Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | Ermenegildo Zegna N.V. |
Entity Central Index Key | 0001877787 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Entity Common Stock, Shares Outstanding | 242,343,659 |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Registration Statement | false |
Entity Interactive Data Current | Yes |
Entity Voluntary Filers | No |
Entity Address, Country | IT |
ICFR Auditor Attestation Flag | false |
Entity Address, Address Line One | Viale Roma 99/100 |
Entity Address, Address Line Two | Valdilana loc. |
Entity Address, City or Town | Trivero |
Entity File Number | 001-41180 |
Entity Incorporation, State or Country Code | P7 |
Entity Address, Postal Zip Code | 13835 |
Document Accounting Standard | International Financial Reporting Standards |
Auditor Name | Deloitte & Touche S.p.A. |
Auditor Firm ID | 1376 |
Auditor Location | Turin, Italy |
Ordinary shares [member] | |
Document Information [Line Items] | |
Title of 12(b) Security | Ordinary Shares, nominal value €0.02 per share |
Trading Symbol | ZGN |
Security Exchange Name | NYSE |
Warrants [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | Warrants, each whole warrant exercisable for one Ordinary Share at an exercise price of $11.50 per share |
Trading Symbol | ZGN WS |
Security Exchange Name | NYSE |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Country | IT |
Contact Personnel Name | Gianluca Ambrogio Tagliabue |
Contact Personnel Fax Number | +39 015756139 |
Entity Address, Address Line One | Viale Roma 99/100 |
Entity Address, Address Line Two | Valdilana loc. |
Entity Address, City or Town | Trivero |
City Area Code | 39 |
Local Phone Number | 01575911 |
Entity Address, Postal Zip Code | 13835 |
Consolidated Statement Of Profi
Consolidated Statement Of Profit and Loss - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Profit or loss [abstract] | |||
Revenues | € 1,292,402 | € 1,014,733 | € 1,321,327 |
Other income | 8,260 | 5,373 | 7,873 |
Cost of raw materials and consumables | (309,609) | (250,569) | (309,801) |
Purchased, outsourced and other costs | (353,629) | (286,926) | (371,697) |
Personnel costs | (367,762) | (282,659) | (331,944) |
Depreciation, amortization and impairment of assets | (163,367) | (185,930) | (177,068) |
Write downs and other provisions | (19,487) | (6,178) | (1,017) |
Other operating costs | (180,836) | (30,399) | (49,034) |
Operating (Loss)/Profit | (94,028) | (22,555) | 88,639 |
Financial income | 45,889 | 34,352 | 22,061 |
Financial expenses | (43,823) | (48,072) | (37,492) |
Foreign exchange (losses)/gains | (7,791) | 13,455 | (2,441) |
Result from investments accounted for using the equity method | 2,794 | (4,205) | (1,534) |
Impairments of investments accounted for using the equity method | 0 | (4,532) | 0 |
(Loss)/Profit before taxes | (96,959) | (31,557) | 69,233 |
Income taxes | (30,702) | (14,983) | (43,794) |
(Loss)/Profit for the year | (127,661) | (46,540) | 25,439 |
Attributable to: | |||
Shareholders of the Parent Company | (136,001) | (50,577) | 21,749 |
Non-controlling interests | € 8,340 | € 4,037 | € 3,690 |
Basic earnings per share in Euro | € (0.67) | € (0.25) | € 0.11 |
Diluted earnings per share in Euro | € (0.67) | € (0.25) | € 0.11 |
Consolidated Statement Of Compr
Consolidated Statement Of Comprehensive Income - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of comprehensive income [abstract] | |||
(Loss)/Profit for the year | € (127,661) | € (46,540) | € 25,439 |
Items that will be subsequently reclassified to the statement of profit and loss: | |||
Foreign currency exchange differences arising from the translation of foreign operations | 40,324 | (36,435) | 11,132 |
Net (loss)/gain from cash flow hedges | (6,344) | 649 | (1,963) |
Net gain from financial instruments measured at fair value | 444 | 287 | 2,463 |
Items that will not be subsequently reclassified to the statement of profit and loss: | |||
Net actuarial (loss)/gain from defined benefit plans | (397) | 499 | (444) |
Total other comprehensive income/(loss) | 34,027 | (35,000) | 11,188 |
Total comprehensive (loss)/income for the year | (93,634) | (81,540) | 36,627 |
Attributable to: | |||
Shareholders of the Parent Company | (102,106) | (85,389) | 32,864 |
Non-controlling interests | € 8,472 | € 3,849 | € 3,763 |
Consolidated Statement Of Finan
Consolidated Statement Of Financial Position - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Non-current assets | ||
Intangible assets | € 425,220 | € 387,847 |
Property, plant and equipment | 111,474 | 244,127 |
Right-of-use assets | 370,470 | 351,646 |
Investments at equity method | 22,447 | 21,360 |
Deferred tax assets | 108,210 | 71,901 |
Investment property | 0 | 49,754 |
Other non-current financial assets | 35,372 | 49,263 |
Total non-current assets | 1,073,193 | 1,175,898 |
Current assets | ||
Inventories | 338,475 | 321,471 |
Trade receivables | 160,360 | 138,829 |
Derivative financial instruments | 1,786 | 11,848 |
Tax receivables | 14,966 | 15,611 |
Other current financial assets | 340,380 | 350,163 |
Other current assets | 68,773 | 66,718 |
Cash and cash equivalents | 459,791 | 317,291 |
Total | 1,384,531 | 1,221,931 |
Assets held for sale | 0 | 17,225 |
Total current assets | 1,384,531 | 1,239,156 |
Total assets | 2,457,724 | 2,415,054 |
Liabilities and Equity | ||
Share capital | 5,939 | 4,300 |
Retained earnings | 498,592 | 893,236 |
Other reserves | 96,679 | (295,772) |
Equity attributable to shareholders of the Parent Company | 601,210 | 601,764 |
Equity attributable to non-controlling interest | 43,094 | 43,270 |
Total equity | 644,304 | 645,034 |
Non-current liabilities | ||
Non-current borrowings | 471,646 | 558,722 |
Other non-current financial liabilities | 167,387 | 220,968 |
Non-current lease liabilities | 331,409 | 314,845 |
Non-current provisions for risks and charges | 44,555 | 39,956 |
Employee benefits | 42,263 | 29,347 |
Deferred tax liabilities | 53,844 | 70,728 |
Total non-current liabilities | 1,111,104 | 1,234,566 |
Current liabilities | ||
Current borrowings | 157,292 | 106,029 |
Other current financial liabilities | 33,984 | 0 |
Current lease liabilities | 106,643 | 92,842 |
Derivative financial instruments | 14,138 | 13,192 |
Current provisions for risks and charges | 14,093 | 8,325 |
Trade payables and customer advances | 223,037 | 188,342 |
Tax liabilities | 28,773 | 33,362 |
Other current liabilities | 124,356 | 76,637 |
Total | 702,316 | 518,729 |
Liabilities held for sale | 0 | 16,725 |
Total current liabilities | 702,316 | 535,454 |
Total equity and liabilities | € 2,457,724 | € 2,415,054 |
Consolidated Cash Flow Statemen
Consolidated Cash Flow Statement € in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | |
Operating activities | |||
(Loss)/Profit for the year | € (127,661) | € (46,540) | € 25,439 |
Income taxes | 30,702 | 14,983 | 43,794 |
Depreciation, amortization and impairment of assets | 163,367 | 185,930 | 177,068 |
Financial income | (45,889) | (34,352) | (22,061) |
Financial costs | 43,823 | 48,072 | 37,492 |
Exchange losses/(gains) | 7,791 | (13,455) | 2,441 |
Write downs and other provisions | 19,487 | 6,178 | 1,017 |
Write downs of the provision for obsolete inventory | 29,600 | 37,735 | 6,691 |
Result from investments accounted for using the equity method | (2,794) | 4,205 | 1,534 |
Impairments of investments accounted for using the equity method | 0 | 4,532 | 0 |
Losses arising from the sale of fixed assets | 1,153 | 1,091 | 970 |
Other non-cash expenses/(income), net | 230,812 | (27,698) | (6,420) |
Change in inventories | (27,554) | (39,486) | (5,400) |
Change in trade receivables | (12,294) | 35,675 | (8,377) |
Change in trade payables including customer advances | 31,426 | (38,485) | (11,002) |
Change in other operating assets and liabilities | 19,973 | (10,031) | (11,285) |
Interest paid | (17,487) | (21,023) | (26,872) |
Income taxes paid | (63,300) | (36,425) | (30,907) |
Net cash flows from operating activities | 281,155 | 70,906 | 174,122 |
Investing activities | |||
Payments for property plant and equipment | (79,699) | (27,630) | (46,113) |
Proceeds from disposals of property plant and equipment | 3,791 | 1,125 | 0 |
Payments for intangible assets | (14,627) | (11,524) | (13,392) |
Payments for investment property | 0 | 0 | (325) |
Proceeds from disposals of non-current financial assets | 1,536 | 45,979 | 0 |
Payments for purchases of non-current financial assets | (4,431) | 0 | (6,987) |
Proceeds from disposals of current financial assets and derivative instruments | 92,021 | 253,201 | 327,422 |
Payments for acquisitions of current financial assets and derivative instruments | (76,058) | (166,334) | (167,308) |
Acquisition of Investments at equity method | (313) | 0 | 0 |
Business combinations, net of cash acquired | (4,224) | (2,245) | (9,336) |
Net cash flows (used in)/from investing activities | (82,004) | 92,572 | 83,961 |
Financing activities | |||
Proceeds from borrowings | 123,570 | 265,352 | 130,841 |
Repayments of borrowings | (160,210) | (221,029) | (272,851) |
Repayments of non-current financial liabilities | (4,287) | 0 | 0 |
Payments of lease liabilities | (100,611) | (90,699) | (110,460) |
Purchase of own shares from Monterubello | (455,000) | 0 | 0 |
Proceeds from issuance of ordinary shares upon Business Combination | 310,739 | 0 | 0 |
Proceeds from issuance of ordinary shares to PIPE Investors | 331,385 | 0 | 0 |
Payments of transaction costs related to the Business Combination | (48,475) | 0 | 0 |
Cash distributed as part of the Disposition | (26,272) | 0 | 0 |
Payments for acquisition of non-controlling interests | (40,253) | 0 | 0 |
Sale of shares held in treasury/(Purchase of own shares) | 5,959 | (945) | (94) |
Dividends paid to non-controlling interests | (548) | (1,731) | (14,922) |
Dividends to owners of the parent | (102) | 0 | 0 |
Net cash flows used in financing activities | (64,105) | (49,052) | (267,486) |
Effects of exchange rate changes on cash and cash equivalents | 7,454 | (7,761) | 1,698 |
Net increase/(decrease) in cash and cash equivalents | 142,500 | 106,665 | (7,705) |
Cash and cash equivalents at the beginning of the year | 317,291 | 210,626 | 218,331 |
Cash and cash equivalents at the end of the year | € 459,791 | € 317,291 | € 210,626 |
Consolidated Statement Of Chang
Consolidated Statement Of Changes In Equity - EUR (€) € in Thousands | Total | Share capital | Retained earnings | Other reserves | Currency translation difference | Cash flow hedge reserve | Remeasurement of defined benefit plans | Financial assets at FVOCI reserve | Total equity attributable to shareholders of the Parent Company | Total equity attributable to non-controlling interests |
Beginning balance at Dec. 31, 2018 | € 725,487 | € 4,300 | € 936,555 | € (247,375) | € 579 | € (872) | € 597 | € (2,507) | € 691,277 | € 34,210 |
(Loss)/Profit for the year | 25,439 | 21,749 | 21,749 | 3,690 | ||||||
Other comprehensive income/(loss) | 11,188 | 11,035 | (1,990) | (395) | 2,463 | 11,113 | 75 | |||
Dividends | (14,922) | (12,731) | (12,731) | (2,191) | ||||||
Other changes | (17,438) | (1,084) | (21,552) | (22,636) | 5,198 | |||||
Ending balance at Dec. 31, 2019 | 729,754 | 4,300 | 944,489 | (268,927) | 11,614 | (2,862) | 202 | (44) | 688,772 | 40,982 |
(Loss)/Profit for the year | (46,540) | (50,577) | (50,577) | 4,037 | ||||||
Other comprehensive income/(loss) | (35,000) | (36,274) | 637 | 539 | 287 | (34,811) | (189) | |||
Dividends | (1,731) | (1,731) | ||||||||
Other changes | (1,449) | (676) | (944) | (1,620) | 171 | |||||
Ending balance at Dec. 31, 2020 | 645,034 | 4,300 | 893,236 | (269,871) | (24,660) | (2,225) | 741 | 243 | 601,764 | 43,270 |
(Loss)/Profit for the year | (127,661) | (136,001) | (136,001) | 8,340 | ||||||
Other comprehensive income/(loss) | 34,027 | 40,197 | (6,316) | (430) | 444 | 33,895 | 132 | |||
Dividends | (650) | (102) | (102) | (548) | ||||||
Capital increase related to the Business Combination | 711,903 | 1,639 | 710,264 | 711,903 | ||||||
Purchase of own shares from Monterubello | (455,000) | (455,000) | (455,000) | |||||||
Capital contribution from Monterubello | 10,923 | 10,923 | 10,923 | |||||||
Issuance of shares held in treasury | 5,959 | 5,959 | 5,959 | |||||||
Assignment of treasury shares | 77,009 | (31,823) | 31,823 | |||||||
Acquisition of non-controlling interests | 8,365 | 8,365 | (8,365) | |||||||
Acquisition of Ubertino | 2,854 | 2,854 | ||||||||
Share-based payments | 74,978 | 74,978 | 74,978 | |||||||
Disposition | (258,063) | (235,185) | (20,465) | 176 | (255,474) | (2,589) | ||||
Ending balance at Dec. 31, 2021 | € 644,304 | € 5,939 | € 498,592 | € 108,974 | € (4,928) | € (8,365) | € 311 | € 687 | € 601,210 | € 43,094 |
General information
General information | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
General information | 1. General information Ermenegildo Zegna N.V. (formerly known as Ermenegildo Zegna Holditalia S.p.A., and hereinafter referred to as “Zegna”, the “Company” or the “Parent Company” and together with its consolidated subsidiaries, or any one or more of them, as the context may require, the “Zegna Group” or the “Group”) is the holding company of the Zegna Group and is incorporated as a public company (naamloze vennootschap) Zegna is a leading global luxury group, internationally recognized for the distinctive heritage of craftsmanship and design associated with the Zegna and Thom Browne brands and the noble fabrics and fibers of its in-house ready-to-wear On July 18, 2021, Zegna, Investindustrial Acquisition Corp. (“ IIAC ”) and EZ Cayman, a wholly-owned subsidiary of Zegna (“ Zegna Merger Sub ”) signed a business combination agreement that contemplated a series of transactions, which were ultimately completed on December 17, 2021, as described below (the “ Business Combination ”). On November 1, 2021, Ermenegildo Zegna Holditalia S.p.A. completed the disposition of certain of its businesses (the “ Disposition EZ Real Estate The following transactions related to the Business Combination were completed on December 17, 2021: • Ermenegildo Zegna Holditalia S.p.A. implemented a cross-border conversion whereby it, by means of the execution of a Dutch notarial deed of cross-border conversion and amendment of its articles of association, converted into a Dutch public limited liability company (naamloze vennootschap) Conversion • In connection with the Conversion, Zegna underwent a share split of 4,300,000 ordinary shares into 215,000,000 ordinary shares (the “ Share Split • Zegna Merger Sub merged with and into IIAC, with IIAC being the surviving entity in the merger (the “ Merger a. each share of Zegna Merger Sub was converted into one IIAC ordinary share; b. a total number of 44,443,659 IIAC class A shares and class B shares were contributed to Zegna in exchange for an equivalent number of Zegna ordinary shares, representing a capital increase of Euro 397.8 million measured based on the closing price of IIAC’s shares of $10.14 per share on December 17, 2021; c. 13,416,667 outstanding IIAC public warrants were converted to an equivalent number of Zegna public warrants representing a right to acquire one Zegna ordinary share. The public warrants were measured at fair value by using the Euro equivalent of the closing price of IIAC warrants on December 17, 2021, amounting to a total of Euro 20,723 thousand; and d. 5,900,000 IIAC private placement warrants were exchanged for an equivalent number of Zegna private placement warrants representing a right to acquire one Zegna ordinary share, while the remaining 800,000 IIAC private placement warrants were transferred by Strategic Holding Group S.à r.l. to Zegna and Zegna issued a corresponding number of private placement warrants to certain of its directors. The private placement warrants were measured at fair value using a Monte Carlo simulation model, amounting to a total of Euro 10,349 thousand; e. The issuance of 5,031,250 Zegna ordinary shares to the holders of IIAC class B shares to be held in escrow. The release of these shares from escrow is subject to achievement of certain targets within a seven-year period (“ Escrow Shares Share-Based Payment • Pursuant to certain agreements between Zegna and IIAC, the private investment in public equity investors (“ PIPE Investors • Zegna repurchased 54,600,000 of its ordinary shares from the Group’s controlling shareholder, Monterubello s.s. (hereinafter “ Monterubello • Transaction costs incurred by the Group in relation to the Business Combination amounted to Euro 51.4 million The following table shows a breakdown of the net cash proceeds from the business combination: (Euro thousands) Proceeds from issuance of ordinary shares upon Business Combination 310,739 Proceeds from issuance of ordinary shares to PIPE Investors 331,385 Purchase of own shares from Monterubello (455,000 ) Payments of transaction costs related to the Business Combination (48,475 ) Net cash proceeds from the Business Combination 138,649 Following the completion of the Business Combination, on December 20, 2021, Zegna’s ordinary shares and public warrants began trading on the New York Stock Exchange (“NYSE”) under the symbols “ZGN” and “ZGN WS”, respectively. Accounting for the Business Combination The Business Combination between Zegna and IIAC is accounted for as a capital reorganization in accordance with International Financial Reporting Standards. For accounting purposes, the Business Combination is treated as the equivalent of the Company issuing shares for the net assets of IIAC. The net assets of IIAC are stated at historical cost, with no goodwill or other intangible assets recorded. It has been determined that IIAC does not meet the definition of a “business” pursuant to IFRS 3 - Business Combinations (“IFRS 3”), hence the transaction is accounted for within the scope of IFRS 2. In accordance with IFRS 2, the difference in the fair value of Zegna’s equity instruments deemed issued to IIAC shareholders (measured based on the closing price of IIAC’s shares of $10.14 per share on December 17, 2021) over the fair value of identifiable net assets of IIAC represents a service for listing amounting to Euro 114,963 thousand and was accounted for as a share-based payment expensed as incurred. |
Basis of Preparation
