COVER PAGE
COVER PAGE | 6 Months Ended |
Jun. 30, 2024 | |
Cover [Abstract] | |
Document Type | 6-K |
Entity Registrant Name | Ermenegildo Zegna N.V. |
Current Fiscal Year End Date | --12-31 |
Document Period End Date | Jun. 30, 2024 |
Entity Central Index Key | 0001877787 |
Amendment Flag | false |
SEMI-ANNUAL CONDENSED CONSOLIDA
SEMI-ANNUAL CONDENSED CONSOLIDATED STATEMENT OF PROFIT - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Profit or loss [abstract] | ||
Revenues | € 960,122 | € 903,059 |
Cost of sales | (322,678) | (323,228) |
Gross profit | 637,444 | 579,831 |
Selling, general and administrative expenses | (497,612) | (415,792) |
Marketing expenses | (66,751) | (47,530) |
Operating profit | 73,081 | 116,509 |
Financial income | 12,106 | 15,601 |
Financial expenses | (29,267) | (44,592) |
Foreign exchange losses | (7,684) | (7,003) |
Result from investments accounted for using the equity method | 314 | (2,237) |
Profit before taxes | 48,550 | 78,278 |
Income taxes | (17,218) | (26,162) |
Profit | 31,332 | 52,116 |
Attributable to: | ||
Shareholders of the Parent Company | 25,085 | 45,967 |
Non-controlling interests | € 6,247 | € 6,149 |
Basic earnings per share (in EUR per share) | € 0.10 | € 0.19 |
Diluted earnings per share (in EUR per share) | € 0.10 | € 0.19 |
SEMI-ANNUAL CONDENSED CONSOLI_2
SEMI-ANNUAL CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - EUR (€) € in Thousands | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | ||
Statement of comprehensive income [abstract] | |||
Profit | € 31,332 | € 52,116 | |
Items that will be subsequently reclassified to the statement of profit or loss: | |||
Foreign currency exchange differences arising from the translation of foreign operations | [1] | 15,666 | (6,538) |
Net loss from cash flow hedges | (5,089) | (5,198) | |
Net gain from financial instruments measured at fair value | 72 | 372 | |
Items that will not be subsequently reclassified to the statement of profit or loss: | |||
Net actuarial (loss)/gain from defined benefit plans | (422) | 274 | |
Total other comprehensive income | 10,227 | (11,090) | |
Total comprehensive income | 41,559 | 41,026 | |
Attributable to: | |||
Shareholders of the Parent Company | 34,929 | 35,364 | |
Non-controlling interests | € 6,630 | € 5,662 | |
[1]As a result of the sale of the Group’s 100% interest in Ezesa Argentina S.A. in February 2024, cumulative translation losses amounting to €1,907 thousand relating to the original investment held in the company were reclassified from other comprehensive income/(loss) to foreign exchange losses within the semi-annual consolidated statement of profit for the six months ended June 30, 2024. As a result of the acquisition of Tom Ford International in April 2023, cumulative translation losses amounting to €4,705 thousand relating to the Group’s original investment held in Tom Ford International were reclassified from other comprehensive income/(loss) to foreign exchange losses within the semi-annual consolidated statement of profit for the six months ended June 30, 2023. |
SEMI-ANNUAL CONDENSED CONSOLI_3
SEMI-ANNUAL CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Parenthetical) - EUR (€) € in Thousands | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | ||
Condensed Statement of Income Captions [Line Items] | |||
Foreign currency exchange differences arising from the translation of foreign operations | [1] | € (15,666) | € 6,538 |
Ezesa Argentina S.A. | |||
Condensed Statement of Income Captions [Line Items] | |||
Foreign currency exchange differences arising from the translation of foreign operations | € 1,907 | ||
Tom Ford International LLC | |||
Condensed Statement of Income Captions [Line Items] | |||
Foreign currency exchange differences arising from the translation of foreign operations | € 4,705 | ||
[1]As a result of the sale of the Group’s 100% interest in Ezesa Argentina S.A. in February 2024, cumulative translation losses amounting to €1,907 thousand relating to the original investment held in the company were reclassified from other comprehensive income/(loss) to foreign exchange losses within the semi-annual consolidated statement of profit for the six months ended June 30, 2024. As a result of the acquisition of Tom Ford International in April 2023, cumulative translation losses amounting to €4,705 thousand relating to the Group’s original investment held in Tom Ford International were reclassified from other comprehensive income/(loss) to foreign exchange losses within the semi-annual consolidated statement of profit for the six months ended June 30, 2023. |
SEMI-ANNUAL CONDENSED CONSOLI_4
SEMI-ANNUAL CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION - EUR (€) € in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Non-current assets | ||
Intangible assets | € 594,936 | € 572,274 |
Property, plant and equipment | 176,094 | 159,608 |
Right-of-use assets | 561,176 | 533,952 |
Investments accounted for using the equity method | 19,066 | 18,765 |
Deferred tax assets | 165,254 | 160,878 |
Other non-current financial assets | 36,121 | 33,898 |
Total non-current assets | 1,552,647 | 1,479,375 |
Current assets | ||
Inventories | 540,791 | 522,589 |
Trade receivables | 216,670 | 240,457 |
Derivative financial instruments | 4,345 | 11,110 |
Tax receivables | 36,112 | 31,024 |
Other current financial assets | 99,451 | 90,917 |
Other current assets | 105,967 | 95,260 |
Cash and cash equivalents | 225,316 | 296,279 |
Total current assets | 1,228,652 | 1,287,636 |
Total assets | 2,781,299 | 2,767,011 |
Liabilities and Equity | ||
Equity attributable to shareholders of the Parent Company | 852,678 | 840,294 |
Equity attributable to non-controlling interests | 61,527 | 60,602 |
Total equity | 914,205 | 900,896 |
Non-current liabilities | ||
Non-current borrowings | 218,132 | 113,285 |
Other non-current financial liabilities | 141,239 | 136,556 |
Non-current lease liabilities | 497,543 | 471,083 |
Non-current provisions for risks and charges | 20,323 | 19,849 |
Employee benefits | 35,727 | 29,645 |
Deferred tax liabilities | 77,843 | 73,885 |
Other non-current liabilities | 4,758 | 9,689 |
Total non-current liabilities | 995,565 | 853,992 |
Current liabilities | ||
Current borrowings | 167,963 | 289,337 |
Other current financial liabilities | 0 | 22,102 |
Current lease liabilities | 133,554 | 122,642 |
Derivative financial instruments | 2,741 | 897 |
Current provisions for risks and charges | 13,111 | 16,019 |
Trade payables and customer advances | 281,819 | 314,137 |
Tax liabilities | 41,957 | 41,976 |
Other current liabilities | 230,384 | 205,013 |
Total current liabilities | 871,529 | 1,012,123 |
Total equity and liabilities | € 2,781,299 | € 2,767,011 |
SEMI-ANNUAL CONDENSED CONSOLI_5
SEMI-ANNUAL CONDENSED CONSOLIDATED CASH FLOW STATEMENT - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Operating activities | ||
Profit | € 31,332 | € 52,116 |
Income taxes | 17,218 | 26,162 |
Depreciation, amortization and impairment of assets | 113,527 | 86,983 |
Financial income | (12,106) | (15,601) |
Financial expenses | 29,267 | 44,592 |
Foreign exchange losses | 7,684 | 7,003 |
Write downs and other provisions | 1,450 | 962 |
Write downs of the provision for obsolete inventory | 7,775 | 19,292 |
Result from investments accounted for using the equity method | (314) | 2,237 |
Other non-cash expenses, net | 36,124 | 18,839 |
Change in inventories | (21,568) | (79,454) |
Change in trade receivables | 21,286 | (26,851) |
Change in trade payables including customer advances | (28,354) | 3,710 |
Change in other operating assets and liabilities | (42,268) | 2,870 |
Interest paid | (19,587) | (13,480) |
Income taxes paid | (21,018) | (21,797) |
Net cash flows from operating activities | 120,448 | 107,583 |
Investing activities | ||
Payments for property, plant and equipment | (47,926) | (25,699) |
Payments for intangible assets | (12,151) | (8,801) |
Payments for purchases of non-current financial assets | (1,319) | (585) |
Proceeds from disposals of current financial assets and derivative instruments | 15,707 | 221,869 |
Payments for acquisitions of current financial assets and derivative instruments | (21,444) | (6,023) |
Business combinations, net of cash acquired | (14,608) | (108,575) |
Acquisition of investments accounted for using the equity method | 0 | (11,228) |
Net cash flows (used in)/from investing activities | (81,741) | 60,958 |
Financing activities | ||
Proceeds from borrowings | 154,713 | 65,000 |
Repayments of borrowings | (174,223) | (173,407) |
Payments of lease liabilities | (66,950) | (59,115) |
Payments for acquisition of non-controlling interests | (23,502) | 0 |
Proceeds from the exercise of warrants | 0 | 4,409 |
Sales of shares held in treasury | 0 | 3,654 |
Dividends paid to non-controlling interests | (1,444) | (6,068) |
Net cash flows used in financing activities | (111,406) | (165,527) |
Effects of exchange rate changes on cash and cash equivalents | 1,736 | (2,295) |
Net (decrease)/increase in cash and cash equivalents | (70,963) | 719 |
Cash and cash equivalents at the beginning of the period | 296,279 | 254,321 |
Cash and cash equivalents at the end of the period | € 225,316 | € 255,040 |
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, 2022 | € 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 | 45,967 | 45,967 | 6,149 | |||||||||
Other comprehensive income/(loss) | (11,090) | (10,603) | (6,059) | (5,198) | 282 | 372 | (487) | ||||||
Total comprehensive income | 41,026 | 35,364 | (6,059) | (5,198) | 282 | 372 | 45,967 | 5,662 | |||||
Dividends | (31,099) | (25,031) | (25,031) | (6,068) | |||||||||
Sale of treasury shares, net | 3,654 | 3,654 | 3,902 | (248) | |||||||||
Exercise of warrants | 63,496 | 63,496 | 115 | 64,617 | (1,236) | ||||||||
Share-based payments | 6,536 | 6,536 | 6,536 | ||||||||||
Settlement of share-based payments | 0 | 0 | 10,650 | (11,093) | 443 | ||||||||
Other changes | (1,015) | (1,015) | 5,389 | (6,404) | |||||||||
At end of period at Jun. 30, 2023 | 814,919 | 761,953 | 6,054 | 785,804 | (764) | 8,181 | 1,534 | (423) | 25,278 | (436,622) | (170,384) | 543,295 | 52,966 |
At beginning of period at Dec. 31, 2023 | 900,896 | 840,294 | 9,154 | 782,587 | (9,856) | 5,826 | 2,375 | (160) | 22,133 | (436,622) | (153,996) | 618,853 | 60,602 |
Profit | 31,332 | 25,085 | 25,085 | 6,247 | |||||||||
Other comprehensive income/(loss) | 10,227 | 9,844 | 15,299 | (5,089) | (438) | 72 | 383 | ||||||
Total comprehensive income | 41,559 | 34,929 | 15,299 | (5,089) | (438) | 72 | 25,085 | 6,630 | |||||
Dividends | (31,651) | (30,207) | (30,207) | (1,444) | |||||||||
Share-based payments | 4,151 | 4,151 | 4,151 | ||||||||||
Settlement of share-based payments | 0 | 0 | 17,552 | (19,810) | 2,258 | ||||||||
Acquisition of non-controlling interests | (750) | 3,511 | 3,511 | (4,261) | |||||||||
At end of period at Jun. 30, 2024 | € 914,205 | € 852,678 | € 9,154 | € 782,587 | € 5,443 | € 737 | € 1,937 | € (88) | € 22,133 | € (419,070) | € (169,655) | € 619,500 | € 61,527 |
General Information
General Information | 6 Months Ended |
Jun. 30, 2024 | |
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 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 “Ermenegildo Zegna Group” or the “Group”) is the holding company of the 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. The Ermenegildo Zegna Group is a global luxury player, with a leading position in the high-end menswear business, internationally recognized for its unique textile and manufacturing platform. Heritage, Italian craftsmanship, quality and innovation are the key ingredients of its three complementary brands: ZEGNA, Thom Browne and TOM FORD FASHION, through which the Group reaches different communities, from ZEGNA’s absolute luxury, to the modern tailoring of Thom Browne, to luxury glamour with TOM FORD FASHION. Thanks to Thom Browne and TOM FORD FASHION, the Group can also play an important, and growing, role in the luxury womenswear and leather goods segment. The Group was founded in 1910 in Northern Italy, in the town of Trivero, as a wool mill by Ermenegildo Zegna (the grandfather of the current Group’s Chairman and Chief Executive Officer) with the dream of creating the most beautiful and luxurious fabrics in the world. In the 60ies the Company moved from textile into men’s ready-to-wear while in the 80ies it expanded its business internationally with the opening of the first monobrand boutique in Paris in 1980 marking the beginning of an extensive retail network development at worldwide level. In 2018 it acquired 85% of Thom Browne Inc. and on April 28, 2023, following the completion of the acquisition of Tom Ford International (“TFI”) (the “TFI Acquisition”), the Group became a long-term licensee of the Estée Lauder Companies Inc. (“ELC”) for the TOM FORD brand for men’s and women’s fashion and accessories business. The Group’s Filiera , the unique supply chain composed by some of the finest Italian high-end textile producers fully integrated in the Group’s luxury manufacturing capabilities, represents an undeniable competitive advantage for all the Group’s brands. The Group controls the most important phases of the value chain, from designing to manufacturing, and to distribution. Over the years, the Group has reached a significant international presence through the direct-to-consumer retail channel, as well as through selected wholesale customers. The Group and its brands are led by a world-class management team. Seasonality The luxury apparel market in which the Group operates is subject to seasonal fluctuations in sales. The 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 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. 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 well as marketing activities, including events that the Group hosts or participates in, which may not occur evenly throughout the year or between periods. As a result of the foregoing, the financial results for interim periods are not indicative of results for the entire fiscal year. |
Basis of Preparation
Basis of Preparation | 6 Months Ended |
Jun. 30, 2024 | |
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, 2023 and December 31, 2022 and for each of the three years in the period ended December 31, 2023 (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 Note 3 — Summary of significant accounting policies “ New standards and amendments issued by the IASB and applicable from January 1, 2024 ”. 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 17, 2024. These Semi-Annual Condensed Consolidated Financial Statements include the semi-annual condensed consolidated statement of profit, 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. Income and expenses are accounted for on an accrual basis. 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. 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, 2024 At June 30, 2024 At December 31, 2023 Average for the six months ended June 30, 2023 At June 30, 2023 U.S. Dollar 1.081 1.071 1.105 1.081 1.087 Swiss Franc 0.962 0.963 0.926 0.986 0.979 Chinese Renminbi 7.801 7.775 7.851 7.489 7.898 Pound Sterling 0.855 0.846 0.869 0.876 0.858 Hong Kong Dollar 8.454 8.359 8.631 8.471 8.516 Singapore Dollar 1.456 1.451 1.459 1.444 1.473 United Arab Emirates Dirham 3.971 3.931 4.058 3.969 3.991 Japanese Yen 164.461 171.940 156.330 145.760 157.160 South Korea Won 1,460.315 1,474.860 1,433.660 1,400.435 1,435.880 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 In January 2020, the IASB issued amendments to IAS 1 — Presentation of Financial Statements: Classification of Liabilities as Current or Non-Current to clarify how to classify debt and other liabilities as current or non-current, and in particular how to classify liabilities with an uncertain settlement date and liabilities that may be settled by converting to equity. There was no effect from the adoption of these amendments. In September 2022, the IASB issued amendments to IFRS 16 — Leases: Liability in a Sale and Leaseback to improve the requirements for sale and leaseback transactions, which specify the measurement of the liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognize any amount of the gain or loss that relates to the right of use it retains. There was no effect from the adoption of these amendments. In October 2022, the IASB issued amendments to IAS 1 — Presentation of Financial Statements: Non-current Liabilities with Covenants , that clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. There was no effect from the adoption of these amendments. In May 2023, the IASB issued amendments to IAS 7 — Statement of Cash Flows and IFRS 7 — Financial Instruments: Disclosures: Supplier Finance Arrangements , that introduce new disclosure requirements to enhance the transparency and usefulness of the information provided by entities about supplier finance arrangements and are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity’s liabilities, cash flows and exposure to liquidity risk. These amendments are applicable for annual reporting periods beginning on or after January 1, 2024 but not for any interim periods ending on or before December 31, 2024, and include certain specific transition reliefs for the first annual reporting period. There was no effect from the adoption of these amendments. Scope of consolidation The following changes in the scope of consolidation of the Group occurred during the six months ended June 30, 2024: • on January 1, 2024, the Group acquired a 100% interest in Ermenegildo Zegna Korea Co. Ltd. for cash consideration of €9 million, following which the Group began directly operating its ZEGNA business in South Korea and its network of 15 stores. For additional information see Note 22 — Business combinations; • on February 6, 2024, the Group sold its 100% interest in Ezesa Argentina S.A. , following which Ezesa Argentina S.A. was deconsolidated by the Group; • on March 25, 2024, Ermenegildo Zegna Monaco S.a.r.l. was incorporated by the Group, primarily to manage the Group’s operating activities in the Principality of Monaco. The Group held a 100% interest in the company at June 30, 2024; • on April 28, 2024, Zegna Consitex Arabia For Trading LLC, a limited liability company owned by Consitex S.A., was incorporated, primarily to manage the Group’s operating activities in the Kingdom of Saudi Arabia. The Group held a 70% interest in the company at June 30, 2024; • on June 6, 2024, Mr. Thom Browne exercised a put option to sell to the Group an additional 2% of Thom Browne Inc. (the parent company of the Thom Browne group), for total consideration of $25 million (€22,752 thousand), following which the Group holds 92% of Thom Browne group. As a result, the Group derecognized a portion of the liability for the written put option on non-controlling interests for an amount of €22,752 thousand. Additionally, the equity attributable to non-controlling interests was reduced by €3,697 thousand with an offsetting increase to equity attributable to shareholders of the Parent Company. For additional information relating to the put option on non-controlling interests, see Note 16 — Other current and non-current financial liabilities ; • on June 27, 2024, Ezeti S.L. acquired the remaining 30% interest in Ermenegildo Zegna Madrid S.A. not previously owned by the Group for cash consideration of €750 thousand, following which the Group owns 100% of the company; • in the first half of 2024, the interest held in Consorzio Re.Crea was reduced from 15.5% at December 31, 2023 to 15.4% at June 30, 2024 due to a capital increase of the consortium. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2024 | |
