146 599,092 Additions — — 238 6,888 198 7,324 Disposals — — (420) (81) (1) (502) Business combinations — — 90,856 3,797 309 94,962 Exchange differences (3,939) (3,105) 808 (93) (30) (6,359) Other movements and reclassifications — — 1,854 (1,799) (129) (74) Historical cost at June 30, 2023 235,770 165,589 135,675 155,916 1,493 694,443 Accumulated amortization at December 31, 2022 — — (36,989) (106,195) — (143,184) Amortization — — (1,308) (6,669) — (7,977) Disposals — — 226 81 — 307 Exchange differences — — 114 146 — 260 Accumulated amortization at June 30, 2023 — — (38,966) (111,581) — (150,547) Carrying amount at: December 31, 2022 239,709 168,694 5,350 41,009 1,146 455,908 June 30, 2023 235,770 165,589 96,709 44,335 1,493 543,896 |
Right-of-use assets (Tables)
Right-of-use assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of quantitative information about right-of-use assets [abstract] | |
Summary of Breakdown for Right-Of-Use Assets | The following table provides a breakdown for right-of-use assets: (€ thousands) Land and buildings Industrial and commercial equipment Plant and machinery Other tangible assets Total Historical cost at December 31, 2022 758,923 524 168 5,793 765,408 Additions 55,996 65 — 1,118 57,179 Disposals (37,877) — — (711) (38,588) Business combinations 160,541 — — 210 160,751 Exchange differences (15,326) — — (18) (15,344) Historical cost at June 30, 2023 922,257 589 168 6,392 929,406 Accumulated amortization at December 31, 2022 (385,896) (486) (115) (3,403) (389,900) Amortization (56,372) (60) (17) (828) (57,277) Disposals 36,111 — — 666 36,777 Exchange differences 9,725 — — 16 9,741 Accumulated amortization at June 30, 2023 (396,432) (546) (132) (3,549) (400,659) Carrying amount at: December 31, 2022 373,027 38 53 2,390 375,508 June 30, 2023 525,825 43 36 2,843 528,747 |
Investments accounted for usi_2
Investments accounted for using the equity method (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of associates [abstract] | |
Summary of Carrying Value of Investments Accounted for Using the Equity Method | The Group’s carrying value of investments accounted for using the equity method were as follows: (€ thousands) Total investments at equity method At December 31, 2022 22,648 Additions 13,073 Net income/(loss) (2,237) Translation differences 764 Business combinations (21,505) At June 30, 2023 12,743 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of Measuring inventories [Abstract] | |
Summary of Breakdown of Inventories | The following table provides a breakdown for inventories (net of the provision for slow moving and obsolete inventories): (€ thousands) At June 30, 2023 At December 31, 2022 Raw materials, ancillary materials and consumables 77,141 61,822 Work-in-progress and semi-finished products 76,348 63,019 Finished goods 391,687 286,010 Total inventories 545,176 410,851 |
Derivative financial instrume_2
Derivative financial instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Financial Instruments [Abstract] | |
Summary of Outstanding Hedges | At the reporting date, the Group had outstanding hedges as detailed in the tables below: At June 30, 2023 At December 31, 2022 (€ thousands) Notional amount Positive fair value Negative fair value Notional amount Positive fair value Negative fair value Foreign currency exchange risk Forward contracts 549,499 9,679 (2,186) 481,110 13,075 (2,362) Interest rate risk Interest rate swaps 234,626 8,306 — 320,000 9,379 — Total derivatives – Hedging 784,125 17,985 (2,186) 801,110 22,454 (2,362) Total derivatives instruments - Asset/(Liabilities) 784,125 17,985 (2,186) 801,110 22,454 (2,362) |
Other current financial assets
Other current financial assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Other current Financial Assets [Abstract] | |
Summary of Breakdown for Other Current Financial Assets | The following table provides a breakdown for other current financial assets (see Note 20 — Fair value measurement for a breakdown of other current financial assets by fair value level): (€ thousands) At June 30, 2023 At December 31, 2022 Securities 105,752 316,595 Financial receivables 2,200 2,224 Guarantee deposits 1,966 2,075 Total other current financial assets 109,918 320,894 The following table provides a breakdown for securities: (€ thousands) At December 31, 2022 Investments Disposals Fair value adjustments Realized gains/(losses) Exchange rate gains/(losses) At June 30, 2023 FVPL Insurance contracts 114,975 — (87,906) 491 (35) — 27,525 Private equity 18,311 2,130 (507) 271 — (197) 20,008 Real estate funds 12,129 1,889 — (159) — (111) 13,748 Private debt 13,644 — (4,164) (28) 33 — 9,485 Hedge funds 46,761 2,004 (40,653) 51 264 (67) 8,360 Money market funds 2,587 — (505) (5) 60 (103) 2,034 Equity 14,592 — (14,999) (43) 703 7 260 Fixed income 64,017 — (65,018) — 1,001 — — Commodities 2,727 — (2,601) — (126) — — Total FVPL 289,743 6,023 (216,353) 578 1,900 (471) 81,420 FVOCI Floating income 17,742 — (1,005) (37) — — 16,700 Fixed income 9,110 — (1,996) 71 447 — 7,632 Total FVOCI 26,852 — (3,001) 34 447 — 24,332 Total securities 316,595 6,023 (219,354) 612 2,347 (471) 105,752 |
Shareholder' equity (Tables)
Shareholder' equity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of reserves within equity [abstract] | |
Summary of Other Reserves Including Other Comprehensive Income | Other reserves are detailed as follows: (€ thousands) At June 30, 2023 At December 31, 2022 Share-based payments reserve 82,764 88,557 Non-controlling interests options reserve (183,525) (183,525) Other (69,623) (74,764) Other reserves (170,384) (169,732) |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of detailed information about borrowings [abstract] | |
Summary of Non-current and Current Borrowings | The following table provides a breakdown for non-current and current borrowings: (€ thousands) Committed loans Other financial loans Total borrowings At December 31, 2022 470,627 428 471,055 Business combinations 21,258 8,632 29,890 Repayments (167,902) (5,505) (173,407) Proceeds 50,000 15,000 65,000 Other 3,286 — 3,286 At June 30, 2023 377,269 18,555 395,824 of which: Non-current 112,710 37 112,747 Current 264,559 18,518 283,077 |
Summary of Financial Liabilities by Maturity Grouping | The following table summarizes the Group’s financial liabilities at June 30, 2023, into relevant maturity groupings based on their contractual maturities: (€ thousands) Within 1 Year 2 years 3 years Beyond Total contractual cash flows Carrying amount at June 30, 2023 Derivative financial instruments 2,186 — — — 2,186 2,186 Trade payables and customer advances 296,965 — — — 296,965 296,965 Borrowings 285,732 74,151 28,166 11,741 399,790 395,824 Lease liabilities 139,556 117,022 93,430 306,346 656,354 585,313 Other current and non-current financial liabilities 23,373 — — 151,712 175,085 175,085 Total 747,812 191,173 121,596 469,799 1,530,380 1,455,373 |
Other current and non-current_2
Other current and non-current financial liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of financial liabilities [abstract] | |
Summary of Breakdown for Other Non-Current Financial Liabilities | The following table provides a breakdown for other non-current financial liabilities. (€ thousands) At June 30, 2023 At December 31, 2022 Written put options on non-controlling interests 151,320 178,766 of which Thom Browne option 131,451 155,551 of which Dondi option 19,869 23,215 Other 392 27 Other non-current financial liabilities 151,712 178,793 Written put options on non-controlling interests 23,373 — of which Thom Browne option 23,373 — Warrant liabilities — 37,258 Other current financial liabilities 23,373 37,258 Total 175,085 216,051 |
Lease liabilities (Tables)
Lease liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Lease liabilities [abstract] | |
Summary of Breakdown for Lease Liabilities | The following table provides a breakdown for lease liabilities. (€ thousands) Lease liabilities At December 31, 2022 443,507 Interest expense 6,654 Repayment of lease liabilities (including interest expense) (65,769) Business combinations 160,751 Additions due to new leases and store renewals 57,175 Decrease of lease liabilities due to store closures (9,148) Translation differences (7,857) At June 30, 2023 585,313 of which: Non-current 463,552 Current 121,761 |
Fair value measurement (Tables)
Fair value measurement (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of financial assets [abstract] | |
Summary of Financial Assets | The following tables provide a breakdown for financial assets by category at June 30, 2023: At June 30, 2023 Financial assets Fair value Level (€ thousands) FVPL FVOCI Amortized cost Total Note 1 2 3 Derivative financial instruments — 17,985 — 17,985 14 — 17,985 — Cash and cash equivalents — — 255,040 255,040 — 255,040 — Trade receivables — — 217,208 217,208 — 217,208 — Other non-current financial assets 4,021 — 33,593 37,614 — 34,238 3,376 Other current financial assets (*) 81,420 24,332 4,166 109,918 15 24,592 6,474 78,852 Financial assets 85,441 42,317 510,007 637,765 24,592 530,945 82,228 (*) The following table provides an additional breakdown for other current financial assets at June 30, 2023: At June 30, 2023 Other current financial assets Fair value Level (€ thousands) FVPL FVOCI Amortized cost Total 1 2 3 Insurance contracts 27,525 — — 27,525 — — 27,525 Private equity 20,008 — — 20,008 — — 20,008 Money market funds 2,034 16,700 — 18,734 16,700 2,034 — Real estate funds 13,748 — — 13,748 — — 13,748 Private debt 9,485 — — 9,485 — 274 9,211 Hedge funds 8,360 — 8,360 — — 8,360 Fixed income — 7,632 — 7,632 7,632 — — Financial receivables — — 2,200 2,200 — 2,200 — Guarantee deposits — — 1,966 1,966 — 1,966 — Equity 260 — — 260 260 — — Commodities — — — — — — — Total other current financial assets 81,420 24,332 4,166 109,918 24,592 6,474 78,852 The following table presents the changes in level 3 items for financial assets for the six months ended June 30, 2023: (€ thousands) Fair value At December 31, 2022 215,727 Investments 6,023 Disposals (139,706) Fair value adjustments 608 Realized gains (49) Exchange rate gains (375) At June 30, 2023 82,228 The fair value of Level 2 items is mainly estimated on the basis of data provided by pricing services (non-active markets) and the fair value of Level 3 items is estimated on the basis of the last available net asset value (NAV). The following tables provide a breakdown for financial assets by category at December 31, 2022: At December 31, 2022 Financial assets Fair value Level (€ thousands) FVPL FVOCI Amortized cost Total Note 1 2 3 Derivative financial instruments — 22,454 — 22,454 14 — 22,454 — Cash and cash equivalents — — 254,321 254,321 — 254,321 — Trade receivables — — 177,213 177,213 — 177,213 — Other non-current financial assets 3,958 — 32,282 36,240 — 32,861 3,379 Other current financial assets (*) 289,743 26,852 4,299 320,894 15 30,076 78,470 212,348 Financial assets 293,701 49,306 468,115 811,122 30,076 565,319 215,727 (*) The following table provides an additional breakdown for other current financial assets at December 31, 2022: At December 31, 2022 Other current financial assets Fair value Level (€ thousands) FVPL FVOCI Amortized cost Total 1 2 3 Insurance contracts 114,975 — — 114,975 — — 114,975 Private equity 18,311 — — 18,311 — — 18,311 Money market funds 2,587 17,742 — 20,329 17,742 2,587 — Real estate funds 12,129 — — 12,129 — — 12,129 Private debt 13,644 — — 13,644 — 259 13,385 Hedge funds 46,761 — — 46,761 — 10,116 36,645 Fixed income 64,017 9,110 — 73,127 9,110 47,114 16,903 Financial receivables — — 2,224 2,224 — 2,224 — Guarantee deposits — — 2,075 2,075 — 2,075 — Equity 14,592 — — 14,592 497 14,095 — Commodities 2,727 — — 2,727 2,727 — — Total other current financial assets 289,743 26,852 4,299 320,894 30,076 78,470 212,348 |
Summary of Financial Liabilities | The following tables provide a breakdown for financial liabilities by category at June 30, 2023: At June 30, 2023 Financial liabilities Fair value Level (€ thousands) FVPL FVOCI Amortized cost Total Note 1 2 3 Derivative financial instruments — 2,186 — 2,186 14 — 2,186 — Non-current borrowings — — 112,747 112,747 17 — 112,747 — Current borrowings — — 283,077 283,077 17 — 283,077 — Other non-current financial liabilities 151,320 — 392 151,712 18 — 151,712 — Other current financial liabilities 23,373 — — 23,373 18 — 23,373 — Trade payables and customer advances — — 296,965 296,965 — 296,964 — Lease liabilities – Current/Non-current — — 585,313 585,313 19 — — 585,313 Financial liabilities 174,693 2,186 1,278,494 1,455,373 — 870,059 585,313 The following tables provide a breakdown for financial liabilities by category at December 31, 2022: At December 31, 2022 Financial liabilities Fair value Level (€ thousands) FVPL FVOCI Amortized cost Total Note 1 2 3 Derivative financial instruments — 2,362 — 2,362 14 — 2,362 — Non-current borrowings — — 184,880 184,880 17 — 184,880 — Current borrowings — — 286,175 286,175 17 — 286,175 — Other non-current financial liabilities 178,766 — 27 178,793 18 — 178,766 27 Other current financial liabilities 37,258 — — 37,258 18 — 37,258 — Trade payables and customer advances — — 270,936 270,936 — 270,936 — Lease liabilities – Current / Non-current — — 443,507 443,507 19 — — 443,507 Financial liabilities 216,024 2,362 1,185,525 1,403,911 — 960,377 443,534 |
Related party transactions (Tab
Related party transactions (Table) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of transactions between related parties [abstract] | |