Basis of Preparation | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Basis of Preparation | 2. Basis of preparation Statement of compliance with IFRS These consolidated financial statements of Ermenegildo Zegna N.V. have been prepared in compliance with the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), as well as IFRS as adopted by the European Union. There is no effect on these consolidated financial statements resulting from differences between IFRS as issued by the IASB and IFRS as adopted by the European Union. These consolidated financial statements were approved and authorized for issuance by the Board of Directors of Ermenegildo Zegna N.V. on April 6, 2022. Contents and structure of the Consolidated Financial Statements The consolidated financial statements include the consolidated statement of profit and loss, the consolidated statement of comprehensive income, the consolidated statement of financial position, the consolidated cash flow statement, the consolidated statement of changes in equity and the accompanying notes (collectively referred to as the “Consolidated Financial Statements”). The financial reporting formats presented by the Group have the following characteristics: • the consolidated statement of profit and loss is presented by nature, in line with internal reporting processes and business operations; • the consolidated statement of comprehensive income is presented as a separate statement and, in addition to presenting the components of profit and loss recognized directly in the consolidated statement of profit and loss during the period, presents the components of profit and loss not recognized in profit or loss as required or permitted by IFRS; • the consolidated statement of financial position presents assets and liabilities by current and non-current items. Current items are those expected to be realized within 12 months from the reporting date or to be sold or consumed in the normal operating cycle of the Group; • the consolidated cash flow statement has been prepared using the “indirect method”, as permitted by IAS 7 — Statement of Cash Flows (“IAS 7”), and presents cash flows by operating, investing and financing activities; • the consolidated statement of changes in equity presents the movements in shareholder’s equity. The Consolidated Financial Statements are presented in Euro, which is the functional currency of the Company, and amounts are stated in thousands of Euros, unless otherwise indicated. The Consolidated Financial Statements have been prepared on a going concern basis and applying the historical cost method, modified as required for certain financial assets and liabilities (including derivative instruments), which are measured at fair value, and assets held for sale, which are measured at fair value less costs to sell. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of significant accounting policies | 3. Summary of significant accounting policies New standar d s and amendments applicable from January 1, 2021 Amendments to IFRS 9 — Financial Instruments, IAS 39 — Financial Instruments: Recognition and Measurement, IFRS 7 — Financial Instruments: Disclosures, IFRS 4 — Insurance Contracts and IFRS 16 — Leases The Group adopted a package of amendments to IFRS 9 — Financial Instruments Financial Instruments: Recognition and Measurement Financial Instruments: Disclosures Insurance Contracts Leases • changes to contractual cash flows – a company will not be required to derecognize or adjust the carrying amount of financial instruments for changes required by the interest rate benchmark reform, but will instead update the effective interest rate to reflect the change to the alternative benchmark rate; • hedge accounting – a company will not have to discontinue its hedge accounting solely because it makes changes required by the interest rate benchmark reform if the hedge meets other hedge accounting criteria; and • disclosures – a company will be required to disclose information about new risks that arise from the interest rate benchmark reform and how the company manages the transition to alternative benchmark rates. There was no effect from the adoption of these amendments. Amendments to IFRS 4 — Insurance Contracts The Group adopted the amendments to IFRS 4 — Insurance Contracts Amendments to IFRS 16 — Leases The Group adopted the amendments to IFRS 16 for COVID-19 COVID-19 COVID-19-related New standards, amendments and interpretations not yet effective The standards, amendments and interpretations issued by the IASB that will have mandatory application in 2022 or subsequent years are listed below: In May 2017 the IASB issued IFRS 17 — Insurance Contracts In January 2020 the IASB issued amendments to IAS 1 — Presentation of Financial Statements: Classification of Liabilities as Current or Non-Current non-current, In May 2020 the IASB issued amendments to IFRS 3 — Business combinations In May 2020 the IASB issued amendments to IAS 16 — Property, Plant and Equipment In May 2020 the IASB issued amendments to IAS 37 — Provisions, Contingent Liabilities and Contingent Assets In May 2020 the IASB issued Annual Improvements to IFRSs 2018 - 2020 Cycle. First-time Adoption of International Financial Reporting Standards Financial Instruments an entity includes when applying the ‘10 percent’ test for derecognition of financial liabilities, iii) IAS 41 — Agriculture Leases In February 2021 the IASB issued amendments to IAS 1 — Presentation of Financial Statements IFRS Practice Statement 2 Disclosure of Accounting policies In February 2021 the IASB issued amendments to IAS 8 — Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates In May 2021 the IASB issued amendments to IAS 12 — Income Taxes: Deferred Tax related to Assets and Liabilities Arising From a Single Transaction In December 2021 the IASB issued an amendment to IFRS 17 — Insurance Contracts: Initial Application of IFRS 17 and IFRS 9 - Comparative Information Significant accounting policies Basis of consolidation Subsidiaries Subsidiaries are entities over which the Group has control. Control is achieved when the Group has the power over the investee, it is exposed, or has rights to, variable returns from its involvement with the investee, and has the ability to use its power to affect its returns. Subsidiaries are consolidated on a line by line basis from the date on which the Group obtains control. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. Subsidiaries are deconsolidated from the date when control ceases. When the Group ceases to have control over a subsidiary, it derecognizes the assets (including any goodwill) and liabilities of the subsidiaries at their carrying amounts, derecognizes the carrying amount of non-controlling The Group recognizes any non-controlling acquisition-by-acquisition non-controlling non-controlling All intra-group balances and transactions and any unrealized gains and losses arising from intra-group transactions are eliminated in preparing the Consolidated Financial Statements. Foreign currency transactions The functional currency of the Group’s entities is the currency of their primary economic environment. Transactions in foreign currencies are recorded at the exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the foreign currency exchange rate prevailing at that date. Exchange differences arising on the settlement of monetary items or on reporting monetary items at rates different from those at which they were initially recorded during the period or in previous financial statements are recognized in the consolidated statement of profit and loss. Consolidation of foreign entities Upon consolidation, all assets and liabilities of Group entities with a functional currency other than the Euro are translated using the closing rates at the date of the consolidated statement of financial position. Income and expenses are translated into Euro at the average foreign currency exchange rate for the period. Translation differences resulting from the application of this method are recognized within other comprehensive income/ (loss) until the disposal of the investment. Average foreign currency exchange rates for the period are used to translate the cash flows of foreign subsidiaries in preparing the consolidated statement of cash flows. Goodwill, assets acquired and liabilities assumed arising from the acquisition of entities with a functional currency other than the Euro are recognized in the Consolidated Financial Statements in the functional currency and translated at the foreign currency exchange rate at the acquisition date. These balances are translated at subsequent balance sheet dates at the relevant foreign currency exchange rate. The principal foreign currency exchange rates used by the Group to translate other currencies into Euro were as follows: 2021 2020 2019 At December 31 Average At December 31 Average At December 31 Average U.S. Dollar 1.133 1.183 1.227 1.142 1.123 1.119 Swiss Franc 1.033 1.081 1.080 1.070 1.085 1.113 Chinese Renminbi 7.195 7.629 8.023 7.874 7.821 7.735 Pound Sterling 0.840 0.860 0.899 0.890 0.851 0.878 Hong Kong Dollar 8.833 9.193 9.514 8.857 8.747 8.772 Singapore Dollar 1.528 1.589 1.622 1.574 1.511 1.527 United Arab Emirates Dirham 4.160 4.344 4.507 4.194 4.126 4.111 Japanese Yen 130.380 129.877 126.490 121.832 121.940 122.021 Interests in associates and in joint arrangements An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee without having control or joint control over those policies. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Associates and joint ventures are accounted for using the equity method of accounting, from the date significant influence or joint control is obtained, respectively. Under the equity method, the investments are initially recognized at cost and adjusted thereafter to recognize the Group’s share of the profit/(loss) and other comprehensive income/(loss) of the investee. The Group’s share of the investee’s profit/(loss) is recognized in the consolidated statement of profit and loss. Distributions received from an investee reduce the carrying amount of the investment. Post-acquisition movements in other comprehensive income/(loss) are recognized in other comprehensive income/(loss) with a corresponding adjustment to the carrying amount of the investment. Unrealized gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the Group’s interest. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When the Group’s share of the losses of an associate or joint venture exceeds the carrying amount of the Group’s investment, the Group discontinues recognizing its share of further losses. Additional losses are provided for, and a liability is recognized, only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the related investee. The Group discontinues the use of the equity method from the date the investment ceases to be an associate or joint venture, or when it is classified as available-for-sale. Scope of consolidation Ermenegildo Zegna N.V. is the parent company of the Zegna Group and it holds, directly or indirectly, interests in the Zegna Group’s subsidiaries. The following table presents the Zegna Group’s scope of consolidation at December 31, 2021 and 2020: Company Registered office Share capital Held directly by % Group At December 31, 2021 2020 Companies consolidated on a line-by-line Parent company Ermenegildo Zegna N.V. Amsterdam (Netherlands) 5,938,873 Italian subsidiaries In.co. S.p.A. Biella 4,050,000 Ermenegildo Zegna N.V. 100 100 Lanificio Ermenegildo Zegna e Figli S.p.A. Valdilana (BI) 3,100,000 Ermenegildo Zegna N.V. 100 90 Ezi S.p.A. Milan 5,750,000 Ermenegildo Zegna N.V. 100 100 EZ Real Estate Valdilana (BI) 2,000,000 Ermenegildo Zegna N.V. — 100 EZ Service S.r.l. Valdilana (BI) 500,000 Ermenegildo Zegna N.V. 100 — Agnona S.r.l. (**) Milan 200,000 Ermenegildo Zegna N.V. — 100 Bonotto S.p.A. Colceresa (VI) 1,239,600 Ermenegildo Zegna N.V. 60 60 Cappellificio Cervo S.r.l. Biella 300,000 Ermenegildo Zegna N.V. 51 51 Thom Browne Services Italy S.r.l. Milan 10,000 Thom Browne Trading SA 90 85 Thom Browne Retail Italy S.r.l. Milan 10,000 Thom Browne Services Italy S.r.l. 90 85 Gruppo Dondi S.p.A. Carpi (MO) 1,502,800 Ermenegildo Zegna N.V. 65 65 Tessitura Ubertino S.r.l. Valdilana (BI) 100,000 Ermenegildo Zegna N.V. 60 — Foreign subsidiaries Investindustrial Acquisition Corp. (“IIAC”) Cayman Islands 4,944,366 Ermenegildo Zegna N.V. 100 — Ermenegildo Zegna Giyim Sanayi ve Tic. A. S. Istanbul (Turkey) 32,291,439 Ermenegildo Zegna N.V. 100 100 Ermenegildo Zegna H.m.b.H. Wien (Austria) 610,000 Ermenegildo Zegna N.V. 100 100 Société de Textiles Astrum France S.à.r.l. Paris (France) 500,000 Ermenegildo Zegna N.V. 100 100 Ermenegildo Zegna GmbH Munich (Germany) 6,577,421 Ermenegildo Zegna N.V. 100 100 Zegna Japan Co., LTD Minato-Ku-Tokyo 100,000,000 Ermenegildo Zegna N.V. 100 100 Fantasia (London) Limited London (UK) 7,000,000 Ermenegildo Zegna N.V. 100 100 Ermenegildo Zegna S.A. de C.V. Ciudad de Mexico (Mexico) 459,600,000 Ermenegildo Zegna N.V. 100 100 Ezeti Portugal. S.A. Lisbon (Portugal) 800,000 Ermenegildo Zegna N.V. 100 100 Ermenegildo Zegna Madrid S.A. Barcelona (Spain) 901,500 Ezeti S.L. 70 70 Ezeti S.L. Barcelona (Spain) 500,032 Italco S.A. 100 100 Italco S.A. Sant Quirze (Spain) 1,911,300 Ermenegildo Zegna N.V. 100 100 Ermenegildo Zegna Czech s.r.o Prague (Czech Republic) 1,350,000 Ermenegildo Zegna N.V. 100 — Co.Ti. Service S.A. Stabio (Switzerland) 27,940,000 Ermenegildo Zegna N.V. 100 100 Consitex S.A. Stabio (Switzerland) 15,000,000 Ermenegildo Zegna N.V. 100 100 Ermenegildo Zegna Corporation New York, NY 500,000 Ermenegildo Zegna N.V. 100 100 Zegna (China) Enterprise Management Co., Ltd. Shanghai (China) 58,309,140 Ermenegildo Zegna N.V. 100 100 Ermenegildo Zegna (China) Co., LTD Shanghai (China) 50,000,000 Ermenegildo Zegna N.V. 100 100 Ismaco Amsterdam B. V. Amsterdam (Netherlands) 226,890 Ermenegildo Zegna N.V. 100 100 Ermenegildo Zegna Korea LTD (**) Seoul (Korea) 6.876.000.000 E.Z. Holditalia — 100 Alan Real Estate Stabio (Switzerland) 9,200,000 EZ Real Estate S.r.l. (*) — 100 Ermenegildo Zegna Far-East Pte LTD Singapore 21,776,432 Consitex S.A. 100 100 Ermenegildo Zegna Hong Kong LTD Hong Kong 238,240,000 Ermenegildo Zegna N.V. 100 100 E. Zegna Trading Hong Kong LTD Taiwan Branch Hong Kong 233,659,800 Ermenegildo Zegna Hong Kong LTD 100 100 Ermenegildo Zegna Canada Inc. Toronto (Canada) 700,000 Consitex S.A. 100 100 Ermenegildo Zegna Australia PTY LTD Sydney (Australia) 18,000,000 Ermenegildo Zegna Far-East 100 100 E. Z. New Zealand LTD Auckland (New Zealand) 3,300,000 Ermenegildo Zegna N.V. 100 100 Ezesa Argentina S.A. Buenos Aires (Argentina) 27,246,979 Ermenegildo Zegna N.V.; Italco S.A. 100 100 E. Z. Thai Holding Ltd Bangkok (Thailand) 3,000,000 Ermenegildo Zegna N.V. 49 49 The Italian Fashion Co. LTD Bangkok (Thailand) 16,000,000 E. Z. Thai Holding Ltd; Ermenegildo Zegna Far-East 65 65 Zegna South Asia Private LTD Mumbai (India) 902,316,770 Ermenegildo Zegna N.V. 51 51 ISMACO TEKSTİL LİMİTED ŞİRKETİ Istanbul (Turkey) 10,000,000 Ermenegildo Zegna N.V., Ismaco 100 100 Ezesa Brasil Participacoes LTDA San Paolo (Brazil) 77,481,487 Ermenegildo Zegna N.V. 100 100 Ermenegildo Zegna (Macau) LTD Kowloon Bay (Hong Kong) 4,650,000 Consitex S.A. 100 100 Ermenegildo Zegna Malaysia Sdn. Bhd. Kuala Lumpur (Malaysia) 3,000,000 Ermenegildo Zegna Far-East 100 100 Ermenegildo Zegna Maroc S.A.R.L.A.U. Casablanca (Morocco) 530,000 Ermenegildo Zegna N.V. 100 100 Company Registered office Share capital Held directly by % Group At December 31, 2021 2020 61 West 23rd Street LLC (*) New York, NY 12,637,342 Alan Real Estate S.A. — 100 Ermenegildo Zegna Vietnam LLC Hanoi City (Vietnam) 53,567,900,000 Ermenegildo Zegna N.V. 77 77 Achill Land Pty Ltd. (*) Armidale NSW (Australia) 10,200,000 Alan Real Estate S.A. — 60 Zegna Gulf Trading LLC Dubai (UAE) 300,000 Consitex S.A. 49 49 EZ US Holding Inc. Wilmington (U.S.A.) 1,000,099 Consitex S.A. 100 100 E.Zegna Attica Single Member Société Anonyme Athens (Greece) 650,000 Ermenegildo Zegna N.V. 100 100 Thom Browne Inc. Wilmington (U.S.A.) 5,510 Ermenegildo Zegna N.V. 90 85 Thom Browne Japan Inc. Tokyo (Japan) 1,000,000 Thom Browne Inc. 90 85 Thom Browne Trading SA Stabio (Switzerland) 100,000 Thom Browne Inc. 90 85 Thom Browne France Services Paris (France) 50,000 Thom Browne Trading SA 90 85 Thom Browne UK Limited Beckenham (UK) 1 Thom Browne Trading SA 90 85 Tailoring Luxury Co., Ltd. Shanghai (China) 900,000 Thom Browne Trading SA 90 85 Thom Browne (Macau) Limited Hong Kong 500,000 Thom Browne Trading SA 90 85 Thom Browne Canada Vancouver (Canada) 1 Thom Browne Trading SA 90 85 Thom Browne Hong Kong Limited Hong Kong 500,000 Thom Browne Trading SA 90 — Investments valued using the equity method of accounting Italian associates and joint arrangements Pelletteria Tizeta S.r.l. Sesto Fiorentino (FI) 206,816 Ermenegildo Zegna N.V. 50 50 Filati Biagioli Modesto S.p.A. Montale (PT) 7,900,000 Ermenegildo Zegna N.V. 40 — Foreign associates and joint arrangements Achill Station Pty Ltd. Armidale NSW (Australia) 2,239,127 Alan Real Estate S.A. — 60 Tom Ford International LLC Delaware (U.S.A.) 82,366,000 EZ US Holding Inc. 15 15 Other investments valued at fair value Acquedotto Piancone S.r.l. Valdilana (BI) 42,000 Lanificio Ermenegildo Zegna e Figli S.p.A. 67 67 Pettinatura di Verrone S.r.l. Verrone (BI) 3,000,000 Lanificio Ermenegildo Zegna e Figli S.p.A. 15 15 Consorzio Turistico Alpi Biellesi (*) Valdilana (BI) 33,750 EZ Real Estate S.r.l. (*) — 44 Sharmoon.EZ.Garments Co. Ltd Wenzhou (China) 100,000,000 Ermenegildo Zegna N.V. 50 50 F2 S.r.l. Schio (VI) 90,000 Bonotto S.p.A. 49 49 Elah Dufour S.p.A. (*) Genova (GE) 26,650,000 E.Z. Holditalia — 10 Bea Biella S.r.l. (*) Busalla (GE) 130,000 EZ Real Estate S.r.l. (*) — 22 Future 101 Design Private Ltd New Delhi (India) 100,000 E.Z. Holditalia — 18 (*) Disposed of as part of the Disposition, which was completed on November 1, 2021 (See Note 1 - General information, for additional details). (**) Reclassified as current assets held for sale in 2020 and sold in 2021 (See Note 30 - Assets and liabilities held for sale, for additional details). The following changes in the scope of consolidation of the Group occurred during the year ended December 31, 2021: • On January 14, 2021, the Group sold 70% of its equity stake in Agnona S.r.l. (“Agnona”) to a related party, maintaining an equity stake and a joint control, and as a result Agnona was deconsolidated from the beginning of the year. The Group disposed of the remaining 30% stake in Agnona in two tranches during September and October 2021; • On February 16, 2021 the Group incorporated Ermenegildo Zegna Czech s.r.o., primarily to manage a franchised store in Prague that the Group converted to a DOS; • On June 1, 2021 the Group acquired an additional 5% of Thom Browne, based on the first tranche of the put option, for a total consideration of USD 37,400 thousand (Euro 30,653 thousand), following which the Group owns 90% of the Thom Browne group. As a result, the Group derecognized a portion of the liability for the written put option on non-controlling non-controlling • On June 4, 2021 the Group acquired 60% of the shares of Tessitura Ubertino S.r.l. (“Tessitura Ubertino”) and began consolidating Tessitura Ubertino. See Note 5 - Business combinations • On July 14, 2021 the Group acquired 40% of the shares of Filati Biagioli Modesto S.p.A. for consideration of Euro 313 thousand; • On July 28, 2021, the Group acquired an additional 10% interest in Lanificio from a related party for a total consideration of Euro 9,600 thousand, following which the Group owns 100% of Lanificio. As a result, the Group recognized a loss for the changes in fair value of Euro 3,523 thousand, and derecognized the liability for the written put option on non-controlling non-controlling • On September 2, 2021 the Group finalized the purchase of the single purpose company London Blue LLC, which holds a real estate property in London, England (previously 50% owned by the Group), for a total consideration of GBP 37,041 thousand. London Blue LLC was subsequently disposed of as part of the Disposition. • On September 28, 2021 the Group sold a 17.5 1,563 • On October 1, 2021 EZ Service S.r.l. (“EZ Service”), a limited liability company based in Italy and fully owned by Ermenegildo Zegna Holditalia S.p.A., was incorporated. A branch of Ermenegildo Zegna Holditalia S.p.A. was transferred to EZ Service effective November 1, 2021. EZ Service provides a range of corporate services to both Group subsidiaries and third parties, including, among others, services related to administration, tax, legal, design, marketing, retail management and information technology; • As part of the activities contemplated by the Business Combination, on November 1, 2021, Zegna completed the Disposition (as defined in Note 1 - General information • As part of the activities contemplated by the Business Combination, in December 2021 EZ Cayman, a wholly-owned subsidiary of Zegna General information Property, plant and equipment Cost Property, plant and equipment is initially recognized at cost, which comprises the purchase price, any costs directly attributable to bringing the assets to the location and condition necessary to be capable of operating in the manner intended by management, capitalized borrowing costs and any initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located. Self-constructed assets are initially recognized at their production cost, including labor costs. Subsequent costs are capitalized only if they increase the future economic benefits embodied in the related assets. All other expenditures are expensed as incurred. When parts are replaced, the carrying amount of the parts that are replaced are written off in the consolidated statement of profit and loss. Property, plant and equipment is presented net of accumulated depreciation, calculated on the basis of the useful lives of the assets, and any impairment losses. Depreciation Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, as follows: Category of