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Ermenegildo Zegna annual revenues decline 7 percent

By Prachi Singh

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Business

Ermenegildo Zegna Group reported a decline of 7 percent at constant exchange rates, while the year before they had grown by 4 percent, Fashion Network reports. The company’s statement said revenues decreased from 1.261 billion euros (1.343 billion dollars) in 2015 to 1.156 billion euros (1.231 billion dollars) a year later.

The report added that last year, the company generated net income of 20 million euros (21 million dollars), compared to 45 million euros (47 million dollars) a year earlier, posting a 55.5 percent decline against 36.6 percent decrease in 2015. EBITDA reached 125 million euros (133 million dollars), compared to 146 million euros (155 million dollars) in 2015, a decline of 14.3 percent.

In another development, Ermenegildo Zegna made investments in manufacturing facilities in Italy and took over high-end textile manufacturer Bonotto. The report further said that along with hiring people in the marketing, merchandising and business development departments, the company opened an atelier-apartment of over 100 m2 in the heart of Milan, where six Zegna tailors offer a made-to-measure service.

The company said, exports in markets to China, the USA, Europe, Russia, Canada, Mexico and Dubai account for 90 percent of the total sales. At the end of 2016, Zegna operated 513 stores, ten less than a year before, of which 287 were directly owned.

Picture:Facebook/Ermenegildo Zegna

Ermenegildo Zegna