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 brand and Textile 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 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 activities, including, for one or all of the periods presented and as further described below, net impairment of leased and owned stores, severance indemnities and provisions for severance expenses, legal costs for trademark dispute, transaction costs related to acquisitions, costs related to the Business Combination, special donations for social responsibility and net income related to lease agreements. 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 organizational changes within the Group and changes in the information provided to the CODM for the purposes of making strategic decisions relating to the assessment of performance and the allocation of resources, revenues from Pelletteria Tizeta S.r.l., which were allocated to the Zegna segment in the semi-annual report at and for the six months ended June 30, 2023, are now presented within the Tom Ford Fashion segment for the six months ended June 30, 2024. As a result, the related revenues for the six months ended June 30, 2023 have been reclassified from the Zegna segment to Tom Ford Fashion segment to conform to the current period presentation. No measures of assets or liabilities by segment are reported to the CODM and therefore such information is not presented. The following tables summarize selected financial information by segment for the six months ended June 30, 2024 and 2023. For the six months ended June 30, 2024 (€ thousands) Zegna Thom Browne Tom Ford Fashion Corporate Intercompany eliminations Group Consolidated Revenues with third parties 644,908 166,721 148,493 — — 960,122 Inter-segment revenues 15,630 214 — — (15,844) — Revenues 660,538 166,935 148,493 — (15,844) 960,122 Profit before taxes 48,550 Financial income (12,106) Financial expenses 29,267 Foreign exchange losses 7,684 Result from investments accounted for using the equity method (314) Operating profit 73,081 Adjustments: Net impairment of leased and owned stores (1) 30 2,952 1,997 — — 4,979 Severance indemnities and provisions for severance expenses (2) 483 — 226 727 — 1,436 Legal costs for trademark dispute (3) — 1,388 — — — 1,388 Transaction costs related to acquisitions (4) — — — 26 — 26 Adjusted EBIT 84,695 20,186 (11,913) (11,965) (93) 80,910 Depreciation and amortization (76,127) (13,008) (19,382) (31) — (108,548) ________________________________________ (1) Net impairment of leased and owned stores includes (i) impairment of €3,036 thousand related to right-of-use assets and (ii) impairment of €1,943 thousand related to property, plant and equipment. These amounts are recorded within “selling, general and administrative expenses” in the semi-annual condensed consolidated statement of profit and loss. (2) Relates to severance indemnities of €1,436 thousand. This amount is recorded within “selling, general and administrative expenses” in the semi-annual condensed consolidated statement of profit. (3) Relates to legal costs of €1,388 thousand in connection with defending a legal dispute initiated by adidas alleging that Thom Browne infringe its intellectual property rights. This amount is recorded within “selling, general and administrative expenses” in the semi-annual condensed consolidated statement of profit. (4) Relates to transaction costs of €26 thousand for consultancy and legal fees related to the acquisition of the ZEGNA business in South Korea. This amount is recorded within “selling, general and administrative expenses” in the semi-annual condensed consolidated statement of profit. 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 12,217 1,008 12 — (13,237) — Revenues 644,310 207,959 64,027 — (13,237) 903,059 Profit before taxes 78,278 Financial income (15,601) Financial expenses 44,592 Foreign exchange losses 7,003 Result from investments accounted for using the equity method 2,237 Operating profit 116,509 Adjustments: Transaction costs related to acquisitions (1) — — — 4,975 — 4,975 Costs related to the Business Combination (2) 548 46 — 465 — 1,059 Severance indemnities and provisions for severance expenses (3) 486 — 252 — — 738 Legal costs for trademark dispute (4) — 649 — — — 649 Special donations for social responsibility (5) — — — 100 — 100 Net income related to lease agreements (6) (4,126) — — — — (4,126) Adjusted EBIT 99,718 31,521 4,303 (15,626) (12) 119,904 Depreciation and amortization (67,489) (12,953) (6,521) (20) — (86,983) ________________________________________ (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% interest in Norda. This amount is recorded within “selling, general and administrative expenses” in the semi-annual condensed consolidated statement of profit. (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 is recorded within “selling, general and administrative expenses” for €1,040 thousand and “cost of sales” for €19 thousand in the semi-annual condensed consolidated statement of profit. (3) Relates to severance indemnities of €738 thousand. This amount is recorded within “selling, general and administrative expenses” in the semi-annual condensed consolidated statement of profit. (4) Relates to legal costs of €649 thousand in connection with defending a legal dispute initiated by adidas alleging that Thom Browne infringe its intellectual property rights. This amount is recorded within “selling, general and administrative expenses” in the semi-annual condensed consolidated statement of profit. (5) Relates to a donation of €100 thousand to support initiatives related to humanitarian emergencies in Turkey. This amount is recorded within “selling, general and administrative expenses” in the semi-annual condensed consolidated statement of profit. (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 is recorded within “selling, general and administrative expenses” in the semi-annual condensed consolidated statement of profit. |
Revenues
Revenues | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
Revenues | 5. Revenues The Group 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 brand and product line: For the six months ended June 30, (€ thousands) 2024 2023 ZEGNA brand (1) 566,067 541,319 Thom Browne 166,721 206,951 TOM FORD FASHION 148,493 64,015 Textile 71,836 73,072 Other (2) 7,005 17,702 Total revenues 960,122 903,059 ________________________________________ (1) ZEGNA brand includes apparel, bags, shoes and small and large leather goods, as well as licensed goods and royalties. (2) Other mainly includes revenues from agreements with third party brands. The following table provides a breakdown of revenues by distribution channel: For the six months ended June 30, (€ thousands) 2024 2023 Direct to Consumer (DTC) ZEGNA brand 486,561 465,710 Thom Browne 89,976 82,924 TOM FORD FASHION 93,062 34,751 Total Direct to Consumer (DTC) 669,599 583,385 Wholesale branded ZEGNA brand 79,506 75,609 Thom Browne 76,745 124,027 TOM FORD FASHION 55,431 29,264 Total Wholesale branded 211,682 228,900 Textile 71,836 73,072 Other (1) 7,005 17,702 Total revenues 960,122 903,059 ________________________________________ (1) Other mainly includes revenues from agreements with third party brands. The following table provides a breakdown of revenues by geographic area: For the six months ended June 30, (€ thousands) 2024 2023 EMEA (1) 336,591 322,680 of which Italy 135,203 151,464 Americas (2) 246,046 190,112 of which United States 212,392 156,747 Greater China Region 266,324 306,835 Rest of APAC (3) 109,990 82,190 Other (4) 1,171 1,242 Total revenues 960,122 903,059 ________________________________________ (1) EMEA includes Europe, the Middle East and Africa. (2) Americas includes the United States of America, Canada, Mexico, Brazil and other Central and South American countries. (3) Rest of APAC includes Japan, South Korea, Singapore, Thailand, Malaysia, Vietnam, Indonesia, Philippines, Australia, New Zealand, India and other Southeast Asian countries. (4) Other revenues mainly include royalties. Revenues in the Netherl a nds, the Company’s country of domicile, amounted to €6,293 thousand and €7,503 thousand for the six months ended June 30, 2024 and 2023, respectively. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Major components of tax expense (income) [abstract] | |
Income taxes | 6. Income taxes The following table provides a breakdown for income taxes: For the six months ended June 30, (€ thousands) 2024 2023 Current taxes (17,683) (39,679) Deferred taxes 465 13,517 Income taxes (17,218) (26,162) Income taxes for the six months ended June 30, 2024 and 2023 amounted to €17,218 thousand and €26,162 thousand, respectively, of which €16,326 thousand and €23,993 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 €892 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, 2024 and 2023 the applicable IRAP rate was 5.57% for the Parent Company and 3.9% for the other Italian entities of the Group. The effective tax rate for the six months ended June 30, 2024 and 2023 was 35.5% and 33.4%, respectively. The Pillar Two legislative tax framework introduced by the Organisation for Economic Co-operation and Development (“OECD”), which aims to ensure large multinational corporations pay a minimum level of tax on the income arising in each of the jurisdictions where they operate, has subsequently and progressively been enacted into local tax legislation in many countries around the world. Considering that the Group’s ultimate parent Company is tax resident in Italy and the Italian tax authorities have enacted new tax legislation to implement the Pillar Two framework, the global minimum top-up tax must be applied with respect to all subsidiaries of the Group starting from January 1, 2024. The impact of applying the Pillar Two tax rules for the Group has been limited to certain operations abroad where the Pillar Two transitional safe harbor does not apply and the Pillar Two effective tax rate is below 15 percent. The Group has applied the 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. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings per share [abstract] | |
Earnings per share | 7. Earnings per share Basic and diluted earnings per share are calculated as the ratio of net profit or loss attributable to shareholders of the Parent 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) 2024 2023 Profit attributable to shareholders of the Parent Company 25,085 45,967 Weighted average number of shares for basic earnings per share 250,630,556 244,167,243 Adjustments for calculation of diluted earnings per share: Long-Term Incentive Awards 2022-2025 (1) 1,381,264 949,678 CEO remuneration in shares (2) 920,879 1,041,460 Non-executive directors remuneration in shares (3) 136,214 154,860 2023 Restricted Stock Units Plan (4) 130,000 — Weighted average number of shares for diluted earnings per share 253,198,913 246,313,241 Basic earnings per share in € 0.10 0.19 Diluted earnings per share in € 0.10 0.19 For the first six months ended June 30, 2024 and 2023, 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 20 — Share-based payments . (1) Long-Term Incentive Awards 2022-2025 — Performance share units (“PSUs”) and retention restricted share units (“RSUs”) granted to the Group’s senior management (“Senior Management Team”), 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. (2) CEO remuneration in shares — Potential ordinary shares from the exercise of the share purchase rights of all or part of the CEO’s fixed remuneration. (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 2023 and 2024 and that will be assigned to the recipients in 2025 and 2026. (4) 2023 Restricted Stock Units Plan — RSUs granted to the Senior Management Team, which are considered to be potential ordinary shares if the recipient was still employed by the Group at the reporting date. |
Other Information by Nature
Other Information by Nature | 6 Months Ended |
Jun. 30, 2024 | |
Summary Of Additional Information [Abstract] | |
Other information by nature | 8. Other information by nature The following table provides a breakdown of depreciation and amortization and of personnel costs within the semi-annual condensed consolidated statement of profit: For the six months ended June 30, (€ thousands) 2024 2023 Depreciation and amortization Personnel costs Depreciation and amortization Personnel costs Cost of sales (7,880) (70,063) (7,417) (65,925) Selling, general and administrative expenses (99,419) (185,050) (78,738) (160,309) Marketing expenses (1,249) (6,053) (828) (4,924) Total (108,548) (261,166) (86,983) (231,158) |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of detailed information about intangible assets [abstract] | |
Intangible assets | 9. 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, 2023 256,270 162,832 143,921 170,040 106 733,169 Additions — — 583 9,812 501 10,896 Disposals — — (228) (221) — (449) Business combinations 8,280 — — — — 8,280 Exchange differences 5,778 5,247 3,250 906 — 15,181 Other movements and reclassifications — — 3,716 (4,636) (194) (1,114) Historical cost at June 30, 2024 270,328 168,079 151,242 175,901 413 765,963 Accumulated amortization at December 31, 2023 — — (41,348) (119,547) — (160,895) Amortization — — (2,656) (7,661) — (10,317) Disposals — — 177 217 — 394 Exchange differences — — (164) (590) — (754) Other movements and reclassifications — — (2,974) 3,519 — 545 Accumulated amortization at June 30, 2024 — — (46,965) (124,062) — (171,027) Carrying amount at: December 31, 2023 256,270 162,832 102,573 50,493 106 572,274 June 30, 2024 270,328 168,079 104,277 51,839 413 594,936 Goodwill of €8,280 thousand recognized during the period related to the acquisition of the ZEGNA business in South Korea. For additional information, see Note 22 — Business combinations. |
Right-of-Use Assets
Right-of-Use Assets | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of quantitative information about right-of-use assets [abstract] | |
Right-of-use assets | 10. 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 right-of-use assets Total Historical cost at December 31, 2023 971,033 45 168 6,765 978,011 Additions 95,374 102 — 2,654 98,130 Disposals (27,592) (2) — (970) (28,564) Exchange differences 15,434 — — (11) 15,423 Historical cost at June 30, 2024 1,054,249 145 168 8,438 1,063,000 Accumulated amortization at December 31, 2023 (440,434) (15) (150) (3,460) (444,059) Amortization (71,076) (14) (17) (1,082) (72,189) Impairment (3,036) — — — (3,036) Disposals 23,593 1 — 664 24,258 Exchange differences (6,803) — — 5 (6,798) Accumulated amortization at June 30, 2024 (497,756) (28) (167) (3,873) (501,824) Carrying amount at: December 31, 2023 530,599 30 18 3,305 533,952 June 30, 2024 556,493 117 1 4,565 561,176 The Group leases various retail stores, warehouses, equipment and vehicles. Lease contracts are typically made for fixed periods of 1 year to 15 years and 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 right-of-use assets mainly include vehicles. For the six months ended June 30, 2024 impairments were recognized for an amount of €3,036 thousand primarily related to leased stores in Europe and Unites States that are part of the Thom Browne segment, to leased stores in Greater China Region and South Korea that are part of the Tom Ford Fashion segment, and to a leased store in Greater China Region that is part of the Zegna segment. For the six months ended June 30, 2023 no impairments were recognized. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of Measuring inventories [Abstract] | |
Inventories | 11. Inventories The following table provides a breakdown for inventories (net of the provision for slow moving and obsolete inventories): (€ thousands) At June 30, 2024 At December 31, 2023 Raw materials, ancillary materials and consumables 93,150 90,460 Work-in-progress and semi-finished products 50,788 46,735 Finished goods 396,853 385,394 Total inventories 540,791 522,589 The amount of provisions for slow moving and obsolete inventories (net of utilizations and releases) recognized for the six months ended June 30, 2024 and 2023 was €7,775 thousand and €19,292 thousand, respectively. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Financial Instruments [Abstract] | |
Derivative financial instruments | 12. 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 table below: At June 30, 2024 At December 31, 2023 (€ thousands) Notional amount Positive fair value Negative fair value Notional amount Positive fair value Negative fair value Foreign currency exchange risk Foreign currency derivatives 651,161 2,590 (2,741) 595,819 6,371 (897) Interest rate risk Interest rate swaps 53,297 1,755 — 133,962 4,739 — Total derivatives instruments - Notional / Assets / (Liabilities) 704,458 4,345 (2,741) 729,781 11,110 (897) |
Other Current Financial Assets
Other Current Financial Assets | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure Of Other current Financial Assets [Abstract] | |
Other current financial assets | 13. Other current financial assets The following table provides a breakdown for other current financial assets (see Note 18 — Fair value measurement for a breakdown of other current financial assets by fair value level): (€ thousands) At June 30, 2024 At December 31, 2023 Securities 93,666 85,320 Guarantee deposits 5,524 5,431 Financial receivables 261 166 Total other current financial assets 99,451 90,917 The following table provides a breakdown for securities: (€ thousands) At December 31, 2023 Investments Disposals Fair value adjustments Realized gains/(losses) Exchange rate gains/(losses) At June 30, 2024 Fair value through profit or loss (FVPL) Private equity 22,399 824 (2,215) 513 35 428 21,984 Money market funds 2,093 13,586 (744) 10 33 36 15,014 Real estate funds 12,146 — (2,388) 128 61 157 10,104 Hedge funds 8,995 — (20) 961 1 43 9,980 Private debt 10,106 — (60) (237) — — 9,809 Equity 1,141 1,986 — 160 — — 3,287 Total FVPL 56,880 16,396 (5,427) 1,535 130 664 70,178 Fair value through other comprehensive income (FVOCI) Fixed income 11,748 3,447 — 64 — — 15,259 Floating income 16,692 1,508 (10,000) 46 (17) — 8,229 Total FVOCI 28,440 4,955 (10,000) 110 (17) — 23,488 Total securities 85,320 21,351 (15,427) 1,645 113 664 93,666 |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of reserves within equity [abstract] | |
Shareholders' equity | 14. Shareholders’ equity Share capital and share premium At June 30, 2024 and December 31, 2023 the fully paid up share capital of the Company was €9,154 thousand, consisting of 302,704,726 ordinary shares and 154,981,350 special voting shares A, 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 uninterrupted period of time as prescribed by the articles of association of the Company. 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. If ordinary shares have been registered in the loyalty register for an uninterrupted period of two years in the name of the same shareholder, such shares become eligible to receive Special Voting Shares A of the Company. The relevant shareholder will receive one Special Voting Share A of the Company per eligible ordinary share. Each Special Voting Share A of the Company will automatically be converted into a Special Voting Share B of the Company after holding a number of ordinary shares for an uninterrupted period of five years following the registration of such ordinary shares in the loyalty register, and each Special Voting Share B of the Company will automatically be converted into a Special Voting Share C of the Company after holding a number of ordinary shares for an uninterrupted period of ten years following the registration of such ordinary shares in the loyalty register. Each class of the Company’s Special Voting Shares will entitle the relevant holders to the following number of votes, in addition to the voting rights attached to each ordinary share: each Special Voting Share A of the Company confers the right to cast one vote, each Special Voting Share B of the Company confers the right to cast four votes and each Special Voting Share C of the Company confers the right to cast nine votes in the Company’s General Meeting. Holders of the Company’s Special Voting Shares will not receive any dividends in respect of the Special Voting Shares; however, the Company will maintain a separate dividend reserve for each class of the Special Voting Shares for the sole purpose of the allocation of the mandatory minimum profits that accrue to the Company’s Special Voting Shares. The following table summarizes the changes in the share capital, share premium and number of ordinary shares and special voting shares of the Company for the six months ended June 30, 2024: Share capital Share premium Outstanding ordinary shares Ordinary shares held in treasury Total ordinary shares Special voting shares At December 31, 2023 9,154 782,587 250,310,263 52,394,463 302,704,726 154,981,350 Ordinary shares delivered under share-based payments (1) — — 2,106,216 (2,106,216) — — At June 30, 2024 9,154 782,587 252,416,479 50,288,247 302,704,726 154,981,350 ________________________________________ (1) As a result of the vesting of certain equity incentive arrangements, 2,106,216 ordinary shares, which were previously held in treasury, were delivered to participants of the share-based payments plans, as further described below: (a) 609,756 ordinary shares to the Senior Management Team to settle a portion of the bonus in ordinary shares equal to a value of $7,500 thousand as part of long-term equity incentives provided. (b) 588,000 ordinary shares to the CEO under the CEO 2022-2024 long-term incentive plan in relation to the 2023 performance period; (c) 360,000 ordinary shares to the CEO under the CEO IPO PSU plan. (d) 430,000 ordinary shares to the directors of the Group, key executives with strategic responsibilities and other employees of the Group under the Management IPO PSU plan. (e) 78,460 ordinary shares to the non-executive directors of the Group for 50% of their annual base remuneration for services provided in 2022. (f) 40,000 ordinary shares to the Senior Management Team (excluding the CEO) under the 2023 RSU Plan in connection with the achievement of the service condition for the first installment. For additional information relating to the equity incentive arrangements of the Group, see Note 20 — Share-based payments . Reserve for treasury shares At June 30, 2024, the reserve for treasury shares amounted to €419,070 thousand (€436,622 thousand at December 31, 2023) and 50,288,247 ordinary shares were held in treasury (52,394,463 ordinary shares at December 31, 2023). Other reserves Other reserves are detailed as follows: (€ thousands) At June 30, 2024 At December 31, 2023 Share-based payments reserve 80,349 96,008 Non-controlling interests options reserve (114,247) (183,525) Other (135,757) (66,479) Other reserves (169,655) (153,996) The non-controlling interests options reserve includes a reduction of equity attributable to shareholders of the Company resulting from the initial recognition at fair value of the financial liabilities relating to put options held by non-controlling interests (the financial liabilities are subsequently remeasured at the end of each period through the statement of profit or loss) in (i) Thom Browne group for €92,788 thousand at June 30, 2024 and €162,066 thousand at December 31, 2023 (originally recognized in 2018 and partially reclassified within other reserves in 2024 as a result of the first tranche of the put option being completely exercised) and (ii) Gruppo Dondi S.p.A. for €21,459 thousand at June 30, 2024 and December 31, 2023 (originally recognized in 2019). For additional information relating to the put options, see Note 16 — Other current and non-current financial liabilities . Retained earnings Retained earnings include the Group’s accumulated earnings, less dividends paid to equity holders and other changes, including 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 26, 2024, the shareholders approved a dividend distribution of €0.12 per ordinary share, corresponding to a total dividend of €30 million. The dividend distribution was paid on July 30, 2024 and was made from the retained earnings reserve. |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of detailed information about borrowings [abstract] | |