Summary of Transactions with Related Parties | The following tables summarize transactions and balances with related parties: For the six months ended June 30, 2023 For the six months ended June 30, 2022 (€ thousands) Revenues Cost of sales Selling, general and administrative expenses Marketing expenses Financial income/(expenses) Foreign exchange gains/(losses) Revenues Cost of sales Selling, general and administrative expenses Financial income/(expenses) Associates TFI Group (1)(2) 3,212 288 740 — (7) — 16,743 — 4,009 36 Filati Biagioli Modesto S.p.A. — 3,581 20 — 45 — 7 1,590 — — Norda Run Inc. — 841 120 — (2) — — — — — Pelletteria Tizeta S.r.l. (1) — — — — — — — (3) — — Total associates 3,212 4,710 880 — 36 — 16,750 1,587 4,009 36 Companies controlled by Monterubello or its shareholders, Zegna directors or senior management EZ Real Estate (3) 1 1,379 2,065 1,024 (181) — 6 1,308 2,637 (248) Schneider Group 17 6,732 11 — — — — 2,703 — — Alan Real Estate S.A. (3) — 874 649 — (26) — — 823 424 — Agnona S.r.l. 14 15 87 49 (1) — 35 — 250 — 61 West 23rd Street LLC (3) — — — — — — — — (15) — Other companies controlled by Monterubello or its shareholders, Zegna directors or senior management (4) 37 2,790 11 8 1 — 4 455 — 300 Other related parties connected to directors and shareholders UBS Group AG — — 103 — (262) 1,915 — — — — Other — — 1,524 — — — — — 1,033 — Total transactions with related parties 3,281 16,500 5,330 1,081 (433) 1,915 16,795 6,876 8,338 88 Total for Zegna Group 903,059 323,228 415,792 47,530 (28,991) (7,003) 728,993 280,182 332,854 (26,064) ________________________________________ (1) Following the TFI Acquisition completed on April 28, 2023, TFI Group and Pelletteria Tizeta S.r.l. are controlled by the Group and are no longer related parties. (2) Costs with TFI Group include royalties amounting to €181 thousand for the six months ended June 30, 2023 (€2,074 thousand for the six months ended June 30, 2022). (3) Entities disposed of as part of the disposition in November 2021 of certain businesses that were previously part of the Group. (4) Includes transactions with Fondazione Zegna, Finissaggio e Tintoria Ferraris S.p.A., PKB Privatbank AG and Pettinatura di Verrone S.r.l. |
Summary of Balances with Related Parties | At June 30, 2023 At December 31, 2022 (€ thousands) Non-current assets Current assets Non-current liabilities Current liabilities Non-current assets Current assets Non-current liabilities Current liabilities Associates TFI Group (1) — 5 — — — 11,808 — 366 Filati Biagioli Modesto S.p.A. 2,200 120 — 2,851 — 2,200 — 2,830 Norda Run Inc. — — — 2 — — — — Pelletteria Tizeta S.r.l. (1) — — — — — 1 — — Total associates 2,200 125 — 2,853 — 14,009 — 3,196 Monterubello and Companies controlled by Monterubello or its shareholders, Zegna directors or senior management Monterubello — — — — — — — — Agnona S.r.l. — 21 — 17 — 32 — 67 Schneider Group — 7 — 2,458 — 4 — 4,102 EZ Real Estate (2) 41,799 40 36,092 8,120 41,671 69 35,776 6,476 61 West 23rd Street LLC (2) — 24 — — — 24 — — Alan Real Estate S.A. (2) 9,409 — 6,866 2,866 9,875 — 7,565 2,471 Other companies controlled by Monterubello or its shareholders, Zegna directors or senior management (3) — 269 — 1,512 — 240 — 2,204 Other related parties connected to directors and shareholders UBS Group AG — 45,352 20,000 70,087 — — — — Other — — — 350 — — — 384 Total transactions with related parties 53,408 45,838 62,958 88,263 51,546 14,378 43,341 18,900 Total for Zegna Group 1,410,771 1,262,741 836,673 1,021,920 1,141,070 1,285,657 827,422 866,984 ________________________________________ (1) Following the TFI Acquisition completed on April 28, 2023, TFI Group and Pelletteria Tizeta S.r.l. are controlled by the Group and are no longer related parties. (2) Entities disposed of as part of the disposition in November 2021 of certain businesses that were previously part of the Group. (3) Includes transactions with Fondazione Zegna, Finissaggio e Tintoria Ferraris S.p.A., PKB Privatbank AG, Achill Station Pty Ltd., and Pettinatura di Verrone S.r.l. |
Business combinations (Tables)
Business combinations (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of detailed information about business combination [abstract] | |
Summary of Preliminary Details of the Purchase Consideration | Preliminary details of the purchase consideration, previously equity interest held and the net assets acquired are presented below. (€ thousands) At acquisition date Consideration paid for 85% of TFI 91,259 Fair value of the previously equity interests held 21,505 Settlement of pre-existing intercompany balances 5,949 Total 118,713 |
Summary of Identifiable Assets Acquired | (€ thousands) Preliminary fair value at Cash and cash equivalents 109,667 Inventories 85,659 Right-of-use assets 160,751 Intangible assets and property, plant and equipment 114,629 Other current and non-current assets 45,378 Other current and non-current liabilities (170,307) Current and non-current lease liabilities (160,751) Current and non-current borrowings (29,890) Trade payables and customer advances (28,174) Employee benefits (3,259) Deferred tax liabilities (4,990) Net identifiable assets acquired 118,713 |
Summary of Net Cash Outflows Related To The Acquisition | Details of the net cash outflows related to the acquisition are presented below. (€ thousands) At acquisition date Consideration paid for 85% of TFI (91,259) Cash and cash equivalents acquired 109,667 Payment of TFI acquisition-related liabilities (126,983) Net cash outflow - Investing activities (108,575) |
Schedule of Minimum Annual Guaranteed Royalties | As part of the license agreement, the Zegna Group is required to pay minimum annual guaranteed royalties for the first 10 years of the license agreement, which at June 30, 2023 were as follows (undiscounted): At June 30, 2023 (€ millions)* Due within 1 year 16.8 Due in 1 to 5 years 72.2 Due in 5 to 10 years 92.7 Total 181.7 (*) Translated from U.S. Dollars to Euro at the June 30, 2023 end of day exchange rate. |
Basis of preparation (Details)
Basis of preparation (Details) | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
U.S. Dollar | |||
Disclosure In Tabular Form Of Foreign Exchange Rates Used For Translation [Line Items] | |||
Average foreign exchange rate | 1.081 | 1.093 | |
Closing foreign exchange rate | 1.087 | 1.039 | 1.067 |
Swiss Franc | |||
Disclosure In Tabular Form Of Foreign Exchange Rates Used For Translation [Line Items] | |||
Average foreign exchange rate | 0.986 | 1.032 | |
Closing foreign exchange rate | 0.979 | 0.996 | 0.985 |
Chinese Renminbi | |||
Disclosure In Tabular Form Of Foreign Exchange Rates Used For Translation [Line Items] | |||
Average foreign exchange rate | 7.489 | 7.081 | |
Closing foreign exchange rate | 7.898 | 6.962 | 7.358 |
Pound Sterling | |||
Disclosure In Tabular Form Of Foreign Exchange Rates Used For Translation [Line Items] | |||
Average foreign exchange rate | 0.876 | 0.842 | |
Closing foreign exchange rate | 0.858 | 0.858 | 0.887 |
Hong Kong Dollar | |||
Disclosure In Tabular Form Of Foreign Exchange Rates Used For Translation [Line Items] | |||
Average foreign exchange rate | 8.471 | 8.556 | |
Closing foreign exchange rate | 8.516 | 8.149 | 8.316 |
Singapore Dollar | |||
Disclosure In Tabular Form Of Foreign Exchange Rates Used For Translation [Line Items] | |||
Average foreign exchange rate | 1.444 | 1.492 | |
Closing foreign exchange rate | 1.473 | 1.448 | 1.430 |
United Arab Emirates Dirham | |||
Disclosure In Tabular Form Of Foreign Exchange Rates Used For Translation [Line Items] | |||
Average foreign exchange rate | 3.969 | 4.015 | |
Closing foreign exchange rate | 3.991 | 3.815 | 3.917 |
Japanese Yen | |||
Disclosure In Tabular Form Of Foreign Exchange Rates Used For Translation [Line Items] | |||
Average foreign exchange rate | 145.760 | 134.323 | |
Closing foreign exchange rate | 157.160 | 141.540 | 140.660 |
Summary of significant accoun_3
Summary of significant accounting policies - Scope of consolidation (Detail) € in Thousands, $ in Millions | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2023 | Apr. 30, 2023 | Apr. 28, 2023 EUR (€) | Apr. 27, 2023 | Mar. 31, 2023 USD ($) store | Jun. 30, 2023 | Dec. 31, 2022 | |
Tom Ford International LLC | |||||||
Disclosure of information about consolidated structured entities [line items] | |||||||
Cash consideration | € | € 118,713 | ||||||
Percentage of voting interests acquired | 85% | 85% | |||||
EZ CA Holding Corporation | |||||||
Disclosure of information about consolidated structured entities [line items] | |||||||
Group's percentage interest | 100% | ||||||
Zegna Group Zegna Denmark ApS | |||||||
Disclosure of information about consolidated structured entities [line items] | |||||||
Group's percentage interest | 100% | ||||||
Pelletteria Tizeta S.r.l. | |||||||
Disclosure of information about consolidated structured entities [line items] | |||||||
Group's percentage interest | 100% | 100% | |||||
Pelletteria Tizeta S.r.l. | Tom Ford International LLC | |||||||
Disclosure of information about consolidated structured entities [line items] | |||||||
Group's percentage interest | 50% | ||||||
Thom Browne Korea Ltd. | |||||||
Disclosure of information about consolidated structured entities [line items] | |||||||
Group's percentage interest | 90% | ||||||
Number of retail stores | store | 17 | ||||||
Norda Run Inc. | |||||||
Disclosure of information about consolidated structured entities [line items] | |||||||
Proportion of ownership interest in associate | 25% | ||||||
Cash consideration | $ | $ 7.1 | ||||||
Acquisition period | 9 years | ||||||
Tom Ford International LLC | |||||||
Disclosure of information about consolidated structured entities [line items] | |||||||
Proportion of ownership interest in associate | 15% | 15% | |||||
Pelletteria Tizeta S.r.l. | |||||||
Disclosure of information about consolidated structured entities [line items] | |||||||
Proportion of ownership interest in associate | 50% | 50% | |||||
Group's percentage interest | 50% | ||||||
Pelletteria Tizeta S.r.l. | Tom Ford International LLC | |||||||
Disclosure of information about consolidated structured entities [line items] | |||||||
Proportion of ownership interest in associate | 50% | ||||||
Consorzio Re. Crea | |||||||
Disclosure of information about consolidated structured entities [line items] | |||||||
Proportion of ownership interests held by non-controlling interests | 15.50% | 16.70% |
Segment reporting - Summary of
Segment reporting - Summary of Selected Financial Information by Segment (Detail) | 6 Months Ended | ||||
Mar. 31, 2023 | Jun. 30, 2023 EUR (€) segment | Jun. 30, 2022 EUR (€) | Apr. 27, 2023 segment | ||
Disclosure of operating segments [line items] | |||||
Number of operating segments | segment | 3 | 2 | |||
Number of reportable segments | segment | 3 | 2 | |||
Total revenues | € 903,059,000 | € 728,993,000 | |||
Depreciation and amortization | (86,983,000) | (84,464,000) | |||
Adjusted EBIT | 119,904,000 | 82,678,000 | |||
Impairment of leased and owned stores | (3,309,000) | ||||
Transaction costs related to acquisitions | (4,975,000) | ||||
Costs related to the Business Combination | (1,059,000) | (1,090,000) | |||
Severance indemnities and provision for severance expenses | (738,000) | (912,000) | |||
Legal costs for trademark disputes | (649,000) | ||||
Special donation to the UNHCR | (100,000) | (1,000,000) | |||
Net income related to lease agreements | 4,126,000 | 5,000,000 | |||
Financial income | 15,601,000 | 15,901,000 | [1] | ||
Financial expenses | (44,592,000) | (41,965,000) | [1] | ||
Foreign exchange losses | (7,003,000) | (9,893,000) | [1] | ||
Result from investments accounted for using the equity method | (2,237,000) | 2,661,000 | [1] | ||
Profit before taxes | 78,278,000 | 48,071,000 | [1] | ||
Impairment loss | 0 | ||||
Norda Run Inc. | |||||
Disclosure of operating segments [line items] | |||||
Proportion of ownership interest in associate | 25% | ||||
Right-of-use assets | |||||
Disclosure of operating segments [line items] | |||||
Impairment loss | 2,764,000 | ||||
Property, plant and equipment | |||||
Disclosure of operating segments [line items] | |||||
Impairment loss | 530,000 | ||||
Intangible assets | |||||
Disclosure of operating segments [line items] | |||||
Impairment loss | 15,000 | ||||
From Third Parties | |||||
Disclosure of operating segments [line items] | |||||
Total revenues | 903,059,000 | 728,993,000 | |||
Depreciation and amortization | (86,983,000) | (84,464,000) | |||
Inter Segment Revenue | |||||
Disclosure of operating segments [line items] | |||||
Total revenues | 0 | ||||
Depreciation and amortization | 0 | 0 | |||
Adjusted EBIT | (165,000) | 0 | |||
Zegna | |||||
Disclosure of operating segments [line items] | |||||
Costs related to the Business Combination | (548,000) | (578,000) | |||
Severance indemnities and provision for severance expenses | (486,000) | ||||
Thom Browne | |||||
Disclosure of operating segments [line items] | |||||
Costs related to the Business Combination | (46,000) | (47,000) | |||
Tom Ford Fashion | |||||
Disclosure of operating segments [line items] | |||||
Severance indemnities and provision for severance expenses | (252,000) | ||||
Corporate | |||||
Disclosure of operating segments [line items] | |||||
Costs related to the Business Combination | (465,000) | (465,000) | |||
Operating segments | |||||
Disclosure of operating segments [line items] | |||||
Total revenues | 903,059,000 | 728,993,000 | |||
Operating segments | Zegna | |||||
Disclosure of operating segments [line items] | |||||
Total revenues | 651,755,000 | 552,966,000 | |||
Adjusted EBIT | 100,498,000 | 67,997,000 | |||
Operating segments | Zegna | From Third Parties | |||||
Disclosure of operating segments [line items] | |||||
Total revenues | 632,093,000 | 543,827,000 | |||
Depreciation and amortization | (67,489,000) | (73,755,000) | |||
Operating segments | Zegna | Inter Segment Revenue | |||||
Disclosure of operating segments [line items] | |||||
Total revenues | 19,662,000 | 9,139,000 | |||
Operating segments | Thom Browne | |||||
Disclosure of operating segments [line items] | |||||
Total revenues | 207,959,000 | 185,769,000 | |||
Adjusted EBIT | 31,521,000 | 31,562,000 | |||
Operating segments | Thom Browne | From Third Parties | |||||
Disclosure of operating segments [line items] | |||||
Total revenues | 206,951,000 | 185,166,000 | |||
Depreciation and amortization | (12,953,000) | (10,709,000) | |||
Operating segments | Thom Browne | Inter Segment Revenue | |||||
Disclosure of operating segments [line items] | |||||
Total revenues | 1,008,000 | 603,000 | |||
Operating segments | Tom Ford Fashion | |||||
Disclosure of operating segments [line items] | |||||
