MILAN – Ermenegildo Zegna’s drive to expand internationally is bearing fruit, with earnings up 10 percent in 2007.
The world leader in luxury men’s clothing and accessories on Tuesday reported full-year net profits through Dec. 31 of 69.7 million euros or $101.6 million at average exchange, from 63.3 million or $92.5 million a year earlier. Sales for the period grew 8.3 percent to 843.3 million euros or $1.32 billion.
“Important investments that came to fruition in the course of 2007 are at the base of the positive results obtained by the group last year,” said Ermenegildo Zegna, CEO of the eponymous brand.
Last year, Zegna boosted its retail network globally to 525 stores, of which 253 are wholly owned by the group – up 20 percent from 2006. Zegna said it would continue to expand aggressively in 2008, with two more stores slated for the U.S and 20 in China. Other openings include the Middle East, Eastern Europe and Brazil.