Property, Plant and Equipment Depreciation rate Buildings 3% - 10 % Plants and machinery 12.5% - 17.5 % Industrial and commercial equipment 20% - 25 % Other tangible assets 12% - 25 % Land and assets under construction are not depreciated. If the asset being depreciated consists of separately identifiable components whose useful life differs from that of the other parts making up the asset, depreciation is charged separately for each of its component parts through application of the “component approach”. Property, plant and equipment is tested for impairment when impairment indicators are identified, such as a scheduled closure of a store or site, a redundancy plan or a downward revision of market forecasts. When an asset’s recoverable amount is less than its net carrying amount, an impairment loss is recognized. Where the recoverable amount of an individual asset cannot be determined precisely, the Group determines the recoverable amount of the cash-generating unit (“CGU”) or group of CGUs to which the asset belongs. Investment property Investment property is land or buildings owned by the Group with the intention of earning rent or holding for capital appreciation. Investment property is recognized when it is probable that the future economic benefits associated with the property will flow to the entity and the cost of the property to the entity can be reliably measured. Investment property is initially measured at cost plus transaction costs. Investment property is subsequently measured at cost less accumulated depreciation and any accumulated impairment losses (the cost model). Investment property is impaired if its carrying amount exceeds its recoverable amount. Impairment losses are recognized in the consolidated statement of profit and loss under “Depreciation, amortization and impairment of assets”. Impairment losses are reversed if the reasons for them cease to exist, but not in excess of the carrying amount that would have been recorded had no impairment loss been recognized. The reversal of an impairment loss is recognized in the consolidated statement of profit and loss immediately. Investment property is derecognized when it has been disposed of or when it has been permanently withdrawn from use and no future economic benefits are expected to arise from its disposal. The gain or loss on disposal or retirement of investment property is calculated as the difference between the net disposal proceeds, after deducting direct costs of disposal, and the carrying amount at the date of disposal. Brands with indefinite useful life Brands with indefinite useful lives are not amortized but are tested for impairment at least annually, or more frequently, if facts or circumstances indicate that the asset may be impaired. Intangible assets with a finite useful life An identifiable non-monetary Intangible assets with a finite useful life include trademarks, licenses, software, and development costs. Concession, licenses, trademarks and patents Concession, licenses, trademarks and patents are recognized at cost or at the value attributed upon acquisition and include the cost of trademark registration in the various countries in which the Group operates, assuming there are no risks or limitations on control over their use. Software Software acquired as part of recurring operations and software developed in-house Know how As a result of the acquisition of Tessitura Ubertino in June 2021, the Group recognized intangible assets relating to know how, which were initially recognized at their fair value at the date of acquisition and will be amortized over a 5 year period. Development costs Development costs are recognized as an asset if, and only if, both of the following conditions under IAS 38 — Intangible Assets Intangible assets with a definite useful life are amortized on a straight-line basis at the following rates: Category of Intangible assets with a finite useful life Depreciation rate Concessions, licenses, trademarks and patents 2.5% - 25 % Software 10% - 33 % Know how 20 % Development costs and other intangibles 10% - 33 % Leases The Group recognizes a right-of-use asset and a corresponding lease liability at the date at which the leased asset is available for use. Each lease payment is allocated between the principal liability and finance costs. Finance costs are charged to the statement of profit and loss over the lease period using the effective interest rate method. The right-of-use asset is depreciated on a straight-line basis over the lease term. Right-of-use low-value Lease liabilities are measured at the net present value of the following: (i) fixed lease payments, (ii) variable lease payments that are based on an index or a rate and, if applicable, (iii) amounts expected to be payable by the lessee under residual value guarantees, and (iv) the exercise price of a purchase option if the lessee is reasonably certain to exercise that option. Lease liabilities do not include any non-lease Variable lease payments are recognized in the statement of profit and loss in the period in which the condition that triggers those payments occurs. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. The Group determines the lease term as the non-cancellable Impairment of non-current The Group continuously monitors its operations to assess whether there is any indication that its non-current right-of-use Business combinations Business combinations are accounted for using the acquisition method in accordance with IFRS 3. Accordingly, the consideration transferred (acquisition price) in a business combination is measured at the fair value, which is measured at the fair value of the assets transferred, liabilities incurred by the acquirer and the equity interest issued at the date the control changed. The following items constitute an exception, which are instead valued according to their reference principle: (i) deferred tax assets and liabilities, (ii) assets and liabilities for employee benefits and (iii) assets held for sale. Acquisition-related costs are recognized in the consolidated statement of profit and loss as incurred. Goodwill is measured as the excess of the acquisition price plus the amount of any non-controlling In the event that the fair values of the assets, liabilities and contingent liabilities can only be determined provisionally, the business combination is recognized using these provisional values. Any adjustments deriving from the completion of the valuation process are recognized within twelve months from the acquisition date. If a price component is linked to the realization of future events, this component is considered in the estimate of the fair value at the time of the business combination. Significant gains and losses, with the related tax effects, deriving from transactions carried out between fully consolidated companies not yet realized with third parties, are eliminated, except for losses that are not eliminated if the transaction provides evidence of a reduction of value of the transferred asset. The reciprocal debit and credit relationships, costs and revenues, as well as financial income and expenses are also eliminated if significant. The purchase of further holdings in subsidiaries and the sale of shares that do not involve the loss of control are considered transactions between shareholders; as such, the accounting effects are recognized directly in the Group’s equity. Put and call agreement on non-controlling In the case of put options granted to non-controlling non-controlling non-controlling non-controlling non-controlling Financial instruments The classification of a financial asset is based on the Group’s business model for managing the related financial assets and their contractual cash flows. The Group considers whether the contractual cash flows represent solely payments of principal and interest that are consistent with a basic lending arrangement. Where the contractual terms introduce exposure to risk or volatility that are inconsistent with a basic lending arrangement, the related financial assets are classified and measured at fair value through profit and loss. With the exception of trade receivables that do not contain a significant financing component (or for which the Group has applied the practical expedient available under IFRS 15 - Revenue from contracts with customers Measurement subsequent to initial recognition is based on the classification of the financial assets into one of the following categories: 1. Financial assets at amortized cost; 2. Financial assets at fair value through other comprehensive income, with subsequent recycling of cumulative gains and losses to the statement of profit and loss (“FVOCI”); or 3. Financial assets at fair value through profit and loss (“FVPL”). 1. Financial assets at amortized cost Financial assets at amortized cost are subsequently measured using the effective interest rate method and are subject to impairment testing. Gains and losses are recognized in the statement of profit and loss when the asset is derecognized, modified or impaired. The Group’s financial assets at amortized cost primarily include trade receivables, guarantee deposits and certain other non-current 2. Financial assets at fair value through other comprehensive income (FVOCI) Financial assets at FVOCI are initially recognized at fair value and subsequent fair value changes are recognized within other comprehensive income. Interest income, foreign exchange revaluations and impairment losses or reversals are recognized in the consolidated statement of profit and loss. Upon derecognition, the cumulative reserve of fair value changes recognized within other comprehensive income is recycled to profit and loss. The Group’s financial assets at FVOCI primarily include derivative instruments, fixed income and floating income securities. 3. Financial assets at fair value through profit and loss (FVPL) Financial assets at FVPL are initially recognized at fair value and subsequent fair value changes are recognized in the consolidated statement of profit and loss. Financial assets at FVTPL include derivative instruments and listed equity investments for which the Group has not irrevocably elected to classify the instruments at FVOCI. Dividends from listed equity investments are recognized as other income in the consolidated statement of profit and loss when the right of payment has been established. The Group’s financial assets measured at FVPL primarily include insurance contracts, equity instruments and fixed income securities, as well as investments in hedge funds and private equity private debts, money market funds, floating income and real estate funds. Reclassification A financial asset is only reclassified when there is a change in the contractual terms that significantly affects the previously expected cash flows or when the Group changes its business model for managing financial assets. Reclassifications are only made prospectively from the reclassification date, without restating any previously recognized gains, losses or interest. Derecognition The Group derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognizes its retained interest in the asset and an associated liability for any obligations created or retained. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognize the financial asset and also recognizes a collateralized borrowing for the proceeds received. On derecognition of a financial asset measured at amortized cost, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognized in profit and loss. In addition, on derecognition of an investment in a debt instrument classified as FVOCI, the cumulative gain or loss previously accumulated in the investment revaluation reserve within other comprehensive income is reclassified to profit and loss. Impairment of financial assets The Group recognizes a loss allowance for expected credit losses on investments in debt instruments that are measured at amortized cost or at FVOCI, lease receivables, trade rece |
Use of estimates
Use of estimates | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Use of estimates | 4. Use of estimates The preparation of the Consolidated Financial Statements in accordance with IFRS requires the use of estimates, judgements and assumptions that affect the carrying amounts of assets and liabilities (as well as the assessment of contingent assets and liabilities) and the amount of income and expenses recognized. The estimates and associated assumptions are based on historical experience and on any other factors that are considered to be relevant. Actual results might not fully correspond to estimates. The estimates and underlying assumptions are reviewed continuously by the Group. The effects of any changes to accounting estimates are recognized in the consolidated statement of profit and loss in the period in which the adjustment is made, or prospectively in future periods. The items requiring estimates for which there is a risk that a material difference may arise in respect of the carrying amounts of assets and liabilities in the future are discussed below. Impairment of non-current Non-current right-of-us non-current pre-tax Recoverability of goodwill and brands with indefinite useful life In accordance with IAS 36 — Impairment of Assets (“IAS 36”) Recoverability of deferred tax assets The deferred tax assets are recognized on the premise that it is more likely than not that the Group will be able to generate sufficient and suitable future taxable profits from which the reversal of the asset can be deducted. If the Group is unable to generate sufficient taxable profits in certain jurisdictions, or if there is a significant change in the actual effective tax rates or the time period within which the underlying temporary differences become taxable or deductible, the Group could be required to write-off Derivatives Fair value of derivatives not traded in an active market is determined using a mark-to-model Financial liabilities for put options granted to non-controlling Valuation techniques that are based on significant inputs that are observable are referred to as Level 2 valuations, while those based on techniques that use significant unobservable inputs are referred to as Level 3 valuations. Estimates and assumptions are made with the support of the corporate functions and, where appropriate, of independent specialists, and are regularly reviewed. Provisions for obsolete inventory Since the Group’s products are subject to market trends and changes in fashion trends, product inventories at the end of the season are subject to impairment. Specifically, the provision for obsolete inventory of finished products reflects management’s estimate of the expected impairment losses on the products of the collections of previous seasons, considering the ability to sell them through the Group’s various distribution channels. Generally, impairment assumptions involve percentages of impairment that become greater the older the collections are, so as to reflect the decline in selling prices in secondary channels (mainly outlets), and on the other hand, the decrease in the probability of selling them as time goes by. The provision for obsolete raw materials reflects management’s estimates of the decline in the probability they will be used based on the calculation of slow-moving raw materials. Provision for risks The Group recognizes a liability when facing legal and tax disputes and lawsuits if it believes it is probable that they will require an outflow of financial resources and a reliable estimate can be made of the amount of the potential losses. Given the uncertainty surrounding the outcome of these proceedings, it is hard to reliably estimate the outflow of resources that will be required to settle them, therefore the amount of the provisions for legal and tax disputes may change as a result of future developments in the outstanding proceedings. The Group monitors the status of ongoing lawsuits and proceedings and consults with its legal advisors as well as legal and tax experts. Fair value estimates Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. IFRS 13 — Fair value measurement Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. Warrants Warrants give the holder the right, but not the obligation, to subscribe to the Company’s shares at a fixed price for a specified period of time and subject to the terms of redemption. Until warrant holders acquire the Company’s ordinary shares upon exercise of such warrants, they will have no rights with respect to the Company’s shares. These instruments, principally due to an option to replace them upon specific events, including share dividends, extraordinary dividends or reorganizations, which results in the Company delivering a variable number of shares, are accounted for as a current financial liability through profit and loss in accordance with the provisions of IAS 32. Management measured the public warrants at fair value by using the Euro equivalent of the closing price of warrants on the NYSE. Management estimated the fair value of the private warrants by Monte Carlo simulation model, using as key inputs the Company’s share price, risk-free rate, implied public warrant volatility, the warrants’ maturity, and the public warrants’ market price. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2021 | |
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Business Combinations | 5. Business combinations See Note 1 - General information A summary of the Group’s other business combinations for the year ended December 31, 2021 is provided below. All business combinations have been recognized in accordance with IFRS 3. Acquisition of Tessitura Ubertino On June 4, 2021 the Group acquired 60% of Tessitura Ubertino, a company active in the textile business. As a result of acquisition, the Group has expanded its textile activities and product offering. Details of the purchase consideration, the net assets acquired and goodwill are as follows: (Euro thousands) At acquisition date Consideration paid 5,880 Contingent consideration 1,170 Total consideration 7,050 A portion of the consideration for the acquisition, amounting to Euro 1,170 thousand, will be payable in cash in 2022 and 2023 if Tessitura Ubertino achieves certain predetermined operating performance targets during the years ended December 31, 2021 and 2022. The contingent consideration was recognized within other current liabilities at December 31, 2021. (Euro thousands) Fair value at acquisition date Cash and cash equivalents 2,366 Trade receivables 1,681 Inventories 1,564 Other current assets 626 Property, plant and equipment 641 Intangible assets 4,200 Account payables (1,872 ) Other current liabilities (712 ) Employee benefits (272 ) Deferred tax liabilities (1,172 ) Net identifiable assets acquired 7,050 Less: Non-controlling (2,820 ) Goodwill 2,820 Net assets acquired including goodwill 7,050 Goodwill arising from the acquisition of Euro 2,820 thousand is primarily attributable to the expected synergies from combining operations of the acquiree and the acquirer. The goodwill is not deductible for tax purposes. Minor acquisition-related costs were expensed and recorded within purchased, outsourced and other costs in the consolidated statement of profit and loss. The Group elected to recognize non-controlling The details of the net cash outflows related to the acquisition are shown below: At acquisition date Consideration paid (5,880 ) Cash and cash equivalents acquired 2,366 Net cash outflow - Investing activities (3,514 ) Tessitura Ubertino contributed revenues of Euro 5,625 thousand and profit for the year of Euro 561 thousand to the Group for the period from June 4, 2021 (the acquisition date) to December 31, 2021. If the acquisition had occurred on January 1, 2021, the consolidated statement of profit and loss would have included additional revenues for Euro 3,987 thousand and profit for the year of Euro 674 thousand. Contingent consideration relating to the acquisition of Gruppo Dondi S.p.A. In 2021 the Group paid contingent consideration of Euro 710 thousand relating to the acquisition of Gruppo Dondi S.p.A. (“Dondi”), which was completed in July 2019, based on the achievement of certain predetermined performance targets by Dondi. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2021 | |
