Ermenegildo Zegna Shares Rise As 4Q Revenue Surge on U.S., China Rebound
By Sabela Ojea
Shares of Ermenegildo Zegna rose Wednesday after the Italian fashion house reported a big jump in revenue in the latest quarter, boosted by its presence in the U.S. and a rebound in China.
At 1:24 p.m. ET, shares were up 6.2% to $12.20.
The luxury goods company reported revenue for the fourth quarter of 125 million euros ($135.6 million) in the U.S., rising about 63% over the prior year.
The company continues to be encouraged by the growth in the U.S., despite the volatile consumer environment it is seeing in the country, Ermenegildo Zegna said.
In the Asia Pacific region, the company saw revenue growth of 39%, reaching EUR241 million, mainly driven by China and a strong performance in Japan and the rest of Asia.
The rebound seen in Greater China region led to revenue of EUR176 million in the fourth quarter, with an increase of 35% year-over-year, the company added.
Overall, Ermenegildo Zegna posted fourth-quarter revenue growth of 40% to EUR570 million.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
January 31, 2024 13:39 ET (18:39 GMT)
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