Zegna Garment Group is the leader in the luxury menswear industry. Zegna’s recently announced performance is a “historic reportâ€. This is due to its continued expansion of direct sales networks and its entry into emerging markets. For the first time, Zegna exceeded the threshold of one billion euros in turnover, which is exactly what the brand has set for the 2010 Centennial Celebration.
In 2011, the Group’s turnover reached 1.127 billion Euros, an increase of 17% compared to 2010, of which more than 90% came from export operations, half of which came from the Asian market. Net profit reached 115.1 million euros, an increase of 91.5%, and EBITDA was 233 million euros, an increase of 66%, which greatly enhanced the company's finances. In view of the good performance, the Group decided to award a bonus of 1000 Euros to each of its 7,000 employees.
Zegna's growth momentum comes from its retail network. The company has been investing heavily in development for five years. By the end of 2011, the number of stores under the group had grown to 557, of which 311 were self-operated. Ermenegildo Zegna, the group's president, recently said, "We have been able to achieve this result because we have continued to invest in opening stores." He expressed his deep satisfaction with the double-digit increase in its retail network.
China’s sales growth was as high as 28%, making it the brand’s largest market, followed by the United States with an increase of 16%. The European market also recorded a profit, which was mainly due to the rebound in sales due to tourists' consumption in markets such as Germany, France, and Italy. Russia and Eastern Europe also performed well. Zegna plans to open more than 50 stores in 2012, one third of which is located in China.
The group also announced the appointment of Jing Ulrich to the board of directors as an independent consultant.
Li Jing is the Chairman of JPMorgan China Securities Market. She also serves as a consultant to a number of international investment funds and multinational companies. Ermenegildo Zegna said that “Li Jing’s entry into our board of directors will help us to develop the Asian market, which is the driving force of the global economy in the coming yearsâ€. Li Jing was rated as one of the most powerful women in the world by Fortune and Forbes Magazine.
Her entry into Zegna is reminiscent of the possibility that the Group may wish to go public in the future. It is believed that Zegna will be able to find a career in the apparel industry.
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