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Segment Reporting | 6. Segment reporting The Group has determined the operating segments based on the reports reviewed by the Board of Directors, which is considered the Chief Operating Decision Maker (“CODM”) as defined under IFRS 8 — Operating Segments The Group is organized in two operating and reportable segments, based on a brand perspective, as described below: 1. Zegna Segment — Includes all activities related to the Zegna Branded Products, Textile and Third Party Brands (previously referred to as Strategic Alliances) product lines. 2. Thom Browne Segment — Includes all activities related to the Thom Browne brand. Adjusted Earnings Before Interest and Taxes (“Adjusted EBIT”) is the key profit measure used by the CODM to assess performance and allocate resources to the Group’s operating segments, as well as to analyze operating trends, perform analytical comparisons and benchmark performance between periods and among the segments. Adjusted EBIT is defined as profit or loss before income taxes, financial income, financial expenses, exchange gains/(losses), result from investments accounted for using the equity method and impairments of investments accounted for using the equity method, adjusted for income and costs which are significant in nature and that management considers not reflective of ongoing operational activities, including costs related to the Business Combination, severance indemnities and provision for severance expenses, impairment of property, plant and equipment and right-of-use Transactions between segments are processed at arm’s length and primarily relate to intersegment sale. No allocations of common costs are made across the segments. No measures of assets or liabilities by segment are reported to the CODM. Therefore, the related information is not provided. The following tables summarize selected financial information by segment for the years ended December 31, 2021, 2020 and 2019. (Euro thousands) For the year ended December 31, 2021 Zegna Thom Browne Intercompany Group Consolidated Revenues with third parties 1,029,005 263,397 — 1,292,402 Inter-segment revenues 6,170 669 (6,839 ) — Revenues 1,035,175 264,066 (6,839 ) 1,292,402 Depreciation and amortization (137,502 ) (17,173 ) — (154,675 ) Adjusted EBIT 111,018 38,097 — 149,115 Costs related to the Business Combination (1) (205,059 ) Costs related to lease agreements (2) (15,512 ) Severance indemnities and provision for severance expenses (8,996 ) Impairment of property, plant and equipment and right-of-use (3) (8,692 ) Other adjustments ( 4 (4,884 ) Financial income 45,889 Financial expenses (43,823 ) Foreign exchange gains/(losses) (7,791 ) Result from investments accounted for using the equity method 2,794 Loss before taxes (96,959 ) (1) Costs related to the Business Combination include: a) Euro 114,963 thousand relating to share-based payments for listing services recognized as the excess of the fair value of Zegna ordinary shares issued as part of the Business Combination and the fair value of IIAC’s identifiable net assets acquired, in accordance with IFRS 2. This amount is recorded within the line item “other operating costs” in the consolidated statement of profit and loss. b) Euro 37,906 thousand for the issuance of 5,031,250 Zegna ordinary shares to the holders of IIAC class B shares to be held in escrow. The release of these shares from escrow is subject to achievement of certain targets within a seven-year period. This amount is recorded within the line item “other operating costs” in the consolidated statement of profit and loss. c) Euro 34,092 thousand for transaction costs related to the Business Combination incurred by Zegna, including costs for bank services, legal advisors and other consultancy fees. This amount is recorded within the line item “purchased, outsourced and other costs” in the consolidated statement of profit and loss. d) Euro 10,916 thousand for the Zegna family’s grant of a Euro 1,500 special gift to each employee of the Zegna group as result of the Company’s listing completed on December 20, 2021. This amount is recorded within the line item “personnel costs” in the consolidated statement of profit and loss. e) Euro 5,380 thousand relating to grant of performance share units, which each represent the right to receive one Zegna ordinary share, to the Group’s Chief Executive Officer, other Zegna directors, key executives with strategic responsibilities and other employees of the Group, all subject to certain vesting conditions. This amount is recorded within the line item “personnel costs” in the consolidated statement of profit and loss. For additional information please refer to Note 42 - Related party transactions . f) Euro 1,236 thousand related to the fair value of private warrants issued, pursuant to the Business Combination, to certain Zegna non-executive directors. This amount is recorded within the line item “personnel costs” in the consolidated statement of profit and loss. g) Euro 566 thousand related to the write-off of non-refundable prepaid premiums for directors’ and officers’ insurance. This amount is recorded within the line item “personnel costs” in the consolidated statement of profit and loss. (2) Costs related to lease agreements for the year ended December 31, 2021, include (i) €12,192 thousand of provisions relating to a lease agreement in the US following an unfavorable legal claim judgment against the Group (recorded within “write downs and other provisions” in the consolidated statement of profit and loss), (ii) €1,492 thousand of legal expenses related to a lease agreement in Italy (recorded within “other operating costs” in the consolidated statement of profit and loss) and (iii) €1,829 thousand in accrued property taxes related to a lease agreement in the UK (recorded within “write downs and other provisions” in the consolidated statement of profit and loss). Costs related to lease agreements for the year ended December 31, 2020 include €3,000 thousand for legal expenses related to a lease agreement in the UK, incurred in the second half of 2020 (recorded within the line item “write downs and other provisions” in the consolidated statement of profit and loss). (3) Includes impairment relating to the Group’s DOSs. (4) Other adjustments for the year ended December 31, 2021 include €6,006 thousand related to losses incurred by Agnona subsequent to the Group’s sale of a majority stake in Agnona in January 2021, for which the Group was required to compensate the company in accordance with the terms of the related sale agreement, as well as €144 thousand relating to the write down of the Group’s remaining 30% stake in Agnona (both of which are recorded within the line item “write downs and other provisions” in the consolidated statement of profit and loss), partially offset by other income of €1,266 thousand relating to the sale of rights to build or develop airspace above a building in the United States (this amount is recorded within the line item “other income” in the consolidated statement of profit and loss). (Euro thousands) For the year ended December 31, 2020 Zegna Thom Intercompany Group Revenues with third parties 835,244 179,489 — 1,014,733 Inter-segment revenues 8,074 305 (8,379 ) — Revenues 843,318 179,794 (8,379 ) 1,014,733 Depreciation and amortization (153,962 ) (12,243 ) — (166,205 ) Adjusted EBIT (8,981 ) 28,994 — 20,013 Donations related to the COVID-19 (4,482 ) Costs related to lease agreements (3,000 ) Impairment of property, plant and equipment and right-of-use (19,725 ) Severance indemnities and provision for severance expenses (12,308 ) Impairment on held for sale assets (3,053 ) Financial income 34,352 Financial expenses (48,072 ) Foreign exchange gains/(losses) 13,455 Result from investments accounted for using the equity method (4,205 ) Impairments of investments accounted for using the equity method (4,532 ) Loss before taxes (31,557 ) (Euro thousands) For the year ended December 31, 2019 Zegna Thom Intercompany Group Revenues with third parties 1,160,731 160,596 — 1,321,327 Inter-segment revenues 5,180 604 (5,784 ) — Revenues 1,165,911 161,200 (5,784 ) 1,321,327 Depreciation and amortization (160,381 ) (7,829 ) — (168,210 ) Adjusted EBIT 91,385 15,889 — 107,274 Impairment of property, plant and equipment and right-of-use (8,858 ) Severance indemnities and provision for severance expenses (9,777 ) Financial income 22,061 Financial expenses (37,492 ) Foreign exchange gains/(losses) (2,441 ) Result from investments accounted for using the equity method (1,534 ) Profit before taxes 69,233 The following table summarizes non-current (Euro thousands) At December 31, 2021 2020 EMEA (1) 273,926 355,668 of which Italy 166,467 185,085 North America (2) 507,379 572,384 of which United States 503,496 534,472 Latin America (3) 4,690 5,625 APAC (4) 143,616 121,057 of which Greater China Region 70,828 93,225 of which Japan 22,387 6,219 Total non-current 929,611 1,054,734 (1) EMEA includes Europe, the Middle East and Africa. (2) North America includes the United States of America and Canada. (3) Latin America includes Mexico, Brazil and other Central and South American countries. (4) APAC includes the Greater China Region, Japan, South Korea, Thailand, Malaysia, Vietnam, Indonesia, Philippines, Australia, New Zealand, India and other Southeast Asian countries. |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2021 | |
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Revenues | 7. Revenues Zegna generates revenues primarily from the sale of its products (net of returns and discounts), as well as from fees for services provided, royalties received from third parties and licensees. The following table provides a breakdown of revenues by product line: (Euro thousands) For the years ended December 31, 2021 2020 2019 Zegna branded products 847,311 636,478 919,545 Thom Browne 263,397 179,490 160,595 Textile 102,244 87,615 108,513 Third Party Brands 74,957 82,273 91,720 Agnona 1,191 12,389 17,691 Other 3,302 16,488 23,263 Total revenues 1,292,402 1,014,733 1,321,327 The following table provides a breakdown of revenues by sales channel: (Euro thousands) For the years ended December 31, 2021 2020 2019 Direct to Consumer (DTC) - Zegna branded products 712,862 527,972 743,012 Direct to Consumer (DTC) - Thom Browne branded products 138,567 85,268 61,045 Total Direct to Customer (DTC) 851,429 613,240 804,057 Wholesale Zegna branded products 134,449 108,506 176,533 Wholesale Thom Browne branded products 124,830 94,222 99,550 Wholesale Third Party Brands and Textile 177,201 169,888 200,233 Wholesale Agnona 1,191 12,389 17,691 Total Wholesale 437,671 385,005 494,007 Other 3,302 16,488 23,263 Total revenues 1,292,402 1,014,733 1,321,327 The following table provides a breakdown of revenues by geographic area: (Euro thousands) For the years ended December 31, 2021 2020 2019 EMEA (1) 380,325 315,879 431,384 of which Italy 158,722 121,202 140,676 of which UK 37,682 32,985 58,012 North America (2) 191,283 131,049 233,327 of which United States 176,059 114,818 205,744 Latin America (3) 19,971 12,915 25,404 APAC (4) 696,344 551,650 626,059 of which Greater China Region 588,876 438,193 458,294 of which Japan 55,479 61,523 90,240 Other (5) 4,479 3,240 5,153 Total revenues 1,292,402 1,014,733 1,321,327 (1) EMEA includes Europe, the Middle East and Africa. (2) North America includes the United States of America and Canada. (3) Latin America includes Mexico, Brazil and other Central and South American countries. (4) APAC includes the Greater China Region, Japan, South Korea, Thailand, Malaysia, Vietnam, Indonesia, Philippines, Australia, New Zealand, India and other Southeast Asian countries. (5) Other revenues mainly include royalties and certain sales of old season products. |
Other income
Other income | 12 Months Ended |
Dec. 31, 2021 | |
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Other income | 8. Other income Other income mainly consists of miscellaneous income that is not directly attributable to the sale of the Group’s goods or services, royalties or operating licenses, such as income from the sale of advertising materials, tax refund commissions and other miscellaneous income. Other income for the year ended December 31, 2021 also includes income of Euro 1,266 thousand relating to the sale of rights to build or develop airspace above a building in the United States. |
Cost of raw materials and consu
Cost of raw materials and consumables | 12 Months Ended |
Dec. 31, 2021 | |
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Cost of raw materials and consumables | 9. Cost of raw materials and consumables The following table provides a breakdown for cost of raw materials and consumables: (Euro thousands) For the years ended December 31, 2021 2020 2019 Raw materials (108,442 ) (108,130 ) (139,965 ) Finished goods (161,731 ) (130,006 ) (141,512 ) Consumables (12,951 ) (10,909 ) (14,067 ) Change in raw materials, consumables and finished goods (24,822 ) 131 (9,991 ) Other (1,663 ) (1,655 ) (4,266 ) Total cost of raw materials and consumables (309,609 ) (250,569 ) (309,801 ) |
Purchased, outsourced and other
Purchased, outsourced and other costs | 12 Months Ended |
Dec. 31, 2021 | |
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Purchased, outsourced and other costs | 10. Purchased, outsourced and other costs The following table provides a breakdown for purchased, outsourced and other costs: (Euro thousands) For the years ended December 31, 2021 2020 2019 Consultancy fees and corporate bodies fees (75,737 ) (33,706 ) (38,460 ) Advertising and marketing expenses (57,224 ) (47,467 ) (60,789 ) Lease expenses (56,345 ) (32,755 ) (68,248 ) Outsourcing of production (53,402 ) (59,411 ) (74,829 ) Freight, insurance and selling expenses (49,241 ) (55,905 ) (67,477 ) Utilities (26,710 ) (22,423 ) (26,063 ) Maintenance costs (14,610 ) (14,993 ) (12,672 ) Royalties (4,258 ) (5,982 ) (4,880 ) Other services (16,102 ) (14,284 ) (18,279 ) Total purchased, outsourced and other costs (353,629 ) (286,926 ) (371,697 ) Consultancy fees and corporate bodies fees for the year ended December 31, 2021 include Euro 34,092 thousand for bank services, legal advisors and other consultancy services relating to the Business Combination. See Note 1 - General information Other services mainly include costs for postal services, telephone and communication, training and other external services. The following table provides a breakdown for lease expenses: (Euro thousands) For the years ended December 31, 2021 2020 2019 Rent reductions 12,877 24,931 — Variable lease payments (63,421 ) (54,665 ) (63,361 ) Expenses relating to short-term leases (5,697 ) (2,260 ) (4,029 ) Expenses relating to low value leases (104 ) (761 ) (858 ) Total lease expenses (56,345 ) (32,755 ) (68,248 ) The Group’s variable lease payments are typically linked to sales without a guaranteed minimum. In 2021 and 2020 lease payments reflect Euro 12,877 thousand and Euro 24,931 COVID-19 For lease payments not required to be capitalized as right-of-use |
Personnel costs
Personnel costs | 12 Months Ended |
Dec. 31, 2021 | |
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Personnel costs | 11. Personnel costs The following table provides a breakdown for personnel costs: (Euro thousands) For the years ended December 31, 2021 2020 2019 Wages and salaries (271,767 ) (209,965 ) (250,196 ) Social contributions, pension plans and indemnities (51,725 ) (50,750 ) (61,156 ) Share-based payments (16,290 ) — — Severance indemnities (8,996 ) (12,308 ) (9,778 ) Other long-term benefits (8,702 ) — — Uniforms (4,434 ) (5,013 ) (8,481 ) Insurances and other benefits (2,455 ) (3,142 ) (1,460 ) Other payroll expenses (3,393 ) (1,481 ) (873 ) Total personnel costs (367,762 ) (282,659 ) (331,944 ) Wages and salaries for the year ended December 31, 2021 include Euro 10,916 thousand relating to a Euro 1,500 special gift to each employee of the Group as a result of the Company’s listing on the NYSE on December 20, 2021 (Monterubello agreed to reimburse the cost incurred by the Group as an equity contribution, which was received in February 2022, see also Note 42 - Related party transactions COVID-19 mid-level Share-based payments in 2021 include (i) Euro 6,138 thousand relating to long-term incentives granted to the Group’s Chief Executive Officer (“CEO”) that vest in three tranches in 2022, 2023 and 2024 subject to the achievement of certain performance and service conditions; (ii) Euro 5,380 thousand relating to the grant of performance share units, which each represent the right to receive one Zegna ordinary share, to some Zegna directors, key executives with strategic responsibilities and other employees of the Group, all subject to certain performance and service conditions, (iii) Euro 1,236 thousand related to 800,000 private warrants issued, pursuant to the Business Combination, to certain Zegna non-executive Related party transactions General information Other long-term benefits include Euro 8,702 thousand relating to bonuses earned by certain of Zegna’s senior management team (excluding the CEO) which will be paid in 2024. Severance indemnities include restructuring costs related to supply chain (Euro 7,828 thousand in 2021, Euro 1,599 thousand in 2020 and Euro 6,935 thousand in 2019), to distribution companies and headquarter functions (Euro 1,168 thousand in 2021, Euro 5,371 thousand in 2020 and Euro 2,827 thousand in 2019) and to the woman division business (nil in 2021, Euro 3,407 thousand in 2020 and Euro 16 thousand in 2019), as well as a provision for severance indemnities (nil in 2021, Euro 1,931 thousand in 2020 and nil in 2019). |
Depreciation, amortization and
Depreciation, amortization and impairment of assets | 12 Months Ended |
Dec. 31, 2021 | |
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Depreciation, amortization and impairment of assets | 12. Depreciation, amortization and impairment of assets The following table provides a breakdown for depreciation, amortization and impairment of assets: (Euro thousands) For the years ended December 31, 2021 2020 2019 Depreciation and amortization (154,195 ) (166,205 ) (168,210 ) Of which: Right-of-use (105,779 ) (108,510 ) (110,166 ) Property, plant and equipment and investment property (37,919 ) (46,280 ) (45,773 ) Intangible assets with a finite useful life (10,497 ) (11,415 ) (12,271 ) Impairment (9,172 ) (19,725 ) (8,858 ) Of which: Right-of-use (6,486 ) (15,716 ) (7,980 ) Property, plant and equipment (2,647 ) (4,011 ) (817 ) Intangible assets (39 ) 2 (61 ) Total depreciation, amortization and impairment of assets (163,367 ) (185,930 ) (177,068 ) The impairment of right-of-use right-of-use COVID-19 |
Write downs and other provision
Write downs and other provisions | 12 Months Ended |
Dec. 31, 2021 | |
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Write downs and other provisions | 13. Write downs and other provisions The following table provides a breakdown for write downs and other provisions: (Euro thousands) For the years ended December 31, 2021 2020 2019 Provision for legal expenses (12,257 ) (2,484 ) 409 Agnona disposal and write downs (6,150 ) (988 ) — Provision for restoration obligations for leased stores (349 ) (1,992 ) (2,331 ) Reversal/(Loss) allowance on trade receivables 498 (3,636 ) (727 ) Other provisions (1,229 ) 2,922 1,632 Total write downs and other provisions (19,487 ) (6,178 ) (1,017 ) On February 17, 2022, an unfavorable judgment was handed down against the Group in respect of a legal claim related to a lease agreement in the US, resulting in the recognition of an additional provision of Euro 12,192 thousand. At December 31, 2021 the total provision for the legal claim amounted to Euro 28,254 thousand (USD 32,000 thousand), reflecting management’s best estimate of the obligation based on the current facts and circumstances. The Group has appealed the decision and no payments have yet been made to the claimant pending outcome of the appeal. Agnona disposal and write downs includes Euro 6,006 thousand related to losses incurred by Agnona subsequent to the Group’s sale of a majority stake in Agnona in January 2021, for which the Group was Other provisions for both periods include releases of previously recognized provisions. |