Borrowings | 15. Borrowings The following table provides a breakdown for non-current and current borrowings: (€ thousands) Committed loans Other financial loans Total borrowings At December 31, 2023 316,956 85,666 402,622 Repayments (88,589) (85,634) (174,223) Proceeds 89,713 65,000 154,713 Other 2,983 — 2,983 At June 30, 2024 321,063 65,032 386,095 of which: Non-current 218,128 4 218,132 Current 102,935 65,028 167,963 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, 2024 into relevant maturity groupings based on their contractual maturities (contractual undiscounted cash flows, including interest): Contractual cash flows at June 30, 2024 Carrying amount at June 30, 2024 (€ thousands) Within 1 year Between 1 and 2 years Between 2 and 3 years Beyond 3 years Total contractual cash flows Derivative financial instruments 2,741 — — — 2,741 2,741 Trade payables and customer advances 281,819 — — — 281,819 281,819 Borrowings 176,807 125,424 94,045 6,284 402,560 386,095 Lease liabilities 154,605 127,093 105,988 327,658 715,344 631,097 Other non-current financial liabilities — — — 141,239 141,239 141,239 Total 615,972 252,517 200,033 475,181 1,543,703 1,442,991 |
Other Current and Non-Current F
Other Current and Non-Current Financial Liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of financial liabilities [abstract] | |
Other current and non-current financial liabilities | 16. Other current and non-current financial liabilities The following table provides a breakdown for other non-current financial liabilities. (€ thousands) At June 30, 2024 At December 31, 2023 Written put options on non-controlling interests 141,239 136,466 of which Thom Browne option 124,139 116,456 of which Dondi option 17,100 20,010 Other — 90 Other non-current financial liabilities 141,239 136,556 Written put options on non-controlling interests — 22,102 of which Thom Browne option — 22,102 Other current financial liabilities — 22,102 Total 141,239 158,658 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 8% interest in the Thom Browne group not owned by the Group, in two remaining 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 2024 to 2027. The liability, which originally related to a 15% non-controlling interest, was initially recognized against equity for €162,066 thousand and it is remeasured at each reporting date in profit or loss based on the latest available information. In June 2021, the Group purchased an additional 5% of the Thom Browne group for a total consideration of €30,653 thousand, reducing the non-controlling interest to 10%. During the first half of 2024, Mr. Thom Browne exercised the put option to sell to the Group an additional 2% of Thom Browne Inc. (based on 2023 EBITDA of the Thom Browne group) for a consideration of €22,752 thousand, following which the Group owns 92% of the Thom Browne group. The Group derecognized a portion of the liability for the written put option on non-controlling interests in the amount of €22,752 thousand. Additionally, the equity attributable to non-controlling interests was reduced by €3,697 thousand with an offsetting increase to equity attributable to shareholders of the Parent Company and the put option liability relating to the remaining non-controlling interest was remeasured at its fair value. At June 30, 2024, the put option liability (which relates to two tranches representing 5% and 3% of the non-controlling interests that are based on the 2028 and 2030 EBITDA of the Thom Browne group, respectively) amounted to €124,139 thousand and was classified as non-current (€138,558 thousand at December 31, 2023, of which €22,102 thousand was classified as current and €116,456 thousand was classified as non-current). 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, 2024 amounted to €17,100 thousand and was classified as non-current (€20,010 thousand at December 31, 2023). |
Lease Liabilities
Lease Liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Lease liabilities [abstract] | |
Lease liabilities | 17. Lease liabilities The following table provides a breakdown for lease liabilities. (€ thousands) Lease liabilities At December 31, 2023 593,725 Interest expense 11,511 Repayment of lease liabilities (including interest expense) (78,461) Additions due to new leases and store renewals 97,868 Decrease of lease liabilities due to store closures (3,416) Translation differences 9,870 At June 30, 2024 631,097 of which: Non-current 497,543 Current 133,554 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 lease liabilities, see Note 15 — Borrowings . |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of financial assets [abstract] | |
Fair value measurement | 18. Fair value measurement The reported amounts of derivative instruments, whether assets or liabilities, reflect their fair value at the reporting date. The carrying amounts of cash and cash equivalents, financial assets and trade receivables, as adjusted for impairment where necessary as required by IFRS 9, approximate their estimated realizable value and their fair value. Lease liabilities are measured at present value, while all other financial liabilities measured at amortized cost approximate their fair value. Categories of financial assets and liabilities according to IFRS 7 The following tables provide a breakdown of financial assets by category at June 30, 2024: At June 30, 2024 Financial assets Fair value Level (€ thousands) FVPL FVOCI Amortized cost Total Note 1 2 3 Derivative financial instruments — 4,345 — 4,345 12 — 4,345 — Cash and cash equivalents — — 225,316 225,316 — 225,316 — Trade receivables — — 216,670 216,670 — 216,670 — Other non-current financial assets 4,292 — 31,829 36,121 — 32,361 3,760 Other current financial assets 70,178 23,488 5,785 99,451 13 26,775 21,079 51,597 Financial assets 74,470 27,833 479,600 581,903 26,775 499,771 55,357 The following table provides an additional breakdown for other current financial assets at June 30, 2024: At June 30, 2024 Other current financial assets Fair value Level (€ thousands) FVPL FVOCI Amortized cost Total 1 2 3 Money market funds and floating income 15,014 8,229 — 23,243 8,229 15,014 — Private equity 21,984 — — 21,984 — — 21,984 Fixed income — 15,259 — 15,259 15,259 — — Real estate funds 10,104 — — 10,104 — — 10,104 Hedge funds 9,980 — — 9,980 — — 9,980 Private debt 9,809 — — 9,809 — 280 9,529 Guarantee deposits — — 5,524 5,524 — 5,524 — Equity 3,287 — — 3,287 3,287 — — Financial receivables — — 261 261 — 261 — Total other current financial assets 70,178 23,488 5,785 99,451 26,775 21,079 51,597 The following table presents the changes in level 3 items for financial assets for the six months ended June 30, 2024: (€ thousands) Fair value At December 31, 2023 57,131 Investments 824 Disposals (4,688) Fair value adjustments 1,365 Realized gains 98 Exchange rate gains 627 At June 30, 2024 55,357 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 of financial assets by category at December 31, 2023: At December 31, 2023 Financial assets Fair value Level (€ thousands) FVPL FVOCI Amortized cost Total Note 1 2 3 Derivative financial instruments — 11,110 — 11,110 12 — 11,110 — Cash and cash equivalents — — 296,279 296,279 — 296,279 — Trade receivables — — 240,457 240,457 — 240,457 — Other non-current financial assets 4,421 — 29,477 33,898 — 30,133 3,765 Other current financial assets 56,880 28,440 5,597 90,917 13 29,581 7,970 53,366 Financial assets 61,301 39,550 571,810 672,661 29,581 585,949 57,131 The following table provides an additional breakdown for other current financial assets at December 31, 2023: At December 31, 2023 Other current financial assets Fair value Level (€ thousands) FVPL FVOCI Amortized cost Total 1 2 3 Private equity 22,399 — — 22,399 — — 22,399 Money market funds and floating income 2,093 16,692 — 18,785 16,692 2,093 — Real estate funds 12,146 — — 12,146 — — 12,146 Fixed income — 11,748 — 11,748 11,748 — — Private debt 10,106 — — 10,106 — 280 9,826 Hedge funds 8,995 — — 8,995 — — 8,995 Guarantee deposits — — 5,431 5,431 — 5,431 — Equity 1,141 — — 1,141 1,141 — — Financial receivables — — 166 166 — 166 — Total other current financial assets 56,880 28,440 5,597 90,917 29,581 7,970 53,366 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 of financial liabilities by category at June 30, 2024: At June 30, 2024 Financial liabilities Fair value Level (€ thousands) FVPL FVOCI Amortized cost Total Note 1 2 3 Derivative financial instruments — 2,741 — 2,741 12 — 2,741 — Non-current borrowings — — 218,132 218,132 15 — 218,132 — Current borrowings — — 167,963 167,963 15 — 167,963 — Other non-current financial liabilities 141,239 — — 141,239 16 — 141,239 — Trade payables and customer advances — — 281,819 281,819 — 281,819 — Lease liabilities – Current/Non-current — — 631,097 631,097 17 — — 631,097 Financial liabilities 141,239 2,741 1,299,011 1,442,991 — 811,894 631,097 The following tables provide a breakdown of financial liabilities by category at December 31, 2023: At December 31, 2023 Financial liabilities Fair value Level (€ thousands) FVPL FVOCI Amortized cost Total Note 1 2 3 Derivative financial instruments — 897 — 897 12 — 897 — Non-current borrowings — — 113,285 113,285 15 — 113,285 — Current borrowings — — 289,337 289,337 15 — 289,337 — Other non-current financial liabilities 136,466 — 90 136,556 16 — 136,466 90 Other current financial liabilities 22,102 — — 22,102 16 — 22,102 — Trade payables and customer advances — — 314,137 314,137 — 314,137 — Lease liabilities – Current / Non-current — — 593,725 593,725 17 — — 593,725 Financial liabilities 158,568 897 1,310,574 1,470,039 — 876,224 593,815 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of transactions between related parties [abstract] | |
Related party transactions | 19. Related party transactions Pursuant to IAS 24 — Related Party Disclosures (“IAS 24”), the related parties of the Group are all entities and individuals (and 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 s.s. (“Monterubello”), as well as other companies owned by Monterubello and its shareholders. Related parties also include the Group’s associates and joint arrangements, members of the Group’s Board of Directors and executives with strategic responsibilities, as well as their families and entities controlled by them. The Group’s transactions with related parties are primarily of a commercial and/or financial nature and are 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 further described below. Transactions with associates • Transactions with TFI and its subsidiaries (the “TFI Group”), prior to the completion of the TFI Acquisition (following which TFI Group is part of the Ermenegildo Zegna Group and no longer a related party that requires separate disclosure), primarily 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 fully settled in 2023; and ◦ a financial guarantee provided in 2020 by the Group to TFI (which at the time was an associate of the Group) for an amount of $7,500 thousand in relation to its payment obligations under a bank loan issued to TFI. Such guarantee was subsequently reduced to $6,875 thousand in 2022 and terminated in 2023 as part of the transactions contemplated by the TFI Acquisition. No amounts were claimed under the guarantee. • The purchase of raw materials (primarily carded yarns) from Filati Biagioli Modesto. • The purchase of finished products from Norda Run Inc. and Luigi Fedeli e Figlio S.r.l. Transactions with Monterubello and companies controlled by Monterubello or its shareholders, the Company’s directors or members of the Senior Management Team • The purchase of raw materials (primarily wool) from Gruppo Schneider S.p.A and its subsidiaries (the “Schneider Group”). • The purchase of industrial services (primarily finishing of fabrics), from Finissaggio e Tintoria Ferraris S.p.A. • The purchase of industrial services from Pettinatura di Verrone S.r.l. • The rental of properties from EZ Real Estate S.r.l. (“EZ Real Estate”) or its subsidiaries under lease agreements (EZ Real Estate and its subsidiaries were part of the Group prior to the disposition of the Group’s real estate business in November 2021). • 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 with Mr. Thom Browne 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 option, see Note 16 — 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 table summarizes transactions with related parties for the six months ended June 30, 2024: For the six months ended June 30, 2024 For the six months ended June 30, 2023 (€ 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 Marketing expenses Financial income/(expenses) Foreign exchange gains/(losses) Associates TFI Group (1)(2) — — — — — — 3,212 288 740 — (7) — Filati Biagioli Modesto S.p.A. — 3,676 33 — — — — 3,581 20 — 45 — Norda Run Inc. — 1 4 — — — — 841 120 — (2) — Luigi Fedeli e Figlio S.r.l. 30 138 — — — — — — — — — — Total associates 30 3,815 37 — — — 3,212 4,710 880 — 36 — Companies controlled by Monterubello or its shareholders, the Company's directors or Senior Management Team EZ Real Estate (3) 8 1,267 2,010 1,040 (351) — 1 1,379 2,065 1,024 (181) — Schneider Group 1 6,394 3 — — — 17 6,732 11 — — — Alan Real Estate S.A. (3) — 857 1,550 — (858) 5 — 874 649 — (26) — Agnona S.r.l. 50 25 134 30 — (1) 14 15 87 49 (1) — Other companies controlled by Monterubello or its shareholders, the Company's directors or Senior Management Team (4) 92 2,983 216 4 2 — 37 2,790 11 8 1 — Other related parties connected to directors and shareholders UBS Group AG — — 96 — (239) 83 — — 103 — (262) 1,915 Other — — 1,499 — — — — — 1,524 — — — Total transactions with related parties 181 15,341 5,545 1,074 (1,446) 87 3,281 16,500 5,330 1,081 (433) 1,915 Total for the Group 960,122 322,678 497,612 66,751 (17,161) (7,684) 903,059 323,228 415,792 47,530 (28,991) (7,003) ________________________________________ (1) Following the TFI Acquisition completed on April 28, 2023, TFI Group is controlled by the Group and is no longer related party. (2) Costs with TFI Group include royalties amounting to €181 thousand for the six months ended June 30, 2023. (3) Entities disposed of as part of the disposition of certain businesses in November 2021. (4) Includes transactions with Fondazione Zegna, Finissaggio e Tintoria Ferraris S.p.A. and Pettinatura di Verrone S.r.l. The following table summarizes assets and liabilities with related parties at June 30, 2024 and December 31, 2023: At June 30, 2024 At December 31, 2023 (€ thousands) Non-current assets Current assets Non-current liabilities Current liabilities Non-current assets Current assets Non-current liabilities Current liabilities Associates Filati Biagioli Modesto S.p.A. — 437 — 1,794 — 598 — 927 Norda Run Inc. — — 4 — — — 2 Luigi Fedeli e Figlio S.r.l. — 23 — 136 — 3 — — Total associates — 460 — 1,934 — 601 — 929 Monterubello and Companies controlled by Monterubello or its shareholders, the Company's directors or Senior Management Team Agnona S.r.l. — 17 — 14 — 55 — 56 Schneider Group — — — 4,010 — — — 4,176 EZ Real Estate (1) 40,098 18 34,413 8,525 43,215 82 37,320 8,503 Alan Real Estate S.A. (1) 36,375 — 32,137 5,024 37,154 — 33,245 5,291 Other companies controlled by Monterubello or its shareholders, the Company's directors or Senior Management Team (2) 208 268 — 1,724 406 188 — 2,144 Other related parties connected to directors and shareholders UBS Group AG — 34,889 — 20,530 — 43,202 20,000 3,017 Other — — — 430 — — — 530 Total transactions with related parties 76,681 35,652 66,550 42,191 80,775 44,128 90,565 24,646 Total for the Group 1,552,647 1,228,652 995,565 871,529 1,479,375 1,287,636 853,992 1,012,123 ________________________________________ (1) Entities disposed of as part of the disposition of certain businesses in November 2021. (2) Includes transactions with Fondazione Zegna, Finissaggio e Tintoria Ferraris S.p.A., Achill Station Pty Ltd. and Pettinatura di Verrone S.r.l. |
Share-Based Payments
Share-Based Payments | 6 Months Ended |
Jun. 30, 2024 | |
Share-based payment arrangements [Abstract] | |
Share-based payments | 20. Share-based payments The Group has several equity incentive arrangements under which share-based payments have been awarded to the Chief Executive Officer (“CEO”), other members of the Senior Management Team 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 ordinary share of the Company. For the six months ended June 30, 2024 and 2023, the Group recognized €4,151 thousand and €6,536 thousand, respectively, as share-based compensation expense and an increase to other reserves within equity in relation to the Group’s equity incentive plans. CEO IPO PSUs On January 30, 2024, the Board of Directors confirmed the achievement of the vesting conditions applicable to the second tranche of the CEO IPO PSU awards, which were conditioned upon: (i) the completion of the public listing of the Company’s shares by December 31, 2021, (ii) the attainment of predefined targets relating to the Company’s share price, and (iii) the CEO’s continued service with the Company from the award grant date until December 31, 2023. As a result of such confirmation, the remaining 360,000 CEO IPO PSUs vested in 2023 and the same number of ordinary shares were delivered to the CEO during the first half of 2024. Management IPO PSUs On January 30, 2024, the Board of Directors confirmed the achievement of the vesting conditions applicable to the second tranche of the Management IPO PSU awards, which were conditioned upon: (i) the completion of the public listing of the Company’s shares by December 31, 2021, (ii) the attainment of predefined targets relating to the Company’s share price, and (iii) the recipient’s continued service with the Company from the award grant date until December 31, 2023. As a result of such confirmation, the remaining 430,000 Management IPO PSUs vested in 2023 and the same number of ordinary shares were delivered to the recipients during the first half of 2024. CEO 2022-2024 PSUs On April 4, 2024, the Board of Directors determined the level of achievement of the performance conditions applicable to the CEO 2022-2024 PSU awards in relation to the 2023 performance period. As a result of such determination, 588,000 CEO 2022-2024 PSUs vested in 2023 and the same number of ordinary shares were delivered to the CEO during the first half of 2024. 2023 RSU Plan In the first half of 2024, the service condition applicable to the first installment of the 2023 RSU Plan was achieved. As a result, 40,000 2023 RSUs vested on April 10, 2024 and were delivered to the Senior Management Team (excluding the CEO) during the first half of 2024. Non-Executive Directors Remuneration in Shares Under the Group’s remuneration policy, 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, which will be delivered to the recipients two years following the grant date. As a result, each Non-Executive Director will be entitled to receive 7,162 ordinary shares of the Company in 2026, subject to continuous office through 2024 and otherwise on a prorated basis. In relation to the remuneration in ordinary shares for services provided in 2022, 78,460 ordinary shares were delivered to the Non-Executive Directors during the first half of 2024. 2024-2026 PSUs In June 2024 the Company awarded 518,350 PSUs to the Senior Management Team (excluding the CEO) and certain other employees of the Group (the “2024-2026 PSU Plan”), which vest in 2026 based on the achievement of targets, which will be defined and communicated in the second half of 2024, relating to: (i) the cumulated revenues and cumulated Adjusted EBIT achieved over the performance period from 2024 to 2026, (ii) the change in the adjusted net financial indebtedness/(cash surplus) at the end of 2026 compared to the end of 2023, (iii) the total shareholder return (“TSR”) achieved over the performance period from 2024 to 2026, as well as the recipient’s continued service to the Group at the date of vesting. Each of the performance targets will be measured and settled independently of the other targets and the total number of ordinary shares that will be delivered upon vesting depends on the level of achievement of the performance targets, as well as a multiplier that is based on the performance of certain environmental, social and governance indicators over the performance period. At June 30, 2024, unrecognized compensation expense relating to the 2024-2026 PSU Plan amounted to €3,601 thousand and is expected to be recognized over the remaining vesting period. The following table summarizes the preliminary fair value for accounting purposes at the measurement date and the key assumptions used in the valuation of the 2024-2026 PSU Plan: 2024-2026 PSUs Preliminary fair value €8.30 - €11.19 Measurement date share price €11.00 Expected volatility based on the historical and implied volatility of a group of comparable companies 36.08% Dividend yield 1.18% Risk-free rate 4.38% |
Notes to the Semi-Annual Conden
Notes to the Semi-Annual Condensed Consolidated Cash Flow Statement | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Consolidated Cash Flow Statement [Abstract] | |
Notes to the semi-annual condensed consolidated cash flow statement | 21. Notes to the semi-annual condensed consolidated cash flow statement Operating activities For the six months ended June 30, 2024 and 2023, other non-cash expenses/(income), net in the semi-annual condensed consolidated cash flow statement primarily include equity-settled share-based compensation and bonuses earned by the Senior Management Team and other employees of the Group that were not paid during the period. Additions capitalized to property, plant and equipment for the six months ended June 30, 2024 and 2023 were €42,519 thousand and €26,995 thousand, respectively. |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of detailed information about business combination [abstract] | |
