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

1 min read
FILE PHOTO: Closed luxury retail stores on 5th Avenue in Manhattan during the outbreak of the coronavirus disease (COVID-19) in New York

MILAN – 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.

(Reporting by Elisa Anzolin; Editing by Edmund Blair)

tagreuters.com2021binary_LYNXMPEH9K0ME-BASEIMAGE