in the first quarter of the year, its chairman and chief executive officer said during a call with analysts on Tuesday that the performance in the period was “in line with what we anticipated” and confirmed the mid-term outlook of a more than 10 percent compound annual revenue growth.
Organic growth was 6.8 percent. Several key regions – mainly the Europe, Middle East and Africa region, the Americas and Japan – saw solid double-digit growth. Chief financial officer Gianluca Tagliabue remarked that no strategic changes will be implemented in China and, on the contrary, investments will continue to fuel the brand’s development in the country, although “cautiously to protect the bottom line.” Responding to an analyst, he said that Zegna in China was up mid-single digit in April and reported “a good increase in Continental Europe – double digit – and in Japan.
“Looking at the rest of the year, we have a clear and defined path in front of us. I am confident that we are taking the right actions to make our brands even stronger and to deliver on our medium-term ambitions,” said Zegna. The group’s sales were lifted by strong growth in the Americas, where sales jumped 57.7 percent to 114.2 million euros, representing 25 percent of the total.
Source: News Formal (newsformal.com)
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