Business combinations | 22. Business combinations Acquisition of the ZEGNA business in South Korea On January 1, 2024, the Group acquired a 100% interest in Ermenegildo Zegna Korea Co. Ltd, following which the Group began directly operating its ZEGNA business in South Korea and its network of stores. Details of the purchase consideration, the net assets acquired and goodwill are presented below. (€ thousands) At acquisition date Cash consideration paid 8,970 Settlement of pre-existing intercompany balances 2,540 Total 11,510 The assets and liabilities recognized as a result of the acquisition are as follows: (€ thousands) Preliminary fair value at Cash and cash equivalents 210 Trade receivables 1,560 Inventories 4,518 Intangible assets and property, plant and equipment 1,014 Other current and non-current assets 109 Other current and non-current liabilities (2,929) Trade payables and customer advances (321) Employee benefits (931) Net identifiable assets acquired 3,230 Goodwill 8,280 Net assets acquired including goodwill 11,510 Goodwill arising from the acquisition of €8,280 thousand is primarily attributable to the expected synergies from combining operations of the acquiree and the acquirer. Acquisition-related costs of €26 thousand were expensed as incurred. Details of the net cash outflows related to the acquisition are shown below: (€ thousands) At acquisition date Consideration paid in cash (8,970) Cash and cash equivalents acquired 210 Payment of acquisition-related liabilities (967) Net cash outflow - Investing activities (9,727) The acquired business contributed revenues of €7,453 thousand and a net loss of €492 thousand to the Group for the period from January 1, 2024 (the date of acquisition) to June 30, 2024. Trade receivables had a gross contractual value of €1,576 thousand and the best estimate at the acquisition date of the contractual cash flows not to be collected is €16 thousand. Acquisition of Thom Browne business in South Korea On July 1, 2023, the Group acquired 100% of the Thom Browne business in South Korea for cash consideration of €7,991 thousand and began directly operating its network of stores. At the acquisition date, the Group recognized the net present value of the deferred consideration related to the acquisition of the Thom Browne business in South Korea for €18,583 thousand. In January 2024, the Group paid a portion of the deferred consideration for €4,881 thousand. At June 30, 2024, the deferred consideration amounted to €13,983 thousand, of which €4,699 thousand was settled in July 2024 through a cash payment and the remaining portion is expected to be paid in January and July 2025. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent events | 23. Subsequent events The Group has evaluated subsequent events through September 17, 2024, which is the date the Semi-Annual Condensed Consolidated Financial Statements were authorized for issuance, and there were no events to report. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Summary Of Accounting Policies [Abstract] | |
New standards and amendments | New standards and amendments effective from January 1, 2024 In January 2020, the IASB issued amendments to IAS 1 — Presentation of Financial Statements: Classification of Liabilities as Current or Non-Current to clarify how to classify debt and other liabilities as current or non-current, and in particular how to classify liabilities with an uncertain settlement date and liabilities that may be settled by converting to equity. There was no effect from the adoption of these amendments. In September 2022, the IASB issued amendments to IFRS 16 — Leases: Liability in a Sale and Leaseback to improve the requirements for sale and leaseback transactions, which specify the measurement of the liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognize any amount of the gain or loss that relates to the right of use it retains. There was no effect from the adoption of these amendments. In October 2022, the IASB issued amendments to IAS 1 — Presentation of Financial Statements: Non-current Liabilities with Covenants , that clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. There was no effect from the adoption of these amendments. In May 2023, the IASB issued amendments to IAS 7 — Statement of Cash Flows and IFRS 7 — Financial Instruments: Disclosures: Supplier Finance Arrangements , that introduce new disclosure requirements to enhance the transparency and usefulness of the information provided by entities about supplier finance arrangements and are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity’s liabilities, cash flows and exposure to liquidity risk. These amendments are applicable for annual reporting periods beginning on or after January 1, 2024 but not for any interim periods ending on or before December 31, 2024, and include certain specific transition reliefs for the first annual reporting period. There was no effect from the adoption of these amendments. |
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, 2024: • on January 1, 2024, the Group acquired a 100% interest in Ermenegildo Zegna Korea Co. Ltd. for cash consideration of €9 million, following which the Group began directly operating its ZEGNA business in South Korea and its network of 15 stores. For additional information see Note 22 — Business combinations; • on February 6, 2024, the Group sold its 100% interest in Ezesa Argentina S.A. , following which Ezesa Argentina S.A. was deconsolidated by the Group; • on March 25, 2024, Ermenegildo Zegna Monaco S.a.r.l. was incorporated by the Group, primarily to manage the Group’s operating activities in the Principality of Monaco. The Group held a 100% interest in the company at June 30, 2024; • on April 28, 2024, Zegna Consitex Arabia For Trading LLC, a limited liability company owned by Consitex S.A., was incorporated, primarily to manage the Group’s operating activities in the Kingdom of Saudi Arabia. The Group held a 70% interest in the company at June 30, 2024; • on June 6, 2024, Mr. Thom Browne exercised a put option to sell to the Group an additional 2% of Thom Browne Inc. (the parent company of the Thom Browne group), for total consideration of $25 million (€22,752 thousand), following which the Group holds 92% of Thom Browne group. As a result, the Group derecognized a portion of the liability for the written put option on non-controlling interests for an amount of €22,752 thousand. Additionally, the equity attributable to non-controlling interests was reduced by €3,697 thousand with an offsetting increase to equity attributable to shareholders of the Parent Company. For additional information relating to the put option on non-controlling interests, see Note 16 — Other current and non-current financial liabilities ; • on June 27, 2024, Ezeti S.L. acquired the remaining 30% interest in Ermenegildo Zegna Madrid S.A. not previously owned by the Group for cash consideration of €750 thousand, following which the Group owns 100% of the company; • in the first half of 2024, the interest held in Consorzio Re.Crea was reduced from 15.5% at December 31, 2023 to 15.4% at June 30, 2024 due to a capital increase of the consortium. |
Basis of Preparation (Tables)
Basis of Preparation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 At June 30, 2024 At December 31, 2023 Average for the six months ended June 30, 2023 At June 30, 2023 U.S. Dollar 1.081 1.071 1.105 1.081 1.087 Swiss Franc 0.962 0.963 0.926 0.986 0.979 Chinese Renminbi 7.801 7.775 7.851 7.489 7.898 Pound Sterling 0.855 0.846 0.869 0.876 0.858 Hong Kong Dollar 8.454 8.359 8.631 8.471 8.516 Singapore Dollar 1.456 1.451 1.459 1.444 1.473 United Arab Emirates Dirham 3.971 3.931 4.058 3.969 3.991 Japanese Yen 164.461 171.940 156.330 145.760 157.160 South Korea Won 1,460.315 1,474.860 1,433.660 1,400.435 1,435.880 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 and 2023. For the six months ended June 30, 2024 (€ thousands) Zegna Thom Browne Tom Ford Fashion Corporate Intercompany eliminations Group Consolidated Revenues with third parties 644,908 166,721 148,493 — — 960,122 Inter-segment revenues 15,630 214 — — (15,844) — Revenues 660,538 166,935 148,493 — (15,844) 960,122 Profit before taxes 48,550 Financial income (12,106) Financial expenses 29,267 Foreign exchange losses 7,684 Result from investments accounted for using the equity method (314) Operating profit 73,081 Adjustments: Net impairment of leased and owned stores (1) 30 2,952 1,997 — — 4,979 Severance indemnities and provisions for severance expenses (2) 483 — 226 727 — 1,436 Legal costs for trademark dispute (3) — 1,388 — — — 1,388 Transaction costs related to acquisitions (4) — — — 26 — 26 Adjusted EBIT 84,695 20,186 (11,913) (11,965) (93) 80,910 Depreciation and amortization (76,127) (13,008) (19,382) (31) — (108,548) ________________________________________ (1) Net impairment of leased and owned stores includes (i) impairment of €3,036 thousand related to right-of-use assets and (ii) impairment of €1,943 thousand related to property, plant and equipment. These amounts are recorded within “selling, general and administrative expenses” in the semi-annual condensed consolidated statement of profit and loss. (2) Relates to severance indemnities of €1,436 thousand. This amount is recorded within “selling, general and administrative expenses” in the semi-annual condensed consolidated statement of profit. (3) Relates to legal costs of €1,388 thousand in connection with defending a legal dispute initiated by adidas alleging that Thom Browne infringe its intellectual property rights. This amount is recorded within “selling, general and administrative expenses” in the semi-annual condensed consolidated statement of profit. (4) Relates to transaction costs of €26 thousand for consultancy and legal fees related to the acquisition of the ZEGNA business in South Korea. This amount is recorded within “selling, general and administrative expenses” in the semi-annual condensed consolidated statement of profit. 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 12,217 1,008 12 — (13,237) — Revenues 644,310 207,959 64,027 — (13,237) 903,059 Profit before taxes 78,278 Financial income (15,601) Financial expenses 44,592 Foreign exchange losses 7,003 Result from investments accounted for using the equity method 2,237 Operating profit 116,509 Adjustments: Transaction costs related to acquisitions (1) — — — 4,975 — 4,975 Costs related to the Business Combination (2) 548 46 — 465 — 1,059 Severance indemnities and provisions for severance expenses (3) 486 — 252 — — 738 Legal costs for trademark dispute (4) — 649 — — — 649 Special donations for social responsibility (5) — — — 100 — 100 Net income related to lease agreements (6) (4,126) — — — — (4,126) Adjusted EBIT 99,718 31,521 4,303 (15,626) (12) 119,904 Depreciation and amortization (67,489) (12,953) (6,521) (20) — (86,983) ________________________________________ (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% interest in Norda. This amount is recorded within “selling, general and administrative expenses” in the semi-annual condensed consolidated statement of profit. (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 is recorded within “selling, general and administrative expenses” for €1,040 thousand and “cost of sales” for €19 thousand in the semi-annual condensed consolidated statement of profit. (3) Relates to severance indemnities of €738 thousand. This amount is recorded within “selling, general and administrative expenses” in the semi-annual condensed consolidated statement of profit. (4) Relates to legal costs of €649 thousand in connection with defending a legal dispute initiated by adidas alleging that Thom Browne infringe its intellectual property rights. This amount is recorded within “selling, general and administrative expenses” in the semi-annual condensed consolidated statement of profit. (5) Relates to a donation of €100 thousand to support initiatives related to humanitarian emergencies in Turkey. This amount is recorded within “selling, general and administrative expenses” in the semi-annual condensed consolidated statement of profit. (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 is recorded within “selling, general and administrative expenses” in the semi-annual condensed consolidated statement of profit. |
Revenues (Tables)
Revenues (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 brand and product line: For the six months ended June 30, (€ thousands) 2024 2023 ZEGNA brand (1) 566,067 541,319 Thom Browne 166,721 206,951 TOM FORD FASHION 148,493 64,015 Textile 71,836 73,072 Other (2) 7,005 17,702 Total revenues 960,122 903,059 ________________________________________ (1) ZEGNA brand includes apparel, bags, shoes and small and large leather goods, as well as licensed goods and royalties. (2) Other mainly includes revenues from agreements with third party brands. |
Summary of Breakdown of Revenues by Sales Channel | The following table provides a breakdown of revenues by distribution channel: For the six months ended June 30, (€ thousands) 2024 2023 Direct to Consumer (DTC) ZEGNA brand 486,561 465,710 Thom Browne 89,976 82,924 TOM FORD FASHION 93,062 34,751 Total Direct to Consumer (DTC) 669,599 583,385 Wholesale branded ZEGNA brand 79,506 75,609 Thom Browne 76,745 124,027 TOM FORD FASHION 55,431 29,264 Total Wholesale branded 211,682 228,900 Textile 71,836 73,072 Other (1) 7,005 17,702 Total revenues 960,122 903,059 ________________________________________ (1) Other mainly includes revenues from agreements with third party brands. |
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) 2024 2023 EMEA (1) 336,591 322,680 of which Italy 135,203 151,464 Americas (2) 246,046 190,112 of which United States 212,392 156,747 Greater China Region 266,324 306,835 Rest of APAC (3) 109,990 82,190 Other (4) 1,171 1,242 Total revenues 960,122 903,059 ________________________________________ (1) EMEA includes Europe, the Middle East and Africa. (2) Americas includes the United States of America, Canada, Mexico, Brazil and other Central and South American countries. (3) Rest of APAC includes Japan, South Korea, Singapore, Thailand, Malaysia, Vietnam, Indonesia, Philippines, Australia, New Zealand, India and other Southeast Asian countries. (4) Other revenues mainly include royalties. |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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) 2024 2023 Current taxes (17,683) (39,679) Deferred taxes 465 13,517 Income taxes (17,218) (26,162) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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) 2024 2023 Profit attributable to shareholders of the Parent Company 25,085 45,967 Weighted average number of shares for basic earnings per share 250,630,556 244,167,243 Adjustments for calculation of diluted earnings per share: Long-Term Incentive Awards 2022-2025 (1) 1,381,264 949,678 CEO remuneration in shares (2) 920,879 1,041,460 Non-executive directors remuneration in shares (3) 136,214 154,860 2023 Restricted Stock Units Plan (4) 130,000 — Weighted average number of shares for diluted earnings per share 253,198,913 246,313,241 Basic earnings per share in € 0.10 0.19 Diluted earnings per share in € 0.10 0.19 For the first six months ended June 30, 2024 and 2023, 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 20 — Share-based payments . (1) Long-Term Incentive Awards 2022-2025 — Performance share units (“PSUs”) and retention restricted share units (“RSUs”) granted to the Group’s senior management (“Senior Management Team”), 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. (2) CEO remuneration in shares — Potential ordinary shares from the exercise of the share purchase rights of all or part of the CEO’s fixed remuneration. (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 2023 and 2024 and that will be assigned to the recipients in 2025 and 2026. (4) 2023 Restricted Stock Units Plan — RSUs granted to the Senior Management Team, which are considered to be potential ordinary shares if the recipient was still employed by the Group at the reporting date. |
Other Information by Nature (Ta
Other Information by Nature (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 condensed consolidated statement of profit: For the six months ended June 30, (€ thousands) 2024 2023 Depreciation and amortization Personnel costs Depreciation and amortization Personnel costs Cost of sales (7,880) (70,063) (7,417) (65,925) Selling, general and administrative expenses (99,419) (185,050) (78,738) (160,309) Marketing expenses (1,249) (6,053) (828) (4,924) Total (108,548) (261,166) (86,983) (231,158) |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2023 256,270 162,832 143,921 170,040 106 733,169 Additions — — 583 9,812 501 10,896 Disposals — — (228) (221) — (449) Business combinations 8,280 — — — — 8,280 Exchange differences 5,778 5,247 3,250 906 — 15,181 Other movements and reclassifications — — 3,716 (4,636) (194) (1,114) Historical cost at June 30, 2024 270,328 168,079 151,242 175,901 413 765,963 Accumulated amortization at December 31, 2023 — — (41,348) (119,547) — (160,895) Amortization — — (2,656) (7,661) — (10,317) Disposals — — 177 217 — 394 Exchange differences — — (164) (590) — (754) Other movements and reclassifications — — (2,974) 3,519 — 545 Accumulated amortization at June 30, 2024 — — (46,965) (124,062) — (171,027) Carrying amount at: December 31, 2023 256,270 162,832 102,573 50,493 106 572,274 June 30, 2024 270,328 168,079 104,277 51,839 413 594,936 Goodwill of €8,280 thousand recognized during the period related to the acquisition of the ZEGNA business in South Korea. For additional information, see Note 22 — Business combinations. |
Right-of-Use Assets (Tables)
Right-of-Use Assets (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 right-of-use assets Total Historical cost at December 31, 2023 971,033 45 168 6,765 978,011 Additions 95,374 102 — 2,654 98,130 Disposals (27,592) (2) — (970) (28,564) Exchange differences 15,434 — — (11) 15,423 Historical cost at June 30, 2024 1,054,249 145 168 8,438 1,063,000 Accumulated amortization at December 31, 2023 (440,434) (15) (150) (3,460) (444,059) Amortization (71,076) (14) (17) (1,082) (72,189) Impairment (3,036) — — — (3,036) Disposals 23,593 1 — 664 24,258 Exchange differences (6,803) — — 5 (6,798) Accumulated amortization at June 30, 2024 (497,756) (28) (167) (3,873) (501,824) Carrying amount at: December 31, 2023 530,599 30 18 3,305 533,952 June 30, 2024 556,493 117 1 4,565 561,176 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 At December 31, 2023 Raw materials, ancillary materials and consumables 93,150 90,460 Work-in-progress and semi-finished products 50,788 46,735 Finished goods 396,853 385,394 Total inventories 540,791 522,589 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Financial Instruments [Abstract] | |
Summary of Outstanding Hedges | At the reporting date, the Group had outstanding hedges as detailed in the table below: At June 30, 2024 At December 31, 2023 (€ thousands) Notional amount Positive fair value Negative fair value Notional amount Positive fair value Negative fair value Foreign currency exchange risk Foreign currency derivatives 651,161 2,590 (2,741) 595,819 6,371 (897) Interest rate risk Interest rate swaps 53,297 1,755 — 133,962 4,739 — Total derivatives instruments - Notional / Assets / (Liabilities) 704,458 4,345 (2,741) 729,781 11,110 (897) |
Other Current Financial Assets
Other Current Financial Assets (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure Of Other current Financial Assets [Abstract] | |
Schedule of Breakdown for Other Current Financial Assets | The following table provides a breakdown for other current financial assets (see Note 18 — Fair value measurement for a breakdown of other current financial assets by fair value level): (€ thousands) At June 30, 2024 At December 31, 2023 Securities 93,666 85,320 Guarantee deposits 5,524 5,431 Financial receivables 261 166 Total other current financial assets 99,451 90,917 The following table provides a breakdown for securities: (€ thousands) At December 31, 2023 Investments Disposals Fair value adjustments Realized gains/(losses) Exchange rate gains/(losses) At June 30, 2024 Fair value through profit or loss (FVPL) Private equity 22,399 824 (2,215) 513 35 428 21,984 Money market funds 2,093 13,586 (744) 10 33 36 15,014 Real estate funds 12,146 — (2,388) 128 61 157 10,104 Hedge funds 8,995 — (20) 961 1 43 9,980 Private debt 10,106 — (60) (237) — — 9,809 Equity 1,141 1,986 — 160 — — 3,287 Total FVPL 56,880 16,396 (5,427) 1,535 130 664 70,178 Fair value through other comprehensive income (FVOCI) Fixed income 11,748 3,447 — 64 — — 15,259 Floating income 16,692 1,508 (10,000) 46 (17) — 8,229 Total FVOCI 28,440 4,955 (10,000) 110 (17) — 23,488 Total securities 85,320 21,351 (15,427) 1,645 113 664 93,666 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of reserves within equity [abstract] | |
Schedule of changes in Share Capital, Share Premium and Number of Ordinary Shares and Special Voting Shares | The following table summarizes the changes in the share capital, share premium and number of ordinary shares and special voting shares of the Company for the six months ended June 30, 2024: Share capital Share premium Outstanding ordinary shares Ordinary shares held in treasury Total ordinary shares Special voting shares At December 31, 2023 9,154 782,587 250,310,263 52,394,463 302,704,726 154,981,350 Ordinary shares delivered under share-based payments (1) — — 2,106,216 (2,106,216) — — At June 30, 2024 9,154 782,587 252,416,479 50,288,247 302,704,726 154,981,350 ________________________________________ (1) As a result of the vesting of certain equity incentive arrangements, 2,106,216 ordinary shares, which were previously held in treasury, were delivered to participants of the share-based payments plans, as further described below: (a) 609,756 ordinary shares to the Senior Management Team to settle a portion of the bonus in ordinary shares equal to a value of $7,500 thousand as part of long-term equity incentives provided. (b) 588,000 ordinary shares to the CEO under the CEO 2022-2024 long-term incentive plan in relation to the 2023 performance period; (c) 360,000 ordinary shares to the CEO under the CEO IPO PSU plan. (d) 430,000 ordinary shares to the directors of the Group, key executives with strategic responsibilities and other employees of the Group under the Management IPO PSU plan. (e) 78,460 ordinary shares to the non-executive directors of the Group for 50% of their annual base remuneration for services provided in 2022. (f) 40,000 ordinary shares to the Senior Management Team (excluding the CEO) under the 2023 RSU Plan in connection with the achievement of the service condition for the first installment. |
