Fashion News Hubb
Advertisement Banner
  • Home
  • News
  • Trends
  • Contact
No Result
View All Result
  • Home
  • News
  • Trends
  • Contact
No Result
View All Result
Fashion News Hubb
No Result
View All Result
Home News

Zegna Q4 Sales Fall on China Covid Curbs, Staff Shortages

admin by admin
January 25, 2023
in News



Italian fashion group Ermenegildo Zegna on Wednesday posted a 2.9 percent fall in fourth-quarter revenue at constant exchange rates hurt by Covid curbs in China.

The company, which is listed in New York, added that after restrictions were eased in early December, it also experienced temporary store closures due to staff shortages.

It said operations have since normalised, returning to more “predictable activities”.

“I am optimistic about China’s reopening as we are witnessing a rebound in our business and the industry at large,” chairman and chief executive Gildo Zegna said in a statement.

The group said its 2022 revenue rose 11 percent at constant exchange rates to €1.49 billion ($1.62 billion), according to preliminary data.

Its guidance was for “mid-teens” growth.

The group said it expects a “moderate improvement” in adjusted operating profit for 2022 despite the headwinds in China.

It had previously said it expected a “solid improvement” in adjusted earnings before interests and taxes (EBIT).

By Elisa Anzolin; Editor: Jason Neely

Learn more:

Zegna Eyes High-End Suppliers as Fashion House Moves Upmarket

Italian luxury menswear company Ermenegildo Zegna is planning to acquire high-end fabric makers as it looks to step up growth in the upper range of the menswear industry, chief executive officer Gildo Zegna said.



Source link

Previous Post

Glass Onion Costume Designer Breaks Down Whiskey’s Outfits

Next Post

11 Best Leather Wallets From Handmade To Budget-Friendly In 2023

Next Post

11 Best Leather Wallets From Handmade To Budget-Friendly In 2023

Recommended

8 Best Business Casual Shoes For Men: The Best Investment To Spice Up Your Workwear in 2022

3 months ago

Stores Like Zara | POPSUGAR Fashion

2 months ago

Fashion-(-White-)

© 2022 Fashion News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • News
  • Trends
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • News
  • Trends
  • Contact

© 2022 Fashion News Hubb All rights reserved.