Zegna are the makers of men’ suit from Italy and have been a leader in their field for over a century now. Ermenegildo Zegna, the CEO of the company is very upbeat about the coming year that is expected to see the revenue and profit rise. The company is also rolling out 20 new stores this year, half of them in China which has emerged as its biggest market.
The sales this year are expected to exceed the 2008 record of 870.6 million euros but the profits will be lower than the 62.3 million recorded the same year. None the less, the margins are improving and the company is positive about the future. The recovery from the down turn has been faster than expected. The retail business is driving the growth and the trend is expected to continue at over 20%.
The rebound in the US and the growing demand from China will boost the sales of luxury goods to near the peak levels of 2007. Zenga had partnered with Sowind group to launch limited edition time pieces to commemorate its centenary year. It wants to now stock regularly a collection of time pieces in its network of stores worldwide