Total revenues | 64,027,000 | 0 | |||
Adjusted EBIT | 3,676,000 | 0 | |||
Operating segments | Tom Ford Fashion | From Third Parties | |||||
Disclosure of operating segments [line items] | |||||
Total revenues | 64,015,000 | 0 | |||
Depreciation and amortization | (6,521,000) | 0 | |||
Operating segments | Tom Ford Fashion | Inter Segment Revenue | |||||
Disclosure of operating segments [line items] | |||||
Total revenues | 12,000 | 0 | |||
Operating segments | Corporate | |||||
Disclosure of operating segments [line items] | |||||
Total revenues | 0 | 0 | |||
Adjusted EBIT | (15,626,000) | (16,881,000) | |||
Operating segments | Corporate | From Third Parties | |||||
Disclosure of operating segments [line items] | |||||
Total revenues | 0 | 0 | |||
Depreciation and amortization | (20,000) | 0 | |||
Operating segments | Corporate | Inter Segment Revenue | |||||
Disclosure of operating segments [line items] | |||||
Total revenues | 0 | 0 | |||
Elimination of intersegment amounts | |||||
Disclosure of operating segments [line items] | |||||
Total revenues | (20,682,000) | (9,742,000) | |||
Elimination of intersegment amounts | Inter Segment Revenue | |||||
Disclosure of operating segments [line items] | |||||
Total revenues | € (20,682,000) | € (9,742,000) | |||
[1]Starting with the six months ended June 30, 2023, the Group presents the semi-annual condensed consolidated statement of profit and loss by function, which is most representative of the way the Chief Operating Decision Maker and management view the business, and is consistent with international practice. In order to conform to this new presentation, the information for the six months ended June 30, 2022 has been reclassified compared to what was previously presented by the Group. |
Revenues - Summary of Breakdown
Revenues - Summary of Breakdown of Revenues by Product Line (Detail) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | € 903,059 | € 728,993 |
Zegna branded products | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 541,319 | 425,252 |
Thom Browne | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 206,951 | 185,166 |
Tom Ford Fashion | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 64,015 | 0 |
Textile | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 73,072 | 68,968 |
Third Party Brands | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 15,477 | 47,341 |
Other | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | € 2,225 | € 2,266 |
Revenues - Summary of Breakdo_2
Revenues - Summary of Breakdown of Revenues by Sales Channel (Detail) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | € 903,059 | € 728,993 |
Total Direct to Consumer (DTC) | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 583,385 | 428,024 |
Zegna branded products | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 465,710 | 361,850 |
Thom Browne | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 82,924 | 66,174 |
Tom Ford Fashion | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 34,751 | 0 |
Total Wholesale | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 317,449 | 298,703 |
Zegna branded products | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 75,609 | 63,402 |
Thom Browne | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 124,027 | 118,992 |
Tom Ford Fashion | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 29,264 | 0 |
Third Party Brands and Textile | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 88,549 | 116,309 |
Other | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | € 2,225 | € 2,266 |
Revenues - Summary of Breakdo_3
Revenues - Summary of Breakdown of Revenues by Geographical Area (Detail) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | € 903,059 | € 728,993 |
EMEA | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 322,680 | 260,627 |
EMEA | Italy | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 151,464 | 125,996 |
EMEA | UK | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 28,823 | 23,544 |
EMEA | UAE | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 31,906 | 21,745 |
EMEA | Netherlands | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 7,503 | 4,234 |
North America | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 174,376 | 135,275 |
North America | United States | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 156,747 | 124,291 |
Latin America | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 15,736 | 12,525 |
APAC | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 389,025 | 318,825 |
APAC | Greater China Region | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 306,835 | 247,193 |
APAC | Japan | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 39,597 | 30,240 |
Other | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | € 1,242 | € 1,741 |
Financial income, financial e_3
Financial income, financial expenses and exchange losses - Summary of Detailed Information About Financial Income Financial Expenses And Exchange Gains Or Losses (Detail) - EUR (€) € in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | ||
Financial income | |||
Securities | € 5,517 | € 6,290 | |
Hedging operations | 1,596 | 302 | |
Interest on financial other assets | 1,095 | 527 | |
Interest on financial receivables/loans | 106 | 197 | |
Derivative financial instruments | 3,180 | 95 | |
Other financial income | 760 | 13 | |
Total financial income | 15,601 | 15,901 | [1] |
Financial expenses | |||
Options - Changes in fair value | (2,137) | (15,705) | |
Warrants - Changes in fair value | (22,909) | 0 | |
Hedging operations | (3,179) | (5,626) | |
Interest and financial charges for lease liabilities | (6,654) | (4,947) | |
Securities | (2,488) | (12,996) | |
Interest on bank loans and overdrafts | (6,299) | (20) | |
Interest expenses on interest rate swaps | (207) | (936) | |
Derivative financial instruments | 0 | 0 | |
Other financial expenses | (719) | (1,735) | |
Total financial expenses | (44,592) | (41,965) | [1] |
Foreign exchange losses | (7,003) | (9,893) | [1] |
Tom Ford International LLC | |||
Financial expenses | |||
Foreign exchange losses | (4,705) | ||
Options | |||
Financial income | |||
Changes in fair value | 3,347 | 60 | |
Warrants | |||
Financial income | |||
Changes in fair value | € 0 | € 8,417 | |
[1]Starting with the six months ended June 30, 2023, the Group presents the semi-annual condensed consolidated statement of profit and loss by function, which is most representative of the way the Chief Operating Decision Maker and management view the business, and is consistent with international practice. In order to conform to this new presentation, the information for the six months ended June 30, 2022 has been reclassified compared to what was previously presented by the Group. |
Financial income, financial e_4
Financial income, financial expenses and exchange losses - Additional Information (Detail) - EUR (€) € in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | ||
Detailed Information About Financial Income Financial Expenses And Exchange Gains Or Losses Abstract [Abstract] | |||
Loss on remeasurement of warrant liability | € 22,909 | € 0 | |
Foreign exchange loss | € 7,003 | € 9,893 | [1] |
[1]Starting with the six months ended June 30, 2023, the Group presents the semi-annual condensed consolidated statement of profit and loss by function, which is most representative of the way the Chief Operating Decision Maker and management view the business, and is consistent with international practice. In order to conform to this new presentation, the information for the six months ended June 30, 2022 has been reclassified compared to what was previously presented by the Group. |
Income taxes - Summary of Break
Income taxes - Summary of Breakdown For Income Taxes (Detail) - EUR (€) € in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | ||
Major components of tax expense (income) [abstract] | |||
Current taxes | € (39,679) | € (35,051) | |
Deferred taxes | 13,517 | 8,001 | |
Income taxes | € (26,162) | € (27,050) | [1] |
[1]Starting with the six months ended June 30, 2023, the Group presents the semi-annual condensed consolidated statement of profit and loss by function, which is most representative of the way the Chief Operating Decision Maker and management view the business, and is consistent with international practice. In order to conform to this new presentation, the information for the six months ended June 30, 2022 has been reclassified compared to what was previously presented by the Group. |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - EUR (€) € in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | ||
Statements [Line Items] | |||
Tax expense | € 26,162 | € 27,050 | [1] |
Italian corporate income tax expense (IRES) | 23,993 | 24,849 | |
Italian regional income tax expense (IRAP) | € 2,169 | € 2,201 | |
Average effective tax rate | 33.40% | 56.30% | |
Parent Company | |||
Statements [Line Items] | |||
Applicable IRAP rate | 5.57% | 5.57% | |
Other Italian Entities | |||
Statements [Line Items] | |||
Applicable IRAP rate | 3.90% | 3.90% | |
[1]Starting with the six months ended June 30, 2023, the Group presents the semi-annual condensed consolidated statement of profit and loss by function, which is most representative of the way the Chief Operating Decision Maker and management view the business, and is consistent with international practice. In order to conform to this new presentation, the information for the six months ended June 30, 2022 has been reclassified compared to what was previously presented by the Group. |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Amounts Used to Calculate Basic and Diluted Earnings Per Share (Detail) - EUR (€) € / shares in Units, € in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | ||
Earnings per share [line items] | |||
Profit attributable to shareholders of the Parent Company | € 45,967 | € 14,038 | [1] |
Weighted average number of shares for basic earnings per share (in shares) | 244,167,243 | 237,314,960 | |
Weighted average number of shares for diluted earnings per share (in shares) | 246,313,241 | 238,930,441 | |
Basic earnings per share (in EUR per share) | € 190 | € 60 | [1] |
Diluted earnings per share (in EUR per share) | € 190 | € 60 | [1] |
CEO Remuneration | |||
Earnings per share [line items] | |||
Dilutive effect of share options on weighted average number of ordinary shares (in shares) | 1,041,460 | 1,230,826 | |
Long Term Incentive Awards | |||
Earnings per share [line items] | |||
Dilutive effect of share options on weighted average number of ordinary shares (in shares) | 949,679 | 384,655 | |
Non-Executive Directors Remuneration | |||
Earnings per share [line items] | |||
Dilutive effect of share options on weighted average number of ordinary shares (in shares) | 154,860 | 0 | |
[1]Starting with the six months ended June 30, 2023, the Group presents the semi-annual condensed consolidated statement of profit and loss by function, which is most representative of the way the Chief Operating Decision Maker and management view the business, and is consistent with international practice. In order to conform to this new presentation, the information for the six months ended June 30, 2022 has been reclassified compared to what was previously presented by the Group. |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Earnings per share [abstract] | ||
Non-executive remuneration received in equity, as a percent | 50% | 50% |
Other information by nature (De
Other information by nature (Details) € in Thousands | 6 Months Ended | ||
Jun. 30, 2023 EUR (€) employee | Jun. 30, 2022 EUR (€) | Dec. 31, 2022 employee | |
Other information [Line Items] | |||
Depreciation and amortization | € 86,983 | € 84,464 | |
Personnel costs | € 231,158 | 198,534 | |
Number of employees | employee | 7,165 | 6,256 | |
Tom Ford International LLC | |||
Other information [Line Items] | |||
Number of employees | employee | 577 | ||
Pelletteria Tizeta S.r.l. | |||
Other information [Line Items] | |||
Number of employees | employee | 46 | ||
Cost of sales | |||
Other information [Line Items] | |||
Depreciation and amortization | € 7,417 | 7,548 | |
Personnel costs | 65,925 | 58,041 | |
Selling, general and administrative | |||
Other information [Line Items] | |||
Depreciation and amortization | 78,738 | 76,321 | |
Personnel costs | 160,309 | 136,716 | |
Marketing expenses | |||
Other information [Line Items] | |||
Depreciation and amortization | 828 | 595 | |
Personnel costs | € 4,924 | € 3,777 |
Intangible assets - Summary of
Intangible assets - Summary of Breakdown For Intangible Assets (Detail) € in Thousands | 6 Months Ended |
Jun. 30, 2023 EUR (€) | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | € 455,908 |
Ending balance | 543,896 |
Goodwill | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | 239,709 |
Ending balance | 235,770 |
Brands with an indefinite useful life | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | 168,694 |
Ending balance | 165,589 |
Concessions, licenses, trademarks and patents | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | 5,350 |
Ending balance | 96,709 |
Other intangible assets | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | 41,009 |
Ending balance | 44,335 |
Intangible assets in progress | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | 1,146 |
Ending balance | 1,493 |
Gross carrying amount | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | 599,092 |
Additions | 7,324 |
Disposals | (502) |
Business combinations | 94,962 |
Exchange differences | (6,359) |
Other movements and reclassifications | (74) |
Ending balance | 694,443 |
Gross carrying amount | Goodwill | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | 239,709 |
Additions | 0 |
Disposals | 0 |
Business combinations | 0 |
Exchange differences | (3,939) |
Other movements and reclassifications | 0 |
Ending balance | 235,770 |
Gross carrying amount | Brands with an indefinite useful life | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | 168,694 |
Additions | 0 |
Disposals | 0 |
Business combinations | 0 |
Exchange differences | (3,105) |
Other movements and reclassifications | 0 |