Schedule of Other Reserves Including Other Comprehensive Income | Other reserves are detailed as follows: (€ thousands) At June 30, 2024 At December 31, 2023 Share-based payments reserve 80,349 96,008 Non-controlling interests options reserve (114,247) (183,525) Other (135,757) (66,479) Other reserves (169,655) (153,996) |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of detailed information about borrowings [abstract] | |
Schedule 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, 2023 316,956 85,666 402,622 Repayments (88,589) (85,634) (174,223) Proceeds 89,713 65,000 154,713 Other 2,983 — 2,983 At June 30, 2024 321,063 65,032 386,095 of which: Non-current 218,128 4 218,132 Current 102,935 65,028 167,963 |
Schedule of Financial Liabilities by Maturity Grouping | The following table summarizes the Group’s financial liabilities at June 30, 2024 into relevant maturity groupings based on their contractual maturities (contractual undiscounted cash flows, including interest): Contractual cash flows at June 30, 2024 Carrying amount at June 30, 2024 (€ thousands) Within 1 year Between 1 and 2 years Between 2 and 3 years Beyond 3 years Total contractual cash flows Derivative financial instruments 2,741 — — — 2,741 2,741 Trade payables and customer advances 281,819 — — — 281,819 281,819 Borrowings 176,807 125,424 94,045 6,284 402,560 386,095 Lease liabilities 154,605 127,093 105,988 327,658 715,344 631,097 Other non-current financial liabilities — — — 141,239 141,239 141,239 Total 615,972 252,517 200,033 475,181 1,543,703 1,442,991 |
Other Current and Non-Current_2
Other Current and Non-Current Financial Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of financial liabilities [abstract] | |
Schedule of Breakdown for Other Non-Current Financial Liabilities | The following table provides a breakdown for other non-current financial liabilities. (€ thousands) At June 30, 2024 At December 31, 2023 Written put options on non-controlling interests 141,239 136,466 of which Thom Browne option 124,139 116,456 of which Dondi option 17,100 20,010 Other — 90 Other non-current financial liabilities 141,239 136,556 Written put options on non-controlling interests — 22,102 of which Thom Browne option — 22,102 Other current financial liabilities — 22,102 Total 141,239 158,658 |
Lease Liabilities (Tables)
Lease Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Lease liabilities [abstract] | |
Schedule of Breakdown for Lease Liabilities | The following table provides a breakdown for lease liabilities. (€ thousands) Lease liabilities At December 31, 2023 593,725 Interest expense 11,511 Repayment of lease liabilities (including interest expense) (78,461) Additions due to new leases and store renewals 97,868 Decrease of lease liabilities due to store closures (3,416) Translation differences 9,870 At June 30, 2024 631,097 of which: Non-current 497,543 Current 133,554 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of financial assets [abstract] | |
Schedule of Financial Assets | The following tables provide a breakdown of financial assets by category at June 30, 2024: At June 30, 2024 Financial assets Fair value Level (€ thousands) FVPL FVOCI Amortized cost Total Note 1 2 3 Derivative financial instruments — 4,345 — 4,345 12 — 4,345 — Cash and cash equivalents — — 225,316 225,316 — 225,316 — Trade receivables — — 216,670 216,670 — 216,670 — Other non-current financial assets 4,292 — 31,829 36,121 — 32,361 3,760 Other current financial assets 70,178 23,488 5,785 99,451 13 26,775 21,079 51,597 Financial assets 74,470 27,833 479,600 581,903 26,775 499,771 55,357 The following table provides an additional breakdown for other current financial assets at June 30, 2024: At June 30, 2024 Other current financial assets Fair value Level (€ thousands) FVPL FVOCI Amortized cost Total 1 2 3 Money market funds and floating income 15,014 8,229 — 23,243 8,229 15,014 — Private equity 21,984 — — 21,984 — — 21,984 Fixed income — 15,259 — 15,259 15,259 — — Real estate funds 10,104 — — 10,104 — — 10,104 Hedge funds 9,980 — — 9,980 — — 9,980 Private debt 9,809 — — 9,809 — 280 9,529 Guarantee deposits — — 5,524 5,524 — 5,524 — Equity 3,287 — — 3,287 3,287 — — Financial receivables — — 261 261 — 261 — Total other current financial assets 70,178 23,488 5,785 99,451 26,775 21,079 51,597 The following table presents the changes in level 3 items for financial assets for the six months ended June 30, 2024: (€ thousands) Fair value At December 31, 2023 57,131 Investments 824 Disposals (4,688) Fair value adjustments 1,365 Realized gains 98 Exchange rate gains 627 At June 30, 2024 55,357 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 of financial assets by category at December 31, 2023: At December 31, 2023 Financial assets Fair value Level (€ thousands) FVPL FVOCI Amortized cost Total Note 1 2 3 Derivative financial instruments — 11,110 — 11,110 12 — 11,110 — Cash and cash equivalents — — 296,279 296,279 — 296,279 — Trade receivables — — 240,457 240,457 — 240,457 — Other non-current financial assets 4,421 — 29,477 33,898 — 30,133 3,765 Other current financial assets 56,880 28,440 5,597 90,917 13 29,581 7,970 53,366 Financial assets 61,301 39,550 571,810 672,661 29,581 585,949 57,131 The following table provides an additional breakdown for other current financial assets at December 31, 2023: At December 31, 2023 Other current financial assets Fair value Level (€ thousands) FVPL FVOCI Amortized cost Total 1 2 3 Private equity 22,399 — — 22,399 — — 22,399 Money market funds and floating income 2,093 16,692 — 18,785 16,692 2,093 — Real estate funds 12,146 — — 12,146 — — 12,146 Fixed income — 11,748 — 11,748 11,748 — — Private debt 10,106 — — 10,106 — 280 9,826 Hedge funds 8,995 — — 8,995 — — 8,995 Guarantee deposits — — 5,431 5,431 — 5,431 — Equity 1,141 — — 1,141 1,141 — — Financial receivables — — 166 166 — 166 — Total other current financial assets 56,880 28,440 5,597 90,917 29,581 7,970 53,366 |
Schedule of Financial Liabilities | The following tables provide a breakdown of financial liabilities by category at June 30, 2024: At June 30, 2024 Financial liabilities Fair value Level (€ thousands) FVPL FVOCI Amortized cost Total Note 1 2 3 Derivative financial instruments — 2,741 — 2,741 12 — 2,741 — Non-current borrowings — — 218,132 218,132 15 — 218,132 — Current borrowings — — 167,963 167,963 15 — 167,963 — Other non-current financial liabilities 141,239 — — 141,239 16 — 141,239 — Trade payables and customer advances — — 281,819 281,819 — 281,819 — Lease liabilities – Current/Non-current — — 631,097 631,097 17 — — 631,097 Financial liabilities 141,239 2,741 1,299,011 1,442,991 — 811,894 631,097 The following tables provide a breakdown of financial liabilities by category at December 31, 2023: At December 31, 2023 Financial liabilities Fair value Level (€ thousands) FVPL FVOCI Amortized cost Total Note 1 2 3 Derivative financial instruments — 897 — 897 12 — 897 — Non-current borrowings — — 113,285 113,285 15 — 113,285 — Current borrowings — — 289,337 289,337 15 — 289,337 — Other non-current financial liabilities 136,466 — 90 136,556 16 — 136,466 90 Other current financial liabilities 22,102 — — 22,102 16 — 22,102 — Trade payables and customer advances — — 314,137 314,137 — 314,137 — Lease liabilities – Current / Non-current — — 593,725 593,725 17 — — 593,725 Financial liabilities 158,568 897 1,310,574 1,470,039 — 876,224 593,815 |
Related Party Transactions (Tab
Related Party Transactions (Table) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of transactions between related parties [abstract] | |
Schedule of Transactions with Related Parties | The following table summarizes transactions with related parties for the six months ended June 30, 2024: For the six months ended June 30, 2024 For the six months ended June 30, 2023 (€ 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 Marketing expenses Financial income/(expenses) Foreign exchange gains/(losses) Associates TFI Group (1)(2) — — — — — — 3,212 288 740 — (7) — Filati Biagioli Modesto S.p.A. — 3,676 33 — — — — 3,581 20 — 45 — Norda Run Inc. — 1 4 — — — — 841 120 — (2) — Luigi Fedeli e Figlio S.r.l. 30 138 — — — — — — — — — — Total associates 30 3,815 37 — — — 3,212 4,710 880 — 36 — Companies controlled by Monterubello or its shareholders, the Company's directors or Senior Management Team EZ Real Estate (3) 8 1,267 2,010 1,040 (351) — 1 1,379 2,065 1,024 (181) — Schneider Group 1 6,394 3 — — — 17 6,732 11 — — — Alan Real Estate S.A. (3) — 857 1,550 — (858) 5 — 874 649 — (26) — Agnona S.r.l. 50 25 134 30 — (1) 14 15 87 49 (1) — Other companies controlled by Monterubello or its shareholders, the Company's directors or Senior Management Team (4) 92 2,983 216 4 2 — 37 2,790 11 8 1 — Other related parties connected to directors and shareholders UBS Group AG — — 96 — (239) 83 — — 103 — (262) 1,915 Other — — 1,499 — — — — — 1,524 — — — Total transactions with related parties 181 15,341 5,545 1,074 (1,446) 87 3,281 16,500 5,330 1,081 (433) 1,915 Total for the Group 960,122 322,678 497,612 66,751 (17,161) (7,684) 903,059 323,228 415,792 47,530 (28,991) (7,003) ________________________________________ (1) Following the TFI Acquisition completed on April 28, 2023, TFI Group is controlled by the Group and is no longer related party. (2) Costs with TFI Group include royalties amounting to €181 thousand for the six months ended June 30, 2023. (3) Entities disposed of as part of the disposition of certain businesses in November 2021. (4) Includes transactions with Fondazione Zegna, Finissaggio e Tintoria Ferraris S.p.A. and Pettinatura di Verrone S.r.l. |
Schedule of Balances with Related Parties | The following table summarizes assets and liabilities with related parties at June 30, 2024 and December 31, 2023: At June 30, 2024 At December 31, 2023 (€ thousands) Non-current assets Current assets Non-current liabilities Current liabilities Non-current assets Current assets Non-current liabilities Current liabilities Associates Filati Biagioli Modesto S.p.A. — 437 — 1,794 — 598 — 927 Norda Run Inc. — — 4 — — — 2 Luigi Fedeli e Figlio S.r.l. — 23 — 136 — 3 — — Total associates — 460 — 1,934 — 601 — 929 Monterubello and Companies controlled by Monterubello or its shareholders, the Company's directors or Senior Management Team Agnona S.r.l. — 17 — 14 — 55 — 56 Schneider Group — — — 4,010 — — — 4,176 EZ Real Estate (1) 40,098 18 34,413 8,525 43,215 82 37,320 8,503 Alan Real Estate S.A. (1) 36,375 — 32,137 5,024 37,154 — 33,245 5,291 Other companies controlled by Monterubello or its shareholders, the Company's directors or Senior Management Team (2) 208 268 — 1,724 406 188 — 2,144 Other related parties connected to directors and shareholders UBS Group AG — 34,889 — 20,530 — 43,202 20,000 3,017 Other — — — 430 — — — 530 Total transactions with related parties 76,681 35,652 66,550 42,191 80,775 44,128 90,565 24,646 Total for the Group 1,552,647 1,228,652 995,565 871,529 1,479,375 1,287,636 853,992 1,012,123 ________________________________________ (1) Entities disposed of as part of the disposition of certain businesses in November 2021. (2) Includes transactions with Fondazione Zegna, Finissaggio e Tintoria Ferraris S.p.A., Achill Station Pty Ltd. and Pettinatura di Verrone S.r.l. |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Share-based payment arrangements [Abstract] | |
Schedule of Key Assumptions Used in Valuation | The following table summarizes the preliminary fair value for accounting purposes at the measurement date and the key assumptions used in the valuation of the 2024-2026 PSU Plan: 2024-2026 PSUs Preliminary fair value €8.30 - €11.19 Measurement date share price €11.00 Expected volatility based on the historical and implied volatility of a group of comparable companies 36.08% Dividend yield 1.18% Risk-free rate 4.38% |
Business Combinations (Tables)
Business Combinations (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of detailed information about business combination [abstract] | |
Schedule of Preliminary Details of the Purchase Consideration | Details of the purchase consideration, the net assets acquired and goodwill are presented below. (€ thousands) At acquisition date Cash consideration paid 8,970 Settlement of pre-existing intercompany balances 2,540 Total 11,510 |
Schedule of Identifiable Assets Acquired | The assets and liabilities recognized as a result of the acquisition are as follows: (€ thousands) Preliminary fair value at Cash and cash equivalents 210 Trade receivables 1,560 Inventories 4,518 Intangible assets and property, plant and equipment 1,014 Other current and non-current assets 109 Other current and non-current liabilities (2,929) Trade payables and customer advances (321) Employee benefits (931) Net identifiable assets acquired 3,230 Goodwill 8,280 Net assets acquired including goodwill 11,510 |
Schedule of Net Cash Outflows Related to the Acquisition | Details of the net cash outflows related to the acquisition are shown below: (€ thousands) At acquisition date Consideration paid in cash (8,970) Cash and cash equivalents acquired 210 Payment of acquisition-related liabilities (967) Net cash outflow - Investing activities (9,727) |
General information - (Details)
General information - (Details) - brand | 12 Months Ended | |
Dec. 31, 2018 | Jun. 30, 2024 | |
General Information [Line Items] | ||
Number of complementary brands | 3 | |
Thom Browne Inc | ||
General Information [Line Items] | ||
Proportion of ownership interest in associate | 85% |
Basis of Preparation (Details)
Basis of Preparation (Details) | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
U.S. Dollar | |||
Disclosure In Tabular Form Of Foreign Exchange Rates Used For Translation [Line Items] | |||
Average foreign exchange rate | 1.081 | 1.081 | |
Closing foreign exchange rate | 1.071 | 1.087 | 1.105 |
Swiss Franc | |||
Disclosure In Tabular Form Of Foreign Exchange Rates Used For Translation [Line Items] | |||
Average foreign exchange rate | 0.962 | 0.986 | |
Closing foreign exchange rate | 0.963 | 0.979 | 0.926 |
Chinese Renminbi | |||
Disclosure In Tabular Form Of Foreign Exchange Rates Used For Translation [Line Items] | |||
Average foreign exchange rate | 7.801 | 7.489 | |
Closing foreign exchange rate | 7.775 | 7.898 | 7.851 |
Pound Sterling | |||
Disclosure In Tabular Form Of Foreign Exchange Rates Used For Translation [Line Items] | |||
Average foreign exchange rate | 0.855 | 0.876 | |
Closing foreign exchange rate | 0.846 | 0.858 | 0.869 |
Hong Kong Dollar | |||
Disclosure In Tabular Form Of Foreign Exchange Rates Used For Translation [Line Items] | |||
Average foreign exchange rate | 8.454 | 8.471 | |
Closing foreign exchange rate | 8.359 | 8.516 | 8.631 |
Singapore Dollar | |||
Disclosure In Tabular Form Of Foreign Exchange Rates Used For Translation [Line Items] | |||
Average foreign exchange rate | 1.456 | 1.444 | |
Closing foreign exchange rate | 1.451 | 1.473 | 1.459 |
United Arab Emirates Dirham | |||
Disclosure In Tabular Form Of Foreign Exchange Rates Used For Translation [Line Items] | |||
Average foreign exchange rate | 3.971 | 3.969 | |
Closing foreign exchange rate | 3.931 | 3.991 | 4.058 |
Japanese Yen | |||
Disclosure In Tabular Form Of Foreign Exchange Rates Used For Translation [Line Items] | |||
Average foreign exchange rate | 164.461 | 145.760 | |
Closing foreign exchange rate | 171.940 | 157.160 | 156.330 |
South Korea Won | |||
Disclosure In Tabular Form Of Foreign Exchange Rates Used For Translation [Line Items] | |||
Average foreign exchange rate | 1,460.315 | 1,400.435 | |
Closing foreign exchange rate | 1,474.86 | 1,435.88 | 1,433.66 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Detail) € in Thousands, $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Jun. 30, 2024 | Jun. 06, 2024 EUR (€) | Jun. 06, 2024 USD ($) | Feb. 06, 2024 | Jan. 01, 2024 EUR (€) store | Feb. 29, 2024 | Jun. 30, 2021 | Jun. 30, 2024 | Jun. 30, 2024 | Jun. 30, 2024 EUR (€) | Jun. 30, 2023 EUR (€) | Dec. 31, 2023 | Jun. 27, 2024 EUR (€) | |
Disclosure of information about consolidated structured entities [line items] | |||||||||||||
Payments for acquisition of non-controlling interests | € 23,502 | € 0 | |||||||||||
Acquisition of non-controlling interests | € (750) | ||||||||||||
Consorzio Re. Crea | |||||||||||||
Disclosure of information about consolidated structured entities [line items] | |||||||||||||
Proportion of ownership interests held by non-controlling interests | 15.40% | 15.50% | |||||||||||
Ermenegildo Zegna Korea Co. Ltd | |||||||||||||
Disclosure of information about consolidated structured entities [line items] | |||||||||||||
Number of retail stores | store | 15 | ||||||||||||
Ezesa Argentina S.A. | |||||||||||||
Disclosure of information about consolidated structured entities [line items] | |||||||||||||
Percentage of interest sold | 100% | 100% | |||||||||||
Ermenegildo Zegna Monaco | |||||||||||||
Disclosure of information about consolidated structured entities [line items] | |||||||||||||
Group's percentage interest | 100% | ||||||||||||
Zegna Consitex Arabia For Trading LLC | |||||||||||||
Disclosure of information about consolidated structured entities [line items] | |||||||||||||
Group's percentage interest | 70% | ||||||||||||
Thom Browne | |||||||||||||
Disclosure of information about consolidated structured entities [line items] | |||||||||||||
Group's percentage interest | 92% | 92% | |||||||||||
Payments for acquisition of non-controlling interests | € 22,752 | $ 25 | |||||||||||
Acquisition of non-controlling interests | € 3,697 | ||||||||||||
Proportion of ownership interests held by non-controlling interests | 8% | ||||||||||||
Thom Browne | Written put options | |||||||||||||
Disclosure of information about consolidated structured entities [line items] | |||||||||||||
Additional proportion of ownership interest in subsidiary acquired | 2% | 2% | |||||||||||
Proportion of ownership interests held by non-controlling interests | 10% | 15% | |||||||||||
Ermenegildo Zegna Korea Co. Ltd | |||||||||||||
Disclosure of information about consolidated structured entities [line items] | |||||||||||||
Percentage of voting interests acquired | 100% | ||||||||||||
Cash consideration paid | € 8,970 | ||||||||||||
Cash consideration | € 11,510 | ||||||||||||
Ermenegildo Zegna Madrid S.A | |||||||||||||
Disclosure of information about consolidated structured entities [line items] | |||||||||||||
Percentage of voting interests acquired | 30% | ||||||||||||
Group's percentage interest | 100% | ||||||||||||
Cash consideration | € 750 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) - segment | Jun. 30, 2024 | Apr. 27, 2023 |
Disclosure of operating segments [abstract] | ||
Number of reportable segments | 3 | 2 |
Number of operating segments | 3 | 2 |
Segment Reporting - Summary of
Segment Reporting - Summary of Selected Financial Information by Segment (Detail) - EUR (€) € in Thousands | 6 Months Ended | |||
Jan. 01, 2024 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disclosure of operating segments [line items] | ||||
Revenues | € 960,122 | € 903,059 | ||
Profit before taxes | 48,550 | 78,278 | ||
Financial income | (12,106) | (15,601) | ||
Financial expenses | 29,267 | 44,592 | ||
Foreign exchange losses | 7,684 | 7,003 | ||
Result from investments accounted for using the equity method | (314) | 2,237 | ||
Operating profit | 73,081 | 116,509 | ||
Net impairment of leased and owned stores | 4,979 | 0 | ||
Severance indemnities and provision for severance expenses | 1,436 | 738 | ||
Legal costs for trademark disputes | 1,388 | 649 | ||
Transaction costs related to acquisitions | 26 | 4,975 | ||
Transaction costs related to the Business Combination | 1,059 | |||
Special donations for social responsibility | 100 | |||
Net income related to lease agreements | (4,126) | |||
Adjusted EBIT | 80,910 | 119,904 | ||
Depreciation and amortization | (108,548) | (86,983) | ||
Net income related to lease agreements | 4,126 | |||
Ermenegildo Zegna Korea Co. Ltd | ||||
Disclosure of operating segments [line items] | ||||
Transaction costs related to acquisitions | 26 | |||
Proportion of ownership interest in associate | 100% | |||
Selling, general and administrative expenses | ||||
Disclosure of operating segments [line items] | ||||
Transaction costs related to the Business Combination | 1,040 | |||
Cost of sales | ||||
Disclosure of operating segments [line items] | ||||
Transaction costs related to the Business Combination | 19 | |||
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] | ||||
Net impairment of leased and owned stores | 3,036 | |||
Property, plant and equipment | ||||
Disclosure of operating segments [line items] | ||||
Net impairment of leased and owned stores | 1,943 | |||
Zegna | ||||
Disclosure of operating segments [line items] | ||||
Revenues | 660,538 | 644,310 | ||
Thom Browne | ||||
Disclosure of operating segments [line items] | ||||
Revenues | 166,935 | 207,959 | ||
Tom Ford | ||||
Disclosure of operating segments [line items] | ||||
Revenues | 148,493 | 64,027 | ||
Operating segments | Zegna | ||||
