Italian Fashion Group Zegna Raises Guidance for 2022

Fashion

August 27th, 5:25am

Asharq Al-Awsat

A detail of the interior of an Ermenegildo Zegna store is seen in Rome, Italy, December 20, 2021. REUTERS/Yara Nardi

Italian fashion group Ermenegildo Zegna raised its full-year guidance on Friday after reporting a 21% increase in half-year revenue. The company, which is listed in New York, said it now expects revenue growth in the mid-teens in percentage terms versus previous guidance for low-teens percentage growth. It also forecast a "solid improvement" in adjusted earnings before interests and taxes (EBIT) having previously spoken only of an improvement. "While our current performance is strong, including a healthy rebound in the Greater China Region, the global geopolitical and economic outlook remains uncertain," Chairman and CEO Ermenegildo Zegna said in a statement, Reuters reported. "I am confident that we will remain on track, as we execute our strategy to achieve our new 2022 guidance," he added. The family-controlled group, which controls Italy's luxury menswear brand Zegna and US label Thom Browne, said revenue rose 21% to 729 million euros ($729 million) in the first six months of 2022 while adjusted EBIT rose 24% to 82.7 million euros.

from Asharq AL-awsat https://english.aawsat.com/home/article/3839211/italian-fashion-group-zegna-raises-guidance-2022