Thank you. Thank you, operator, and good morning, good afternoon, everyone.

Welcome to our first quarter 2026 revenue call. Today, I'm joined by our Group CFO, Gianluca Tagliabue, who will lead our call shortly.

I will begin with a brief comment on our Q1 revenues before handing the floor to to Gianluca. Let's therefore move directly to page 7 of the presentation.

As always I will comment on revenue on organic revenue trend because, they better reflect the underlying business dynamics, excluding foreign exchange impacts. Q1 in Q1 2026, the group reported €470 million in revenues, which is up 7%, marking a sequential acceleration compared to the previous quarter.

The performance was boosted by the DTC channel, which was up 14% at group level, with remarkable results across the three brands, all the three brands. Growth was positive in all regions, led by Americas with a nice 7- 17% growth, and the positive GCR, Greater China Region, at +5%.

Let's turn to page 8, where I will focus on the performance by brand. Zegna recorded in the quarter €310 million, up 11%, in sequential improvement compared to Q4 last year.

This improvement has been driven by a solid DTC performance, which was solid across all regions. Thom Browne, €58 million revenues in Q1, reported a 3% decline, which is a combination of a strong DTC performance, which was up double-digit, which has been offset by the contraction in the wholesale channel.

Tom Ford Fashion, €68 million in revenues, +5% organic, also in this case boosted by DTC. Very quick on the Textile, performance was +3%, which reflect an ongoing soft demand in the sector.

I will not focus on other revenues that, are an increasingly marginal business, quarter-on-quarter percentage are not meaningful. Directly on page 9, I will look at the revenues by geographic area.

EMEA first: EMEA in the quarter represented 33% of our group revenues, up 1%, with DTC solidly up above across, sorry, all brands, and this strong DTC performance has been counterbalanced by the decline in wholesale. The Americas in the quarter represented 29% of group revenues and recorded, as I already mentioned, a 17% growth, in acceleration boosted by double-digit growth across all the three brands.

Greater China Region: 26% of group revenues in the quarter and reported a positive +5% increase, with a positive contribution from DTC at all brands. Finally, Rest of APAC, which you know for us is a smaller region, 12% of group revenues, has reported an 8% growth, driven particularly Korea and Japan, that has been solidly positive in all across all the three brands.

Page 10, not much comments here, just a couple of numbers if I may. The first one is which I would like to underline, the first one is the DTC channel performance in the first quarter, +14% at group level, and the fact that DTC now accounts for 85% of our group branded revenue.

As branded revenues exclude the Textile and other revenues, which are, by nature, B2B businesses. Wholesale performance continued to reflect the decision, our decision, to improve the quality of the network and to protect our icons.

Let's now move to Zegna brand, page 11. In the first quarter of 2026, Zegna DTC revenues, which accounted for 88% of brand revenues, sequentially accelerated compared to the previous quarter and posted a 14% organic growth.

This performance was led by continued strong double-digit growth in the Americas and in EMEA, EMEA in particularly with strong contribution of both tourists and locals. Rest of APAC and Greater China Region improved sequentially, with the Chinese cluster that has turned positive in the quarter.

At the end of March March, the brand reduced its network by three directly operated stores. Looking at wholesale, the Zegna revenues were down 5%.

The performance is a reflection of the decision to reduce the brand exposure to this channel to protect exclusivity and iconicity. Thom Browne, page 12.

In the first quarter of this year, Thom Browne reported a 20% DTC growth, in acceleration, also thanks to the successful launch in March of a limited edition of sneakers in collaboration with ASICS. This launch boosted revenues worldwide and drove both existing and new customers to the stores.

It has been an important driver of the brand's Q1 performance, DTC performance, but not the only one. In terms of store network, the in the quarter, Thom Browne opened two DOS.

On the wholesale, as you see, the wholesale channel reported a 59% decline, which is a continuous a reflection of the decision to tighten control over distribution and enhance the quality of the channel. This performance, though, has been also partially impacted by a different timing in deliveries, with some shifts from Q1 to Q2 2026 versus last year.

Therefore, first quarter trend should not be taken as a proxy for full year. As already anticipated in our previous call, we expect that Thom Browne wholesale in 2026 will be down double-digit, but less than what we have seen in the first quarter this year.