Disclosure of operating segments [line items] | ||||
Revenues | 644,908 | 632,093 | ||
Net impairment of leased and owned stores | 30 | |||
Severance indemnities and provision for severance expenses | 483 | 486 | ||
Legal costs for trademark disputes | 0 | 0 | ||
Transaction costs related to acquisitions | 0 | 0 | ||
Transaction costs related to the Business Combination | 548 | |||
Special donations for social responsibility | 0 | |||
Net income related to lease agreements | (4,126) | |||
Adjusted EBIT | 84,695 | 99,718 | ||
Depreciation and amortization | (76,127) | (67,489) | ||
Net income related to lease agreements | 4,126 | |||
Operating segments | Thom Browne | ||||
Disclosure of operating segments [line items] | ||||
Revenues | 166,721 | 206,951 | ||
Net impairment of leased and owned stores | 2,952 | |||
Severance indemnities and provision for severance expenses | 0 | 0 | ||
Legal costs for trademark disputes | 1,388 | 649 | ||
Transaction costs related to acquisitions | 0 | 0 | ||
Transaction costs related to the Business Combination | 46 | |||
Special donations for social responsibility | 0 | |||
Net income related to lease agreements | 0 | |||
Adjusted EBIT | 20,186 | 31,521 | ||
Depreciation and amortization | (13,008) | (12,953) | ||
Net income related to lease agreements | 0 | |||
Operating segments | Tom Ford | ||||
Disclosure of operating segments [line items] | ||||
Revenues | 148,493 | 64,015 | ||
Net impairment of leased and owned stores | 1,997 | |||
Severance indemnities and provision for severance expenses | 226 | 252 | ||
Legal costs for trademark disputes | 0 | 0 | ||
Transaction costs related to acquisitions | 0 | 0 | ||
Transaction costs related to the Business Combination | 0 | |||
Special donations for social responsibility | 0 | |||
Net income related to lease agreements | 0 | |||
Adjusted EBIT | (11,913) | 4,303 | ||
Depreciation and amortization | (19,382) | (6,521) | ||
Net income related to lease agreements | 0 | |||
Intercompany eliminations | ||||
Disclosure of operating segments [line items] | ||||
Revenues | (15,844) | (13,237) | ||
Adjusted EBIT | (93) | (12) | ||
Intercompany eliminations | Zegna | ||||
Disclosure of operating segments [line items] | ||||
Revenues | 15,630 | 12,217 | ||
Intercompany eliminations | Thom Browne | ||||
Disclosure of operating segments [line items] | ||||
Revenues | 214 | 1,008 | ||
Intercompany eliminations | Tom Ford | ||||
Disclosure of operating segments [line items] | ||||
Revenues | 0 | 12 | ||
Corporate | ||||
Disclosure of operating segments [line items] | ||||
Net impairment of leased and owned stores | 0 | |||
Severance indemnities and provision for severance expenses | 727 | 0 | ||
Legal costs for trademark disputes | 0 | 0 | ||
Transaction costs related to acquisitions | 26 | 4,975 | ||
Transaction costs related to the Business Combination | 465 | |||
Special donations for social responsibility | 100 | |||
Net income related to lease agreements | 0 | |||
Adjusted EBIT | (11,965) | (15,626) | ||
Depreciation and amortization | € (31) | (20) | ||
Net income related to lease agreements | € 0 |
Revenues - Summary of Breakdown
Revenues - Summary of Breakdown of Revenues by Product Line (Detail) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | € 960,122 | € 903,059 |
ZEGNA brand | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 566,067 | 541,319 |
Thom Browne | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 166,721 | 206,951 |
TOM FORD FASHION | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 148,493 | 64,015 |
Textile | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 71,836 | 73,072 |
Other | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | € 7,005 | € 17,702 |
Revenues - Summary of Breakdo_2
Revenues - Summary of Breakdown of Revenues by Sales Channel (Detail) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | € 960,122 | € 903,059 |
Textile | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 71,836 | 73,072 |
Other | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 7,005 | 17,702 |
Total Direct to Consumer (DTC) | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 669,599 | 583,385 |
Total Direct to Consumer (DTC) | ZEGNA brand | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 486,561 | 465,710 |
Total Direct to Consumer (DTC) | Thom Browne | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 89,976 | 82,924 |
Total Direct to Consumer (DTC) | TOM FORD FASHION | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 93,062 | 34,751 |
Total Wholesale branded | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 211,682 | 228,900 |
Total Wholesale branded | ZEGNA brand | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 79,506 | 75,609 |
Total Wholesale branded | Thom Browne | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 76,745 | 124,027 |
Total Wholesale branded | TOM FORD FASHION | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | € 55,431 | € 29,264 |
Revenues - Summary of Breakdo_3
Revenues - Summary of Breakdown of Revenues by Geographical Area (Detail) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | € 960,122 | € 903,059 |
EMEA | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 336,591 | 322,680 |
EMEA | Italy | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 135,203 | 151,464 |
EMEA | Netherlands | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 6,293 | 7,503 |
Americas | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 246,046 | 190,112 |
Americas | United States | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 212,392 | 156,747 |
Greater China Region | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 266,324 | 306,835 |
Rest of APAC | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | 109,990 | 82,190 |
Other | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenues | € 1,171 | € 1,242 |
Income Taxes - Summary of Break
Income Taxes - Summary of Breakdown For Income Taxes (Detail) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Major components of tax expense (income) [abstract] | ||
Current taxes | € (17,683) | € (39,679) |
Deferred taxes | 465 | 13,517 |
Income taxes | € (17,218) | € (26,162) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Disclosure of transactions between related parties [line items] | ||
Tax expense | € 17,218 | € 26,162 |
Italian corporate income tax expense (IRES) | 16,326 | 23,993 |
Italian regional income tax expense (IRAP) | € 892 | € 2,169 |
Average effective tax rate | 35.50% | 33.40% |
Parent Company | ||
Disclosure of transactions between related parties [line items] | ||
Applicable IRAP rate | 5.57% | 5.57% |
Other Italian Entities | ||
Disclosure of transactions between related parties [line items] | ||
Applicable IRAP rate | 3.90% | 3.90% |
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, 2024 | Jun. 30, 2023 | |
Earnings per share [line items] | ||
Profit attributable to shareholders of the Parent Company | € 25,085 | € 45,967 |
Weighted average number of shares for basic earnings per share (in shares) | 250,630,556 | 244,167,243 |
Weighted average number of shares for diluted earnings per share (in shares) | 253,198,913 | 246,313,241 |
Basic earnings per share (in EUR per share) | € 0.10 | € 0.19 |
Diluted earnings per share (in EUR per share) | € 0.10 | € 0.19 |
Long Term Incentive Awards | ||
Earnings per share [line items] | ||
Dilutive effect of share options on weighted average number of ordinary shares (in shares) | 1,381,264 | 949,678 |
CEO Remuneration | ||
Earnings per share [line items] | ||
Dilutive effect of share options on weighted average number of ordinary shares (in shares) | 920,879 | 1,041,460 |
Non-Executive Directors Remuneration | ||
Earnings per share [line items] | ||
Dilutive effect of share options on weighted average number of ordinary shares (in shares) | 136,214 | 154,860 |
Restricted Stock Units Plan 2023 | ||
Earnings per share [line items] | ||
2023 Restricted Stock Units Plan | 130,000 | 0 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
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, 2024 EUR (€) employee | Jun. 30, 2023 EUR (€) | Dec. 31, 2023 employee | |
Other information [Line Items] | |||
Depreciation and amortization | € (108,548) | € (86,983) | |
Personnel costs | € (261,166) | (231,158) | |
Number of employees | employee | 7,448 | 7,201 | |
Cost of sales | |||
Other information [Line Items] | |||
Depreciation and amortization | € (7,880) | (7,417) | |
Personnel costs | (70,063) | (65,925) | |
Selling, general and administrative expenses | |||
Other information [Line Items] | |||
Depreciation and amortization | (99,419) | (78,738) | |
Personnel costs | (185,050) | (160,309) | |
Marketing expenses | |||
Other information [Line Items] | |||
Depreciation and amortization | (1,249) | (828) | |
Personnel costs | € (6,053) | € (4,924) |
Intangible Assets- Summary of B
Intangible Assets- Summary of Breakdown for Intangible Assets (Detail) € in Thousands | 6 Months Ended |
Jun. 30, 2024 EUR (€) | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | € 572,274 |
Ending balance | 594,936 |
Goodwill | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | 256,270 |
Ending balance | 270,328 |
Brand | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | 162,832 |
Ending balance | 168,079 |
Concessions, licenses, trademarks and patents | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | 102,573 |
Ending balance | 104,277 |
Other intangible assets | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | 50,493 |
Ending balance | 51,839 |
Intangible assets in progress | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | 106 |
Ending balance | 413 |
Gross carrying amount | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | 733,169 |
Additions | 10,896 |
Disposals | (449) |
Business combinations | 8,280 |
Exchange differences | 15,181 |
Other movements and reclassifications | (1,114) |
Ending balance | 765,963 |
Gross carrying amount | Goodwill | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | 256,270 |
Additions | 0 |
Disposals | 0 |
Business combinations | 8,280 |
Exchange differences | 5,778 |
Other movements and reclassifications | 0 |
Ending balance | 270,328 |
Gross carrying amount | Brand | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | 162,832 |
Additions | 0 |
Disposals | 0 |
Business combinations | 0 |
Exchange differences | 5,247 |
Other movements and reclassifications | 0 |
Ending balance | 168,079 |
Gross carrying amount | Concessions, licenses, trademarks and patents | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | 143,921 |
Additions | 583 |
Disposals | (228) |
Business combinations | 0 |
Exchange differences | 3,250 |
Other movements and reclassifications | 3,716 |
Ending balance | 151,242 |
Gross carrying amount | Other intangible assets | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | 170,040 |
Additions | 9,812 |
Disposals | (221) |
Business combinations | 0 |
Exchange differences | 906 |
Other movements and reclassifications | (4,636) |
Ending balance | 175,901 |
Gross carrying amount | Intangible assets in progress | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | 106 |
Additions | 501 |
Disposals | 0 |
Business combinations | 0 |
Exchange differences | 0 |
Other movements and reclassifications | (194) |
Ending balance | 413 |
Accumulated amortization | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | (160,895) |
Amortization | (10,317) |
Disposals | 394 |
Exchange differences | (754) |
Other movements and reclassifications | 545 |
Ending balance | (171,027) |
Accumulated amortization | Concessions, licenses, trademarks and patents | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | (41,348) |
Amortization | (2,656) |
Disposals | 177 |
Exchange differences | (164) |
Other movements and reclassifications | (2,974) |
Ending balance | (46,965) |
Accumulated amortization | Other intangible assets | |
Disclosure of detailed information about intangible assets [line items] | |
Beginning balance | (119,547) |
Amortization | (7,661) |
Disposals | 217 |
Exchange differences | (590) |
Other movements and reclassifications | 3,519 |
Ending balance | (124,062) |
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 |
Other movements and reclassifications | 0 |
Ending balance | € 0 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) € in Thousands | 6 Months Ended |
Jun. 30, 2024 EUR (€) | |
Gross carrying amount | Goodwill | |
Disclosure of detailed information about intangible assets [line items] | |
Business combinations | € 8,280 |
Right-of-Use Assets - Summary o
Right-of-Use Assets - Summary of Breakdown for Right-Of-Use Assets (Detail) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance at beginning of period | € 533,952 | |
Impairment | (4,979) | € 0 |
Balance at end of period | 561,176 | |
Gross carrying amount | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance at beginning of period | 978,011 | |
Additions | 98,130 | |
Disposals | (28,564) | |
Exchange differences | 15,423 | |
Balance at end of period | 1,063,000 | |
Accumulated depreciation, amortisation and impairment | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance at beginning of period | (444,059) | |
Disposals | 24,258 | |
Exchange differences | (6,798) | |
Amortization | (72,189) | |
Impairment | (3,036) | |
Balance at end of period | (501,824) | |
Land and buildings | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance at beginning of period | 530,599 | |
Balance at end of period | 556,493 | |
Land and buildings | Gross carrying amount | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance at beginning of period | 971,033 | |
Additions | 95,374 | |
Disposals | (27,592) | |
Exchange differences | 15,434 | |
Balance at end of period | 1,054,249 | |
Land and buildings | Accumulated depreciation, amortisation and impairment | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance at beginning of period | (440,434) | |
Disposals | 23,593 | |
Exchange differences | (6,803) | |
Amortization | (71,076) | |
Impairment | (3,036) | |
Balance at end of period | (497,756) | |
Industrial and commercial equipment | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance at beginning of period | 30 | |
Balance at end of period | 117 | |
Industrial and commercial equipment | Gross carrying amount | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance at beginning of period | 45 | |
Additions | 102 | |
Disposals | (2) | |
Exchange differences | 0 | |
Balance at end of period | 145 | |
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 | (15) | |
Disposals | 1 | |
Exchange differences | 0 | |
Amortization | (14) | |
Impairment | 0 | |
Balance at end of period | (28) | |
Plant and machinery | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance at beginning of period | 18 | |
Balance at end of period | 1 | |
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 | |
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 | (150) | |
Disposals | 0 | |
Exchange differences | 0 | |
Amortization | (17) | |
Impairment | 0 | |
Balance at end of period | (167) | |
Other right-of-use assets | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance at beginning of period | 3,305 | |
Balance at end of period | 4,565 | |
Other right-of-use assets | Gross carrying amount | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance at beginning of period | 6,765 | |
Additions | 2,654 | |
Disposals | (970) | |
Exchange differences | (11) | |
Balance at end of period | 8,438 | |
Other right-of-use assets | Accumulated depreciation, amortisation and impairment | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance at beginning of period | (3,460) | |
Disposals | 664 | |
Exchange differences | 5 | |
Amortization | (1,082) | |
Impairment | 0 | |
Balance at end of period | € (3,873) |
Right-of-Use Assets - Additiona
Right-of-Use Assets - Additional Information (Detail) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Net impairment of leased and owned stores | € 4,979 | € 0 |
Accumulated depreciation, amortisation and impairment | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Net impairment of leased and owned stores | 3,036 | |
Accumulated depreciation, amortisation and impairment | Land and buildings | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Net impairment of leased and owned stores | € 3,036 | |
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 |
Inventories - Summary of Breakd
Inventories - Summary of Breakdown of Inventories (Detail) - EUR (€) € in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of Measuring inventories [Abstract] | ||
Raw materials, ancillary materials and consumables | € 93,150 | € 90,460 |
Work-in-progress and semi-finished products | 50,788 | 46,735 |
Finished goods | 396,853 | 385,394 |
Total inventories | € 540,791 | € 522,589 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Disclosure of Measuring inventories [Abstract] | ||
Inventory write-downs | € 7,775 | € 19,292 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Detail) - EUR (€) € in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | ||
Positive fair value | € 4,345 | € 11,110 |
Negative fair value | 2,741 | 897 |
Total derivatives instruments | ||
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | ||
Notional amount | 704,458 | 729,781 |
Foreign currency derivatives | Financial Instruments Held For Hedging | Foreign currency exchange risk | ||
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | ||
Notional amount | 651,161 | 595,819 |
Interest rate swaps | Financial Instruments Held For Hedging | Interest rate risk | ||
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | ||
Notional amount | 53,297 | 133,962 |
At fair value | ||
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | ||
Positive fair value | 4,345 | 11,110 |
Negative fair value | (2,741) | (897) |
At fair value | Foreign currency derivatives | Foreign currency exchange risk | ||
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | ||
Positive fair value held for hedging | 2,590 | 6,371 |
Negative fair value held for hedging | (2,741) | (897) |
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 | 1,755 | 4,739 |
Negative fair value held for hedging | € 0 | € 0 |
Other Current Financial Asset_2
Other Current Financial Assets - Schedule of Breakdown for Other Current Financial Assets (Detail) € in Thousands | 6 Months Ended |
Jun. 30, 2024 EUR (€) | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | € 99,451 |
At beginning of period | 90,917 |
At end of period | 99,451 |
Fair value through profit or loss (FVPL) | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 70,178 |
At beginning of period | 56,880 |
Investments | 16,396 |
Disposals | (5,427) |
Fair value adjustments | 1,535 |
Realized gains/(losses) | 130 |
Exchange rate gains/(losses) | 664 |
At end of period | 70,178 |
Fair value through other comprehensive income (FVOCI) | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 23,488 |
At beginning of period | 28,440 |
Investments | 4,955 |
Disposals | (10,000) |
Fair value adjustments | 110 |
Realized gains/(losses) | (17) |
Exchange rate gains/(losses) | 0 |
At end of period | 23,488 |
Securities | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 93,666 |
At beginning of period | 85,320 |
Investments | 21,351 |
Disposals | (15,427) |
Fair value adjustments | 1,645 |
Realized gains/(losses) | 113 |
Exchange rate gains/(losses) | 664 |
At end of period | 93,666 |
Guarantee deposits | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 5,524 |
At beginning of period | 5,431 |
At end of period | 5,524 |
Guarantee deposits | Fair value through profit or loss (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 | Fair value through other comprehensive income (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 |
Financial receivables | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 261 |
At beginning of period | 166 |
At end of period | 261 |
Financial receivables | Fair value through profit or loss (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 | Fair value through other comprehensive income (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 equity | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 21,984 |
At beginning of period | 22,399 |
At end of period | 21,984 |
Private equity | Fair value through profit or loss (FVPL) | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 21,984 |
At beginning of period | 22,399 |
Investments | 824 |
Disposals | (2,215) |
Fair value adjustments | 513 |
Realized gains/(losses) | 35 |
Exchange rate gains/(losses) | 428 |
At end of period | 21,984 |
Private equity | Fair value through other comprehensive income (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 |
Money market funds | Fair value through profit or loss (FVPL) | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 15,014 |
At beginning of period | 2,093 |
Investments | 13,586 |
Disposals | (744) |
Fair value adjustments | 10 |
Realized gains/(losses) | 33 |
Exchange rate gains/(losses) | 36 |
At end of period | 15,014 |
Real estate funds | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 10,104 |
At beginning of period | 12,146 |
At end of period | 10,104 |
Real estate funds | Fair value through profit or loss (FVPL) | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 10,104 |
At beginning of period | 12,146 |
Investments | 0 |
Disposals | (2,388) |
Fair value adjustments | 128 |
Realized gains/(losses) | 61 |
Exchange rate gains/(losses) | 157 |
At end of period | 10,104 |
Real estate funds | Fair value through other comprehensive income (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 | 9,980 |
At beginning of period | 8,995 |
At end of period | 9,980 |
Hedge funds | Fair value through profit or loss (FVPL) | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 9,980 |
At beginning of period | 8,995 |
Investments | 0 |
Disposals | (20) |
Fair value adjustments | 961 |
