European fashion giants post diverse regional performance in Q1 FY24

Ermenegildo Zegna Group

Italy’s Ermenegildo Zegna Group reported strong revenue growth, particularly in the Americas, where revenues soared to €114.2 million (approximately $123.1 million), marking a 57.7 per cent year-over-year increase and a 10.3 per cent rise on an organic basis, representing 25 per cent of the group’s total revenues. In contrast, the EMEA region saw more modest growth, with revenues of €156.6 million, up 4.3 per cent year-over-year but down 6.5 per cent organically, affected by the underperformance of Thom Browne. Italy, accounting for 40 per cent of EMEA revenues, particularly underperformed. The Greater China Region faced challenges, with revenues falling 15.3 per cent year-over-year to €139.4 million. However, the rest of the APAC region experienced robust growth, with revenues increasing by 28.7 per cent to €52.4 million, driven by strong performances in Japan and changes in the Korean market operations.

Brunello Cucinelli

Italian luxury fashion brand Brunello Cucinelli enjoyed significant growth across all key markets. In Europe, revenues increased by 13.9 per cent to €108.8 million (approximately $117.3 million), representing 35.2 per cent of total revenues. The Americas saw an even stronger performance, with revenues up by 19.5 per cent to €114.2 million. Asia also reported healthy growth, with a 16 per cent increase in revenues to €86.1 million.

Hermès International

French fashion house Hermès International reported double-digit growth across all geographical areas, continuing its network expansion. Asia, excluding Japan, saw a 14 per cent increase in sales. Japan and the Americas reported growth of 25 per cent and 12 per cent, respectively. Europe also saw substantial gains, with France and the rest of Europe (excluding France) growing by 14 per cent and 15 per cent.

Prada

Italy’s Prada saw notable growth in several regions. The Asia Pacific region grew by 16 per cent, despite high comparative figures from the previous year. Europe's revenues increased by 18 per cent, and the Americas saw a 5 per cent growth. Japan stood out with a remarkable 46 per cent revenue increase, attributed to robust local consumption and tourism. The Middle East also continued to perform well, with a 15 per cent increase in revenues.

Hugo Boss

German firm Hugo Boss enjoyed a solid performance, especially in the Americas where revenues increased by 11 per cent, boosted significantly by the US market. The EMEA region saw a 5 per cent increase, with significant contributions from Germany and emerging markets. Growth in the Asia-Pacific region was more modest at 4 per cent, although Southeast Asia and the Pacific regions achieved double-digit growth, despite slower sales in China.

Moncler

Italy’s Moncler showcased exceptional growth in Asia, with a 26 per cent increase in brand revenues, driven by high demand in China and growth in Japan and Korea. The EMEA region followed, showing a 15 per cent rise, spurred by local demand and tourist purchases. The Americas region also reported a solid performance with a 14 per cent increase.

Fibre2Fashion News Desk (DP)