Tom Ford Fashion, let's move to page 13. Tom Ford Fashion recorded a +9% growth in DTC, which has been driven by a consistent growth, a consistent performance, across all regions, in particularly in the Americas, that, is the most important market for the brand, also benefiting from the success of the new spring collection.

The this good brand very good brand momentum has also further been further supported by the show in Paris that you remember was a successful show in March this year. During the quarter, Tom Ford Fashion opened two DOS, directly operated stores.

Wholesale declined 3%, just a normal reflection of our decision to focus on the DTC channel. Page 14, you can see and you can find a summary of the group's store network, not much to add.

Before leaving the floor to Gianluca, let me today take a moment to highlight our main 2025 sustainability achievements. Full details of that and our sustainability report you can find on our on our website.

In 2025, we reached some important goals in sustainability. I'm not going to to rank all, but let's say I would like to highlight four of them.

The first one is that at group level, 42% of top priority raw material has been sourced by from traceable and lower-impact sources. This is a a very good results, I would say, and actually we aim in 2026 to reach to to grow further this percentage to 50%.

We also reached in last year the gender equality certification for the Italian entities of Zegna brand. Also, we were we have been included in the A List recognition in the CDP Climate.

Last, but very important, let me mention also a project that goes beyond sustainability, but it does embrace our legacy and unique know-how. In 2025, our internal academy, we call it the Accademia dei Maestri, trained more than 50 maestri, craftspeople that has who has distinctive expertise, and we prepare them to pass their knowledge onto future generations.

Very important project, which is really part of our legacy and of our included in our values. With this, I hand over to Gianluca for his final remarks.

Thank you, Paola. Before we move to the Q&A, I would like to share a few final remarks.

Let me begin with a brief update on the main recent projects and events across our three brands. I would like to start today with Thom Browne and comment on the recent Thom Browne-ASICS launch.

As Paola already mentioned, in early March, the brand introduced a three-color limited-edition sneaker, which resonated strongly among both existing and new clients. This was a relevant contributor to the DTC growth in the quarter.

This successful launch reflects not only a strong creative project, but also a solid go-to-market execution. Now, we aim to leverage this momentum and the launch as a help for recruiting new clients.

Our goal is to make them, or at least a portion of them, Thom Browne repeat clients. We see jersey and knitwear as the expected second purchase items in the journey to make them loyal customers of the brand.

We will soon launch a high summer capsule with a focus on colorful knitwear, jersey, shirts, a project that will promote a retail-first and merchandising-driven approach to support Thom Browne DTC revenues. On the other hand, as Paola mentioned, while wholesale performance in Q1 is not indicative of the full-year trend, we continue to streamline this channel in order to improve its quality and further focus on Thom Browne DTC.

Moving now to Zegna brand, the brand vision is clearly defined, and the team continues to double down on it with strong coherence. At the end of March, during Art Basel Hong Kong, a flagship event within Art Basel, of which Zegna is a global sponsor, the brand successfully hosted a Founder's Suite in the city.

Founder's Suites are smaller-scale villas, Zegna villas, built on the same concept: intimate, by-invitation-only spaces where our most important guests, the friends of the brand, are immersed in the Zegna legacy through highly personalized experiences. This includes special collections that are exclusive to the event and not available in the regular stores.

Guests learn about Zegna's legacy and history in a physical space when the brand international community naturally comes together. Building on this same philosophy of immersive and highly curated brand experiences, Zegna engagement journey will continue in the months ahead.

In June, the brand will further scale this approach in the US, hosting Summer '27 fashion show in Los Angeles alongside Villa Zegna experience. The decision to locate the next fashion show and villa in Los Angeles reflects both growing relevance of the US market for Zegna brand and the city's role as a global center of cultural influence.

Finally, on Tom Ford Fashion, we already commented during the last call on the success of the most recent fashion show, which further confirmed Haider Ackermann's ability to interpret the Tom Ford codes for fashion and its DNA in a way that is at once unique, contemporary, and deeply personal. Under his creative direction, the brand has defined its path and articulated a clear bridge between its past and its future.

We are now working to translate this momentum and brand energy into in-store revenue generation. The positive Q1 results in DTC confirm that we are moving in the right direction, but we are fully aware that there is still work to be done and that we have to work to further build on this progress.

The brand has opened in Q1 two stores in Mexico, entering a market we see as offering a strong potential. Early feedbacks have been encouraging from these stores.