Realized gains/(losses) | 1 |
Exchange rate gains/(losses) | 43 |
At end of period | 9,980 |
Hedge funds | Fair value through other comprehensive income (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 | 9,809 |
At beginning of period | 10,106 |
At end of period | 9,809 |
Private debt | Fair value through profit or loss (FVPL) | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 9,809 |
At beginning of period | 10,106 |
Investments | 0 |
Disposals | (60) |
Fair value adjustments | (237) |
Realized gains/(losses) | 0 |
Exchange rate gains/(losses) | 0 |
At end of period | 9,809 |
Private debt | Fair value through other comprehensive income (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 |
Equity | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 3,287 |
At beginning of period | 1,141 |
At end of period | 3,287 |
Equity | Fair value through profit or loss (FVPL) | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 3,287 |
At beginning of period | 1,141 |
Investments | 1,986 |
Disposals | 0 |
Fair value adjustments | 160 |
Realized gains/(losses) | 0 |
Exchange rate gains/(losses) | 0 |
At end of period | 3,287 |
Equity | Fair value through other comprehensive income (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 |
Fixed income | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 15,259 |
At beginning of period | 11,748 |
At end of period | 15,259 |
Fixed income | Fair value through profit or loss (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 |
Fixed income | Fair value through other comprehensive income (FVOCI) | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 15,259 |
At beginning of period | 11,748 |
Investments | 3,447 |
Disposals | 0 |
Fair value adjustments | 64 |
Realized gains/(losses) | 0 |
Exchange rate gains/(losses) | 0 |
At end of period | 15,259 |
Floating income | Fair value through other comprehensive income (FVOCI) | |
Disclosure Of Other Current Financial Assets [Line Items] | |
Total other current financial assets | 8,229 |
At beginning of period | 16,692 |
Investments | 1,508 |
Disposals | (10,000) |
Fair value adjustments | 46 |
Realized gains/(losses) | (17) |
Exchange rate gains/(losses) | 0 |
At end of period | € 8,229 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) € / shares in Units, € in Thousands | 6 Months Ended | |||||
Jun. 26, 2024 EUR (€) € / shares | Jun. 30, 2024 EUR (€) vote € / shares shares | Jun. 30, 2023 EUR (€) | Dec. 31, 2023 EUR (€) € / shares shares | Dec. 31, 2022 EUR (€) | Dec. 31, 2018 EUR (€) | |
Disclosure of reserves within equity [line items] | ||||||
Total equity | € 914,205 | € 814,919 | € 900,896 | € 732,321 | ||
Par value per share (in EUR per share) | € / shares | € 0.02 | € 0.02 | ||||
Special voting share | 1 | |||||
Dividends paid per ordinary share (in EUR per share) | € / shares | € 0.12 | |||||
Dividends | € 31,651 | 31,099 | ||||
Ordinary shares | ||||||
Disclosure of reserves within equity [line items] | ||||||
Number of shares issued (in shares) | shares | 302,704,726 | 302,704,726 | ||||
Number of votes per share | vote | 1 | |||||
Special voting shares | ||||||
Disclosure of reserves within equity [line items] | ||||||
Number of shares issued (in shares) | shares | 154,981,350 | 154,981,350 | ||||
Share holding period for conversion | 2 years | |||||
Number of votes per share | vote | 1 | |||||
Special Voting Shares B | ||||||
Disclosure of reserves within equity [line items] | ||||||
Share holding period for conversion | 5 years | |||||
Number of votes per share | vote | 4 | |||||
Special Voting Shares C | ||||||
Disclosure of reserves within equity [line items] | ||||||
Share holding period for conversion | 10 years | |||||
Number of votes per share | vote | 9 | |||||
Reserve for treasury shares | ||||||
Disclosure of reserves within equity [line items] | ||||||
Number of shares issued (in shares) | shares | 50,288,247 | 52,394,463 | ||||
Ordinary shares held in treasury | ||||||
Disclosure of reserves within equity [line items] | ||||||
Number of shares issued (in shares) | shares | 52,394,463 | |||||
Thom Browne non-controlling interest shareholders | Non-controlling interests options reserve | ||||||
Disclosure of reserves within equity [line items] | ||||||
Other reserves | € 92,788 | € 162,066 | € 162,066 | |||
Dondi non-controlling interest shareholders | Non-controlling interests options reserve | ||||||
Disclosure of reserves within equity [line items] | ||||||
Other reserves | 21,459 | 21,459 | ||||
Share capital | ||||||
Disclosure of reserves within equity [line items] | ||||||
Total equity | 9,154 | 6,054 | 9,154 | 5,939 | ||
Reserve for treasury shares | ||||||
Disclosure of reserves within equity [line items] | ||||||
Total equity | (419,070) | (436,622) | (436,622) | (451,174) | ||
Retained earnings | ||||||
Disclosure of reserves within equity [line items] | ||||||
Total equity | 619,500 | 543,295 | € 618,853 | € 528,320 | ||
Dividends | € 30,000 | € 30,207 | € 25,031 |
Shareholders' Equity - Schedule
Shareholders' Equity - Schedule of Changes in Share Capital, Share Premium and Number of Ordinary Shares and Special Voting Shares (Details) - EUR (€) € in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Disclosure of reserves within equity [line items] | |||
Settlement of share-based payments | € 0 | € 0 | |
Non-executive remuneration received in equity, as a percent | 50% | 50% | |
Senior Management Team | |||
Disclosure of reserves within equity [line items] | |||
Number of shares issued, end of period (in shares) | 609,756 | ||
Settlement of share-based payments | € 7,500 | ||
CEO 2022-2024 LTIP | |||
Disclosure of reserves within equity [line items] | |||
Number of shares issued, end of period (in shares) | 588,000 | ||
CEO IPO Performance Share Units Plan | |||
Disclosure of reserves within equity [line items] | |||
Number of shares issued, end of period (in shares) | 360,000 | ||
Directors | |||
Disclosure of reserves within equity [line items] | |||
Number of shares issued, end of period (in shares) | 430,000 | ||
Non Executive Directors | |||
Disclosure of reserves within equity [line items] | |||
Number of shares issued, end of period (in shares) | 78,460 | ||
Senior Management Team 2023 RSU Plan | |||
Disclosure of reserves within equity [line items] | |||
Number of shares issued, end of period (in shares) | 40,000 | ||
Share Capital | |||
Disclosure of reserves within equity [line items] | |||
At beginning of period | € 9,154 | ||
At end of period | 9,154 | € 9,154 | |
Share premium | |||
Disclosure of reserves within equity [line items] | |||
At beginning of period | 782,587 | ||
At end of period | € 782,587 | € 782,587 | |
Outstanding ordinary shares | |||
Disclosure of reserves within equity [line items] | |||
Number of shares issued, beginning of period (in shares) | 250,310,263 | ||
Ordinary shares assigned under share-based payments (in shares) | 2,106,216 | ||
Number of shares issued, end of period (in shares) | 252,416,479 | 250,310,263 | |
Ordinary shares held in treasury | |||
Disclosure of reserves within equity [line items] | |||
Number of shares issued, beginning of period (in shares) | 52,394,463 | ||
Ordinary shares assigned under share-based payments (in shares) | 2,106,216 | ||
Number of shares issued, end of period (in shares) | 50,288,247 | 52,394,463 | |
Total ordinary shares | |||
Disclosure of reserves within equity [line items] | |||
Number of shares issued, beginning of period (in shares) | 302,704,726 | ||
Number of shares issued, end of period (in shares) | 302,704,726 | 302,704,726 | |
Special voting shares | |||
Disclosure of reserves within equity [line items] | |||
Number of shares issued, beginning of period (in shares) | 154,981,350 | ||
Number of shares issued, end of period (in shares) | 154,981,350 | 154,981,350 |
Shareholders' Equity - Schedu_2
Shareholders' Equity - Schedule of Other Reserves Including Other Comprehensive Income (Detail) - EUR (€) € in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of reserves within equity [line items] | ||
Other reserves | € (169,655) | € (153,996) |
Share-based payments reserve | ||
Disclosure of reserves within equity [line items] | ||
Other reserves | 80,349 | 96,008 |
Non-controlling interests options reserve | ||
Disclosure of reserves within equity [line items] | ||
Other reserves | (114,247) | (183,525) |
Other | ||
Disclosure of reserves within equity [line items] | ||
Other reserves | € (135,757) | € (66,479) |
Borrowings - Schedule of Non-cu
Borrowings - Schedule of Non-current and Current Borrowings (Detail) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
At beginning of period | € 402,622 | |
Repayments | (174,223) | |
Proceeds | 154,713 | |
Other | 2,983 | |
At end of period | 386,095 | |
Non-current | 218,132 | € 113,285 |
Current | 167,963 | € 289,337 |
Committed loans | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
At beginning of period | 316,956 | |
Repayments | (88,589) | |
Proceeds | 89,713 | |
Other | 2,983 | |
At end of period | 321,063 | |
Non-current | 218,128 | |
Current | 102,935 | |
Other financial loans | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
At beginning of period | 85,666 | |
Repayments | (85,634) | |
Proceeds | 65,000 | |
Other | 0 | |
At end of period | 65,032 | |
Non-current | 4 | |
Current | € 65,028 |
Borrowings - Schedule of Financ
Borrowings - Schedule of Financial Liabilities by Maturity Grouping (Details) - EUR (€) € in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Derivative financial instruments | € 2,741 | € 897 |
Trade payables and customer advances | 281,819 | 314,137 |
Borrowings | 386,095 | |
Lease liabilities | 631,097 | 593,725 |
Other non-current financial liabilities | 141,239 | 158,658 |
Total | 1,442,991 | € 1,470,039 |
Total contractual cash flows | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Derivative financial instruments | 2,741 | |
Trade payables and customer advances | 281,819 | |
Borrowings | 402,560 | |
Lease liabilities | 715,344 | |
Other non-current financial liabilities | 141,239 | |
Total | 1,543,703 | |
Within 1 year | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Derivative financial instruments | 2,741 | |
Trade payables and customer advances | 281,819 | |
Borrowings | 176,807 | |
Lease liabilities | 154,605 | |
Other non-current financial liabilities | 0 | |
Total | 615,972 | |
Between 1 and 2 years | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Derivative financial instruments | 0 | |
Trade payables and customer advances | 0 | |
Borrowings | 125,424 | |
Lease liabilities | 127,093 | |
Other non-current financial liabilities | 0 | |
Total | 252,517 | |
Between 2 and 3 years | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Derivative financial instruments | 0 | |
Trade payables and customer advances | 0 | |
Borrowings | 94,045 | |
Lease liabilities | 105,988 | |
Other non-current financial liabilities | 0 | |
Total | 200,033 | |
Beyond 3 years | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Derivative financial instruments | 0 | |
Trade payables and customer advances | 0 | |
Borrowings | 6,284 | |
Lease liabilities | 327,658 | |
Other non-current financial liabilities | 141,239 | |
Total | € 475,181 |
Other Current and Non-Current_3
Other Current and Non-Current Financial Liabilities - Schedule of Breakdown for Other Non-Current Financial Liabilities (Detail) - EUR (€) € in Thousands | Jun. 30, 2024 | Jun. 06, 2024 | Dec. 31, 2023 |
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | |||
Written put options on non-controlling interests | € 141,239 | € 136,466 | |
Other | 0 | 90 | |
Other non-current financial liabilities | 141,239 | 136,556 | |
Written put options on non-controlling interests | 0 | 22,102 | |
Other current financial liabilities | 0 | 22,102 | |
Total | 141,239 | 158,658 | |
Thom Browne | |||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | |||
Written put options on non-controlling interests | 124,139 | 116,456 | |
Written put options on non-controlling interests | 0 | € 22,752 | 22,102 |
Dondi | |||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | |||
Written put options on non-controlling interests | € 17,100 | € 20,010 |
Other Current and Non-Current_4
Other Current and Non-Current Financial Liabilities - Additional Information (Detail) € in Thousands | 1 Months Ended | 6 Months Ended | ||||
Jun. 06, 2024 EUR (€) | Jun. 30, 2021 EUR (€) | Jun. 30, 2024 EUR (€) tranche | Jun. 30, 2023 EUR (€) | Dec. 31, 2023 EUR (€) | Dec. 31, 2018 EUR (€) | |
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||||
Cash consideration | € 14,608 | € 108,575 | ||||
Written put options on non-controlling interests | 0 | € 22,102 | ||||
Acquisition of non-controlling interests | (750) | |||||
Written put options on non-controlling interests | 141,239 | 136,466 | ||||
Thom Browne | Subsidiaries | ||||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||||
Additional proportion of ownership interest in subsidiary acquired | 5% | |||||
Cash consideration | € 30,653 | |||||
Thom Browne non-controlling interest shareholders | Non-controlling interests options reserve | ||||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||||
Other reserves | € 92,788 | 162,066 | € 162,066 | |||
Thom Browne | ||||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||||
Proportion of ownership interests held by non-controlling interests | 8% | |||||
Cash consideration | € 22,752 | |||||
Group's percentage interest | 92% | |||||
Written put options on non-controlling interests | € 22,752 | € 0 | 22,102 | |||
Acquisition of non-controlling interests | € 3,697 | |||||
Written put options on non-controlling interests | € 124,139 | 116,456 | ||||
Written put option | 138,558 | |||||
Thom Browne | Written put options | ||||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||||
Proportion of ownership interests held by non-controlling interests | 10% | 15% | ||||
Additional proportion of ownership interest in subsidiary acquired | 2% | |||||
Thom Browne | MrThom Browne | Written put options | ||||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||||
Number of tranches for the right to exercise a sale option | tranche | 2 | |||||
Thom Browne | MrThom Browne | Written put options | Tranche one | ||||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||||
Proportion of ownership interests held by non-controlling interests | 5% | |||||
Thom Browne | MrThom Browne | Written put options | Tranche Two | ||||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||||
Proportion of ownership interests held by non-controlling interests | 3% | |||||
Dondi | ||||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||||
Written put options on non-controlling interests | € 17,100 | € 20,010 | ||||
Dondi | Written put options | ||||||
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, 2024 | Dec. 31, 2023 | |
Disclosure Of Lease Liabilities Arising From Financing Activities [Line Items] | ||
Balance at beginning of period | € 593,725 | |
Repayment of lease liabilities (including interest expense) | 154,713 | |
Balance at end of period | 631,097 | |
Non-current | 497,543 | € 471,083 |
Current | 133,554 | € 122,642 |
Lease liabilities | ||
Disclosure Of Lease Liabilities Arising From Financing Activities [Line Items] | ||
Interest expense | 11,511 | |
Repayment of lease liabilities (including interest expense) | (78,461) | |
Additions due to new leases and store renewals | 97,868 | |
Decrease of lease liabilities due to store closures | (3,416) | |
Translation differences | € 9,870 |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Financial Assets (Detail) - EUR (€) € in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of financial assets [line items] | ||
Financial assets | € 581,903 | € 672,661 |
Other current financial assets | 99,451 | 90,917 |
Level 1 | ||
Disclosure of financial assets [line items] | ||
Financial assets | 26,775 | 29,581 |
Other current financial assets | 26,775 | 29,581 |
Level 2 | ||
Disclosure of financial assets [line items] | ||
Financial assets | 499,771 | 585,949 |
Other current financial assets | 21,079 | 7,970 |
Level 3 | ||
Disclosure of financial assets [line items] | ||
Financial assets | 55,357 | 57,131 |
Other current financial assets | 51,597 | 53,366 |
Fair value through profit or loss (FVPL) | ||
Disclosure of financial assets [line items] | ||
Financial assets | 74,470 | 61,301 |
Other current financial assets | 70,178 | 56,880 |
Fair value through other comprehensive income (FVOCI) | ||
Disclosure of financial assets [line items] | ||
Financial assets | 27,833 | 39,550 |
Other current financial assets | 23,488 | 28,440 |
Amortized cost | ||
Disclosure of financial assets [line items] | ||
Financial assets | 479,600 | 571,810 |
Other current financial assets | 5,785 | 5,597 |
Derivative financial instruments | ||
Disclosure of financial assets [line items] | ||
Financial assets | 4,345 | 11,110 |
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 | 4,345 | 11,110 |
Derivative financial instruments | Level 3 | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Derivative financial instruments | Fair value through profit or loss (FVPL) | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Derivative financial instruments | Fair value through other comprehensive income (FVOCI) | ||
Disclosure of financial assets [line items] | ||
Financial assets | 4,345 | 11,110 |
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 | 225,316 | 296,279 |
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 | 225,316 | 296,279 |
Cash and cash equivalents | Level 3 | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Cash and cash equivalents | Fair value through profit or loss (FVPL) | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Cash and cash equivalents | Fair value through other comprehensive income (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 | 225,316 | 296,279 |
Trade receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | 216,670 | 240,457 |
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 | 216,670 | 240,457 |
Trade receivables | Level 3 | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Trade receivables | Fair value through profit or loss (FVPL) | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Trade receivables | Fair value through other comprehensive income (FVOCI) | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Trade receivables | Amortized cost | ||
Disclosure of financial assets [line items] | ||
Financial assets | 216,670 | 240,457 |
Other non-current financial assets | ||
Disclosure of financial assets [line items] | ||
Financial assets | 36,121 | 33,898 |
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 | 32,361 | 30,133 |
Other non-current financial assets | Level 3 | ||
Disclosure of financial assets [line items] | ||
Financial assets | 3,760 | 3,765 |
Other non-current financial assets | Fair value through profit or loss (FVPL) | ||
Disclosure of financial assets [line items] | ||
Financial assets | 4,292 | 4,421 |
Other non-current financial assets | Fair value through other comprehensive income (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 | 31,829 | 29,477 |
Other current financial assets | ||
Disclosure of financial assets [line items] | ||
Financial assets | 99,451 | 90,917 |
Other current financial assets | Level 1 | ||
Disclosure of financial assets [line items] | ||
Financial assets | 26,775 | 29,581 |
Other current financial assets | Level 2 | ||
Disclosure of financial assets [line items] | ||
Financial assets | 21,079 | 7,970 |
Other current financial assets | Level 3 | ||
Disclosure of financial assets [line items] | ||
Financial assets | 51,597 | 53,366 |
Other current financial assets | Fair value through profit or loss (FVPL) | ||
Disclosure of financial assets [line items] | ||
Financial assets | 70,178 | 56,880 |
Other current financial assets | Fair value through other comprehensive income (FVOCI) | ||
Disclosure of financial assets [line items] | ||
Financial assets | 23,488 | 28,440 |
Other current financial assets | Amortized cost | ||
Disclosure of financial assets [line items] | ||
Financial assets | 5,785 | 5,597 |
Money market funds and floating income | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 23,243 | 18,785 |
Money market funds and floating income | Level 1 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 8,229 | 16,692 |
Money market funds and floating income | Level 2 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 15,014 | 2,093 |
Money market funds and floating income | Level 3 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Money market funds and floating income | Fair value through profit or loss (FVPL) | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 15,014 | 2,093 |
Money market funds and floating income | Fair value through other comprehensive income (FVOCI) | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 8,229 | 16,692 |
Money market funds and floating income | 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 | 21,984 | 22,399 |
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 | 21,984 | 22,399 |
Private equity | Fair value through profit or loss (FVPL) | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 21,984 | 22,399 |
Private equity | Fair value through other comprehensive income (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 |
Fixed income | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 15,259 | 11,748 |
Fixed income | Level 1 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 15,259 | 11,748 |
Fixed income | Level 2 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Fixed income | Level 3 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Fixed income | Fair value through profit or loss (FVPL) | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Fixed income | Fair value through other comprehensive income (FVOCI) | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 15,259 | 11,748 |