Ending balance | 165,589 |
Gross carrying amount | Concessions, licenses, trademarks and patents | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | 42,339 |
Additions | 238 |
Disposals | (420) |
Business combinations | 90,856 |
Exchange differences | 808 |
Other movements and reclassifications | 1,854 |
Ending balance | 135,675 |
Gross carrying amount | Other intangible assets | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | 147,204 |
Additions | 6,888 |
Disposals | (81) |
Business combinations | 3,797 |
Exchange differences | (93) |
Other movements and reclassifications | (1,799) |
Ending balance | 155,916 |
Gross carrying amount | Intangible assets in progress | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | 1,146 |
Additions | 198 |
Disposals | (1) |
Business combinations | 309 |
Exchange differences | (30) |
Other movements and reclassifications | (129) |
Ending balance | 1,493 |
Accumulated amortization | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | (143,184) |
Amortization | (7,977) |
Disposals | 307 |
Exchange differences | 260 |
Ending balance | (150,547) |
Accumulated amortization | Concessions, licenses, trademarks and patents | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | (36,989) |
Amortization | (1,308) |
Disposals | 226 |
Exchange differences | 114 |
Ending balance | (38,966) |
Accumulated amortization | Other intangible assets | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | (106,195) |
Amortization | (6,669) |
Disposals | 81 |
Exchange differences | 146 |
Ending balance | (111,581) |
Accumulated amortization | Intangible assets in progress | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | 0 |
Amortization | 0 |
Disposals | 0 |
Exchange differences | 0 |
Ending balance | € 0 |
Intangible assets - Additional
Intangible assets - Additional Information (Detail) - EUR (€) € in Thousands | 6 Months Ended | |
Apr. 28, 2023 | Jun. 30, 2023 | |
Gross carrying amount | ||
Disclosure of detailed information about intangible assets [line items] | ||
License agreement | € 94,962 | |
Gross carrying amount | Concessions, licenses, trademarks and patents | ||
Disclosure of detailed information about intangible assets [line items] | ||
License agreement | € 90,856 | |
Tom Ford International LLC | Concessions, licenses, trademarks and patents | ||
Disclosure of detailed information about intangible assets [line items] | ||
Right-of-use license agreement, useful life | 30 years | |
Right-of-use guaranteed years | 20 years | |
Right-of-use automatic renewal term | 10 years |
Right-of-use assets - Summary o
Right-of-use assets - Summary of Breakdown for Right-Of-Use Assets (Detail) € in Thousands | 6 Months Ended |
Jun. 30, 2023 EUR (€) | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance at beginning of period | € 375,508 |
Balance at end of period | 528,747 |
Gross carrying amount | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance at beginning of period | 765,408 |
Additions | 57,179 |
Disposals | (38,588) |
Business combinations | 160,751 |
Exchange differences | (15,344) |
Balance at end of period | 929,406 |
Accumulated depreciation, amortisation and impairment | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance at beginning of period | (389,900) |
Amortization | (57,277) |
Disposals | (36,777) |
Exchange differences | 9,741 |
Balance at end of period | (400,659) |
Land and buildings | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance at beginning of period | 373,027 |
Balance at end of period | 525,825 |
Land and buildings | Gross carrying amount | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance at beginning of period | 758,923 |
Additions | 55,996 |
Disposals | (37,877) |
Business combinations | 160,541 |
Exchange differences | (15,326) |
Balance at end of period | 922,257 |
Land and buildings | Accumulated depreciation, amortisation and impairment | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance at beginning of period | (385,896) |
Amortization | (56,372) |
Disposals | (36,111) |
Exchange differences | 9,725 |
Balance at end of period | (396,432) |
Industrial and commercial equipment | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance at beginning of period | 38 |
Balance at end of period | 43 |
Industrial and commercial equipment | Gross carrying amount | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance at beginning of period | 524 |
Additions | 65 |
Disposals | 0 |
Business combinations | 0 |
Exchange differences | 0 |
Balance at end of period | 589 |
Industrial and commercial equipment | Accumulated depreciation, amortisation and impairment | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance at beginning of period | (486) |
Amortization | (60) |
Disposals | 0 |
Exchange differences | 0 |
Balance at end of period | (546) |
Plant and machinery | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance at beginning of period | 53 |
Balance at end of period | 36 |
Plant and machinery | Gross carrying amount | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance at beginning of period | 168 |
Additions | 0 |
Disposals | 0 |
Business combinations | 0 |
Exchange differences | 0 |
Balance at end of period | 168 |
Plant and machinery | Accumulated depreciation, amortisation and impairment | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance at beginning of period | (115) |
Amortization | (17) |
Disposals | 0 |
Exchange differences | 0 |
Balance at end of period | (132) |
Other tangible assets | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance at beginning of period | 2,390 |
Balance at end of period | 2,843 |
Other tangible assets | Gross carrying amount | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance at beginning of period | 5,793 |
Additions | 1,118 |
Disposals | (711) |
Business combinations | 210 |
Exchange differences | (18) |
Balance at end of period | 6,392 |
Other tangible assets | Accumulated depreciation, amortisation and impairment | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance at beginning of period | (3,403) |
Amortization | (828) |
Disposals | (666) |
Exchange differences | 16 |
Balance at end of period | € (3,549) |
Right-of-use assets - Additiona
Right-of-use assets - Additional Information (Detail) - EUR (€) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Impairment loss | € 0 | |
Hong Kong | Leased stores | Zegna Segment | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Impairment loss | € 2,764,000 | |
Bottom of range | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Rental contracts term | 1 year | |
Extension options term | 1 year | |
Top of range | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Rental contracts term | 15 years | |
Extension options term | 10 years |
Investments accounted for usi_3
Investments accounted for using the equity method - Summary of Carrying Value of Investments Accounted for Using the Equity Method (Detail) € in Thousands | 6 Months Ended |
Jun. 30, 2023 EUR (€) | |
Disclosure of associates [abstract] | |
At beginning of period | € 22,648 |
Additions | 13,073 |
Net income/(loss) | (2,237) |
Translation differences | 764 |
Business combinations | (21,505) |
At end of period | € 12,743 |
Investments accounted for usi_4
Investments accounted for using the equity method - Additional Information (Detail) - EUR (€) € in Thousands | 6 Months Ended | ||||||
Apr. 30, 2023 | Apr. 28, 2023 | Apr. 27, 2023 | Mar. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | [1] | |
Disclosure of associates [line items] | |||||||
Additions | € 13,073 | ||||||
Foreign exchange loss | 7,003 | € 9,893 | |||||
Tom Ford International LLC | |||||||
Disclosure of associates [line items] | |||||||
Group's percentage interest | 100% | ||||||
Pelletteria Tizeta S.r.l. | |||||||
Disclosure of associates [line items] | |||||||
Group's percentage interest | 100% | 100% | |||||
Tom Ford International LLC | Pelletteria Tizeta S.r.l. | |||||||
Disclosure of associates [line items] | |||||||
Group's percentage interest | 50% | ||||||
Tom Ford International LLC | |||||||
Disclosure of associates [line items] | |||||||
Additions | 1,845 | ||||||
Foreign exchange loss | 4,705 | ||||||
Norda Run Inc. | |||||||
Disclosure of associates [line items] | |||||||
Additions | 6,728 | ||||||
Proportion of ownership interest in associate | 25% | ||||||
Filati Biagioli Modesto S.p.A. | |||||||
Disclosure of associates [line items] | |||||||
Additions | € 4,500 | ||||||
Pelletteria Tizeta S.r.l. | |||||||
Disclosure of associates [line items] | |||||||
Proportion of ownership interest in associate | 50% | 50% | |||||
Group's percentage interest | 50% | ||||||
Pelletteria Tizeta S.r.l. | Tom Ford International LLC | |||||||
Disclosure of associates [line items] | |||||||
Proportion of ownership interest in associate | 50% | ||||||
[1]Starting with the six months ended June 30, 2023, the Group presents the semi-annual condensed consolidated statement of profit and loss by function, which is most representative of the way the Chief Operating Decision Maker and management view the business, and is consistent with international practice. In order to conform to this new presentation, the information for the six months ended June 30, 2022 has been reclassified compared to what was previously presented by the Group. |
Inventories - Summary of Breakd
Inventories - Summary of Breakdown of Inventories (Detail) - EUR (€) € in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure of Measuring inventories [Abstract] | ||
Raw materials, ancillary materials and consumables | € 77,141 | € 61,822 |
Work-in-progress and semi-finished products | 76,348 | 63,019 |
Finished goods | 391,687 | 286,010 |
Total inventories | € 545,176 | € 410,851 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of Measuring inventories [Abstract] | ||
Inventory write-downs | € 19,292 | € 17,624 |
Derivative financial instrume_3
Derivative financial instruments (Detail) - EUR (€) € in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | ||
Positive fair value | € 17,985 | € 22,454 |
Negative fair value | 2,186 | 2,362 |
Total derivatives – Hedging | ||
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | ||
Notional amount | 784,125 | 801,110 |
Total derivatives – Hedging | Financial Instruments Held For Hedging | ||
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | ||
Notional amount | 784,125 | 801,110 |
Forward contracts | Financial Instruments Held For Hedging | Foreign currency exchange risk | ||
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | ||
Notional amount | 549,499 | 481,110 |
Interest rate swaps | Financial Instruments Held For Hedging | Interest rate risk | ||
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | ||
Notional amount | 234,626 | 320,000 |
At fair value | ||
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | ||
Positive fair value held for hedging | 17,985 | 22,454 |
Positive fair value | 17,985 | 22,454 |
Negative fair value held for hedging | (2,186) | (2,362) |
Negative fair value | (2,186) | (2,362) |
At fair value | Forward contracts | Foreign currency exchange risk | ||
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | ||
Positive fair value held for hedging | 9,679 | 13,075 |
Negative fair value held for hedging | (2,186) | (2,362) |
At fair value | Interest rate swaps | Interest rate risk | ||
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | ||
Positive fair value held for hedging | 8,306 | 9,379 |
Negative fair value held for hedging | € 0 | € 0 |
Other current financial asset_2
Other current financial assets - Summary of Breakdown for Other Current Financial Assets (Detail) € in Thousands | 6 Months Ended |
Jun. 30, 2023 EUR (€) | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | € 109,918 |
At beginning of period | 320,894 |
At end of period | 109,918 |
FVPL | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 81,420 |
At beginning of period | 289,743 |
Investments | 6,023 |
Disposals | (216,353) |
Fair value adjustments | 578 |
Realized gains/(losses) | 1,900 |
Exchange rate gains/(losses) | (471) |
At end of period | 81,420 |
FVOCI | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 24,332 |
At beginning of period | 26,852 |
Investments | 0 |
Disposals | (3,001) |
Fair value adjustments | 34 |
Realized gains/(losses) | 447 |
Exchange rate gains/(losses) | 0 |
At end of period | 24,332 |
Securities | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 105,752 |
At beginning of period | 316,595 |
Investments | 6,023 |
Disposals | (219,354) |
Fair value adjustments | 612 |
Realized gains/(losses) | 2,347 |
Exchange rate gains/(losses) | (471) |
At end of period | 105,752 |
Financial receivables | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 2,200 |
At beginning of period | 2,224 |
At end of period | 2,200 |
Financial receivables | FVPL | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 0 |
At beginning of period | 0 |
At end of period | 0 |
Financial receivables | FVOCI | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 0 |
At beginning of period | 0 |
At end of period | 0 |
Guarantee deposits | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 1,966 |
At beginning of period | 2,075 |
At end of period | 1,966 |
Guarantee deposits | FVPL | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 0 |
At beginning of period | 0 |
At end of period | 0 |
Guarantee deposits | FVOCI | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 0 |
At beginning of period | 0 |
At end of period | 0 |
Insurance contracts | FVPL | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 27,525 |
At beginning of period | 114,975 |
Investments | 0 |
Disposals | (87,906) |
Fair value adjustments | 491 |
Realized gains/(losses) | (35) |
Exchange rate gains/(losses) | 0 |
At end of period | 27,525 |
Private equity | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 20,008 |
At beginning of period | 18,311 |
At end of period | 20,008 |
Private equity | FVPL | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 20,008 |
At beginning of period | 18,311 |
Investments | 2,130 |
Disposals | (507) |
Fair value adjustments | 271 |
Realized gains/(losses) | 0 |
