Zegna Results Presentation Deck
CAPEX & TRADE WORKING CAPITAL
Investing in Retail, IT and Industrial Platform
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Capital Expenditure (€ millions)
4%
15.5
13
1H22
% of revenues
Store Network
Other
4%
13.6
11
1H21
Planned Capex step-up in 2022
€28.5 million Capex paid: Zegna and Thom Browne
distribution network, rebranding and IT projects
New store openings for Thom Browne, relocations/renewals
for Zegna
Key IT projects: point of sales systems and distribution ERP
Supply Chain & Textile ordinary maintenance capex
TWC=€331M
One brand impact on TWC
Trade Working Capital (€ millions)
23.3 %
391
169
-229
Ermenegildo Zegna Group
30-Jun-2022
Trade receivables
% of last 12 months
rolling revenues
21.3 %
339
160
-223
31-Dec-2022
Inventories Trade Payables and customer advances
TWC=€276M
Inventories up on increased volumes at end-June
(FW22 One Brand launch) and unsold stock in GCR
due to Covid-related lockdowns
Stock turn to improve once rebranding fully rolled out
Receivables up partly balanced by higher payables in
line with business increase
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