Italian luxury fashion house Ermenegildo Zegna Group has reported a 36.6 per cent drop in its profits for the fiscal year 2015 to US $ 51 million against US 80.7 dollars in 2014. Its EBITDA dived 21 per cent to US $ 166 million compared to US 210 million last year. However the company noted a 4 per cent rise in revenue to US $ 1.43 billion.
In the period under consideration, Zegna entered into a JV with Dubai’s Al Tayer Group to expand its reach in the Middle East market. As per the agreement, Al Tayer will operate all Zegna stores in the UAE, which were earlier looked after by UAE Trading. The brand operated 523 boutiques at the end of the fiscal.
The fashion firm had also set up a new manufacturing centre in San Pietro Mosezzo, to establish strong supply chain for its clothing business in the reporting period. It already has three other separate manufacturing centres for casual wear, outer wear and leather apparel, and accessories in Parma, Italy. Besides this, a centre for knitwear production was set up in Verrone, Italy.
Engaged in making men’s clothing and accessories, Zegna is among the leading menswear of Italy. It manufactures suits for brands such as Gucci, Yves Saint Laurent, Dunhill and Tom Ford.
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