Before concluding, let me add some comments on the situation in the Middle East and on current trading. As the group operates 16 DOS in the Middle East region alongside a limited number of franchisee stores.

All our stores are open and operational, and our teams continue to work with dedication and a strong sense of engagement in an environment that is obviously complex. Over the past weeks, we have implemented immediate actions to contain inventory levels and adjust discretionary costs.

Thanks to our people's connection with clients and the strength of our brands, in particular Zegna brand, the revenue decline in the region, although down double-digit, is more contained than the decrease in average mall traffic. Considering Middle Eastern cluster, the residents overall, which includes Middle East clients spending locally and spending abroad, since the beginning of the conflict, the impact is even more limited, being substantially flat to last year.

This demonstrates the relevance of the strategy we have implemented over the years in the region, with investments that laid the foundation for this relative resilience. While the current situation requires close monitoring, our long-term conviction in the region remains unchanged.

Middle East continues to be a key market for the luxury goods sector and a strategic area of focus for our group, to which we remain committed. On current trading, first of all, it is important to underline that we are only 1 month into Q2, any indication is by definition partial.

Looking at DTC performance for Zegna brand, we are seeing trends broadly in line with Q1, excluding the Middle East. In the Middle East, April continues to throw a double-digit negative trend, but at a lower rate than what we hear from the market and the competition.

On Thom Browne, we are very pleased that the ASICS collaboration is now almost sold out across the regions. As expected, the revenue trend therefore will normalize in Q2 by adjusting the ASICS effect.

While we continue to see positive signs, we are also mindful that we need to further build and strengthen this momentum in the coming months, also leveraging on the new clients that the collaboration brought to the brand. On Tom Ford Fashion, I would say that Spring/Summer collection has been well received, and April continues to confirm this good trend.

These early months of the year reflect the outcome of a vision and a long-term strategy defined in the last years and executed with discipline. We are aware that important work lies ahead, and we remain fully engaged in delivering on our commitments, knowing that the overall context remains challenging.

With that, we open to the Q&A session.

Thank you, Gianluca. Operator, can you please open the Q&A?

Hi, thanks for taking my question. It's Chris from UBS.

Congrats on the very strong results. I'll stick to two questions.

The first one, just wanted to come back on the Chinese consumer comment you made on the Zegna brand. I think, Paola, you mentioned that it was back to positive territory in Q1, which was very impressive.

Could you maybe kind of elaborate a little bit more on what you have been doing in the region? Following that positive start of the year in Q1, would you expect this positive momentum to continue throughout the rest of the year?

That's my first one. Secondly, can we just talk a little bit about Thom Browne?

I think obviously Q1 was a very strong quarter, boosted by the ASICS collaboration. Are you able to quantify how much of incremental revenues that collaboration brought to the brand in Q1?

Also, if you could very helpfully break down the like-for-like versus space component. If we look simply at the number of stores, probably like-for-like is in the range of low-to-mid teens, if that's correct.

What does that mean for the H1 margins? Thank you very much.

Thank you, Chris. I'll ask Gianluca to comment on the Chinese market and on Thom Browne.

Hi, Chris. You're right.

Talking about cluster and market, meaning it's very similar, knowing that most of the demand is local. Chinese cluster for Zegna, yes, did turn positive in the quarter, we see this as a positive indication.

When you look at the full year, we stay cautious because we see this not as a steady every week same performance. We see some volatility in the results, we cannot yet say we are entirely into a stable growth momentum.

That's why we reaffirm that we are still looking in the planning probably in a cautiously way at Greater China more as a flat environment on a comp basis. We are seeing within China big momentum in Hong Kong, and we will also take advantage of this momentum with an important opening along the year with Harbour City in Zegna.

Less of a strong momentum in Mainland China. Still, we see the Tier 1 cities holding much better than the second tier cities.

This is, in a nutshell, the environment of what we see in China. Of course, I think that what has been said in the last sessions with me, with Gildo, in several moments, we have been executing China on the same ground.

We were later. I think finally we see some signs of traction.

ASICS, you asked on ASICS. ASICS is not the only driver of the +20% growth in DTC.

It is an important contributor, but definitely it's a big contributor also the rest. It's not that taking away ASICS, we go to zero.

It's an important contributor, but substantial growth comes from non-ASICS. In terms of space and comp, when you say low to mid, I think you are not making properly right calculation.

