Italy’s Zegna sales up 50% in the first half, sales accelerate in China

Business

Italian luxury group Ermenegildo Zegna reported on Thursday a 50% rise in first-half revenues, as sales climbed particularly in China.

The adjusted operating profit stood at 67 million euros ($78 million), compared to a loss of 52 million euros in the first half of 2020.

Zegna is expected to list in New York by the end of the year by combining with a U.S. investment vehicle, giving the menswear company an enterprise value of $3.2 billion.

The family-owned group said the third quarter showed a solid growth in revenues compared to a year earlier and its performance at the end of September was close to pre-pandemic levels.

($1 = 0.8590 euros)