Zegna Investor Day Presentation Deck
CAPITAL MARKETS DAY
Adjusted EBIT Margin: building blocks of margin increase
ADJUSTED EBIT MARGIN: DELTA BETWEEN 2022 AND THE MEDIUM-TERM OUTLOOK
Gross Profit
Higher DTC
• Price increases
• Discount control
• Essential vs
seasonal weight
Supply chain fixed
cost absorption
Source: company information and management estimates
Ermenegildo Zegna Group
ZEGNA+Thom Browne segments
Marketing
FINANCIALS
Step-up in the
period 2021-2023
....then normalized
incidence
SG&A
Delta Adjusted EBIT Margin
before Tom Ford Fashion
• Scale effect on
Corporate costs
• Positive leverage on
staff functions and
listing-related costs...
. ...more than offsetting
increase in CAPEX
driven depreciation
© COPYRIGHT ERMENEGILDO ZEGNA GROUP 2023
Tom Ford Delta Adjusted EBIT Margin:
Fashion
medium-term
• Royalties (ca. 1 pp
impact on
Group's Adjusted
EBIT margin)
On going
amortization of
license agreement
(~3M€/year)
05.12.23
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