In terms of comp, Zegna and Tom Ford, the vast majority is comp. On Thom Browne, there is probably an equivalent component of comp and space.

Yeah.

Thank you. Second?

Hi, this is Natasha Brilliant from Morgan Stanley. Thank you for taking my questions, Paola and Gianluca.

I have two. Just first of all, could you remind us on the contribution from pricing this year, I believe is mid-single digit, and then maybe if you can break down how volume and mix and pricing have trended in Q1?

Then my second question on the Zegna brand specifically, what are you seeing in terms of new versus existing clients in Q1, especially in the US, and anything to call out in terms of performance by product categories? Thank you.

Thank you, Natasha. Sorry, the second question just to clarify, okay the contribution by category, but the first part of the question on Zegna was on

New clients and

Yes, new versus existing clients.

New versus existing, sorry, I didn't get that. Okay.

Price mix, volume, I leave

By brand, and then I will deep dive on Zegna. Zegna, the big driver is definitely the AUR with a low mid, as you said, price component.

There is a bigger component on mix. Big component on mix, whether it's elevated luxury leisurewear or the component of Triple Stitch, new bolt for, but there is definitely a mix component that is elevating the AUR.

On Thom Browne, Tom Ford, the AUR is less of a topic. It's also volume the driver.

In terms of new, existing, we are seeing an increased number of new coming into the Zegna brand. I think the brand momentum, whether it's one product or another, the brand overarching momentum is attracting new clients to the brand.

Across all regions, actually.

Region. I think we are seeing more new, and what we are working a lot is also the retention of new.

For instance, I make an example, because we always think of new through the Triple Stitch, it's not only that. We launched in Q1 the collection of fragrances.

That is also another entry door to the brand. The Memorie, which of course is a product story that well-resonated in the brand, because it talks about the story of the brand.

We are open new doors to come into the brand, and Memorie, that is the new collection, is a perfect example. Go ahead.

In terms of price mix, also Su Misura and all the personalized collections, also through the Villa Zegna and the suite are also an important contributor.

Yeah. Su Misura is definitely growing a lot.

We have always mentioned this. The Zegna spaces, whether are the suites, which are temporary location that we do outside of the stores for a week, where we present our unique collection, whether it's a villa, which is the pinnacle of that temporary location, we present collections that are unique, can be bought on ready-to-wear, typically are bought on a made-to-measure basis, but they carry an intrinsic higher price.

That is a big driver and unique differentiating factors of the brand. We are working to make the made-to-measure also a bigger component of business also on Tom Ford and Thom Browne, of course, starting from a lower base, but, for instance, we launched new collection of Su Misura, made-to-measure, on Tom Ford in the recent months.

We opened to women tailoring. We opened leather outerwear on Su Misura on Tom Ford.

That business of Su Misura, which intrinsically carries a higher AUR, is definitely a driver. Going back to the last point, which is on new versus existing, I talked about Zegna.

I think it's important also to remark on Thom Browne, ASICS, which has been an important driver to engage with new customers or reengage with customers that used to buy at Thom Browne, and this has been an important hook. When we talk about Thom Browne in the first quarter, driven also by ASICS, the numbers, but definitely this is a legacy for the remaining quarter.

We need to work as a team to make sure that the new clients, also prospects, because we basically sold out the product, if there is someone that didn't find the product, we can engage them, bringing them back, and use this as a way to bring them back into the Thom Browne brand.

Thank you. Next question, please.

Morning. Can I just confirm that when you include the Middle Eastern cluster, it was flat versus last year, but then when you're talking to locals, double-digit down?

The second was

Sorry, Bhumi, it was difficult to hear the beginning of that talking. Can you repeat?

Yes, sorry. Just a clarification to the first question.

Can you just confirm what the Middle Eastern cluster did year-on-year when you're including tourists and locals? The second one, can you just talk about how much Su Misura now is as a percent of Zegna branded sales versus as a percent of Tom Ford and Thom Browne sales, and where you hope that will get?

Then just

Bhumi, unfortunately, it's very difficult to hear you, and I'm sorry, but

Robert,

maybe

if I rephrase, I think she was asking more clarity about the Middle Eastern cluster

The cluster Middle East, the first one. Then

personalization in each brand, I think.

Gianluca is much better in understanding.

You asked about the incidence of personalization in the different brands, am I right?

