MILAN, Apr 24 (Class Editori) -- Balance sheets confirm the positive results of the previous year: a project to relaunch the Z Zegna label, which will be unveiled at Pitti Immagine Uomo, the partnership with Alibaba for the e-commerce presence within the Tmall luxury pavilion in China and a program of new openings worldwide. The initiatives within the Ermenegildo Zegna group continue at a fast pace.
The company closed 2018 with a growth by 0.4% at constant exchange rates (while it was -2% at current exchange rates), reaching an ebitda of 143 million euros (12.3% of sales) showing a slightly growth and gaining a net profit of 34 million euros (+4%). The net financial position remains positive even following the acquisition of 85% of Thom Browne, valued overall around half a billion dollars, whose results will be fully consolidated in the 2019 financial statements.
"These numbers confirm the results of 2017 of which we are satisfied, given that 2018 was strongly influenced by the general slowdown of the international economy and, in particular, by the weakness of purchases in Europe," told CEO Gildo Zegna to MFF. "The past twelve months have been marked by ups and downs during which we have defended our position and completed an important acquisition, Thom Browne, which we are very proud of. It is indeed giving us great satisfaction and its potential for growth is significant."
The CEO is now in New York with the artistic director Alessandro Sartori for the official opening of the new Zegna global store on 4 West 57th Street, inside the Crown building, which is one of the landmarks of Manhattan. Designed by Peter Marino, the space is spread over an area of 660 square meters of retail space with a completely renovated façade, composed of metal wires which evoke the intersection of weft and warp, at the base of the transformation of the raw material into fabric.
This important inauguration follows a series of new openings in Istanbul (Emaar) and Riverside in New Jersey, in addition to renovating the spaces in Palo Alto, San Paolo (Iguatemi), Dubai (Dubai Mall) and Beijing (China World). The latter is going to be: "The largest store of the brand in the world," as underlined by Gildo Zegna. Apparently, the Chinese market is still the leading market, showing a continuous growth. Not surprisingly, the partnership will be fundamental for the development of the digital platform on the Tmall luxury pavilion, which provides for the launch of some exclusive products.
In terms of product categories, 2018 results were made possible through the good performance of several business areas, in particular informal clothing, couture, supported by the XXX line, and both Zegna and Bonotto fabrics. This is proof that we really are an integrated group, concluded Gildo Zegna.
(Source:Class Editori)
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