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Luxury group Zegna posts 19.3% jump in FY organic sales

Reuters
·1-min read

(Reuters) - Italy's Ermenegildo Zegna posted a 19.3% increase in full-year organic revenue on Friday and proposed a 20% hike in its annual dividend, helped by robust demand for its luxury products.

The family-owned fashion group, which controls menswear brand Zegna, as well as the U.S. labels Thom Browne and Tom Ford Fashion, saw a 24% increase in Greater China revenue during the period.

"We are on track with the integration of the Tom Ford Fashion business, which is enriching our unique proposition in luxury glamour" Chairman and CEO Ermenegildo Zegna said.

The company's full-year revenue reached 1.9 billion euros ($2.06 billion) in 2023 and it has proposed a dividend of 0.12 euros($0.1300) per share.

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Zenga, which debuted on Wall Street in late 2021, said its EBIT reached 220 million euros in 2023, compared to 157.7 million euros in the prior year.

($1 = 0.9230 euros)

(Reporting by Gursimran Kaur in Bengaluru; Editing by Ravi Prakash Kumar)