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    Does Zegna’s (ZGN) Flat 2025 Revenue Hint At Brand Resilience Or Fading Momentum?

    Simply Wall St·02/05/2026 11:40:43
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    • Ermenegildo Zegna N.V. has reported past unaudited revenues for the fourth quarter of 2025 of €591,028,000, slightly above the prior year’s €589,231,000, while full-year 2025 revenues were €1.92 billion compared with €1.95 billion in 2024.
    • The combination of broadly flat quarterly revenues and a small full-year decline offers a clearer view of how the group’s sales have held up across 2025.
    • We’ll now examine how this combination of stable quarterly revenues and a modest full-year drop shapes Ermenegildo Zegna’s investment narrative.

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    What Is Ermenegildo Zegna's Investment Narrative?

    To own Ermenegildo Zegna, you need to believe in the strength of its brands and its ability to convert that heritage into steady, profitable growth under a refreshed leadership structure. The latest trading update, with flat fourth quarter revenues and a small full year decline to about €1.92 billion, does not radically change that big picture, but it does sharpen the focus on execution. In the short term, the key catalysts now look less about top line surprises and more about how the new Group CEO and brand Co‑CEOs manage margins, capital allocation and brand investment against modest revenue trends. At the same time, a premium valuation versus parts of the luxury peer group keeps the spotlight on any sign that earnings growth might fall short of expectations.

    However, investors should be aware of how leadership change could affect execution risk.
    Ermenegildo Zegna's shares are on the way up, but could they be overextended? Uncover how much higher they are than fair value.

    Exploring Other Perspectives

    ZGN 1-Year Stock Price Chart
    ZGN 1-Year Stock Price Chart
    Two fair value estimates from the Simply Wall St Community span roughly €4.70 to €11.58, underlining how differently shareholders can assess Zegna’s worth. Set this against recent flat revenues and leadership transition risk, and it becomes clear why examining several viewpoints may be useful before drawing firm conclusions about the company’s potential.

    Explore 2 other fair value estimates on Ermenegildo Zegna - why the stock might be worth less than half the current price!

    Build Your Own Ermenegildo Zegna Narrative

    Disagree with this assessment? Create your own narrative in under 3 minutes - extraordinary investment returns rarely come from following the herd.

    • A great starting point for your Ermenegildo Zegna research is our analysis highlighting 1 key reward that could impact your investment decision.
    • Our free Ermenegildo Zegna research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Ermenegildo Zegna's overall financial health at a glance.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.