Other operating costs
Other operating costs | 12 Months Ended |
Dec. 31, 2021 | |
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Other operating costs | 14. Other operating costs The following table provides a breakdown for other operating costs: (Euro thousands) For the years ended December 31, 2021 2020 2019 Costs related to the Business Combination (152,869 ) — — Bank fees (8,939 ) (6,665 ) (10,046 ) Travel expenses (7,919 ) (5,886 ) (17,117 ) Indirect taxes (3,327 ) (3,541 ) (6,459 ) Gifts, associations and donations (2,891 ) (10,834 ) (12,338 ) Stationary and other materials (1,766 ) (1,904 ) (1,502 ) Losses on disposals of assets (1,153 ) (1,091 ) (970 ) Other operating co s (1,972 ) (478 ) (602 ) Total other operating costs (180,836 ) (30,399 ) (49,034 ) Costs related to the Business Combination include (i) Euro 114,963 thousand relating to the excess of the fair value of Zegna ordinary shares issued as part of the Business Combination and the fair value of IIAC’s identifiable net assets acquired, accounted for in accordance with IFRS 2 and measured based on the closing price of IIAC’s shares of $10.14 per share on December 17, 2021, and (ii) Euro 37,906 thousand for the issuance of 5,031,250 Zegna ordinary shares to the holders of IIAC class B shares to be held in escrow, accounted for in accordance with IFRS and measured using a Monte Carlo simulation model. The release of these shares from escrow is subject to achievement of certain targets within a seven-year period. For additional information related to the Business Combination please refer to Note 1 - General information Gifts, associations and donations in 2020 includes contributions to Fondazione Zegna for Euro 200 thousand in 2020 (Euro 999 thousand in 2019), as well as donations amounting to Euro 4,482 to support the Civil Protection in Italy and other initiatives during the COVID-19 |
Financial income, financial exp
Financial income, financial expenses and exchange gains/(losses) | 12 Months Ended |
Dec. 31, 2021 | |
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Financial income, financial expenses and exchange gains/(losses) | 15. Financial income, financial expenses and exchange gains/(losses) The following table provides a breakdown for financial income, financial expenses and exchange gains/(losses): (Euro thousands) For the years ended December 31, 2021 2020 2019 Financial income Options - Changes in fair value 20,675 17,743 — Fixed-income securities 17,845 10,812 11,364 Hedging operations 661 358 843 Interest on financial other assets 1,881 2,462 3,665 Interest on financial receivables/loans 583 1,391 2,494 Derivative financial instruments 2,760 — 2,986 Other financial income 1,484 1,586 709 Total financial income 45,889 34,352 22,061 Financial expenses Options - Changes in fair value (13,391 ) (15,729 ) (4,154 ) Hedging operations (7,044 ) (6,716 ) (11,386 ) Interest and financial charges for lease liabilities (8,982 ) (10,615 ) (11,522 ) Warrants - Changes in fair value (4,137 ) — — Fixed-income securities (3,902 ) (8,272 ) (2,346 ) Interest on bank loans and overdrafts (2,845 ) (3,765 ) (5,248 ) Interest expenses on interest rate swaps (2,076 ) (2,002 ) (1,987 ) Derivative financial instruments — (380 ) — Other financial exp e (1,446 ) (593 ) (849 ) Total financial expenses (43,823 ) (48,072 ) (37,492 ) Foreign exchange (losses)/gains (7,791 ) 13,455 (2,441 ) Financial income and financial expenses relating to options represent the fair value changes during the period in the value of the put options owned by the non-controlling Other current and non-current non-controlling Other current and non-current non-controlling Financial income and financial expenses relating to fixed income securities primarily relate to fixed income investments and insurance contracts held by the Group. Interest on bank loans and overdrafts mainly includes interest expenses on bank loans. Other financial income for the year ended December 31, 2020 includes a Euro 1,000 thousand gain deriving from contingent consideration relating to the Dondi acquisition that will not be payable by the Group as the defined performance targets were not met by Dondi. Foreign exchange losses and gains losses thousand, gains of Euro non-controlling |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2021 | |
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Income taxes | 16. Income taxes The following table provides a breakdown for income taxes: (Euro thousands) For the years ended December 31, 2021 2020 2019 Current taxes (47,882 ) (24,928 ) (31,557 ) Deferred taxes 17,180 9,945 (12,237 ) Income taxes (30,702 ) (14,983 ) (43,794 ) The table below provides a reconciliation between actual income taxes and the theoretical income taxes, calculated on the basis of the applicable corporate tax rate in effect in Italy, which was 24.0 % (Euro thousands) For the years ended December 31, 2021 2020 2019 (Loss)/Profit before taxes (96,959 ) (31,557 ) 69,233 Theoretical income tax benefit/(expense) - tax rate 24% 23,270 7,574 (16,616 ) Tax effect on: Non-deductible (23,863 ) (10,353 ) (7,349 ) Patent box impact — 1,497 1,545 Differences between foreign tax rates and the theoretical applicable tax rate and tax holidays (2,849 ) 20,321 (3,177 ) Taxes relating to prior years (2,668 ) (197 ) 192 Deferred tax assets not recognized (14,978 ) (25,727 ) (9,386 ) Withholding tax on earnings (9,027 ) (6,221 ) (5,366 ) Other tax items 449 (727 ) (1,482 ) Total tax expense, excluding IRAP (29,666 ) (13,833 ) (41,639 ) Effective tax rate, excluding IRAP (30.6 )% (43.8 )% 60.1 % Italian regional income tax expense (IRAP) (1,036 ) (1,150 ) (2,155 ) Total income tax (30,702 ) (14,983 ) (43,794 ) In order to facilitate the understanding of the tax rate reconciliation presented above, income tax expense has been presented net of other taxes paid abroad and of the Italian Regional Income Tax (“IRAP”). IRAP is calculated on a measure of income defined by the Italian Civil Code as the difference between operating revenues and costs, before financial income and expense, the cost of fixed term employees, credit losses and any interest included in lease payments. IRAP is calculated using financial information prepared under Italian accounting standards. The applicable IRAP rate was 5.57 % % Income taxes for 2019 include benefits from the application of the Patent Box tax regime in Italy for certain trademarks, designs and models in the Group’s portfolio. The request for renewal of the Patent Box tax regime in 2020 was sent to the Italian tax authorities and the outcome is pending at December 31, 2021. The Group also applied for the Patent Box tax regime for the period from 2017 to 2021 for certain Italian companies of the Group; however, the application as to whether the regime may be claimed for specific goods remains ongoing. The Patent Box tax regime was recently revised following the Law Decree (Decree) n. 146 enacted by the Italian authorities, which became effective on October 22, 2021 and was amended by the 2022 Italian budget law, and the new regime no longer provides for a partial exemption of the business income derived from the use of qualified intangible assets. Under the new regime, the amount of qualifying expenses, relevant for both IRES and IRAP purposes, is increased by 110%. Specific transitional rules regulate the transition from the previous Patent box tax regime to the new regime. Deferred tax assets and deferred tax liabilities Deferred taxes reflect the net tax effect of temporary differences between the book value and the taxable amount of assets and liabilities. The accounting of assets for deferred taxes was duly adjusted to take account of the effective possibility to be realized. The Group’s Italian entities participate in a group Italian tax consolidation under the Ermenegildo Zegna NV, and may therefore offset taxable income against tax losses of the companies participating in the Italian tax consolidation regime. The following tables provide a breakdown for deferred tax assets and deferred tax liabilities: (Euro thousands) At December 31, Recognized in Recognized in Exchange Disposition At December 31, Deferred tax assets arising on: Employee benefits 3,900 626 — 142 (3 ) 4,665 Property plant and equipment 10,124 1,245 — — (262 ) 11,107 Right-of-use 2,289 121 — 175 — 2,585 Intangible assets 3,297 (51 ) — — — 3,246 Provision for obsolete inventory 33,793 6,082 — 2,897 — 42,772 Tax provisions 4,114 (1,360 ) — 97 — 2,851 Financial assets 1,477 56 — — — 1,533 Tax losses 9,794 26,972 — — — 36,766 Other 3,113 (428 ) — — — 2,685 Total deferred tax assets 71,901 33,263 — 3,311 (265 ) 108,210 Deferred tax liabilities arising on: Property plant and equipment 23,391 9,288 — 1,844 (34,523 ) — Right-of-use 1,195 183 — (1,359 ) 19 Intangible assets 40,039 4,246 — 1,135 — 45,420 Financial assets fair value 1,776 683 2 — — 2,461 Other 4,327 1,683 (66 ) — — 5,944 Total deferred tax liabilities 70,728 16,083 (64 ) 2,979 (35,882 ) 53,844 (Euro thousands) At December 31, Recognized in Recognized in Exchange At December 31, Deferred tax assets arising on: Employee benefits 5,104 (1,169 ) (61 ) 26 3,900 Property plant and equipment 2,514 7,773 — (163 ) 10,124 right-of-use 1,944 394 — (49 ) 2,289 Intangible assets 1,811 1,486 — — 3,297 Provision for obsolete inventory 26,579 7,073 — 141 33,793 Tax provisions 1,384 2,730 — — 4,114 Financial assets 1,448 29 — — 1,477 Tax losses 9,750 893 — (849 ) 9,794 Other 9,077 (7,678 ) — 1,714 3,113 Total deferred tax assets 59,611 11,531 (61 ) 820 71,901 Deferred tax liabilities arising on: Property plant and equipment 25,233 (3,535 ) — 1,693 23,391 Right-of-use 1,008 187 — — 1,195 Intangible assets 44,495 (1,063 ) — (3,393 ) 40,039 Financial assets fair value 2,173 (397 ) — — 1,776 Other 3,243 6,394 — (5,310 ) 4,327 Total deferred tax liabilities 76,152 1,586 — (7,010 ) 70,728 The decision to recognize deferred tax assets is made for each company in the Group by assessing whether the conditions exist for the future recoverability of such assets by taking into account the basis of the most recent forecasts from budgets and business plans. Deferred tax assets and deferred tax liabilities of the individual companies are offset where they may be legally offset and management has the intention to settle them through netting. The following table provides the details of tax losses carried forward for which no deferred tax assets were recognized: (Euro thousands) At December 31, 2021 2020 Expiry within 1 year 4,587 5,320 Expiry 1-5 33,108 37,855 Expiry over 5 years 73,856 61,406 No expiration 188,922 119,733 Total tax losses carried forward 300,473 224,314 |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Earnings per share | 17. Earnings per share Basic and diluted earnings per share were calculated as the ratio of net profit or (loss) attributable to the shareholders of the Company by the weighted average number of outstanding shares (basic and diluted) of the Company. In accordance with IAS 33 - Earnings per share General information The following table summarizes the amounts used to calculate basic and diluted earnings per share: (Euro thousands) For the years ended December 31, 2021 2020 2019 (Loss)/Profit for the year attributable to shareholders of the Parent Company (136,001 ) (50,577 ) 21,749 Weighted average number of shares for basic earnings per share 203,499,933 201,489,100 201,561,100 Weighted average number of shares for diluted earnings per share 203,499,933 201,489,100 201,561,100 Basic earnings per share in Euro (0.67 ) (0.25 ) 0.11 Diluted earnings per share in Euro (0.67 ) (0.25 ) 0.11 For the year ended December 31, 2021, as a result of the loss for the year, in accordance with IAS 33, the theoretical effect that would arise if all the outstanding stock options and warrants were exercised (represented by 1,417,947 weighted average potentially diluted shares) were not taken into consideration in the calculation of diluted loss per share as this would have had an anti-dilutive effect. For the years ended December 31, 2020 and 2019, diluted earnings per share is equal to basic earnings per share as there were no potentially dilutive instruments. |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Intangible assets | 18. Intangible assets The following table provides a breakdown for intangible assets: (Euro thousands) Goodwill Brands Concessions, Other intangible Intangible Total Historical cost at January 1, 2020 226,062 160,164 45,928 119,096 296 551,546 Additions — — 1,658 7,398 2,468 11,524 Disposals — — — (4,319 ) — (4,319 ) Exchange differences (17,181 ) (13,531 ) (327 ) (1,666 ) — (32,705 ) Reclassifications to assets held for sale — — (629 ) (1,889 ) — (2,518 ) Other movements and reclassifications — — 185 33 (218 ) — Balance at December 31, 2020 208,881 146,633 46,815 118,653 2,546 523,528 Additions — — 2,895 10,712 4,508 18,115 Disposals — — (6,572 ) (6,556 ) (19 ) (13,147 ) Exchange differences 15,529 12,231 476 1,715 61 30,012 Business combinations 2,820 — — 4,200 — 7,020 Disposition — — (18 ) (2,656 ) (915 ) (3,589 ) Other movements and reclassifications — — 1,407 593 (2,000 ) — Balance at December 31, 2021 227,230 158,864 45,003 126,661 4,181 561,939 Accumulated amortization at January 1, 2020 — — (37,719 ) (93,845 ) — (131,564 ) Amortization — — (1,863 ) (9,552 ) — (11,415 ) Disposals — — — 4,316 — 4,316 Exchange differences — — 20 1,100 — 1,120 Reclassifications to assets held for sale — — 384 1,478 — 1,862 Balance at December 31, 2020 — — (39,178 ) (96,503 ) — (135,681 ) Amortization — — (2,045 ) (8,452 ) — (10,497 ) Disposals — — 2,314 7,547 — 9,861 Impairment — — (3 ) (36 ) — (39 ) Exchange differences — — (228 ) (1,346 ) — (1,574 ) Disposition — — 8 1,203 — 1,211 Balance at December 31, 2021 — — (39,132 ) (97,587 ) — (136,719 ) Carrying amount at: January 1, 2020 226,062 160,164 8,209 25,251 296 419,982 December 31, 2020 208,881 146,633 7,637 22,150 2,546 387,847 December 31, 2021 227,230 158,864 5,871 29,074 4,181 425,220 Goodwill Goodwill originated on acquisitions made by the Group and it is attributable to the following operating segments: (Euro thousands) At December 31, 2021 2020 Zegna 25,568 22,748 Thom Browne 201,662 186,133 Total goodwill 227,230 208,881 In accordance with IAS 36 — Impairment of assets The recoverable amount of all CGUs and groups of CGUs is based on a value in use calculation which uses cash flow projections based on most recent budget forecast calculations, which are prepared separately for each CGU. These budget and forecast calculations generally cover a period of three years. A long-term growth rate is calculated and applied to project future cash flows after the third year. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax The main assumptions to calculate the recoverable amount are the following: • Terminal value: determined using the perpetuity method at a long-term growth rate which represents the present value, at the last year of projection, of all expected future cash flows, and the growth rate used to calculate the terminal value was 1.5% for Zegna Segment and 2% for Thom Browne Segment, which has been determined according to the diverging inflation and GDP outlook in related geographical areas; • Discount rate: the rate used to discount cash flows was calculated using the weighted average cost of capital (WACC). For the year ended December 31, 2021, the WACC used for discounting purposes ranged between 6.40% and 10.65% (between 6.02% and 17.45% at December 31, 2020). The WACC was calculated ad hoc for each CGU subject to impairment, considering the parameters specific to the geographical area: market risk premium and sovereign bond yield; • EBITDA: See table below for the EBITDA CAGR assumptions utilized to calculate the expected future cash flows. The calculation of value in use for all CGUs is most sensitive to the following assumptions: • Discount rates • Growth rates used to extrapolate cash flows beyond the forecast period • EBITDA CAGR rate The following table details the sensitivity of the impairment testing to reasonably possible changes in both assumptions: (Euro millions) Existing assumption Sensitivity effects on headroom Headroom Discount rate (bps) Growth rate (bps) EBITDA WACC +/-100 bps Growth rate +/- 50 bps EBITDA +/-500 bps Thom Browne Group 327 773 200 +15.3 % 211 493 395 270 379 27 Gruppo Dondi S.p.A. 62 640 150 +18.6 % 47 84 71 54 67 57 Bonotto S.p.A. 5 640 150 +65.8 % 1 11 8 3 7 3 In.Co. S.p.A. 78 640 150 +57.6 % 58 107 90 68 87 69 Tessitura Ubertino S.r.l. 24 640 150 +21.4 % 19 33 28 22 36 23 Based on the analysis performed, no impairment of goodwill was recognized for the years ended December 2021 and 2020. Goodwill from the acquisition of Pelle Tessuta S.r.l. was written off for Euro 480 thousand in 2019. Brands with an indefinite useful life Brands with an indefinite useful life relate to the Thom Browne brand (denominated in USD) and amounted to Euro 158,864 and Euro 146,633 thousand at December 31, 2021 and 2020, respectively. An impairment test of the Thom Browne Brand was performed at December 31, 2021, 2020 and 2019 in order to verify the recoverability of the asset following the purchase price allocation process which took place in 2018, due to the indefinite useful life classification of this brand. The 2021 test was carried out considering the cash flow projections from 2022 to 2024 plus a terminal value. A royalty rate of 9.1% was considered (average of comparables), derived from the analysis of comparable transactions and excluding marketing in line with the purchase price allocation process, in order to obtain a net royalty rate aligned to the implied royalty rates of the comparable companies. A discount rate of 8.73% was used to discount expected future cash flows, equal to the Thom Browne Segment WACC of 7.73% plus a factor equal to 1% cautiously taken consistently with the purchase price allocation approach. The fair value of the brands was calculated as the net present value of expected future cash flows, including the terminal value, plus the tax amortization benefit. Based on the analysis performed, no impairment of the Thom Browne brand was recognized for the years ended December 31, 2021, 2020 and 2019. |
Property plant and equipment