Exchange rate gains/(losses) | (197) |
At end of period | 20,008 |
Private equity | FVOCI | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 0 |
At beginning of period | 0 |
At end of period | 0 |
Real estate funds | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 13,748 |
At beginning of period | 12,129 |
At end of period | 13,748 |
Real estate funds | FVPL | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 13,748 |
At beginning of period | 12,129 |
Investments | 1,889 |
Disposals | 0 |
Fair value adjustments | (159) |
Realized gains/(losses) | 0 |
Exchange rate gains/(losses) | (111) |
At end of period | 13,748 |
Real estate funds | FVOCI | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 0 |
At beginning of period | 0 |
At end of period | 0 |
Private debt | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 9,485 |
At beginning of period | 13,644 |
At end of period | 9,485 |
Private debt | FVPL | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 9,485 |
At beginning of period | 13,644 |
Investments | 0 |
Disposals | (4,164) |
Fair value adjustments | (28) |
Realized gains/(losses) | 33 |
Exchange rate gains/(losses) | 0 |
At end of period | 9,485 |
Private debt | FVOCI | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 0 |
At beginning of period | 0 |
At end of period | 0 |
Hedge funds | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 8,360 |
At beginning of period | 46,761 |
At end of period | 8,360 |
Hedge funds | FVPL | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 8,360 |
At beginning of period | 46,761 |
Investments | 2,004 |
Disposals | (40,653) |
Fair value adjustments | 51 |
Realized gains/(losses) | 264 |
Exchange rate gains/(losses) | (67) |
At end of period | 8,360 |
Hedge funds | FVOCI | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | |
At beginning of period | 0 |
At end of period | |
Money market funds | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 18,734 |
At beginning of period | 20,329 |
At end of period | 18,734 |
Money market funds | FVPL | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 2,034 |
At beginning of period | 2,587 |
Investments | 0 |
Disposals | (505) |
Fair value adjustments | (5) |
Realized gains/(losses) | 60 |
Exchange rate gains/(losses) | (103) |
At end of period | 2,034 |
Money market funds | FVOCI | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 16,700 |
At beginning of period | 17,742 |
At end of period | 16,700 |
Equity | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 260 |
At beginning of period | 14,592 |
At end of period | 260 |
Equity | FVPL | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 260 |
At beginning of period | 14,592 |
Investments | 0 |
Disposals | (14,999) |
Fair value adjustments | (43) |
Realized gains/(losses) | 703 |
Exchange rate gains/(losses) | 7 |
At end of period | 260 |
Equity | FVOCI | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 0 |
At beginning of period | 0 |
At end of period | 0 |
Floating income | FVOCI | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 16,700 |
At beginning of period | 17,742 |
Investments | 0 |
Disposals | (1,005) |
Fair value adjustments | (37) |
Realized gains/(losses) | 0 |
Exchange rate gains/(losses) | 0 |
At end of period | 16,700 |
Fixed income | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 7,632 |
At beginning of period | 73,127 |
At end of period | 7,632 |
Fixed income | FVPL | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 0 |
At beginning of period | 64,017 |
Investments | 0 |
Disposals | (65,018) |
Fair value adjustments | 0 |
Realized gains/(losses) | 1,001 |
Exchange rate gains/(losses) | 0 |
At end of period | 0 |
Fixed income | FVOCI | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 7,632 |
At beginning of period | 9,110 |
Investments | 0 |
Disposals | (1,996) |
Fair value adjustments | 71 |
Realized gains/(losses) | 447 |
Exchange rate gains/(losses) | 0 |
At end of period | 7,632 |
Commodities | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 0 |
At beginning of period | 2,727 |
At end of period | 0 |
Commodities | FVPL | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 0 |
At beginning of period | 2,727 |
Investments | 0 |
Disposals | (2,601) |
Fair value adjustments | 0 |
Realized gains/(losses) | (126) |
Exchange rate gains/(losses) | 0 |
At end of period | 0 |
Commodities | FVOCI | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 0 |
At beginning of period | 0 |
At end of period | € 0 |
Other current financial asset_3
Other current financial assets - Additional information (Details) - Securities € in Thousands | 6 Months Ended |
Jun. 30, 2023 EUR (€) | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Disposals of securities | € 219,354 |
Gain (loss) on disposal | € 2,626 |
Shareholder' equity - Additiona
Shareholder' equity - Additional Information (Detail) - EUR (€) € / shares in Units, € in Thousands | 6 Months Ended | 12 Months Ended | ||||||
Jun. 27, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Disclosure of reserves within equity [line items] | ||||||||
Total equity | [1] | € 814,919 | € 679,375 | € 732,321 | € 644,304 | |||
Par value per share (in EUR per share) | € 0.02 | € 0.02 | ||||||
Transaction costs related to the Business Combination | € 1,059 | 1,090 | ||||||
Warrant redemption | [1] | 63,496 | ||||||
Dividends paid per ordinary share (in EUR per share) | € 0.10 | |||||||
Dividends | [1] | 31,099 | 26,001 | |||||
Zegna | ||||||||
Disclosure of reserves within equity [line items] | ||||||||
Capital increase related to the Business Combination | 710,264 | € 710,264 | ||||||
Transaction costs related to the Business Combination | 17,239 | 17,239 | ||||||
Reimbursement of employee gift expenses | 10,923 | 10,923 | ||||||
Share capital | ||||||||
Disclosure of reserves within equity [line items] | ||||||||
Total equity | [1] | 6,054 | 5,939 | 5,939 | 5,939 | |||
Warrant redemption | 115 | |||||||
Share premium | ||||||||
Disclosure of reserves within equity [line items] | ||||||||
Total equity | [1] | 785,804 | 721,187 | 721,187 | 721,187 | |||
Warrant redemption | 64,617 | |||||||
Reserve for treasury shares | ||||||||
Disclosure of reserves within equity [line items] | ||||||||
Total equity | [1] | (436,622) | (451,176) | (451,174) | (455,000) | |||
Retained earnings | ||||||||
Disclosure of reserves within equity [line items] | ||||||||
Total equity | [1] | 543,295 | 491,762 | € 528,320 | € 499,452 | |||
Dividends | € 25,031 | € 21,854 | ||||||
Ordinary shares | ||||||||
Disclosure of reserves within equity [line items] | ||||||||
Number of shares issued (in shares) | 302,704,726 | 296,943,659 | ||||||
Ordinary shares held in treasury | ||||||||
Disclosure of reserves within equity [line items] | ||||||||
Number of shares outstanding (in shares) | 52,394,463 | 54,140,913 | ||||||
Dondi non-controlling interest shareholders | Non-controlling interests options reserve | ||||||||
Disclosure of reserves within equity [line items] | ||||||||
Other reserves | € 21,459 | |||||||
Thom Browne non-controlling interest shareholders | Non-controlling interests options reserve | ||||||||
Disclosure of reserves within equity [line items] | ||||||||
Other reserves | € 162,066 | |||||||
[1]Starting with the six months ended June 30, 2023, in the semi-annual condensed consolidated statement of changes in equity the Group separately presents certain components of equity, including share premium, the reserve for treasury shares and other legal reserves, which were previously presented within other reserves. Management believes this presentation, together with the accompanying notes, facilitate a better understanding of the underlying components of the Group’s equity. As a result of this new presentation, certain amounts presented for periods prior to the six months ended June 30, 2023 have been reclassified compared to amounts previously presented by the Group. |
Shareholder' equity - Summary o
Shareholder' equity - Summary of Other Reserves Including Other Comprehensive Income (Detail) - EUR (€) € in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure of reserves within equity [line items] | ||
Other reserves | € (170,384) | € (169,732) |
Share-based payments reserve | ||
Disclosure of reserves within equity [line items] | ||
Other reserves | 82,764 | 88,557 |
Non-controlling interests options reserve | ||
Disclosure of reserves within equity [line items] | ||
Other reserves | (183,525) | (183,525) |
Other | ||
Disclosure of reserves within equity [line items] | ||
Other reserves | € (69,623) | € (74,764) |
Borrowings - Summary of Non-cur
Borrowings - Summary of Non-current and Current Borrowings (Detail) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
At beginning of period | € 471,055 | |
Business combinations | 29,890 | |
Repayments | (173,407) | |
Proceeds | 65,000 | |
Other | 3,286 | |
At end of period | 395,824 | |
Non-current | 112,747 | € 184,880 |
Current | 283,077 | € 286,175 |
Committed loans | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
At beginning of period | 470,627 | |
Business combinations | 21,258 | |
Repayments | (167,902) | |
Proceeds | 50,000 | |
Other | 3,286 | |
At end of period | 377,269 | |
Non-current | 112,710 | |
Current | 264,559 | |
Other financial loans | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
At beginning of period | 428 | |
Business combinations | 8,632 | |
Repayments | (5,505) | |
Proceeds | 15,000 | |
Other | 0 | |
At end of period | 18,555 | |
Non-current | 37 | |
Current | € 18,518 |
Borrowings - Summary of Financi
Borrowings - Summary of Financial Liabilities by Maturity Grouping (Details) - EUR (€) € in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Derivative financial instruments | € 2,186 | € 2,362 |
Trade payables and customer advances | 296,965 | 270,936 |
Borrowings | 395,824 | |
Lease liabilities | 585,313 | 443,507 |
Other current and non-current financial liabilities | 175,085 | 216,051 |
Total | 1,455,373 | € 1,403,911 |
Total contractual cash flows | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Derivative financial instruments | 2,186 | |
Trade payables and customer advances | 296,965 | |
Borrowings | 399,790 | |
Lease liabilities | 656,354 | |
Other current and non-current financial liabilities | 175,085 | |
Total | 1,530,380 | |
Within 1 Year | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Derivative financial instruments | 2,186 | |
Trade payables and customer advances | 296,965 | |
Borrowings | 285,732 | |
Lease liabilities | 139,556 | |
Other current and non-current financial liabilities | 23,373 | |
Total | 747,812 | |
2 years | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Derivative financial instruments | 0 | |
Trade payables and customer advances | 0 | |
Borrowings | 74,151 | |
Lease liabilities | 117,022 | |
Other current and non-current financial liabilities | 0 | |
Total | 191,173 | |
3 years | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Derivative financial instruments | 0 | |
Trade payables and customer advances | 0 | |
Borrowings | 28,166 | |
Lease liabilities | 93,430 | |
Other current and non-current financial liabilities | 0 | |
Total | 121,596 | |
Beyond | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Derivative financial instruments | 0 | |
Trade payables and customer advances | 0 | |
Borrowings | 11,741 | |
Lease liabilities | 306,346 | |
Other current and non-current financial liabilities | 151,712 | |
Total | € 469,799 |
Other current and non-current_3
Other current and non-current financial liabilities - Summary of Breakdown for Other Non-Current Financial Liabilities (Detail) - EUR (€) € in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||
Written put options on non-controlling interests | € 151,320 | € 178,766 |
Other | 392 | 27 |
Other non-current financial liabilities | 151,712 | 178,793 |
Written put options on non-controlling interests | 23,373 | 0 |
Warrant liabilities | 0 | 37,258 |
Other current financial liabilities | 23,373 | 37,258 |
Total | 175,085 | 216,051 |
Thom Browne | ||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||
Written put options on non-controlling interests | 131,451 | 155,551 |
Written put options on non-controlling interests | 23,373 | 0 |
Dondi | ||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||
Written put options on non-controlling interests | € 19,869 | € 23,215 |
Other current and non-current_4
Other current and non-current financial liabilities - Additional Information (Detail) $ / shares in Units, € in Thousands | 6 Months Ended | |||
Feb. 28, 2023 USD ($) shares $ / shares | Jun. 30, 2023 EUR (€) tranche | Jun. 30, 2022 EUR (€) | Dec. 31, 2022 EUR (€) shares | |
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||
Written put options, current | € | € 23,373 | € 0 | ||
Written put options, noncurrent | € | 151,320 | € 178,766 | ||
Warrant redemption | € | 4,409 | € 0 | ||
Number of shares issued for warrant exercise (in shares) | shares | 5,761,067 | |||
Warrants | ||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||
Number of other equity instruments vested in share-based payment arrangement (in shares) | shares | 408,667 | |||
Exercise price of warrants (in USD per share) | $ / shares | $ 11.50 | |||
Warrant redemption | $ | $ 4,700,000 | |||
Number of warrants exercised on a cashless basis (in shares) | shares | 19,322,846 | |||
Warrants exchanged for ordinary shares (in shares) | shares | 0.277 | |||
Percent of outstanding warrants exercised | 98% | |||
Percent of outstanding warrants exercised for cash | 2% | |||
Percent of outstanding warrants exercised on a cashless basis | 96% | |||
Number of other equity instruments outstanding (in shares) | shares | 385,123 | |||
Payments to acquire or redeem entity's shares | $ | $ 38,500 | |||
Public warrants | ||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||
Number of other equity instruments outstanding (in shares) | shares | 13,416,636 | |||
Public warrants | Equals or exceeds USD10.00 per share (in USD per share) | ||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||
Redemption price per warrant (in USD per share) | $ / shares | $ 0.10 | |||