Yes, yes.

Good.

Good. Okay.

Middle East cluster, the clarification that we comment

We said that Middle East cluster, all the residents in Middle East, year to date starting not year not year to date, sorry, from the date of the conflict, have been flat.

Year to date is positive clearly.

Year to date is positive because January, February was very positive. This is what we said before, and this implies basically that they have purchased less locally and have purchased more abroad.

This abroad is partially going mostly to Europe.

This is, in a nutshell,

what we see on the Middle East residents.

Personalization, we don't really provide details by brand, but we say that in terms of Su Misura for Zegna brand is around 10%, growing, but around that level, and this is the number that we can report.

On the other two brands is minimal so far, but as we said before, we can increase the collection, to increase the capacity of the network to sell Su Misura. That is an untapped potential for the two brands.

Great. Thank you very much.

Thank you, Bhumi. Sorry for not understanding immediately.

Next one?

Thank you very much. Thank you for taking my questions.

I have a couple, please. First one on the performance in EMEA at group level.

I know you mentioned the wholesale drag and DTC performance. I was wondering if you could give us a bit better color in terms of quantifying how much DTC was actually up in the quarter in EMEA, and possibly what was the EMEA performance excluding the Middle East in Q1?

That's the first question. Second question, and I know this is a current trading update, but I was wondering on, not even with a specific indication, but really how should we be thinking about the operating leverage that I guess that Zegna brand should be seeing, tracking on the mid-teens growth in terms of how much margin expansion we should be extrapolating versus the level of reinvestment?

Any indication on how to think about margin progression in H1 given the strong performance would be very helpful. Thank you very much.

In terms of your first question, Chiara, what has been EMEA performance excluding wholesale? I would say that has been very solid, double-digit for all the three brands.

In terms of Middle East in the quarter, EMEA excluding Middle East is basically not much different.

Let's give you this. If you see that our overall group at 7.4, you exclude Middle East from this year and next year, it goes up slightly, but not even 1 point.

On the operating leverage given Zegna performance, I think the question was, on Zegna for the rest of the year, I leave to Gianluca.

I think that so far let's not enter into revised outlooks. We confirm what we see out there in terms of consensus, which is floating between €185 million, €190 million of adjusted EBIT.

Let's remember, that's the reason why we sat there saying that we have a margin in percentage which is moving sideways to last year, excluding the hit by SaX, because we have two factors. We are investing heavily in IT, in one group, increasing the backbone across the brands of same system, same processes.

This is a moment of investment for the group. Second, we have currency headwind.

We have seen in Q1 5 points. We don't expect 5 points for the year.

It will be somewhere close to 2 points. We have anyway headwinds on currency.

We don't want to push the price lever too much, and therefore part of that will impact the bottom line. Therefore, that's the reason why we are cautious in saying that we will enjoy a too much of operating leverage.

We want to continue growing at our pace, setting the ground for long-term foundation. Of course, IT is one of those, and not stretching too much the price lever is another thing.

Thank you.

That's great. Thank you.

Thank you, Chiara. Next?

Hello, and thank you for taking my questions. I have three.

First at Tom Ford, what is the split between womenswear and menswear today? Then on womenswear specifically, I know that Haider Ackermann has been focused on ready-to-wear specifically in his first collections, but I was wondering if he's now working on that iconic leather goods sort of model, the next bag that will be popular at Tom Ford?

Then finally, it's a longer-term question, but today, how confident are you in your 2027 guidance? Because consensus from what I see is below on both top line and bottom line.

What levers do you sort of plan to achieve the results in your guidance? Thank you.

Thank you, Maria. I'll leave to Gianluca on the split men and women Tom Ford, 70/30, this is 70/30 men to women, but on the leather goods and our plan on Tom Ford Fashion, I ask Gianluca to comment more.

It's part of the journey. As Maria said, we started from ready-to-wear, and we are also going to reinforce the leather goods part.

I think we are definitely ahead on the leatherwear rather than leather goods. I think that we're seeing good momentum on leatherwear, mostly men, but also some good results on the women's side.

Definitely that is one of the driver of the growth. Another one is knitwear, which is becoming more and more important for the brand.

Of course, then there are the iconic parts, which is evening dress, tuxedo, and so on and so forth. We recognize that we are still looking for iconic pieces on the women bags.