Property plant and equipment | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Property plant and equipment | 19. Property plant and equipment The following table provides a breakdown for property, plant and equipment: (Euro thousands) Land and Plant and Industrial Leasehold Other Tangible Total Historical cost at January 1, 2020 183,836 188,869 158,374 236,071 10,947 6,640 784,737 Additions 1,834 4,115 6,537 7,316 1,075 6,753 27,630 Disposals — (682 ) (8,751 ) (23,513 ) (1,951 ) — (34,897 ) Exchange differences (59 ) (40 ) (6,798 ) (9,775 ) (132 ) (61 ) (16,865 ) Reclassifications to assets held for sale — (351 ) (3,102 ) (3,457 ) (452 ) (2 ) (7,364 ) Balance at December 31, 2020 185,611 191,911 146,260 206,642 9,487 13,330 753,241 Additions 51,296 4,571 10,252 24,506 360 5,221 96,206 Disposals (720 ) (2,150 ) (12,630 ) (21,812 ) (403 ) (512 ) (38,227 ) Exchange differences 4,483 222 4,756 14,516 51 650 24,678 Disposition (232,705 ) (30,448 ) (4,384 ) (34 ) (860 ) (9,159 ) (277,590 ) Business combinations 245 315 6 — 75 — 641 Reclassifications 327 118 571 5,086 — (6,102 ) — Balance at December 31, 2021 8,537 164,539 144,831 228,904 8,710 3,428 558,949 Accumulated depreciation at January 1, 2020 (60,621 ) (153,057 ) (119,368 ) (168,276 ) (7,776 ) — (509,098 ) Depreciation (2,353 ) (9,166 ) (13,977 ) (19,346 ) (636 ) — (45,478 ) Impairment — 23 (342 ) (3,153 ) (539 ) — (4,011 ) Disposals — 682 8,448 22,943 1,160 — 33,233 Exchange differences (103 ) (25 ) 4,579 6,170 56 — 10,677 Reclassifications to assets held for sale — 245 2,011 2,864 443 — 5,563 Balance at December 31, 2020 (63,077 ) (161,298 ) (118,649 ) (158,798 ) (7,292 ) — (509,114 ) Depreciation (478 ) (7,827 ) (11,693 ) (16,490 ) (1,167 ) — (37,655 ) Disposals — 2,164 11,522 19,305 292 — 33,283 Impairment — (84 ) (595 ) (1,488 ) — (480 ) (2,647 ) Exchange differences (1,816 ) (267 ) (6,066 ) (12,362 ) (13 ) — (20,524 ) Disposition 61,473 24,798 2,307 7 597 — 89,182 Reclassifications 163 45 2,575 (3,525 ) 742 — — Balance at December 31, 2021 (3,735 ) (142,469 ) (120,599 ) (173,351 ) (6,841 ) (480 ) (447,475 ) Carrying amount at: January 1, 2020 123,215 35,812 39,006 67,795 3,171 6,640 275,639 December 31, 2020 122,534 30,613 27,611 47,844 2,195 13,330 244,127 December 31, 2021 4,802 22,070 24,232 55,553 1,869 2,948 111,474 The assets amortized or depreciated on a systematic basis are tested for impairment if there are indications of or changes to planning assumptions suggesting that the carrying amount of the assets is not recoverable. For this purpose, after preparing the annual budget plan, the Group conducts a triggering event test for each store. If defined year-on-year non-current The method used to identify the recoverable amount (value in use) of all the aforementioned CGUs, except for the brands, consisted of discounting the projected cash flows (Discounted Cash Flow) generated by the activities directly attributable to the segment to which the intangible asset or net invested capital has been assigned (CGU). Value in use was the sum of the present value of future cash flows expected from the business plan projections prepared for each CGU and the present value of the related operating activities at the end of the period (terminal value). The business plans used to prepare the impairment test cover a period of three years and have been constructed on the basis of the 2022 budget prepared by management, using IFRS adjustments consistent with the IFRS consolidated financial statements. The rate used to discount cash flows was calculated using the weighted average cost of capital (WACC). For the year ended December 31, 2021, the WACC used for discounting purposes ranged between 4.99% and 21.63% (between 6.19% and 22.92% at December 31, 2020). The WACC was calculated ad hoc for each CGU subject to impairment, considering the parameters specific to the geographical area: market risk premium and sovereign bond yield. The “g” rate of growth used to calculate the terminal value has been determined according to the diverging inflation and GDP outlooks in the various countries. The prevalent growth rate was 1.5% for Zegna Segment and 2% for Thom Browne Segment. DOS impairment test The impairment test of DOS assets takes into consideration those right-of-use right-of-use The calculation of value in use for this CGU is most sensitive to the following assumptions: • Discount rates • Growth rates used to extrapolate cash flows beyond the forecast period • Revenue compounded annual rate of growth (“CAGR”), which has been assessed taking into consideration the effects of the COVID-19 In order to ensure that the changes to the main assumptions did no The following table details the sensitivity of the 2021 impairment testing to reasonably possible changes in assumptions previous detailed related to the Zegna Segment: (Euro thousand) Existing assumption Sensitivity effects on impairment Impairment WACC (%) Growth Revenues WACC +/-100 bps Growth rate +/-50 bps Revenues +/-250 bps Zegna Segment DOS (8,692 ) 4.99% - 21.63 % 1.50 % +9.7 % (8,994 8,344 ) ( 8,692 8,692 ) ( 8,320 9,048 ) The following table details the sensitivity of the 2021 impairment testing to reasonably possible changes in assumptions previous detailed related to the Thom Browne Segment: (Euro thousand) Existing assumption Sensitivity effects on impairment Impairment WACC (%) Growth Revenues WACC +/-100 bps Growth rate +/-50 bps Revenues +/-250 bps Thom Browne Segment DOS — 7.13% - 10.33 % 2.00 % +6.9 % ( 95 - / ( 58 ) - / ( 235 ) The sensitivity analysis of the above-mentioned assumptions (WACC, growth rate Impairment test of corporate assets The impairment test of corporate assets takes into consideration those assets whose recoverability is assessed at the reporting segment level: Zegna Segment and Thom Browne Segment. There were no impairments arising from the 2021, 2020 and 2019 impairment tests performed. Sensitivity analysis The calculation of value in use for all CGUs is most sensitive to the following assumptions: • Discount rates • Growth rates used to extrapolate cash flows beyond the forecast period • EBITDA growth rate over the explicit period of the business plan In order to ensure that the changes to the main assumptions did not significantly affect the results of the impairment tests, sensitivity analyses were conducted. The following table details the sensitivity of the 2021 impairment testing to reasonably possible changes in assumptions previous detailed: (Euro millions) Existing assumption Sensitivity effects on headroom Headroom Discount rate (bps) Growth rate (bps) EBITDA vs 2021 WACC +/-100 bps Growth rate +/- 50 bps EBITDA +/-500 bps CGU Zegna Segment 1,277 66 15 +13.2 % 931 1,790 1,485 1,106 1,506 1,048 CGU Thom Browne 325 77 20 +15.3 % 209 491 393 269 376 274 Based on the analysis performed, except for the impairments of non-current |
Right-of-use assets
Right-of-use assets | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Right-of-use assets | 20. Right-of-use The following table provides a breakdown for right-of-use (Euro thousands) Land and Industrial and Plant and Other Total Historical cost at January 1, 2020 665,738 616 326 6,396 673,076 Additions 52,051 96 — 1,637 53,784 Disposals (48,392 ) (7 ) — (1,446 ) (49,845 ) Exchange differences (32,985 ) — — (32 ) (33,017 ) Reclassifications to assets held for sale (80 ) — — (156 ) (236 ) Balance at December 31, 2020 636,332 705 326 6,399 643,762 Additions 147,372 18 909 148,299 Disposals (86,612 ) (151 ) (158 ) (1,381 ) (88,302 ) Exchange differences 37,071 — — (143 ) 36,928 Disposition (18,838 ) — — — (18,838 ) Balance at December 31, 2021 715,325 572 168 5,784 721,849 Accumulated amortization at January 1, 2020 (210,713 ) (278 ) (40 ) (2,704 ) (213,735 ) Amortization (106,340 ) (166 ) (122 ) (1,882 ) (108,510 ) Impairments (15,716 ) — — — (15,716 ) Disposals 36,925 7 — 1,431 38,363 Exchange differences 7,309 — — 20 7,329 Reclassifications to assets held for sale 80 — — 73 153 Balance at December 31, 2020 (288,455 ) (437 ) (162 ) (3,062 ) (292,116 ) Amortization (103,908 ) (132 ) (73 ) (1,666 ) (105,779 ) Impairments (6,486 ) — — — (6,486 ) Disposals 73,546 151 155 1,295 75,147 Exchange differences (21,123 ) (31 ) (1 ) (13 ) (21,168 ) Disposition 2,233 — — — 2,233 Reclassifications and other (3,210 ) — — — (3,210 ) Balance at December 31, 2021 (347,403 ) (449 ) (81 ) (3,446 ) (351,379 ) Carrying amount at: January 1, 2020 455,025 338 286 3,692 459,341 December 31, 2020 347,877 268 164 3,337 351,646 December 31, 2021 367,922 123 87 2,338 370,470 The Group leases various retail stores, warehouses, equipment and vehicles. Rental contracts are typically made for fixed periods of 1 year to 15 years but may have extension options. Contracts may contain both lease and non-lease right-of-use Property, plant and equipment |
Investments at equity method
Investments at equity method | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of associates [abstract] | |
Investments at equity method | 21. Investments at equity method The Group’s ownership percentages and the carrying value of investments accounted for using the equity method were as follows: (Euro thousands) Pelletteria Tizeta Tom Ford Achill Station Pty Filati Biagioli Total At January 1, 2019 2,651 27,255 — — 29,906 Net income /(loss) 368 (1,902 ) — — (1,534 ) Dividends (225 ) — — — (225 ) Translation differences — (353 ) — — (353 ) At December 31, 2019 2,794 25,000 — — 27,794 Additions 2 — 530 — 532 Impairment — (4,532 ) — — (4,532 ) Net income /(loss) 92 (4,232 ) (65 ) — (4,205 ) Dividends — — — — — Translation differences — 1,764 7 — 1,771 At December 31, 2020 2,888 18,000 472 — 21,360 Additions — — — 313 313 Disposition — — (472 ) — (472 ) Net income /(loss) 528 1,893 — 373 2,794 Translation differences — (1,548 ) — — (1,548 ) At December 31, 2021 3,416 18,345 — 686 22,447 On July 14, 2021 the Group acquired 40 % As a result of net losses incurred in 2020 and 2019 by Tom Ford International LLC (“Tom Ford”) the Group performed an impairment test over the carrying amount of its investment in Tom Ford. The method used to identify the recoverable amount (value in use) involves discounting the projected cash flows produced by the CGU. Value in use is the sum of the present value of future cash flows expected from the business plan projections and the present value of the related operating assets at the end of the business plan period (terminal value). The business plans used to prepare the impairment test cover a period of five years and have been constructed on the basis of the annual budgets prepared by the management of Tom Ford. The rate used to discount cash flows was calculated using the weighted average cost of capital (WACC). For the year ended December 31, 2021, the WACC used for discounting purposes amounted to 13.59% (10.45% at December 31, 2020). The WACC was calculated ad hoc for Tom Ford, considering the parameters specific to the geographical area: market risk premium and sovereign bond yield. The “g” rate of growth used to calculate the terminal value has been determined at 1.5%. The results of the impairment test resulted in no impairment in 2021 and 2019, and an impairment loss of Euro 4,532 thousand in 2020. Although the Group owns 15 % Investments in Associates and Joint Ventures Certain financial information of companies accounted for using the equity method is provided below at and for the year ended December 31, 2021, as required by IFRS 12— Disclosure of Interest in Other Entities (Euro thousands) Pelletteria Tizeta S.r.l. Tom Ford Filati Biagioli Modesto Total assets 29,311 318,667 37,707 Total liabilities 22,340 444,006 35,992 Total equity 6,971 (125,339 ) 1,715 Net revenues 28,329 221,480 30,766 Net income/(loss) 1,055 12,620 (333 ) |
Investment property
Investment property | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Investment property | 22. Investment property The following table provides a breakdown for investment property: (Euro thousands) Historical cost at December 31, 2019 58,184 Exchange differences (4,917 ) Balance at December 31, 2020 53,267 Additions — Exchange differences 4,445 Disposition (57,712 ) Balance at December 31, 2021 — Accumulated depreciation at December 31, 2019 (3,022 ) Depreciation (802 ) Exchange differences 311 Balance at December 31, 2020 (3,513 ) Depreciation (264 ) Exchange differences (305 ) Disposition 4,082 Balance at December 31, 2021 — Carrying amount at: December 31, 2019 55,162 December 31, 2020 49,754 December 31, 2021 — As a result of the Disposition, the Group’s investment property was disposed of in 2021 through the demerger to its existing shareholders of (i) the Group’s real estate assets, consisting of the Company’s former subsidiary EZ Real Estate, which directly and indirectly holds substantially all of Zegna’s real estate assets, as well as certain properties owned by Lanificio. For further details please refer to Note 1 - General information |
Other Non-Current Financial Ass
Other Non-Current Financial Assets | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Other Non-Current Financial Assets | 23. Other non-current The following table provides a breakdown for other non-current (Euro thousands) At December 31, 2021 2020 Guarantee deposits 29,399 27,379 Investment held in Elah Dufour S.p.A. — 17,119 Financial loans to related parties 2,219 — Financial loans to Tom Ford 1,497 1,198 Other 2,257 3,567 Total other non-current 35,372 49,263 The investment of 10% previously held in Elah Dufour S.p.A. was part of the Disposition in 2021. Financial loans to related parties consists of a loan to a company beneficially owned by a Zegna director’s family member in December 2021 for a principal amount of Euro 2.2 million in order to acquire Zegna shares in December 2021. Financial loans to Tom Ford (in which the Group holds a 15% interest) at December 31, 2020 mainly related to a loan for a principal amount of USD 45 million provided by the Group in multiple tranches between 2012 and 2014, bearing annual interest between 3% and 4%. The full amount of the loan was repaid by Tom Ford upon its maturity in February 2020, amounting to USD 45 million plus accrued interest. The amount outstanding at December 31, 2021 relates to a loan with a principal amount of Euro 1.2 million due in 2023. Other non-current |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Inventories | 24. Inventories The following table provides a breakdown for inventories: (Euro thousands) At December 31, 2021 2020 Raw materials, ancillary materials and consumables 42,255 38,127 Work-in-progress 50,703 42,466 Finished goods 245,517 240,878 Total inventories 338,475 321,471 The amount of inventory write-downs , , |
Trade receivables
Trade receivables | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Trade receivables | 25. Trade receivables The following table provides a breakdown for trade receivables: (Euro thousands) At December 31, 2021 2020 Trade receivables 167,003 147,546 Loss allowance (6,643 ) (8,717 ) Total trade receivables 160,360 138,829 The following table provides a breakdown for the loss allowance relating to trade receivables: (Euro thousands) Loss allowance At January 1, 2020 (5,635 ) Provisions (3,636 ) Utilizations 96 Exchange differences and other 458 At December 31, 2020 (8,717 ) Provisions (496 ) Utilizations 71 Releases 923 Disposition 207 Exchange differences and other 1,369 At December 31, 2021 (6,643 ) Provisions for the year ended December 31, 2020 include amounts provisioned as a result of the effects of the COVID-19 The Group applies the simplified approach available under IFRS 9 to always measure the loss allowance for trade receivables at an amount equal to lifetime expected credit losses. The expected credit losses on trade receivables are estimated using a provision matrix by reference to past default experience of the debtor and an analysis of the debtor’s current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date. The Group has recognized a loss allowance of 100 % non-related The following table shows trade receivables by geographic area: (Euro thousands) For the years ended 2021 2020 EMEA (1) 62,412 51,102 of which Italy 32,089 28,847 North America (2) 18,061 28,940 of which United States 16,883 27,329 Latin America (3) 4,437 1,436 APAC (4) 75,450 57,351 of which Greater China Region 54,978 42,830 Total trade receivables 160,360 138,829 (1) EMEA includes Europe, the Middle East and Africa. (2) North America includes the United States of America and Canada. (3) Latin America includes Mexico, Brazil and other Central and South American countries. (4) APAC includes the Greater China Region, Japan, South Korea, Thailand, Malaysia, Vietnam, Indonesia, Philippines, Australia, New Zealand, India and other Southeast Asian countries. |
Derivative financial instrument
Derivative financial instruments | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Derivative financial instruments | 26. Derivative financial instruments The Group enters into certain derivative contracts in the course of its risk management activities, primarily to hedge the interest rate risk on its bank debt and the currency risk on sales made in currencies other than the Euro. The Company only enters into these contracts for hedging purposes as the Group’s financial management policy does not permit trading in financial instruments for speculative purposes. Derivative financial instruments meeting the hedge requirements of IFRS 9 are accounted for using hedge accounting. Changes in the fair value of derivative financial instruments not qualifying for hedge accounting are recognized in profit or loss in the relevant reporting period. The interest rate and currency derivatives used by the Company are over the counter (OTC) instruments, meaning those negotiated bilaterally with market counterparties, and the determination of their current value is based on valuation techniques that use input parameters (such as interest rate curves, foreign exchange rates, etc.) observable on the market (level 2 of the fair value hierarchy defined in IFRS 13). Derivatives are measured at fair value each reporting date by taking as a reference the applicable foreign currency exchange rates or the interest rates and yield curves observable at commonly quoted intervals. At the reporting date, the Group had outstanding hedges as detailed in the tables below: (Euro thousands) At December 31, 2021 At December 31, 2020 Notional Positive Negative Fair Notional Positive Fair Negative Fair Foreign currency exchange risk Forward contracts 550,734 1,786 (11,726 ) 347,679 11,848 (4,918 ) Deal-Contingent Option 109,244 — — — — — Interest rate risk Interest rate swaps 323,816 — (2,412 ) 274,336 — (5,515 ) Total derivatives – Hedging 983,794 1,786 (14,138 ) 622,015 11,848 (10,433 ) Elah Dufour Option — — — — — (2,759 ) Total trading derivatives — — — — — (2,759 ) Total derivatives instruments - Asset/(Liabilities) 983,794 1,786 (14,138 ) 622,015 11,848 (13,192 ) Hedging derivatives All contracts in place at the reporting date were entered into with major financial institutions, and no counterparties are expected to default. A liquidity analysis of the derivative contract maturities is provided in the financial risks section of these notes. The cash flows resulting from the Group’s international activities are exposed to exchange rate volatility. In order to hedge this risk, the Group enters into forward sale and purchase agreements, so as to guarantee the value of identified cash flows in Euro (or in other currencies used locally). The projected future cash flows mainly relate to the collection of trade receivables, the settlement of trade payables and financial cash flows. The notional amount of foreign exchange forward contracts to hedge projected future cash flows are detailed as follows: (Euro thousands) For the years ended December 31, 2021 2020 USD 194,097 144,569 CHF 4,792 24,810 CNY 191,936 20,318 GBP 25,012 19,226 HKD 46,883 12,613 JPY 51,075 52,407 Other 36,939 73,736 Total notional amount 550,734 347,679 The Deal-Contingent Option refers to a deal-contingent option acquired by Zegna on November 3, 2021 in connection with the Business Combination. Under the agreement Zegna had the right, but not the obligation, to exchange $130 million for Euros at an exchange rate of $1.19 per Euro, contingent on the closing of the Business Combination. The Deal-Contingent Option was set to expire on January 14, 2022 and was entered into in order to hedge currency risk for the distribution of Euros by locking in the strike exchange rate of $1.19 per Euro. Zegna paid a premium to acquire the option because the closing occurred; however, because the Deal-Contingent Option was out of the money on the closing date of the Business Combination, the option was not exercised and expired. The key features of the interest rate swap (IRS) agreements are summarized as follows: (Euro thousands, except percentages) Notional amount at Fair value at Contract Maturity date Fixed 2021 2020 2021 2020 IRS 1 2/17/2021 0.47 % — 80,000 — (1,031 ) IRS 2 1/27/2023 0.27 % 20,000 20,000 (192 ) (366 ) IRS 3 2/8/2023 0.17 % 20,000 20,000 (144 ) (309 ) IRS 4 4/27/2023 0.26 % 50,000 50,000 (523 ) (988 ) IRS 5 8/3/2023 0.28 % 40,000 40,000 (483 ) (898 ) IRS 6 11/17/2023 0.34 % 60,000 60,000 (801 ) (1,549 ) IRS 7 4/15/2024 (0.24 %) 80,000 — (109 ) — IRS 8 12/20/2024 0.01 % 50,000 — 72 — IRS 9 7/29/2027 0.80 % 1,996 2,334 (57 ) (108 ) IRS 10 12/18/2031 1.94 % 1,820 2,002 (175 ) (266 ) Total 323,816 274,336 (2,412 ) (5,515 ) Elah Dufour Option The Elah Dufour Option represented a purchase a g put-call option, which allowed the Group to acquire up to 5% of the share capital of Elah Dufour from certain shareholders of Elah Dufour, and such shareholders to sell their shares up to a maximum of 5 % of the share capital of Elah Dufour. On August 3, 2021 the contractual counterparties communicated to Zegna that other shareholders of Elah Dufour had elected to exercise their pre-emption right over such 5 % of the share capital of Elah Dufour S.p.A. As a result, the Elah Dufour Option lapsed and the related derivative financial instrument liability of Euro 2,759 thousand was extinguished with the recognition of financial income for the same amount . |