Private placement warrants | ||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||
Number of other equity instruments outstanding (in shares) | shares | 6,700,000 | |||
Thom Browne | ||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||
Written put option | € | 154,824 | |||
Written put options, current | € | 23,373 | € 0 | ||
Written put options, noncurrent | € | 131,451 | 155,551 | ||
Dondi | ||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||
Written put options, noncurrent | € | € 19,869 | € 23,215 | ||
Written put options | Thom Browne | ||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||
Proportion of ownership interests held by non-controlling interests | 10% | |||
Written put options | Thom Browne | MrThom Browne | ||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||
Number of tranches for the right to exercise a sale option | tranche | 2 | |||
Written put options | Dondi | ||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||
Proportion of ownership interests held by non-controlling interests | 35% | |||
Number of tranches for the right to exercise a sale option | tranche | 2 |
Lease liabilities (Detail)
Lease liabilities (Detail) - EUR (€) € in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Disclosure Of Lease Liabilities Arising From Financing Activities [Line Items] | |||
Balance at beginning of period | € 443,507 | ||
Interest expense | 6,654 | € 4,947 | |
Repayment of lease liabilities (including interest expense) | 65,000 | ||
Business combinations | 29,890 | ||
Balance at end of period | 585,313 | ||
Non-current | 463,552 | € 332,050 | |
Current | 121,761 | € 111,457 | |
Lease liabilities | |||
Disclosure Of Lease Liabilities Arising From Financing Activities [Line Items] | |||
Interest expense | 6,654 | ||
Repayment of lease liabilities (including interest expense) | (65,769) | ||
Business combinations | 160,751 | ||
Additions due to new leases and store renewals | 57,175 | ||
Decrease of lease liabilities due to store closures | (9,148) | ||
Translation differences | € (7,857) |
Fair value measurement - Summar
Fair value measurement - Summary of Financial Assets (Detail) - EUR (€) € in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure of financial assets [line items] | ||
Financial assets | € 637,765 | € 811,122 |
Other current financial assets | 109,918 | 320,894 |
Level 1 | ||
Disclosure of financial assets [line items] | ||
Financial assets | 24,592 | 30,076 |
Other current financial assets | 24,592 | 30,076 |
Level 2 | ||
Disclosure of financial assets [line items] | ||
Financial assets | 530,945 | 565,319 |
Other current financial assets | 6,474 | 78,470 |
Level 3 | ||
Disclosure of financial assets [line items] | ||
Financial assets | 82,228 | 215,727 |
Other current financial assets | 78,852 | 212,348 |
FVPL | ||
Disclosure of financial assets [line items] | ||
Financial assets | 85,441 | 293,701 |
Other current financial assets | 81,420 | 289,743 |
FVOCI | ||
Disclosure of financial assets [line items] | ||
Financial assets | 42,317 | 49,306 |
Other current financial assets | 24,332 | 26,852 |
Amortized cost | ||
Disclosure of financial assets [line items] | ||
Financial assets | 510,007 | 468,115 |
Other current financial assets | 4,166 | 4,299 |
Derivative financial instruments | ||
Disclosure of financial assets [line items] | ||
Financial assets | 17,985 | 22,454 |
Derivative financial instruments | Level 1 | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Derivative financial instruments | Level 2 | ||
Disclosure of financial assets [line items] | ||
Financial assets | 17,985 | 22,454 |
Derivative financial instruments | Level 3 | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Derivative financial instruments | FVPL | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Derivative financial instruments | FVOCI | ||
Disclosure of financial assets [line items] | ||
Financial assets | 17,985 | 22,454 |
Derivative financial instruments | Amortized cost | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Cash and cash equivalents | ||
Disclosure of financial assets [line items] | ||
Financial assets | 255,040 | 254,321 |
Cash and cash equivalents | Level 1 | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Cash and cash equivalents | Level 2 | ||
Disclosure of financial assets [line items] | ||
Financial assets | 255,040 | 254,321 |
Cash and cash equivalents | Level 3 | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Cash and cash equivalents | FVPL | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Cash and cash equivalents | FVOCI | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Cash and cash equivalents | Amortized cost | ||
Disclosure of financial assets [line items] | ||
Financial assets | 255,040 | 254,321 |
Trade receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | 217,208 | 177,213 |
Trade receivables | Level 1 | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Trade receivables | Level 2 | ||
Disclosure of financial assets [line items] | ||
Financial assets | 217,208 | 177,213 |
Trade receivables | Level 3 | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Trade receivables | FVPL | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Trade receivables | FVOCI | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Trade receivables | Amortized cost | ||
Disclosure of financial assets [line items] | ||
Financial assets | 217,208 | 177,213 |
Other non-current financial assets | ||
Disclosure of financial assets [line items] | ||
Financial assets | 37,614 | 36,240 |
Other non-current financial assets | Level 1 | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Other non-current financial assets | Level 2 | ||
Disclosure of financial assets [line items] | ||
Financial assets | 34,238 | 32,861 |
Other non-current financial assets | Level 3 | ||
Disclosure of financial assets [line items] | ||
Financial assets | 3,376 | 3,379 |
Other non-current financial assets | FVPL | ||
Disclosure of financial assets [line items] | ||
Financial assets | 4,021 | 3,958 |
Other non-current financial assets | FVOCI | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Other non-current financial assets | Amortized cost | ||
Disclosure of financial assets [line items] | ||
Financial assets | 33,593 | 32,282 |
Other current financial assets | ||
Disclosure of financial assets [line items] | ||
Financial assets | 109,918 | 320,894 |
Other current financial assets | Level 1 | ||
Disclosure of financial assets [line items] | ||
Financial assets | 24,592 | 30,076 |
Other current financial assets | Level 2 | ||
Disclosure of financial assets [line items] | ||
Financial assets | 6,474 | 78,470 |
Other current financial assets | Level 3 | ||
Disclosure of financial assets [line items] | ||
Financial assets | 78,852 | 212,348 |
Other current financial assets | FVPL | ||
Disclosure of financial assets [line items] | ||
Financial assets | 81,420 | 289,743 |
Other current financial assets | FVOCI | ||
Disclosure of financial assets [line items] | ||
Financial assets | 24,332 | 26,852 |
Other current financial assets | Amortized cost | ||
Disclosure of financial assets [line items] | ||
Financial assets | 4,166 | 4,299 |
Insurance contracts | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 27,525 | 114,975 |
Insurance contracts | Level 1 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Insurance contracts | Level 2 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Insurance contracts | Level 3 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 27,525 | 114,975 |
Insurance contracts | FVPL | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 27,525 | 114,975 |
Insurance contracts | FVOCI | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Insurance contracts | Amortized cost | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Private equity | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 20,008 | 18,311 |
Private equity | Level 1 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Private equity | Level 2 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Private equity | Level 3 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 20,008 | 18,311 |
Private equity | FVPL | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 20,008 | 18,311 |
Private equity | FVOCI | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Private equity | Amortized cost | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Money market funds | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 18,734 | 20,329 |
Money market funds | Level 1 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 16,700 | 17,742 |
Money market funds | Level 2 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 2,034 | 2,587 |
Money market funds | Level 3 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Money market funds | FVPL | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 2,034 | 2,587 |
Money market funds | FVOCI | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 16,700 | 17,742 |
Money market funds | Amortized cost | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Real estate funds | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 13,748 | 12,129 |
Real estate funds | Level 1 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Real estate funds | Level 2 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Real estate funds | Level 3 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 13,748 | 12,129 |
Real estate funds | FVPL | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 13,748 | 12,129 |
Real estate funds | FVOCI | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Real estate funds | Amortized cost | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Private debt | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 9,485 | 13,644 |
Private debt | Level 1 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Private debt | Level 2 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 274 | 259 |
Private debt | Level 3 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 9,211 | 13,385 |
Private debt | FVPL | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 9,485 | 13,644 |
Private debt | FVOCI | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Private debt | Amortized cost | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Hedge funds | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 8,360 | 46,761 |
Hedge funds | Level 1 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Hedge funds | Level 2 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 10,116 |
Hedge funds | Level 3 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 8,360 | 36,645 |
Hedge funds | FVPL | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 8,360 | 46,761 |
Hedge funds | FVOCI | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | |
Hedge funds | Amortized cost | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Fixed income | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 7,632 | 73,127 |
Fixed income | Level 1 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 7,632 | 9,110 |
Fixed income | Level 2 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 47,114 |
Fixed income | Level 3 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 16,903 |
Fixed income | FVPL | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 64,017 |
Fixed income | FVOCI | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 7,632 | 9,110 |
Fixed income | Amortized cost | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Financial receivables | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 2,200 | 2,224 |
Financial receivables | Level 1 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Financial receivables | Level 2 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 2,200 | 2,224 |
Financial receivables | Level 3 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Financial receivables | FVPL | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Financial receivables | FVOCI | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Financial receivables | Amortized cost | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 2,200 | 2,224 |
Guarantee deposits | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 1,966 | 2,075 |
Guarantee deposits | Level 1 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Guarantee deposits | Level 2 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 1,966 | 2,075 |
Guarantee deposits | Level 3 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Guarantee deposits | FVPL | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Guarantee deposits | FVOCI | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Guarantee deposits | Amortized cost | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 1,966 | 2,075 |
Equity | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 260 | 14,592 |
Equity | Level 1 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 260 | 497 |
Equity | Level 2 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 14,095 |
Equity | Level 3 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Equity | FVPL | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 260 | 14,592 |
Equity | FVOCI | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Equity | Amortized cost | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Commodities | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 2,727 |
Commodities | Level 1 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 2,727 |
Commodities | Level 2 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Commodities | Level 3 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Commodities | FVPL | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 2,727 |
Commodities | FVOCI | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Commodities | Amortized cost | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | € 0 | € 0 |
Fair value measurement - Summ_2
Fair value measurement - Summary of Fair Value Measurement of Equity (Detail) € in Thousands | 6 Months Ended | |
Jun. 30, 2023 EUR (€) | ||
Disclosure of fair value measurement of equity [line items] | ||
At beginning of period | € 732,321 | [1] |
