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Ermenegildo Zegna, the Italian vogue home listed in New York, is sticking with its growth plans for China over the medium time period regardless of unsure timing on a doable financial restoration.
“Our 2-3 12 months progress technique shouldn’t be altering” even with a scarcity of visibility on a rebound in China, chairman and chief government officer Ermenegildo Zegna stated in an interview. “We’d delay a couple of store openings scheduled this 12 months, however we’ll hold investing in advertising and marketing and made-to-measure companies within the nation.”
The maker of fits, blazers and mens’ equipment on Wednesday reported first-half gross sales of €960 million ($1.1 billion), 6 p.c larger than final 12 months. Adjusted earnings earlier than curiosity and taxes fell to €81 million.
The CEO cited a “troublesome” month in August, largely on account of persistently sluggish progress in the important thing China market.
Over the medium time period, Zegna is focusing on rising gross sales for the just lately acquired Tom Ford vogue enterprise in markets the place the model is presently not a pacesetter, together with China, Japan and South Korea, the CEO stated.
The corporate additionally needs to strengthen the Zegna and Thom Browne manufacturers within the US and the Center East, he stated.
In China, the main target can be on tailored and personalised in-store choices, Zegna stated.
By Flavia Rotondi
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