On shoes, we're seeing some good results. I think that we are still working hard on the bag.

Definitely is one key workstream for the group in the months to come. That is, if you look at it from the other side, still an untapped potential.

We see the opportunity to find a good platform there and make an offer that is Tom Ford in the DNA. That is what all the team, from design to merchandising, is working.

When we feel we have all the stars aligned, then the amplification of the message and marketing will come.

I would say very important the work that has been done on the brand overall. This is really the starting point.

On ready-to-wear, I think we are seeing that is the driver of the growth so far.

2027 guidance, how confident we are with guidance?

We confirm that the targets that we have stated are valid. We said on the lower part of the range.

I remember we put a range of revenues and the range in EBIT. We're still comfortable on that lower part.

Of course, why we said lower part? Because from when we set the guidance, which was 1 year ago, March of '25, the currencies have taken definitely a swing, and therefore it would not be realistic to say more than the lower part of the guidance.

We are still focused on delivering on that lower part of the range. Of course, then we are still with a big question mark of what will be the outcome in the next months of Middle East, but we are still seeing that lower range as our goal for it.

Okay. Next?

Hi, thank you for taking my question. This is Chris Gao from CLSA.

Right, firstly, still about a follow-up about the current trading. Just want to be more precise.

How do we see the 2Q to date trends compared with March exit rate? This is the first thing.

Also, if you have more clarity on DTC and Zegna core brand, it's could be highly appreciated. Also on the GP margin trends for the first half, how should we think of this?

Definitely, we believe you have strong support from your outstanding DTC sales growth, right? While industry-wide, there are still headwinds from foreign exchange and input cost volatility from geopolitical tensions.

How should we think of the first half GP margin trends? Understand it was a revenue call, but just any preliminary color could be highly appreciated.

My second question is about the new customer attractive contribution comment that management made just now. We're very happy to see there are more new customers contributing to the growth.

Just want to confirm, one, is if it is also the case among the Chinese cluster? Also among these new client acquisitions, do you see this new client are more from Zegna friends, are more into the doers, or more are categorized as aspirational customers?

Just want to understand the profile of this newly acquired customers. Thank you very much.

Thank you, Chris. Yes, you said three questions.

I think they are a little bit more than that, but let's start with current trend and exit rate, a few comments in particularly on the DTC and Zegna, and I ask Gianluca to provide some colors.

Hi, Chris. The the give you some color on what how we enter in Q2.

On DTC, we finished Q1 with a +14. We said that excluding Middle East, of course, where the performance is negative compared to last year, DTC overall is trending in line with Q1.

We don't see major major difference. The performance in Middle East is double-digit down, but substantially less than what we hear it's the -50% that is out in the market in terms of traffic.

We are experiencing a double a double-digit decline, but much more muted than what we hear out there at a -50. There will be a difference, as we said before, the decline of Thom Browne wholesale in Q1 is not to be replicated in Q2.

We have said that will be the overall year full-year growth will be much less than that, in the range of between 20 and 30.

DTC Thom Browne also.

DTC Thom Browne will be adjusted for the partial growth contribution coming from ASICS. On margin, I think not today.

We are not talking about first half or second half margin, because today we want to focus on revenues. In terms of new customers and doers, we are seeing growth everywhere.

We continue experiences a growth on friends and doers thanks to the personalization, the elevation of the offer. As I said before, we are seeing more and more new clients coming in from the different doors that I mentioned before, also in China.

Before, I didn't mention another entry door is also the 232, that is the new platform of shoes that we put on the side of the Triple Stitch. We don't have one arrow only.

We have multiple weapons to bring new clients into the brand. I think we see a stable and healthy pattern of growth across the different clusters.

We're not banking only on new. We're not banking only on Zegna friends.

Maybe the only thing that you already mentioned previously is the fact that in first half the impact from currency will be higher than in the second part,

Gian Luca Tagliabue (Group CFO): We had 5 5 points in the first quarter. I think hopefully the headwind will stabilize.

We expect on the full year probably close to 2 points on the year.

Thank you. That's great.

Thank you, Chris. Next?

Hey, good afternoon, Gianluca and Paola. Thank you very much for taking my questions.

I know you've commented on the consumer environment across regions, but could you please provide a bit more color on the performance by cluster? My second question would be on the wholesale channel.

What are the trends that you're seeing so far in the first half of '26? How is the confidence across your partners?

