Cut From Sartori‘s Cloth; Driving A Strong Q2

研报英文原文证据摘录

Cut From Sartori‘s Cloth; Driving A Strong Q2

Ermenegildo Zegna NV (ZGN)

Equity Research

June 24, 2026

Company Description

Ermenegildo Zegna Group

Ermenegildo Zegna Group was founded in 1910 by Ermenegildo Zegna in Trivero, Italy.

Ermenegildo Zegna Group began as a textile mill (>110 years ago in Trivero, Italy) sourcing premium natural fibres globally and evolved into the

namesake luxury menswear brand.

The group also holds majority ownership of Thom Browne (92%), as well as the exclusive rights to operate Tom Ford Fashion (dilutive to EBIT).

Today, the group reports earnings in three divisions (ZEGNA, Thom Browne, Tom Ford Fashion). >100% of FY24 EBIT comes from ZEGNA

Segment, which includes the core menswear brand as well as the Textiles division (which is important given the increasingly vertically integrated

supply industry).

Company Valuation/Risks

Valuation: We rate ZGN Buy. Our PT of US$15 places the shares on a 2027 PE of c.24x, closer to the top of its 11x-28x trading range, and a c.16%

discount to ultra lux peers at current prices. Our estimates place ZGN at a strong DD% discount to ultra lux at our PTs (a suitably large discount

to reflect liquidity constraints and Thom Browne's challenges).

Risks: China macroenvironment, US tariff considerations, FX volatility, trends in HNWIs. Other risks include weakening brand resonance, and key

man risk.

Brunello Cucinelli SpA

We rate BC IM Hold with a PT of €88. On our estimates, this places the shares at a 2027 P/E of 35.5x, which is a discount to our PT placing peer

RMS on c.39x, given BC's lower margin profile.

Risks include US ability to spend, trends in UHNWI, global interest rates, China policy on wealth, and euro FX fluctuations. Other risks include

weakening brand resonance, and key man risk.

Ferrari NV