Other current financial assets
Other current financial assets | 12 Months Ended |
Dec. 31, 2021 | |
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Other current financial assets | 27. Other current financial assets The following table provides a breakdown for other current financial assets (see Note 40 - Fair value measurement (Euro thousands) At December 31, 2021 2020 Securities 334,244 350,163 Guarantee deposits and others 6,136 — Total other current financial assets 340,380 350,163 The following table provides a breakdown for securities: At December 31, Investments Disposals Fair value Realized Exchange rate At December 31, (Euro thousands) FVPL Insurance contracts 107,188 6,232 — 499 — — 113,919 Fixed income 88,011 24,756 (44,713 ) 1,271 (380 ) 2 68,947 Hedge funds 36,511 10,396 (7,861 ) 1,153 572 712 41,483 Real estate funds 29,073 3,826 (2,060 ) 1,316 109 634 32,898 Equity 24,843 8,327 (10,236 ) 1,224 1,011 239 25,408 Private equity 10,583 4,505 (3,036 ) 3,486 — 387 15,925 Private debt 6,894 401 — 650 — — 7,945 Money market funds 19,223 11,479 (30,978 ) 20 279 1,984 2,007 Total FVPL 322,326 69,922 (98,884 ) 9,619 1,591 3,958 308,532 FVOCI Floating income 22,663 — (2,284 ) 252 56 — 20,687 Fixed income 5,174 — (416 ) 267 — — 5,025 Total FVOCI 27,837 — (2,700 ) 519 56 — 25,712 Total securities 350,163 69,922 (101,584 ) 10,138 1,647 3,958 334,244 At December 31, Investments Disposals Fair value Realized Exchange At (Euro thousands) FVPL Insurance contracts 176,575 7,500 (78,897 ) 1,984 26 — 107,188 Fixed income 122,070 38,580 (72,752 ) 920 (798 ) (9 ) 88,011 Hedge funds 50,471 20,198 (35,408 ) 420 1,299 (469 ) 36,511 Real estate funds 24,807 21,023 (15,788 ) (884 ) 604 (689 ) 29,073 Equity 15,261 27,834 (18,024 ) (80 ) (124 ) (24 ) 24,843 Money market funds 10,254 37,222 (28,253 ) — — — 19,223 Private equity 8,256 2,845 (548 ) 201 — (171 ) 10,583 Private debt 2,006 4,802 — 86 — — 6,894 Total FVPL 409,700 160,004 (249,670 ) 2,647 1,007 (1,362 ) 322,326 FVOCI Floating income 19,879 5,425 (2,938 ) 295 2 — 22,663 Fixed in c 5,326 167 (303 ) (12 ) (4 ) — 5,174 Total FVOCI 25,205 5,592 (3,241 ) 283 (2 ) — 27,837 Total securities 434,905 165,596 (252,911 ) 2,930 1,005 (1,362 ) 350,163 |
Other current assets
Other current assets | 12 Months Ended |
Dec. 31, 2021 | |
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Other current assets | 28. Other current assets Other current assets amount to Euro 68,773 thousand and Euro 66,718 thousand at December 31, 2021 and 2020, respectively, and mainly relate to accrued income, deferred charges and indirect tax receivables. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2021 | |
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Cash and cash equivalents | 29. Cash and cash equivalents The following table provides a breakdown for cash and cash equivalents: (Euro thousands) At December 31, 2021 2020 Cash on hand 1,651 535 Bank balances 458,140 316,756 Total cash and cash equivalents 459,791 317,291 The Group may be subject to restrictions which limit its ability to use cash. In particular, cash held in China is subject to certain repatriation restrictions and may only be repatriated as dividends or capital distributions, or to repay debt or other liabilities. The Group does not believe that such transfer restrictions have any adverse impacts on its ability to meet liquidity requirements. Cash held in China at December 31, 2021 amounted to Euro 60,381 |
Assets and liabilities held for
Assets and liabilities held for sale | 12 Months Ended |
Dec. 31, 2021 | |
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Assets and liabilities held for sale | 30. Assets and liabilities held for sale The following table provides a breakdown of assets and liabilities held for sale at December 31, 2020: (Euro thousands) At December 31, 2020 Intangibles assets 656 Property plant and equipment 1,801 Right-of-use 83 Other non-current — Deferred tax assets 1,393 Inventories 7,079 Trade receivables 3,081 Tax receivables 455 Other financial assets 345 Other current assets 1,752 Cash and cash equivalents 580 Total assets 17,225 Employee benefits 1,130 Deferred tax liabilities — Lease liabilities 83 Derivative financial instruments — Other current liabilities 9,385 Provision for risks and charges 1,505 Tax liabilities 1,181 Trade payables and customer advances 3,441 Total liabilities 16,725 Assets and liabilities held for sale 500 Assets and liabilities held for sale at December 31, 2020 relate to the Agnona business and the Group’s operations in Korea. A write down of Euro 988 thousand was recognized in 2020 within write downs and other provisions in the statement of profit and loss as a result of the remeasurement of the assets in accordance with IFRS 5 upon classification as held of sale. The sale of 70% of the Agnona business and the Group’s operations in Korea were finalized during 2021 and the Group collected a total agreed consideration of Euro 500 thousand related to the Group’s operations in Korea. |
Shareholder' equity
Shareholder' equity | 12 Months Ended |
Dec. 31, 2021 | |
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Shareholder' equity | 31. Shareholder’ equity Share capital At December 31, 2021 the fully paid up share capital of the Company was Euro 5,939 thousand, consisting of 296,943,659 ordinary shares, all with a nominal value of Euro 0.02. At December 31, 2020 the fully paid up share capital of the Company was Euro 4,300 thousand, consisting of 214,954,000 ordinary shares and 46,000 special shares (which entitled the holder to participate in dividends, without providing any voting rights), all with a nominal value of Euro 0.02. The number of shares for all periods presented reflects the Share Split performed as part of the Business Combination. For additional information related to the Business Combination please refer to Note 1 - General information Each ordinary share confers the right to cast one vote. Holders of ordinary shares become entitled to special voting shares upon registering their ordinary shares in the loyalty register (thereby blocking such shares from trading on the NYSE) and maintaining them registered in such register for an interrupted period of time as prescribed by the articles of association of Zegna. Ordinary shares carry the right to receive dividends and each ordinary share carries the right to repayment of capital in the event of dissolution and liquidation, with the remaining equity after all debts are satisfied for the benefit of the holders of ordinary shares in proportion to the aggregate nominal value of their ordinary shares. Ordinary shares carry pre-emptive Retained earnings Retained earnings include the Group’s accumulated earnings, less dividends paid to equity holders and other changes. Among other changes, retained earnings also include the first-time adoption reserve (IFRS), reflecting the combined effects of the equity adjustments, net of tax effects, arising from the transition to IFRS from previous local GAAP, which occurred on January 1, 2018. Other reserves Other reserves (including other comprehensive income) are detailed as follows: (Euro thousands) At December 31, 2021 2020 Italian statutory reserve 860 860 Addition paid-in 721,187 — Reserve for treasury shares (455,000 ) (76,624 ) Other comprehensive income reserve (OCI) (12,295 ) (25,901 ) Share-based payments reserve 74,978 — Non-controlling (196,691 ) (196,691 ) Other reserves (36,360 ) 2,584 Other reserves, including OCI 96,679 (295,772 ) At December 31, 2021, additional paid-in capital amounted to Euro 721,187 thousand (Euro nil at December 31, 2020) and includes Euro 710,264 thousand as a result of shares issued as part of the Business Combination (net of transaction costs of Euro 17,239 thousand) and Euro 10,923 thousand relating to the reimbursement to Zegna by Monterubello of a special gift to all employees of the Group. At December 31, 2021, the reserve for treasury shares amounted to Euro 455,000 thousand (Euro 76,624 thousand at December 31, 2020) and 54,600,000 ordinary shares were held in treasury (13,590,750 ordinary shares at December 31, 2020 (based on the number of shares following the Share Split)). In 2021, the Company sold or assigned 13,636,750 ordinary shares, decreasing the reserve for treasury shares by Euro 77,009 thousand and purchased 54,646,000 ordinary shares mainly due to the Business Combination, increasing the reserve for treasury shares by Euro 455,384 thousand. Other comprehensive income reserve includes the following: • a translation reserve for the translation differences arising from the consolidation of subsidiaries with a functional currency different from the Euro; • a cash flow hedge reserve for the changes in the fair value of derivative financial instruments held by the Group designated as a hedge of the exposure to variability in currency exchange rate and interest rate risk; • gains and losses on the remeasurement of defined benefit plans for actuarial gains and losses arising during the period which are offset against the related net defined benefit liabilities; • the financial assets at FVOCI reserve which arises from changes in the fair value of debt instruments held by the company under a hold to collect and sell business model, which will be reversed when the investment is derecognized or impaired. At December 31, 2021, the share-based payments reserve amounted to Euro 74,978 thousand (Euro nil at December 31, 2020). The following table presents a breakdown share-based compensation during the year: (Euro thousands) Escrow Shares 37,906 PSUs 2022, 2023 and 2024 6,138 CEO Stock Options 2,938 Remuneration in shares 1,410 CEO IPO LTI 2,047 Management IPO LTI 4,585 Management Stock Options 3,834 Cash-settled share based payments 16,120 Total share-based payments 74,978 The share-based payments reserve includes Euro 37,906 thousand related to the Escrow Shares for the issuance of 5,031,250 Zegna ordinary shares to the holders of IIAC class B shares to be held in escrow as part of the Business Combination and Euro 37,072 thousand related to share-based compensation to key management and other employees of the Group. For additional information relating to share-based compensation please refer to Note 42 - Related party transactions The non-controlling non-controlling non-controlling non-controlling |
Non-controlling interests
Non-controlling interests | 12 Months Ended |
Dec. 31, 2021 | |
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Non-controlling interests | 32. Non-controlling The following tables show the financial information of consolidated companies not entirely controlled by the Group, as required by IFRS 12. The amounts disclosed for each subsidiary are before intercompany eliminations and at and for the years ended December 31, 2021 and 2020. At and for the year ended December 31, 2021 (Functional currency thousands) Group’s percentage interest Non- controlling interest percentage Functional currency Total assets Total equity Net revenues Net income / (loss) Dividends paid to non- controlling shareholders Company Thom Browne Inc. 90 % 10 % USD 233,472 129,244 312,311 35,703 — Ermenegildo Zegna Vietnam LLC 77 % 23 % VTD 59,619,650 (65,153,441 ) 34,267,609 (3,987,259 ) — Ermenegildo Zegna Madrid S.A. 70 % 30 % EUR 3,627 1,925 2,241 (96 ) — Gruppo Dondi S.p.A. 65 % 35 % EUR 33,459 18,475 37,617 4,783 (182 ) E. Z. Thai Holding Ltd 49 % 51 % THB 12,979 328 — (121 ) — Bonotto S.p.A. 60 % 40 % EUR 21,482 9,030 17,674 1,840 — Tessitura Ubertino S.r.l. 60 % 40 % EUR 12,221 8,786 5,625 561 — Cappellificio Cervo S.r.l. 51 % 49 % EUR 1,498 757 1,315 (35 ) — Zegna South Asia Private LTD 51 % 49 % INR 871,210 123,709 281,592 21,891 — Zegna Gulf Trading LLC 49 % 51 % AED 125,086 921 137,355 30,783 — At and for the year ended December 31, 2020 (Functional currency thousands) Group’s percentage interest Non- controlling interest percentage Functional currency Total assets Total equity Net revenues Net income / (loss) Dividends paid to non- controlling shareholders Company Thom Browne Inc. 85 % 15 % USD 157,679 105,890 203,859 24,275 — Gruppo Dondi S.p.A. 65 % 35 % EUR 24,590 21,321 27,199 1,147 (354 ) Bonotto S.p.A. 60 % 40 % EUR 22,345 7,143 20,526 (366 ) (216 ) Lanificio Ermenegildo Zegna e Figli S.p.A. 90 % 10 % EUR 42,855 27,077 52,945 6,048 (1,116 ) Ermenegildo Zegna Madrid S.A. 70 % 30 % EUR 2,935 2,935 2,051 (29 ) (45 ) Zegna South Asia Private LTD 51 % 49 % INR 654,611 103,020 216,675 (13,372 ) — Ermenegildo Zegna Vietnam LLC 77 % 23 % VTD 36,801,969 (61,223,291 ) 28,519,833 (2,520,357 ) — Zegna Gulf Trading LLC 49 % 51 % AED 91,261 (29,810 ) 57,826 (9,600 ) — Achill Land Pty Ltd. 60 % 40 % AUD 11,749 10,200 n.a. n.a. — |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
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Borrowings | 33. Borrowings The following table provides a breakdown for non-current (Euro thousands) 2021 2020 Committed Other Total Committed Other Total At January 1, 613,415 51,336 664,751 619,308 984 620,292 Repayments (56,029 ) (104,181 ) (160,210 ) (221,029 ) — (221,029 ) Proceeds 20,000 103,570 123,570 215,000 50,352 265,352 Other 827 — 827 136 — 136 At December 31, 578,213 50,725 628,938 613,415 51,336 664,751 Of which: Non-current 470,934 712 471,646 557,386 1,336 558,722 Current 107,279 50,013 157,292 56,029 50,000 106,029 The repayment schedule for borrowings is summarized below: (Euro thousands) At December 31, 2021 Year 1 Year 2 Year 3 Year 4 Year 5 and Committed loans 578,213 107,279 281,028 133,872 43,965 12,069 Other financial liabilities 50,725 50,013 20 680 12 — Total borrowings 628,938 157,292 281,048 134,552 43,977 12,069 (Euro thousands) At December 31, 2020 Year 1 Year 2 Year 3 Year 4 Year 5 and Committed loans 613,415 56,029 107,500 281,250 130,000 38,636 Other financial liabilities 51,336 50,000 — — 874 462 Total borrowings 664,751 106,029 107,500 281,250 130,874 39,098 Interest on certain of the Group’s borrowings is calculated based on variable rates. Management may use interest rate swaps (“IRS”) or other derivative financial instruments to hedge exposure to fluctuations in interest rates associated with monetary flows and not for speculative purposes. See Note 41 - Qualitative and quantitative information on financial risks The following tables provide details relating to the Group’s individual borrowings. At December 31, 2021 Borrower Interest Terms Expiry date of which of which non-current (Euro thousands) Co.Ti Service S.A. Fixed 0.79% February 2022 10,000 — Co.Ti Service S.A. Fixed 0.79% March 2022 5,000 — Ermenegildo Zegna N.V. Fixed 0.00% March 2022 15,000 — Ermenegildo Zegna N.V. Fixed 0.00% March 2022 35,000 — Ermenegildo Zegna N.V. Variable Euribor 3m + 0.69% September 2022 9,998 — Ermenegildo Zegna N.V. Fixed 1.25% December 2022 10,000 — Ermenegildo Zegna N.V. Variable IRS + 1.48% January 2023 — 19,999 Ermenegildo Zegna N.V. Variable IRS + 0.80% February 2023 — 20,000 Ermenegildo Zegna N.V. Fixed 0.77% March 2023 — 15,000 Ermenegildo Zegna N.V. Fixed 0.49% April 2023 — 49,993 Ermenegildo Zegna N.V. Variable Euribor 6m + 0.75% May 2023 — 44,991 Ermenegildo Zegna N.V. Variable Euribor 6m + 0.83% June 2023 12,485 6,247 Ermenegildo Zegna N.V. Variable IRS + 1.05% August 2023 — 39,993 Ermenegildo Zegna N.V. Variable Euribor 6m + 0.80% September 2023 49,836 — Ermenegildo Zegna N.V. Variable IRS + 0.75% November 2023 — 59,948 Ermenegildo Zegna N.V. Variable Euribor 6m + 0.75% November 2023 9,960 4,966 Ermenegildo Zegna N.V. Fixed 1.22% November 2023 — 20,000 Ermenegildo Zegna N.V. Variable IRS + 0.81% April 2024 — 79,936 Lanificio Ermenegildo Zegna e Figli S.p.A. Fixed 1.35% June 2024 — 655 Ermenegildo Zegna N.V. Variable IRS + 0.60% December 2024 — 49,901 Co.Ti Service S.A. Fixed 0.75% March 2025 — 20,000 Co.Ti Service S.A. Fixed 0.75% April 2025 — 10,000 Ermenegildo Zegna N.V. Variable Euribor 1m + 0.76% May 2025 — 9,993 Ermenegildo Zegna N.V. Fixed 0.73% September 2028 — 19,967 Other Fixed 0.05% June 2025 13 57 Total 157,292 471,646 of which fixed 75,013 135,672 of which variable 82,279 335,974 At December 31, 2020 Borrower Interest Terms Expiry date of which of which non-current (Euro thousands) Ermenegildo Zegna N.V. Fixed 0.00% April 2021 15,000 — Ermenegildo Zegna N.V. Fixed 0.73% October 2021 17,500 — Ermenegildo Zegna N.V. Variable Euribor 3m + 0.73% October 2021 17,500 — Ermenegildo Zegna N.V. Fixed 0.80% December 2021 3,529 — Co.Ti Service S.A. Fixed 0.79% February 2022 — 10,000 Co.Ti Service S.A. Fixed 0.79% March 2022 — 5,000 Ermenegildo Zegna N.V. Variable Euribor 3m + 0.69% September 2022 — 10,000 Ermenegildo Zegna N.V. Variable Euribor 6m + 0.80% September 2022 30,000 50,000 Ermenegildo Zegna N.V. Fixed 1.25% December 2022 — 10,000 Ermenegildo Zegna N.V. Variable IRS + 1.48% January 2023 — 20,000 Ermenegildo Zegna N.V. Variable IRS + 0.80% February 2023 — 20,000 Ermenegildo Zegna N.V. Fixed 0.77% March 2023 — 15,000 Ermenegildo Zegna N.V. Fixed 0.49% April 2023 — 50,000 Ermenegildo Zegna N.V. Variable Euribor 6m + 0.75% May 2023 — 45,000 Ermenegildo Zegna N.V. Variable Euribor 6m + 0.83% June 2023 12,500 18,750 Ermenegildo Zegna N.V. Variable IRS + 1.05% August 2023 — 40,000 Ermenegildo Zegna N.V. Fixed 1.22% November 2023 — 20,000 Ermenegildo Zegna N.V. Fixed 1.09% November 2023 — 60,000 Ermenegildo Zegna N.V. Variable IRS + 0.75% November 2023 10,000 14,972 Ermenegildo Zegna N.V. Variable IRS + 0.81% April 2024 — 80,000 Ermenegildo Zegna N.V. Variable IRS + 0.60% December 2024 — 50,000 Co.Ti Service S.A. Fixed 0.75% March 2025 — 20,000 Co.Ti Service S.A. Fixed 0.75% April 2025 — 10,000 E.Z. Holditalia Variable Euribor 1m + 0.76% May 2025 — 10,000 Total 106,029 558,722 of which fixed 36,029 200,000 of which variable 70,000 358,722 |
Other current and non-current f
Other current and non-current financial liabilities | 12 Months Ended |
Dec. 31, 2021 | |