At end of period | 814,919 | [1] |
Level 3 | ||
Disclosure of fair value measurement of equity [line items] | ||
At beginning of period | 215,727 | |
Investments | 6,023 | |
Disposals | (139,706) | |
Fair value adjustments | 608 | |
Realized gains | (49) | |
Exchange rate gains | (375) | |
At end of period | € 82,228 | |
[1]Starting with the six months ended June 30, 2023, in the semi-annual condensed consolidated statement of changes in equity the Group separately presents certain components of equity, including share premium, the reserve for treasury shares and other legal reserves, which were previously presented within other reserves. Management believes this presentation, together with the accompanying notes, facilitate a better understanding of the underlying components of the Group’s equity. As a result of this new presentation, certain amounts presented for periods prior to the six months ended June 30, 2023 have been reclassified compared to amounts previously presented by the Group. |
Fair value measurement - Summ_3
Fair value measurement - Summary of Financial Liabilities (Detail) - EUR (€) € in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure of financial liabilities [line items] | ||
Financial liabilities | € 1,455,373 | € 1,403,911 |
Level 1 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Level 2 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 870,059 | 960,377 |
Level 3 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 585,313 | 443,534 |
FVPL | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 174,693 | 216,024 |
FVOCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 2,186 | 2,362 |
Amortized cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 1,278,494 | 1,185,525 |
Derivative financial instruments | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 2,186 | 2,362 |
Derivative financial instruments | Level 1 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Derivative financial instruments | Level 2 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 2,186 | 2,362 |
Derivative financial instruments | Level 3 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Derivative financial instruments | FVPL | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Derivative financial instruments | FVOCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 2,186 | 2,362 |
Derivative financial instruments | Amortized cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Non-current borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 112,747 | 184,880 |
Non-current borrowings | Level 1 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Non-current borrowings | Level 2 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 112,747 | 184,880 |
Non-current borrowings | Level 3 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Non-current borrowings | FVPL | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Non-current borrowings | FVOCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Non-current borrowings | Amortized cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 112,747 | 184,880 |
Current borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 283,077 | 286,175 |
Current borrowings | Level 1 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Current borrowings | Level 2 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 283,077 | 286,175 |
Current borrowings | Level 3 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Current borrowings | FVPL | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Current borrowings | FVOCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Current borrowings | Amortized cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 283,077 | 286,175 |
Other non-current financial liabilities | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 151,712 | 178,793 |
Other non-current financial liabilities | Level 1 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Other non-current financial liabilities | Level 2 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 151,712 | 178,766 |
Other non-current financial liabilities | Level 3 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 27 |
Other non-current financial liabilities | FVPL | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 151,320 | 178,766 |
Other non-current financial liabilities | FVOCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Other non-current financial liabilities | Amortized cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 392 | 27 |
Other current financial liabilities | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 23,373 | 37,258 |
Other current financial liabilities | Level 1 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Other current financial liabilities | Level 2 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 23,373 | 37,258 |
Other current financial liabilities | Level 3 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Other current financial liabilities | FVPL | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 23,373 | 37,258 |
Other current financial liabilities | FVOCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Other current financial liabilities | Amortized cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Trade payables and customer advances | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 296,965 | 270,936 |
Trade payables and customer advances | Level 1 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Trade payables and customer advances | Level 2 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 296,964 | 270,936 |
Trade payables and customer advances | Level 3 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Trade payables and customer advances | FVPL | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Trade payables and customer advances | FVOCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Trade payables and customer advances | Amortized cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 296,965 | 270,936 |
Lease liabilities – Current/Non-current | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 585,313 | 443,507 |
Lease liabilities – Current/Non-current | Level 1 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Lease liabilities – Current/Non-current | Level 2 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Lease liabilities – Current/Non-current | Level 3 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 585,313 | 443,507 |
Lease liabilities – Current/Non-current | FVPL | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Lease liabilities – Current/Non-current | FVOCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Lease liabilities – Current/Non-current | Amortized cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | € 585,313 | € 443,507 |
Related party transactions - Ad
Related party transactions - Additional Information (Detail) - EUR (€) € in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
PKB Bank AG | |||
Disclosure of transactions between related parties [line items] | |||
Transfers under finance agreements from entity, related party transactions | € 5,000 | ||
Associates | Tom Ford Fashion | |||
Disclosure of transactions between related parties [line items] | |||
Provision of guarantees or collateral to entity, related party transactions | € 6,875 | € 7,500 |
Related party transactions - Su
Related party transactions - Summary of Transactions with Related Parties (Details) - EUR (€) € in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | ||
Disclosure of transactions between related parties [line items] | |||
Revenues | € 903,059 | € 728,993 | [1] |
Cost of sales | 323,228 | 280,182 | [1] |
Selling, general and administrative expenses | 415,792 | 332,854 | [1] |
Marketing expenses | 47,530 | 34,590 | [1] |
Foreign exchange gains/(losses) | (7,003) | (9,893) | [1] |
Zegna Group | |||
Disclosure of transactions between related parties [line items] | |||
Revenues | 903,059 | 728,993 | |
Cost of sales | 323,228 | 280,182 | |
Selling, general and administrative expenses | 415,792 | 332,854 | |
Marketing expenses | 47,530 | ||
Financial income/(expenses) | (28,991) | (26,064) | |
Foreign exchange gains/(losses) | (7,003) | ||
Related parties | |||
Disclosure of transactions between related parties [line items] | |||
Revenues | 3,281 | 16,795 | |
Cost of sales | 16,500 | 6,876 | |
Selling, general and administrative expenses | 5,330 | 8,338 | |
Marketing expenses | 1,081 | ||
Financial income/(expenses) | (433) | 88 | |
Foreign exchange gains/(losses) | 1,915 | ||
Associates | |||
Disclosure of transactions between related parties [line items] | |||
Revenues | 3,212 | 16,750 | |
Cost of sales | 4,710 | 1,587 | |
Selling, general and administrative expenses | 880 | 4,009 | |
Marketing expenses | 0 | ||
Financial income/(expenses) | 36 | 36 | |
Foreign exchange gains/(losses) | 0 | ||
Associates | TFI Group | |||
Disclosure of transactions between related parties [line items] | |||
Revenues | 3,212 | 16,743 | |
Cost of sales | 288 | 0 | |
Selling, general and administrative expenses | 740 | 4,009 | |
Marketing expenses | 0 | ||
Financial income/(expenses) | (7) | 36 | |
Foreign exchange gains/(losses) | 0 | ||
Royalties | 181 | 2,074 | |
Associates | Filati Biagioli Modesto S.p.A. | |||
Disclosure of transactions between related parties [line items] | |||
Revenues | 0 | 7 | |
Cost of sales | 3,581 | 1,590 | |
Selling, general and administrative expenses | 20 | 0 | |
Marketing expenses | 0 | ||
Financial income/(expenses) | 45 | 0 | |
Foreign exchange gains/(losses) | 0 | ||
Associates | Norda Run Inc. | |||
Disclosure of transactions between related parties [line items] | |||
Revenues | 0 | 0 | |
Cost of sales | 841 | 0 | |
Selling, general and administrative expenses | 120 | 0 | |
Marketing expenses | 0 | ||
Financial income/(expenses) | (2) | 0 | |
Foreign exchange gains/(losses) | 0 | ||
Associates | Pelletteria Tizeta S.r.l. | |||
Disclosure of transactions between related parties [line items] | |||
Revenues | 0 | 0 | |
Cost of sales | 0 | (3) | |
Selling, general and administrative expenses | 0 | 0 | |
Marketing expenses | 0 | ||
Financial income/(expenses) | 0 | 0 | |
Foreign exchange gains/(losses) | 0 | ||
Companies controlled by Monterubello or its shareholders, Zegna directors or senior management | EZ Real Estate S.r.l | |||
Disclosure of transactions between related parties [line items] | |||
Revenues | 1 | 6 | |
Cost of sales | 1,379 | 1,308 | |
Selling, general and administrative expenses | 2,065 | 2,637 | |
Marketing expenses | 1,024 | ||
Financial income/(expenses) | (181) | (248) | |
Foreign exchange gains/(losses) | 0 | ||
Companies controlled by Monterubello or its shareholders, Zegna directors or senior management | Schneider Group | |||
Disclosure of transactions between related parties [line items] | |||
Revenues | 17 | 0 | |
Cost of sales | 6,732 | 2,703 | |
Selling, general and administrative expenses | 11 | 0 | |
Marketing expenses | 0 | ||
Financial income/(expenses) | 0 | 0 | |
Foreign exchange gains/(losses) | 0 | ||
Companies controlled by Monterubello or its shareholders, Zegna directors or senior management | Alan Real Estate S.A | |||
Disclosure of transactions between related parties [line items] | |||
Revenues | 0 | 0 | |
Cost of sales | 874 | 823 | |
Selling, general and administrative expenses | 649 | 424 | |
Marketing expenses | 0 | ||
Financial income/(expenses) | (26) | 0 | |
Foreign exchange gains/(losses) | 0 | ||
Companies controlled by Monterubello or its shareholders, Zegna directors or senior management | Agnona S.r.l. | |||
Disclosure of transactions between related parties [line items] | |||
Revenues | 14 | 35 | |
Cost of sales | 15 | 0 | |
Selling, general and administrative expenses | 87 | 250 | |
Marketing expenses | 49 | ||
Financial income/(expenses) | (1) | 0 | |
Foreign exchange gains/(losses) | 0 | ||
Companies controlled by Monterubello or its shareholders, Zegna directors or senior management | 61 West 23rd Street LLC | |||
Disclosure of transactions between related parties [line items] | |||
Revenues | 0 | 0 | |
Cost of sales | 0 | 0 | |
Selling, general and administrative expenses | 0 | (15) | |
Marketing expenses | 0 | ||
Financial income/(expenses) | 0 | 0 | |
Foreign exchange gains/(losses) | 0 | ||
Companies controlled by Monterubello or its shareholders, Zegna directors or senior management | Other Companies controlled by Monterubello or its shareholders, Zegna directors or senior management | |||
Disclosure of transactions between related parties [line items] | |||
Revenues | 37 | 4 | |
Cost of sales | 2,790 | 455 | |
Selling, general and administrative expenses | 11 | 0 | |
Marketing expenses | 8 | ||
Financial income/(expenses) | 1 | 300 | |
Foreign exchange gains/(losses) | 0 | ||
UBS Group AG | |||
Disclosure of transactions between related parties [line items] | |||
Revenues | 0 | 0 | |
Cost of sales | 0 | 0 | |
Selling, general and administrative expenses | 103 | 0 | |
Marketing expenses | 0 | ||
Financial income/(expenses) | (262) | 0 | |
Foreign exchange gains/(losses) | 1,915 | ||
Other | |||
Disclosure of transactions between related parties [line items] | |||
Revenues | 0 | 0 | |
Cost of sales | 0 | 0 | |
Selling, general and administrative expenses | 1,524 | 1,033 | |
Marketing expenses | 0 | ||
Financial income/(expenses) | 0 | € 0 | |
Foreign exchange gains/(losses) | € 0 | ||
[1]Starting with the six months ended June 30, 2023, the Group presents the semi-annual condensed consolidated statement of profit and loss by function, which is most representative of the way the Chief Operating Decision Maker and management view the business, and is consistent with international practice. In order to conform to this new presentation, the information for the six months ended June 30, 2022 has been reclassified compared to what was previously presented by the Group. |
Related party transactions - _2
Related party transactions - Summary of Balances with Related Parties (Details) - EUR (€) € in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure of transactions between related parties [line items] | ||
Non-current assets | € 1,410,771 | € 1,141,070 |