Fixed income | 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 | 10,104 | 12,146 |
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 | 10,104 | 12,146 |
Real estate funds | Fair value through profit or loss (FVPL) | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 10,104 | 12,146 |
Real estate funds | Fair value through other comprehensive income (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 |
Hedge funds | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 9,980 | 8,995 |
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 | 0 |
Hedge funds | Level 3 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 9,980 | 8,995 |
Hedge funds | Fair value through profit or loss (FVPL) | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 9,980 | 8,995 |
Hedge funds | Fair value through other comprehensive income (FVOCI) | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Hedge 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 | 9,809 | 10,106 |
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 | 280 | 280 |
Private debt | Level 3 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 9,529 | 9,826 |
Private debt | Fair value through profit or loss (FVPL) | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 9,809 | 10,106 |
Private debt | Fair value through other comprehensive income (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 |
Guarantee deposits | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 5,524 | 5,431 |
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 | 5,524 | 5,431 |
Guarantee deposits | Level 3 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Guarantee deposits | Fair value through profit or loss (FVPL) | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Guarantee deposits | Fair value through other comprehensive income (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 | 5,524 | 5,431 |
Equity | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 3,287 | 1,141 |
Equity | Level 1 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 3,287 | 1,141 |
Equity | Level 2 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Equity | Level 3 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Equity | Fair value through profit or loss (FVPL) | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 3,287 | 1,141 |
Equity | Fair value through other comprehensive income (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 |
Financial receivables | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 261 | 166 |
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 | 261 | 166 |
Financial receivables | Level 3 | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Financial receivables | Fair value through profit or loss (FVPL) | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 0 | 0 |
Financial receivables | Fair value through other comprehensive income (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 | € 261 | € 166 |
Fair Value Measurement - Sche_2
Fair Value Measurement - Schedule of Fair Value Measurement of Equity (Detail) € in Thousands | 6 Months Ended |
Jun. 30, 2024 EUR (€) | |
Disclosure of fair value measurement of equity [line items] | |
At beginning of period | € 900,896 |
At end of period | 914,205 |
Level 3 | |
Disclosure of fair value measurement of equity [line items] | |
At beginning of period | 57,131 |
Investments | 824 |
Disposals | (4,688) |
Fair value adjustments | 1,365 |
Realized gains | 98 |
Exchange rate gains | 627 |
At end of period | € 55,357 |
Fair Value Measurement - Sche_3
Fair Value Measurement - Schedule of Financial Liabilities (Detail) - EUR (€) € in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of financial liabilities [line items] | ||
Financial liabilities | € 1,442,991 | € 1,470,039 |
Level 1 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Level 2 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 811,894 | 876,224 |
Level 3 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 631,097 | 593,815 |
FVPL | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 141,239 | 158,568 |
FVOCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 2,741 | 897 |
Amortized cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 1,299,011 | 1,310,574 |
Derivative financial instruments | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 2,741 | 897 |
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 | 2,741 | 897 |
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 | 2,741 | 897 |
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 | 218,132 | 113,285 |
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 | 218,132 | 113,285 |
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 | 218,132 | 113,285 |
Current borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 167,963 | 289,337 |
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 | 167,963 | 289,337 |
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 | 167,963 | 289,337 |
Other non-current financial liabilities | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 141,239 | 136,556 |
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 | 141,239 | 136,466 |
Other non-current financial liabilities | Level 3 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 90 |
Other non-current financial liabilities | FVPL | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 141,239 | 136,466 |
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 | 0 | 90 |
Other current financial liabilities | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 22,102 | |
Other current financial liabilities | Level 1 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | |
Other current financial liabilities | Level 2 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 22,102 | |
Other current financial liabilities | Level 3 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | |
Other current financial liabilities | FVPL | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 22,102 | |
Other current financial liabilities | FVOCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | |
Other current financial liabilities | Amortized cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | |
Trade payables and customer advances | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 281,819 | 314,137 |
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 | 281,819 | 314,137 |
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 | 281,819 | 314,137 |
Lease liabilities – Current/Non-current | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 631,097 | 593,725 |
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 | 631,097 | 593,725 |
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 | € 631,097 | € 593,725 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2020 | |
Associates | Tom Ford | ||
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 - Sc
Related Party Transactions - Schedule of Transactions with Related Parties (Details) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Disclosure of transactions between related parties [line items] | ||
Revenues | € 960,122 | € 903,059 |
Cost of sales | 322,678 | 323,228 |
Selling, general and administrative expenses | 497,612 | 415,792 |
Marketing expenses | 66,751 | 47,530 |
Foreign exchange gains/(losses) | (7,684) | (7,003) |
Zegna Group | ||
Disclosure of transactions between related parties [line items] | ||
Revenues | 960,122 | 903,059 |
Cost of sales | 322,678 | 323,228 |
Selling, general and administrative expenses | 497,612 | 415,792 |
Marketing expenses | 66,751 | 47,530 |
Financial income/(expenses) | (17,161) | (28,991) |
Foreign exchange gains/(losses) | (7,684) | (7,003) |
Related parties | ||
Disclosure of transactions between related parties [line items] | ||
Revenues | 181 | 3,281 |
Cost of sales | 15,341 | 16,500 |
Selling, general and administrative expenses | 5,545 | 5,330 |
Marketing expenses | 1,074 | 1,081 |
Financial income/(expenses) | (1,446) | (433) |
Foreign exchange gains/(losses) | 87 | 1,915 |
Associates | ||
Disclosure of transactions between related parties [line items] | ||
Revenues | 30 | 3,212 |
Cost of sales | 3,815 | 4,710 |
Selling, general and administrative expenses | 37 | 880 |
Marketing expenses | 0 | 0 |
Financial income/(expenses) | 0 | 36 |
Foreign exchange gains/(losses) | 0 | 0 |
Associates | TFI Group | ||
Disclosure of transactions between related parties [line items] | ||
Revenues | 0 | 3,212 |
Cost of sales | 0 | 288 |
Selling, general and administrative expenses | 0 | 740 |
Marketing expenses | 0 | 0 |
Financial income/(expenses) | 0 | (7) |
Foreign exchange gains/(losses) | 0 | 0 |
Royalties | 181 | |
Associates | Filati Biagioli Modesto S.p.A. | ||
Disclosure of transactions between related parties [line items] | ||
Revenues | 0 | 0 |
Cost of sales | 3,676 | 3,581 |
Selling, general and administrative expenses | 33 | 20 |
Marketing expenses | 0 | 0 |
Financial income/(expenses) | 0 | 45 |
Foreign exchange gains/(losses) | 0 | 0 |
Associates | Norda Run Inc. | ||
Disclosure of transactions between related parties [line items] | ||
Revenues | 0 | 0 |
Cost of sales | 1 | 841 |
Selling, general and administrative expenses | 4 | 120 |
Marketing expenses | 0 | 0 |
Financial income/(expenses) | 0 | (2) |
Foreign exchange gains/(losses) | 0 | 0 |
Associates | Luigi Fedeli e Figlio S.r.l. | ||
Disclosure of transactions between related parties [line items] | ||
Revenues | 30 | 0 |
Cost of sales | 138 | 0 |
Selling, general and administrative expenses | 0 | 0 |
Marketing expenses | 0 | 0 |
Financial income/(expenses) | 0 | 0 |
Foreign exchange gains/(losses) | 0 | 0 |
Companies controlled by Monterubello or its shareholders, the Company's directors or Senior Management Team | EZ Real Estate S.r.l | ||
Disclosure of transactions between related parties [line items] | ||
Revenues | 8 | 1 |
Cost of sales | 1,267 | 1,379 |
Selling, general and administrative expenses | 2,010 | 2,065 |
Marketing expenses | 1,040 | 1,024 |
Financial income/(expenses) | (351) | (181) |
Foreign exchange gains/(losses) | 0 | 0 |
Companies controlled by Monterubello or its shareholders, the Company's directors or Senior Management Team | Schneider Group | ||
Disclosure of transactions between related parties [line items] | ||
Revenues | 1 | 17 |
Cost of sales | 6,394 | 6,732 |
Selling, general and administrative expenses | 3 | 11 |
Marketing expenses | 0 | 0 |
Financial income/(expenses) | 0 | 0 |
Foreign exchange gains/(losses) | 0 | 0 |
Companies controlled by Monterubello or its shareholders, the Company's directors or Senior Management Team | Alan Real Estate S.A | ||
Disclosure of transactions between related parties [line items] | ||
Revenues | 0 | 0 |
Cost of sales | 857 | 874 |
Selling, general and administrative expenses | 1,550 | 649 |
Marketing expenses | 0 | 0 |
Financial income/(expenses) | (858) | (26) |
Foreign exchange gains/(losses) | 5 | 0 |
Companies controlled by Monterubello or its shareholders, the Company's directors or Senior Management Team | Agnona S.r.l. | ||
Disclosure of transactions between related parties [line items] | ||
Revenues | 50 | 14 |
Cost of sales | 25 | 15 |
Selling, general and administrative expenses | 134 | 87 |
Marketing expenses | 30 | 49 |
Financial income/(expenses) | 0 | (1) |
Foreign exchange gains/(losses) | (1) | 0 |
Companies controlled by Monterubello or its shareholders, the Company's directors or Senior Management Team | Other companies controlled by Monterubello or its shareholders, the Company's directors or Senior Management Team | ||
Disclosure of transactions between related parties [line items] | ||
Revenues | 92 | 37 |
Cost of sales | 2,983 | 2,790 |
Selling, general and administrative expenses | 216 | 11 |
Marketing expenses | 4 | 8 |
Financial income/(expenses) | 2 | 1 |
Foreign exchange gains/(losses) | 0 | 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 | 96 | 103 |
Marketing expenses | 0 | 0 |
Financial income/(expenses) | (239) | (262) |
Foreign exchange gains/(losses) | 83 | 1,915 |
Other | ||
Disclosure of transactions between related parties [line items] | ||
Revenues | 0 | 0 |
Cost of sales | 0 | 0 |
Selling, general and administrative expenses | 1,499 | 1,524 |
Marketing expenses | 0 | 0 |
Financial income/(expenses) | 0 | 0 |
Foreign exchange gains/(losses) | € 0 | € 0 |
Related Party Transactions - _2
Related Party Transactions - Schedule of Balances with Related Parties (Details) - EUR (€) € in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of transactions between related parties [line items] | ||
Non-current assets | € 1,552,647 | € 1,479,375 |
Total current assets | 1,228,652 | 1,287,636 |
Non-current liabilities | 995,565 | 853,992 |
Current liabilities | 871,529 | 1,012,123 |
Zegna Group | ||
Disclosure of transactions between related parties [line items] | ||
Non-current assets | 1,552,647 | 1,479,375 |
Total current assets | 1,228,652 | 1,287,636 |
Non-current liabilities | 995,565 | 853,992 |
Current liabilities | 871,529 | 1,012,123 |
Related parties | ||
Disclosure of transactions between related parties [line items] | ||
Non-current assets | 76,681 | 80,775 |
Total current assets | 35,652 | 44,128 |
Non-current liabilities | 66,550 | 90,565 |
Current liabilities | 42,191 | 24,646 |
Associates | ||
Disclosure of transactions between related parties [line items] | ||
Non-current assets | 0 | 0 |
Total current assets | 460 | 601 |
Non-current liabilities | 0 | 0 |
Current liabilities | 1,934 | 929 |
Associates | Filati Biagioli Modesto S.p.A. | ||
Disclosure of transactions between related parties [line items] | ||
Non-current assets | 0 | 0 |
Total current assets | 437 | 598 |
Non-current liabilities | 0 | 0 |
Current liabilities | 1,794 | 927 |
Associates | Norda Run Inc. | ||
Disclosure of transactions between related parties [line items] | ||
Non-current assets | 0 | |
Total current assets | 0 | 0 |
Non-current liabilities | 0 | 0 |
Current liabilities | 4 | 2 |
Associates | Luigi Fedeli e Figlio S.r.l. | ||
Disclosure of transactions between related parties [line items] | ||
Non-current assets | 0 | 0 |
Total current assets | 23 | 3 |
Non-current liabilities | 0 | 0 |
Current liabilities | 136 | 0 |
Companies controlled by Monterubello or its shareholders, the Company's directors or Senior Management Team | Agnona S.r.l. | ||
Disclosure of transactions between related parties [line items] | ||
Non-current assets | 0 | 0 |
Total current assets | 17 | 55 |
Non-current liabilities | 0 | 0 |
Current liabilities | 14 | 56 |
Companies controlled by Monterubello or its shareholders, the Company's directors or Senior Management Team | Schneider Group | ||
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 | 4,010 | 4,176 |
Companies controlled by Monterubello or its shareholders, the Company's directors or Senior Management Team | EZ Real Estate S.r.l | ||
Disclosure of transactions between related parties [line items] | ||
Non-current assets | 40,098 | 43,215 |
Total current assets | 18 | 82 |
Non-current liabilities | 34,413 | 37,320 |
Current liabilities | 8,525 | 8,503 |
Companies controlled by Monterubello or its shareholders, the Company's directors or Senior Management Team | Alan Real Estate S.A | ||
Disclosure of transactions between related parties [line items] | ||
Non-current assets | 36,375 | 37,154 |
Total current assets | 0 | 0 |
Non-current liabilities | 32,137 | 33,245 |
Current liabilities | 5,024 | 5,291 |
Companies controlled by Monterubello or its shareholders, the Company's directors or Senior Management Team | Other companies controlled by Monterubello or its shareholders, the Company's directors or Senior Management Team | ||
Disclosure of transactions between related parties [line items] | ||
Non-current assets | 208 | 406 |
Total current assets | 268 | 188 |
Non-current liabilities | 0 | 0 |
Current liabilities | 1,724 | 2,144 |
UBS Group AG | ||
Disclosure of transactions between related parties [line items] | ||
Non-current assets | 0 | 0 |
Total current assets | 34,889 | 43,202 |
Non-current liabilities | 0 | 20,000 |
Current liabilities | 20,530 | 3,017 |
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 | € 430 | € 530 |
Share-Based Payments - Narrativ
Share-Based Payments - Narrative (Details) € in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jan. 30, 2024 shares | Apr. 05, 2023 shares | Jun. 30, 2024 shares | Jun. 30, 2024 EUR (€) shares | Jun. 30, 2023 EUR (€) | Dec. 31, 2023 | Dec. 31, 2022 shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Share-based payment arrangements, number of ordinary shares received per award | 1 | ||||||
Share-based compensation expense | € | € 4,151 | € 6,536 | |||||
Non-executive remuneration received in equity, as a percent | 50% | 50% | |||||
Non Executive Directors | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
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% | ||||||
Contractual life of outstanding Share options | 2 years | ||||||
Number of share options granted in share-based payment arrangement (in shares) | 7,162 | 78,460 | |||||
Restricted Share Units | |||||||
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) | 40,000 | ||||||
Performance share units | |||||||
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) | 518,350 | ||||||
Performance share units | LTI Plan | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Share-based compensation expense | € | € 3,601 | ||||||
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 | ||||||
Chief Operating Officer | Ordinary shares | Initial Public Offering Performance Share Units | |||||||
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) | 360,000 | ||||||
Management | Ordinary shares | Initial Public Offering Performance Share Units | |||||||
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) | 430,000 |
Share-Based Payments - Schedule
Share-Based Payments - Schedule of Key Assumptions Used in Valuation (Details) - Performance share units | 6 Months Ended |
Jun. 30, 2024 € / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Measurement date share price | 11 |
Expected volatility based on the historical and implied volatility of a group of comparable companies | 0.3608 |
Dividend yield | 0.0118 |
Risk-free rate | 0.0438 |
Top of range | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Preliminary fair value | 8.30 |
Bottom of range | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Preliminary fair value | 11.19 |
Notes to the semi-annual cond_2
Notes to the semi-annual condensed consolidated cash flow statement (Detail) - EUR (€) € in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Notes to Consolidated Cash Flow Statement [Abstract] | ||
Additions other than through business combinations, property, plant and equipment | € 42,519 | € 26,995 |
Business Combinations - Additio
Business Combinations - Additional Information (Details) - EUR (€) € in Thousands | 1 Months Ended | 6 Months Ended | ||||
Jan. 01, 2024 | Jul. 01, 2023 | Jul. 31, 2024 | Jan. 31, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disclosure of detailed information about business combination [line items] | ||||||
Transaction costs related to acquisitions | € 26 | € 4,975 | ||||
Ermenegildo Zegna Korea Co. Ltd | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Proportion of ownership interest in associate | 100% | |||||
Goodwill | € 8,280 | |||||
Transaction costs related to acquisitions | 26 | |||||
Revenue of the acquiree since the acquisition date | 7,453 | |||||
Loss of the acquiree since the acquisition date | 492 | |||||
Current trade receivables | 1,576 | |||||
Best estimate at acquisition date of contractual cash flows not expected to be collected for acquired receivables | 16 | |||||
Cash consideration paid | € 8,970 | |||||
Thom Browne Korea Ltd. | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Proportion of ownership interest in associate | 100% | |||||
Cash consideration paid | € 7,991 | |||||
Deferred consideration acquisition date fair value | € 18,583 | |||||
Contingent consideration paid | € 4,881 | |||||
Contingent consideration | € 13,983 | |||||
Thom Browne Korea Ltd. | Settlement of contingent consideration | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Contingent consideration paid | € 4,699 |
Business Combinations - Schedul
Business Combinations - Schedule of Preliminary Details of the Purchase Consideration (Details) - Ermenegildo Zegna Korea Co. Ltd € in Thousands | Jan. 01, 2024 EUR (€) |
Disclosure of detailed information about business combination [line items] | |
Cash consideration paid | € 8,970 |
Settlement of pre-existing intercompany balances | 2,540 |
Total | € 11,510 |
Business Combinations - Sched_2
Business Combinations - Schedule of Identifiable Assets Acquired (Details) - Ermenegildo Zegna Korea Co. Ltd € in Thousands | Jan. 01, 2024 EUR (€) |
Disclosure of detailed information about business combination [line items] | |
Cash and cash equivalents | € 210 |
Trade receivables | 1,560 |
Inventories | 4,518 |
Intangible assets and property, plant and equipment | 1,014 |
Other current and non-current assets | 109 |
Other current and non-current liabilities | (2,929) |
Trade payables and customer advances | (321) |
Employee benefits | (931) |
Net identifiable assets acquired | 3,230 |
Goodwill | 8,280 |
Net assets acquired including goodwill | € 11,510 |
Business Combinations - Sched_3
Business Combinations - Schedule of Net Cash Outflows Related To The Acquisition (Details) - EUR (€) € in Thousands | 6 Months Ended | ||
Jan. 01, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disclosure of detailed information about business combination [line items] | |||
Net cash outflow - Investing activities | € (14,608) | € (108,575) | |
Ermenegildo Zegna Korea Co. Ltd | |||
Disclosure of detailed information about business combination [line items] | |||
Consideration paid in cash | € (8,970) | ||
Cash and cash equivalents acquired | 210 | ||
Payment of acquisition-related liabilities | (967) | ||
Net cash outflow - Investing activities | € (9,727) |