What are you seeing with the order books? Then the last question is just a quick follow-up on your comments on margins.

You've reiterated your guidance for margins to be sideways ex-SaX for the full year. Could you help us frame the phasing for investments between the first half and the second half, please?

Thank you very much.

Thank you, Adrien. First on performance by cluster.

Hi, Adrien. Cluster: North Americans continued very solid on a double-digit basis.

We keep on seeing good momentum, and walking away from the cluster for a moment since we are talking there, we are banking on this by keep on expanding the network there. We are opening Scottsdale and San Diego with Zegna.

Taking aside Zegna for a moment, we are investing also in Tom Ford. It's Bal Harbour, it's San Diego, and it's Costa Mesa, Southern California.

Cluster for Zegna good, market important, and we continue investing in that market. As I said before, the Chinese cluster turned positive in the quarter.

In terms of European, European are solid double-down growth

and Double-digit.

Double-digit. Double-digit growth European cluster.

What we see again, moving away from the cluster a moment, something that probably is positive for the brand, in Europe as a market, not as a cluster, we are seeing good growth of locals and also foreigners, which probably I've seen some mixed reports elsewhere. We are seeing also good momentum coming from foreigners in Europe.

As I said before, the Middle East cluster was positive double-digit in Q1, of course, becoming flat from beginning March onwards. This is the answer on the cluster.

On wholesale, I think it's a strategic, self-inflicted limitations we have put in ourselves. We could definitely open the gate for more and more revenues.

On wholesale we expect still the business to go down. As I said before, Thom Browne will not be -58%, will be halfways there.

What has been the performance of Zegna brand and Tom Ford, it will still be Tom Ford probably single-digit negative in the year, and we expect Zegna to be around low double-digit in the year for wholesale. It's not a question of order book, it's a question of strategic decision to contain the distribution on some products.

We could easily open the gate to have more than the business we are doing on wholesale. In terms of margin, as I said, it's sideways.

It will stay there for the time being. We don't provide more details than that today.

As I said before, I think that the consensus that is out there is realistic. Of course, with a big question mark about the volatility on Middle East, but I think that in the consensus it is baked somehow some disruption from Middle East.

Thank you.

Thank you, Adrien.

Thank you so much. Okay.

Next?

good morning. Thank you for taking my question.

It's Anthony Charchafji from BNP. On China, the momentum is improving and at Zegna.

It's a market that is more skewed to tailoring, but also your shoe business is still and was still very resilient last year. Would you be able to share what category outperformed between tailoring, shoes, and outerwear?

Also by clientele, it's also a market skewed to top spender Zegna friends. Did the growth with this top cluster improve and is catching up with the American and European Zegna friends growth?

My second question is on the store closure in China for Zegna. Given that you are planning to close 10 stores in 2026, I'm curious to know if the first closures are seeing positive effect in the remaining store nearby, basically a neutral impact on top line?

My third question would be on Zegna DTC between price mix and volume. In the recent years, the growth have been driven massively by price and mix with rather subdued volume.

I'm just curious to know if you have a date in mind or a year in mind where you expect volume to kick in at some point? My last question is on Zegna wholesale.

You decided last year to decrease the quantity of iconic products to your partners, such as the Il Conte, the Triple Stitch, and the pure luxury collection. Given that you guided Zegna wholesale down low double-digit, is there any shift to have in mind from wholesale to retail store, basically your retail performance being a bit boosted by a shift to your iconic product?

Thank you.

Hi, Anthony. Let's start on China.

China is not definitely a skewed to tailoring market. It's not that we are banking on tailoring and it's not tailoring the driver.

I think that the category there that are driving the growth are luxury leisurewear, all the different categories of luxury leisurewear. Shoes is definitely both on the Triple Stitch, on the 232.

The personalization, we have had a very good, partially taken in Q1, partially will be seen in Q2, good campaign of made-to-measure. I think it's not tailoring the driver of the stabilization of or +5% actually of GCR.

It's on all the rest. In terms of cluster, I think there the comment I made before about the balanced growth across clusters is the same for GCR.

We are seeing good momentum for new clients, as I said before, on the different entry door that are Triple Stitch, 232, fragrances, and we are seeing good results also on the loyal, big spending clients. I think that what is true for the brand as a whole is also holding true for Zegna in China.