Total current assets | 1,262,741 | 1,285,657 |
Non-current liabilities | 836,673 | 827,422 |
Current liabilities | 1,021,920 | 866,984 |
Zegna Group | ||
Disclosure of transactions between related parties [line items] | ||
Non-current assets | 1,410,771 | 1,141,070 |
Total current assets | 1,262,741 | 1,285,657 |
Non-current liabilities | 836,673 | 827,422 |
Current liabilities | 1,021,920 | 866,984 |
Related parties | ||
Disclosure of transactions between related parties [line items] | ||
Non-current assets | 53,408 | 51,546 |
Total current assets | 45,838 | 14,378 |
Non-current liabilities | 62,958 | 43,341 |
Current liabilities | 88,263 | 18,900 |
Associates | ||
Disclosure of transactions between related parties [line items] | ||
Non-current assets | 2,200 | 0 |
Total current assets | 125 | 14,009 |
Non-current liabilities | 0 | 0 |
Current liabilities | 2,853 | 3,196 |
Associates | TFI Group | ||
Disclosure of transactions between related parties [line items] | ||
Non-current assets | 0 | 0 |
Total current assets | 5 | 11,808 |
Non-current liabilities | 0 | 0 |
Current liabilities | 0 | 366 |
Associates | Filati Biagioli Modesto S.p.A. | ||
Disclosure of transactions between related parties [line items] | ||
Non-current assets | 2,200 | 0 |
Total current assets | 120 | 2,200 |
Non-current liabilities | 0 | 0 |
Current liabilities | 2,851 | 2,830 |
Associates | Norda Run Inc. | ||
Disclosure of transactions between related parties [line items] | ||
Non-current assets | 0 | 0 |
Total current assets | 0 | 0 |
Non-current liabilities | 0 | 0 |
Current liabilities | 2 | 0 |
Associates | Pelletteria Tizeta S.r.l. | ||
Disclosure of transactions between related parties [line items] | ||
Non-current assets | 0 | 0 |
Total current assets | 0 | 1 |
Non-current liabilities | 0 | 0 |
Current liabilities | 0 | 0 |
Companies controlled by Monterubello or its shareholders, Zegna directors or senior management | Monterubello | ||
Disclosure of transactions between related parties [line items] | ||
Non-current assets | 0 | 0 |
Total current assets | 0 | 0 |
Non-current liabilities | 0 | 0 |
Current liabilities | 0 | 0 |
Companies controlled by Monterubello or its shareholders, Zegna directors or senior management | Agnona S.r.l. | ||
Disclosure of transactions between related parties [line items] | ||
Non-current assets | 0 | 0 |
Total current assets | 21 | 32 |
Non-current liabilities | 0 | 0 |
Current liabilities | 17 | 67 |
Companies controlled by Monterubello or its shareholders, Zegna directors or senior management | Schneider Group | ||
Disclosure of transactions between related parties [line items] | ||
Non-current assets | 0 | 0 |
Total current assets | 7 | 4 |
Non-current liabilities | 0 | 0 |
Current liabilities | 2,458 | 4,102 |
Companies controlled by Monterubello or its shareholders, Zegna directors or senior management | EZ Real Estate S.r.l | ||
Disclosure of transactions between related parties [line items] | ||
Non-current assets | 41,799 | 41,671 |
Total current assets | 40 | 69 |
Non-current liabilities | 36,092 | 35,776 |
Current liabilities | 8,120 | 6,476 |
Companies controlled by Monterubello or its shareholders, Zegna directors or senior management | 61 West 23rd Street LLC | ||
Disclosure of transactions between related parties [line items] | ||
Non-current assets | 0 | 0 |
Total current assets | 24 | 24 |
Non-current liabilities | 0 | 0 |
Current liabilities | 0 | 0 |
Companies controlled by Monterubello or its shareholders, Zegna directors or senior management | Alan Real Estate S.A | ||
Disclosure of transactions between related parties [line items] | ||
Non-current assets | 9,409 | 9,875 |
Total current assets | 0 | 0 |
Non-current liabilities | 6,866 | 7,565 |
Current liabilities | 2,866 | 2,471 |
Companies controlled by Monterubello or its shareholders, Zegna directors or senior management | Other Companies controlled by Monterubello or its shareholders, Zegna directors or senior management | ||
Disclosure of transactions between related parties [line items] | ||
Non-current assets | 0 | 0 |
Total current assets | 269 | 240 |
Non-current liabilities | 0 | 0 |
Current liabilities | 1,512 | 2,204 |
UBS Group AG | ||
Disclosure of transactions between related parties [line items] | ||
Non-current assets | 0 | 0 |
Total current assets | 45,352 | 0 |
Non-current liabilities | 20,000 | 0 |
Current liabilities | 70,087 | 0 |
Other | ||
Disclosure of transactions between related parties [line items] | ||
Non-current assets | 0 | 0 |
Total current assets | 0 | 0 |
Non-current liabilities | 0 | 0 |
Current liabilities | € 350 | € 384 |
Share-based payments (Details)
Share-based payments (Details) € in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Apr. 05, 2023 shares | Jun. 30, 2023 EUR (€) shares | Jun. 30, 2023 shares | Jun. 30, 2023 EUR (€) | Jun. 30, 2022 EUR (€) | Dec. 31, 2025 shares | Dec. 31, 2022 | Mar. 14, 2023 shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Share-based compensation expense | € | € 6,536 | € 6,683 | ||||||
Percent of escrow shares released | 70% | |||||||
Annual remuneration base fee | € | € 150 | |||||||
Non-executive remuneration received in cash, as a percent | 50% | |||||||
Non-executive remuneration received in equity, as a percent | 50% | 50% | ||||||
Forecast | Zegna non-executive directors | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Number of share options granted in share-based payment arrangement (in shares) | 7,640 | |||||||
Equity settled share based payments | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Shares exercised (in shares) | 468,450 | |||||||
Options exercised | € | € 3,654 | |||||||
Equity settled share based payments | Performance share units | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Number of other equity instruments vested in share-based payment arrangement (in shares) | 690,000 | |||||||
Equity settled share based payments | Performance share units | Chief Executive Officer | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Number of other equity instruments vested in share-based payment arrangement (in shares) | 240,000 | |||||||
Equity settled share based payments | Performance share units | Zegna directors, excluding the CEO, key executives, and other employees | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Number of other equity instruments vested in share-based payment arrangement (in shares) | 450,000 | |||||||
Ordinary shares | Equity settled share based payments | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Number of other equity instruments granted in share based payment arrangement (in shares) | 588,000 | |||||||
Escrow Shares | Ordinary shares | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Number of shares issued (in shares) | 3,521,875 |
Business combinations - Additio
Business combinations - Additional Information (Detail) € in Thousands, $ in Thousands | 2 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Apr. 30, 2023 | Apr. 28, 2023 EUR (€) | Apr. 27, 2023 | Mar. 31, 2023 | Jun. 30, 2023 EUR (€) store | Jun. 30, 2023 EUR (€) store | Jun. 30, 2022 EUR (€) | Dec. 31, 2022 USD ($) | Apr. 28, 2023 USD ($) | |
Disclosure of detailed information about business combination [line items] | |||||||||
Transaction costs related to the Business Combination | € 1,059 | € 1,090 | |||||||
Tom Ford Fashion | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Number of retail stores | store | 51 | 51 | |||||||
Pelletteria Tizeta S.r.l. | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Group's percentage interest | 100% | 100% | |||||||
Pelletteria Tizeta S.r.l. | Tom Ford International LLC | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Group's percentage interest | 50% | ||||||||
Tom Ford International LLC | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Proportion of ownership interest in associate | 15% | 15% | |||||||
Provision of guarantees or collateral to entity, related party transactions | $ | $ 6,875 | ||||||||
Pelletteria Tizeta S.r.l. | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Proportion of ownership interest in associate | 50% | 50% | |||||||
Group's percentage interest | 50% | ||||||||
Pelletteria Tizeta S.r.l. | Tom Ford International LLC | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Proportion of ownership interest in associate | 50% | ||||||||
Tom Ford International LLC | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Percentage of voting interests acquired | 85% | 85% | 85% | ||||||
Implied fair value | $ | $ 150,000 | ||||||||
Transaction costs related to the Business Combination | € 4,681 | ||||||||
Revenue of the acquiree since the acquisition date | € 64,015 | ||||||||
Loss of the acquiree since the acquisition date | € 1,317 | ||||||||
Business combination proforma revenue of the combined entity | € 97,000 | ||||||||
Business combination proforma net loss | € 17,000 | ||||||||
Percentage of entity's assets | 17% | ||||||||
Percentage of entity's revenue | 7% | ||||||||
Long-term licensing and collaboration agreement, term | 20 years | 20 years | |||||||
Long-term licensing and collaboration agreement, automatic renewal term | 10 years | 10 years | |||||||
Tom Ford International LLC | Concessions, licenses, trademarks and patents | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
License agreement | € 90,856 | ||||||||
Right-of-use license agreement, useful life | 30 years | ||||||||
Right-of-use guaranteed years | 20 years | 20 years | |||||||
Right-of-use automatic renewal term | 10 years | 10 years |
Business combinations - Summary
Business combinations - Summary of Preliminary Details of the Purchase Consideration (Detail) - Tom Ford International LLC € in Thousands | Apr. 28, 2023 EUR (€) |
Disclosure of detailed information about business combination [line items] | |
Consideration paid for 85% of TFI | € 91,259 |
Fair value of the previously equity interests held | 21,505 |
Settlement of pre-existing intercompany balances | 5,949 |
Total consideration | € 118,713 |
Business combinations - Summa_2
Business combinations - Summary of Identifiable Assets Acquired (Detail) - Tom Ford International LLC € in Thousands | Apr. 28, 2023 EUR (€) |
Disclosure of detailed information about business combination [line items] | |
Cash and cash equivalents | € 109,667 |
Inventories | 85,659 |
Right-of-use assets | 160,751 |
Intangible assets and property, plant and equipment | 114,629 |
Other current and non-current assets | 45,378 |
Other current and non-current liabilities | (170,307) |
Current and non-current lease liabilities | (160,751) |
Current and non-current borrowings | (29,890) |
Trade payables and customer advances | (28,174) |
Employee benefits | (3,259) |
Deferred tax liabilities | (4,990) |
Net identifiable assets acquired | € 118,713 |
Business combinations - Summa_3
Business combinations - Summary of Net Cash Outflows Related To The Acquisition (Detail) - EUR (€) € in Thousands | 6 Months Ended | |||
Apr. 28, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Apr. 30, 2023 | |
Disclosure of detailed information about business combination [line items] | ||||
Net cash outflow - Investing activities | € (108,575) | € 0 | ||
Tom Ford International LLC | ||||
Disclosure of detailed information about business combination [line items] | ||||
Consideration paid for 85% of TFI | € (91,259) | |||
Cash and cash equivalents acquired | 109,667 | |||
Payment of TFI acquisition-related liabilities | (126,983) | |||
Net cash outflow - Investing activities | € (108,575) | |||
Percentage of voting interests acquired | 85% | 85% |
Business combinations - Minimum
Business combinations - Minimum Annual Guaranteed Royalties (Details) - Tom Ford International LLC - EUR (€) € in Millions | 6 Months Ended | |
Jun. 30, 2023 | Apr. 28, 2023 | |
Disclosure of detailed information about business combination [line items] | ||
Long-term licensing and collaboration agreement, term of minimum annual guaranteed royalties | 10 years | |
Royalty expense | € 181.7 | |
Due within 1 year | ||
Disclosure of detailed information about business combination [line items] | ||
Royalty expense | 16.8 | |
Due in 1 to 5 years | ||
Disclosure of detailed information about business combination [line items] | ||
Royalty expense | 72.2 | |
Due in 5 to 10 years | ||
Disclosure of detailed information about business combination [line items] | ||
Royalty expense | € 92.7 |
Subsequent events (Detail)
Subsequent events (Detail) € in Millions | 1 Months Ended | |||||
Jul. 31, 2023 EUR (€) | Sep. 05, 2023 EUR (€) | Aug. 29, 2023 shares | Jul. 01, 2023 store | Mar. 31, 2023 store | Mar. 14, 2023 shares | |
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Percent of escrow shares released | 70% | |||||
Thom Browne Korea Ltd. | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Number of retail stores | store | 17 | |||||
Escrow Shares | Ordinary shares | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Number of shares issued (in shares) | shares | 3,521,875 | |||||
Major business combination | Luigi Fedeli e Figlio S.r.l. | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Percentage of voting interests acquired | 15% | |||||
Cash consideration | € | € 4.7 | |||||
Major business combination | Zegna and Prada Group | Luigi Fedeli e Figlio S.r.l. | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Percentage of voting interests acquired | 30% | |||||
Major business combination | Prada Group | Luigi Fedeli e Figlio S.r.l. | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Percentage of voting interests acquired | 15% | |||||
Major business combination | Thom Browne Korea Ltd. | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Number of retail stores | store | 17 | |||||
Major equity transactions | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Capital contribution | € | € 2.2 | |||||
Major ordinary share transactions | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Percent of escrow shares released | 30% | |||||
Major ordinary share transactions | Escrow Shares | Ordinary shares | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Number of shares issued (in shares) | shares | 1,509,375 |