In terms of price mix, of course, we said price low single-digit, AUR driven by mix are drivers. On Zegna, probably also the number of tickets is up.

Absolutely.

Also the number of ticket is up, definitely. In some areas with some softness in traffic, but the execution and especially the conversion is driving the growth also in the number of tickets.

As it refers to Zegna wholesale, yes, it's a decision to contain the distribution of iconic items, the ones that you mentioned. Of course, we are taking advantage of some step back in wholesale distribution in our doors, whether it's existing doors or opening doors.

In US, for instance, some new openings that we have, as I mentioned before Scottsdale. Scottsdale could be a door that is also taking advantage of some business that today is not in our DTC network.

Of course, we all know that there are some clients, especially in US, that have been going through difficulties, and we pay the consequences last year on our credit. Definitely, we are very careful in feeding that business in a very solid way, and therefore there is a very deliberate decision to focus and channel business that was in wholesale in our stores.

In any single location, whether it's Scottsdale, whether it will be in Florida next year, whether it will be San Diego, there are definitely locations where we are opening and we don't have retail stores where we want to catalyze the business that today is held somewhere else.

Yes, there was a question on the positive impact from closures in China, of course.

That is definitely our everyday goal for the store anytime we close a location to have a retention plan. Yes, I think that so far you cannot retain 100% of the business because it would be illogical.

We have realistic goals of retention in any door we close, and we are holding to that plan.

It's an ongoing process. Maybe just a follow-up on the first one on the Zegna friends or the clusters.

Something we didn't mention is that the Zegna friends for Zegna are growing double-digit also this quarter, it's true that we have also new and clients, but also our existing clients, both doers and Zegna friends, are doing very well, very, very well. Next?

Thank you.

Thank you. Thank you, Anthony.

Hi, Paola and Gianluca. The Zegna brand has been impressive.

Which regions or geographies drove outperformance just at the core Zegna brand? Then as we think about China, on China tourism overall, how has China tourism been relative to your expectations?

Third question, on the Middle East, you've done better than peers based on strategies you've undertaken. What have those strategies been in terms of lesser traffic issues relative to competition?

Thank you.

Thank you, Oliver. On the Zegna brand, what regions has drove the sequential acceleration, the performance?

Hi, Oliver. I was there last week, Latin America, Mexico is booming.

Brazil is booming percentage terms, it's definitely not the biggest market, but we always talk about America, and we need to also point out of course US, but also Latin America are doing extremely well. As I said before, Europe, Continental Europe, it's doing particularly well for us, both locals and foreigners.

Until end of February, Middle East was booming. I think and Japan and Korea, which we always mentioned it's not our forte per se, but we are seeing good traction on Japan and Korea across the three brands.

There also driven by Chinese tourists. We're not seeing a lot of Chinese back on the west side in Europe.

The driver of success in Europe on locals is Middle Eastern, is South Americans, is North Americans. In Milan, in London, in Paris, in Madrid, Madrid is becoming a very important city for us.

We are opening a new flagship in Madrid in the second half of the year, which is becoming a very important destination for South America, which is a very fertile ground for the brand. I think this answers to your first question.

The third I forgot.

The Middle East, what has drove our better performance versus competition, what we have done. Of course, it's a success that has started years ago, the relations that we have with our customers.

We always said we are marathon runners. We are not sprinters.

We might not grow so fast, but we run steadily. I think that our intimacy, the relationship that our teams have with the customers, the fact that they know their lifestyle, We are not transactional.

Therefore, I think that this keeps the business more resilient and steady in the good and bad days. I think we are reaping the effects of very long-term relationship with clients, the strategy that we have built.

I think this is the reaction of having also in difficult times a good resilience, and the fact that probably being a brand of destination, these clients also visit us elsewhere. Maybe they don't visit us in Middle East, they visit us elsewhere.

Thank you.

Are there

no other questions?

Okay.

Alice.

Okay. Hello, everyone.

Alice speaking. Thank you for attending today's call.

I would like to remind you that our next release and conference call will take place on July 23rd for H1 preliminary revenues. The silent period will begin on July 1st, but if you need any other further clarification, please do not hesitate to contact us.

Have a nice rest of the day. Ciao.

A nice, hopefully, long weekend. I don't know who will have a weekend tomorrow.

Thank you also from myself.

Myself. Ciao.

Ciao.