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Other current and non-current financial liabilities | 34. Other current and non-current The following table provides a breakdown for other current and non-current (Euro thousands) At December 31, 2021 2020 Written put options on non-controlling 159,411 196,783 Cash-settled share-based payments — 16,120 Bonds — 4,287 Other 7,976 3,778 Other non-current 167,387 220,968 Warrant liabilities 33,984 — Other current financial liabilities 33,984 — Total 201,371 220,968 Written put options on non-controlling Thom Browne The Group is party an option agreement with Mr. Thom Browne in reference to the Group’s original investment of 85% in Thom Browne. In the right to sell the Group h based on the latest available information. During the first half of 2021 the parties renegotiated the contract, providing for early exercise of the option to purchase an additional 5% of Thom Browne; all other conditions of the contract remained unmodified. As a result, on June 1, 2021 the Group purchased an additional 5% of Thom Browne, based on the first tranche of the put option, for a total consideration of USD 37,400 thousand (Euro 30,653 thousand), following which the Group owns 90% of the Thom Browne group. The Group derecognized a portion of the liability for the written put option on non-controlling related non-controlling l i non-controlling At December 31, 2021, the liability relating to the put option, which for non-controlling non-current. for the non-controlling non-current. Dondi The Group is party to an option agreement with the Dondi family in reference to the Group’s original investment of 65 % in Dondi. In particular, the 35 % interest in Dondi, in two tranches, during 2029 and 2034 multiple less a given discount (“Dondi Exercise Formula”). The financial liability arising from the obligation is measured at the present value of the expected exercise amount, calculated through the Dondi Exercise Formula as per projections contained in the 2020-2034 Business Plan approved on May 7, 2020 and April 6, 2021 by Zegna’s Valuation Committee. The remeasurement of the liability at each reporting date is recognized through profit or loss based on the latest available information. The liability related to this written put option at December 31, 2021 amounted to Eur o 23,685 thousand (Eur o 21,650 thousand at 31 December 2020). Lanificio The Group is party to an option agreement with the CEO of Lanificio in reference to the 10 % non-controlling interests in Lanificio. The exercise price 9,600 t housand, following which the Group owns 100% of the Lanificio. The Group derecognized the liability for the written put option on non-controlling interests. Cash-settled share-based payments Cash-settled share-based payments relate to amounts owing to the Group’s CEO. Following a review of the CEO’s compensation package in 2021, the obligation of Euro 16,120 was waived by the CEO. For additional information please refer to Note 42 - Related party transactions Bonds Bonds related to non-convertible non-convertible Other Other mainly includes a financing received from a non-controlling Warrant liabilities As part of the Business Combination, the Group assumed IIAC’s 13,416,667 public warrants (which automatically converted into warrants to purchase ordinary shares of Zegna) and issued 6,700,000 private placement warrants (of which 800,000 were issued to certain of Zegna’s directors), all of which were outstanding at December 31, 2021 and recognized as liabilities at fair value. Each public warrant entitles the holder to purchase one Zegna ordinary share at a price of USD 11.50 per share and may be exercised within 5 years from the completion of the Business Combination. The public warrants may be redeemed by the Company: • at a price of USD 0.01 per warrant, if, and only if, the last reported sale price of the Zegna ordinary shares equals or exceeds USD 18.00 per share for any 20 trading days within a 30-trading • at a price of USD 0.10 per warrant, if, and only if, the last reported sale price of the Zegna ordinary shares equals or exceeds USD 10.00 per share for any 20 trading days within a 30-trading The exercise price and number of Zegna ordinary shares issuable on exercise of the public warrants, as well as the terms of redemption, may be subject to adjustments in certain circumstances, including, among other events, in the event of a share dividend, extraordinary dividend or Zegna’s recapitalization, reorganization, merger or consolidation. The private placement warrants have the same terms as the public warrants, except that, so long as they are held by Investindustrial Acquisition Corp. L.P., a limited partnership incorporated in England and Wales (“IIAC Sponsor”) or its permitted transferees, i) the private placement warrants were subject to transfer limitations in the 30-day For additional information related to the Business Combination please refer to Note 1 - General information |
Lease Liabilities
Lease Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
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Lease Liabilities | 35. Lease liabilities The following table provides a breakdown for lease liabilities. (Euro thousands) 2021 2020 At January 1, 407,687 508,153 Interest expense 9,351 10,285 Repayment of lease liabilities (including interest expense) (109,962 ) (100,984 ) IFRS 16 lease amendment: lease renegotiation (12,416 ) (24,931 ) Additions due to new leases and store renewals 150,648 54,303 Decrease of lease liabilities due to store closures (16,485 ) (14,084 ) Reclassifications to liabilities held for sale — (83 ) Disposition (11,508 ) — Translation differences 20,737 (24,972 ) At December 31, 438,052 407,687 Of which: Non-current 331,409 314,845 Current 106,643 92,842 In certain countries, leases for stores entail the payment of both minimum amounts and variable amounts, especially for stores with lease payments indexed to revenue. As required by IFRS 16, only the minimum fixed lease payments are capitalized. The following table summarizes the lease liabilities by maturity date: (Euro thousands) At December 31, Year 1 Year 2 Year 3 Year 4 Beyond 2021 438,052 106,643 92,344 65,610 38,898 134,557 2020 407,687 92,842 79,604 60,281 47,107 127,853 |
Provisions for Risks and Charge
Provisions for Risks and Charges | 12 Months Ended |
Dec. 31, 2021 | |
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Provisions for Risks and Charges | 36. Provisions for risks and charges The provisions for risks and charges, which amount to Euro 58,648 thousand in 2021 (Euro 48,281 thousand in 2020), represent management’s best estimate of the amount of potential liabilities. In the Directors’ opinion, based on the information available to them, the total amount allocated for risks and charges at the reporting date is adequate in respect of the liabilities that could arise from the underlying circumstances. The following tables show the movement of the provision for risks and charges in 2021 and 2020: (Euro thousands) Legal and fiscal risks Leased store restoration Refund liability Other Total provisions At January 1, 2020 17,256 14,064 6,744 6,759 44,823 Of which current — — 6,744 3,852 10,596 Of which non-current 17,256 14,064 — 2,907 34,227 Provisions 902 2,396 2,044 8,122 13,464 Releases (1,752 ) — (2,062 ) (1,559 ) (5,373 ) Utilizations (30 ) (2,581 ) (694 ) (1,328 ) (4,633 ) At December 31, 2020 16,376 13,879 6,032 11,994 48,281 Of which current — — 6,032 2,293 8,325 Of which non-current 16,376 13,879 — 9,701 39,956 Provisions 12,521 979 491 2,594 16,585 Releases (264 ) (630 ) — (1,365 ) (2,259 ) Utilizations (1,168 ) — (351 ) (3,979 ) (5,498 ) Exchange differences 1,191 (110 ) 178 — 1,259 Reclassifications and other — 175 3,699 (3,594 ) 280 At December 31, 2021 28,656 14,293 10,049 5,650 58,648 Of which current — 2,288 10,049 1,756 14,093 Of which non-current 28,656 12,005 — 3,894 44,555 The provision for fiscal and legal risks includes provisions for various litigated matters that have occurred in the ordinary course of business. On February 17, 2022, an unfavorable judgment was handed down against the Group in respect of a legal claim related to a lease agreement in the US, resulting in the recognition of an additional provision of Euro 12,192 thousand. At December 31, 2021 the total provision for the legal claim amounted reflecting management’s best estimate of the obligation based on the current facts and circumstances, including the unfavorable judgment handed down on February 17, 2022. The Group is intending to appeal the decision and no payments have yet been made to the claimant pending outcome of the appeal. The Group is a defendant in various other legal and fiscal lawsuits arising in the ordinary course of business. It is the opinion of the management of the Company that it has meritorious defenses against all such outstanding claims, which the Company will vigorously pursue, and that the outcome of such claims, individually or in the aggregate, will not have a material adverse effect on the Group’s consolidated financial position or results of operations, except as otherwise described above. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2021 | |
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Employee Benefits | 37. Employee benefits The following table presents a breakdown of employee benefits. (Euro thousands) At December 31, 2021 2020 Italian leaving indemnities (TFR) 9,784 11,596 Other leaving indemnities 15,237 16,073 Post-employment benefits 5,280 590 Other long-term employee benefits 1,362 561 Termination benefits 366 396 Total defined benefit obligations 32,029 29,216 Other long-term payables to employees 10,234 131 Total employee benefits 42,263 29,347 Defined benefit obligations The following table shows the changes in defined benefit obligations. (Euro thousands) 2021 2020 At January 1, 29,216 30,573 Changes through statement of profit and loss 14,365 2,591 - of which: Service cost 14,169 2,335 - of which: Financial charges 196 256 Changes through statement of comprehensive income 1,562 (930 ) - of which: Actuarial loss/(gain) 563 (523 ) - of which: Translation differences 999 (407 ) Benefits paid (13,456 ) (2,360 ) Change in scope of consolidation and reclassifications to assets held for sale 342 (658 ) At December 31, 32,029 29,216 Italian leaving indemnities relate to the Italian employee severance indemnity (“TFR”) obligation required under Italian Law and other leaving indemnities primarily relate to leaving indemnities relating to the Group’s subsidiaries in Spain and China. The following table summarizes the main financial assumptions used in determining the present value of the TFR and other leaving indemnities. At December 31, 2021 At December 31, 2020 Italy Spain China Italy Spain China Discount rate 0.183% / 0.757% 0.60 / 0.70% 2.80% -0.204% / 0.246% -0.440 / 0.283% 3.05% Inflation rate 1.50% 1.00% 5.50% 1.50% 0.80% 4.41% Salary increase rate 1.0% / 2.2% 1.00% 5.50% 0.5% / 2.3% 0.80% 4.41% In determining the defined benefit obligations of the Group’s Italian companies, the Group used the ISTAT (the Italian National Institute of Statistics) non-Italian The following table presents a quantitative sensitivity analysis for the main assumptions relating to the Group’s main employee benefit obligations and service costs. (Euro thousands) At December 31, 2021 At December 31, 2020 +50 bps -50 bps +50 bps -50 bps +50 bps -50 bps +50 bps -50 bps Employee benefit Service costs Employee benefit Service costs Discount rate (714 ) 765 (39 ) 42 (793 ) 850 (75 ) 79 Inflation rate 601 (572 ) 38 (36 ) 630 (598 ) 46 (43 ) Turn-over rate 1,155 (1,864 ) 92 (156 ) 570 (1 ) 61 (109 ) The average duration of the defined benefit obligations for the Italian TFR at the end of the reporting period was 9.0 years (2020: 9.2 years), for leaving indemnities in China was 6.3 years (2020: 6.2 years) and for leaving indemnities in Spain was 7.1 years (2019: 6.6 years). Post-employment benefits at December 31, 2021 primarily relate to the Group’s CEO. Other long-term payables to employees Other long-term payables at December 31, 2021 Euro 8,702 thousand relating to bonuses earned by certain of Zegna’s senior management team (excluding the CEO) which will be paid in 2024. |
Trade Payables and Customer Adv
Trade Payables and Customer Advances | 12 Months Ended |
Dec. 31, 2021 | |
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Trade Payables and Customer Advances | 38. Trade payables and customer advances The following table provides a breakdown for trade payables and customer advances: (Euro thousands) At December 31, 2021 2020 Trade payables 177,801 150,257 Customer advances 45,236 38,085 Total trade payables including customer advances 223,037 188,342 |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
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Other Current Liabilities | 39. Other current liabilities The following table provides a breakdown for other current liabilities: (Euro thousands) At December 31, 2021 2020 Due to employees 51,847 26,134 VAT and other taxes 28,609 19,993 Accrued expenses 15,319 19,739 Social security institutions 8,683 9,147 Deferred income 3,591 1,624 Other current liabilities 16,307 — Total other current liabilities 124,356 76,637 Amounts due to employees include deferred compensation, accrued and untaken leave and related social contributions. At December 31, 2021, amounts due to employees also include the Zegna family’s grant of a Euro 1,500 special gift to each employee of the Zegna group, amounting to a total of Euro 10,916 thousand, as a result of the Company’s listing completed on December 20, 2021. The amount was subsequently paid to employees in February 2022. Monterubello agreed to reimburse the cost incurred by the Group as an equity contribution, which was received in February 2022. Accrued expenses primarily include payroll accruals and rental expenses. Other current liabilities at December 31, 2021 primarily include amounts due to the Company’s Board of Directors for board fees, contingent consideration for the acquisition of Tessitura Ubertino, and liabilities relating to customs and vouchers and other sundry amounts. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2021 | |
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Fair Value Measurement | 40. Fair value measurement The reported amount of derivative instruments, whether assets or liabilities, reflects their fair value at the reporting date. The carrying amount of cash and cash equivalents, financial assets and trade receivables, as adjusted for impairment where necessary as required by IFRS 9, approximates their estimated realizable value and their fair value. Lease liabilities are reported at present value, while all of the other financial liabilities recorded at amortized cost approximate fair value. A sensitivity analysis was performed at December 31, 2021 on the fair value of the Group’s insurance contracts (recorded within other current financial assets), with the support of an external actuarial expert, using the discounted cash flow method. The main assumptions used to perform the sensitivities are: i) the vector of prospective returns is calculated from the last certified management rate (known at the valuation date) assuming a trend to the market forward rate, consistent with the current Italian government curve; ii) the target duration has been assumed to be 5 years; iii) the prospective investment returns are netted against the management fees; iv) the cash flow projection was made in line with the underlying contractual conditions; v) a probability of surrender has been assumed, depending on the type of insurance contract considered, ranging from 5.22% to 6.41%. Based on the analysis performed, no significant differences from fair value were noted. For units in investment funds sensitivity has not been calculated as the valuation is made on the basis of the latest available NAV. Categories of financial assets and liabilities according to IFRS 7 The following tables provide a breakdown for financial assets by category: (Euro thousands) At December 31, 2021 Financial assets Fair value Level FVPL FVOCI Amortized Total Note 1 2 3 Derivative financial instruments — 1,786 — 1,786 26 — 1,786 — Cash and cash equivalents — — 459,791 459,791 29 — 459,791 — Trade receivables — — 160,360 160,360 25 — 160,360 — Other non-current 2,257 — 33,115 35,372 23 — 33,115 2,257 Other current financial assets (*) 308,532 25,712 6,136 340,380 27 53,164 88,183 199,033 Financial assets 310,789 27,498 659,402 997,689 53,164 743,235 201,290 (*) The following table provides an additional breakdown for other current financial assets at December 31, 2021: (Euro thousands) At December 31, 2021 Financial assets Fair value Level FVPL FVOCI Amortized Total 1 2 3 Insurance contracts 113,919 — — 113,919 — — 113,919 Fixed income 68,947 5,025 — 73,972 29,764 26,700 17,508 Hedge funds 41,483 — — 41,483 — 11,243 30,240 Real estate funds 32,898 — — 32,898 — 19,100 13,798 Equity 25,408 — — 25,408 2,713 22,695 — Money market funds and floating income 2,007 20,687 — 22,694 20,687 2,007 — Private equity 15,925 — — 15,925 — — 15,925 Private debt 7,945 — — 7,945 — 302 7,643 Guarantee deposits and others — — 6,136 6,136 — 6,136 — Total other current financial assets 308,532 25,712 6,136 340,380 53,164 88,183 199,033 The following table presents the changes in level 3 items for the period ended December 31, 2021: (Euro thousands) Fair value Level 3 At December 31, 2020 177,154 Investments 19,516 Disposals (5,169 ) Fair value adjustments 6,060 Realized gains 69 Exchange rate gains 1,403 At December 31, 2021 199,033 The fair value of Level 2 items is mainly estimated on the basis of data provided by pricing services (non active markets) and the fair value of Level 3 items is estimated on the basis of the last available net asset value (NAV). (Euro thousands) At December 31, 2020 Financial assets Fair value Level FVPL FVOCI Amortized Total Note 1 2 3 Derivative financial instruments — 11,848 — 11,848 26 — 11,848 — Cash and cash equivalents — — 317,291 317,291 29 — 317,291 — Trade receivables — — 138,829 138,829 25 — 138,829 — Other non-current 20,686 — 28,577 49,263 23 — — 20,686 Other current financial assets (*) 322,326 27,837 — 350,163 27 32,217 140,792 177,154 Financial assets 343,012 39,685 484,697 867,394 32,217 608,760 197,840 (*) The following table provides an additional breakdown for other current financial assets at December 31, 2020: (Euro thousands) At December 31, 2020 Financial assets Fair value Level FVPL FVOCI Amortized Total 1 2 3 Insurance contracts 107,188 — — 107,188 — — 107,188 Fixed income 88,011 5,174 — 93,185 7,201 68,570 17,414 Money market funds and floating income 19,223 22,663 — 41,886 22,662 19,224 — Hedge funds 36,511 — — 36,511 — 8,549 27,962 Real estate funds 29,073 — — 29,073 — 17,607 11,466 Equity 24,843 — — 24,843 2,354 22,489 — Private equity 10,583 — — 10,583 — — 10,583 Private debt 6,894 — — 6,894 — 4,353 2,541 Total other current financial assets 322,326 27,837 — 350,163 32,217 140,792 177,154 The fair value of Level 2 items is mainly estimated on the basis of data provided by pricing services (non active markets) and the fair value of Level 3 items is estimated on the basis of the last available net asset value (NAV). The following tables provide a breakdown for financial liabilities by category: (Euro thousands) At December 31, 2021 Financial liabilities Fair value Level FVPL FVOCI Amortized Total Note 1 2 3 Derivative financial instruments — 14,138 — 14,138 26 — 14,138 — Non-current — — 471,646 471,646 33 — 471,646 — Current borrowings — — 157,292 157,292 33 — 157,292 — Other non-current 159,411 — 7,976 167,387 34 — 159,411 7,976 Other current financial liabilities 33,984 — — 33,984 35 23,810 10,174 — Trade payables and customer advances — — 223,037 223,037 38 — 223,037 — Lease liabilities – Current / Non-current — — 438,052 438,052 35 — — 438,052 Financial liabilities 193,395 14,138 1,298,003 1,505,536 23,810 1,035,698 446,028 (Euro thousands) At December 31, 2020 Financial liabilities Fair value Level FVPL FVOCI Amortized Total Note 1 2 3 Derivative financial instruments — 13,192 — 13,192 26 — 13,192 — Non-current — — 558,722 558,722 33 — 558,722 — Current borrowings — — 106,029 106,029 33 — 106,029 — Other non-current 212,903 — 8,065 220,968 34 — — 220,968 Trade payables and customer advances — — 188,342 188,342 38 — 188,342 — Lease liabilities – Current / Non-current — — 407,687 407,687 35 — — 407,687 Financial liabilities 212,903 13,192 1,268,845 1,494,940 — 866,285 628,655 |
Qualitative and Quantitative In
Qualitative and Quantitative Information on Financial Risks | 12 Months Ended |
Dec. 31, 2021 | |
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Qualitative and Quantitative Information on Financial Risks | 41. Qualitative and quantitative information on financial risks The Group is exposed to several financial risks connected with its operations: • financial market risk (principally relating to foreign currency exchange rates, interest rates and commodity prices; • liquidity risk relating to the availability of funds and access to credit, if required, and to financial instruments in general; • credit risk relating to counterparties failing to repay amounts owed or meet contractual obligations. These risks could significantly affect the Group’s financial position, results of operations and cash flows, and for this reason the Group identifies and monitors these risks, in order to detect potential negative effects in advance and take the necessary action to mitigate them, primarily through the Group’s operating and financing activities and if required, through the use of derivative financial instruments. A summary of qualitative and quantitative factors relating to these risks is provided below. The quantitative data reported in the following section does not have any predictive value. In particular, the sensitivity analysis on finance market risks does not reflect the complexity of the market or the reaction which may result from any changes that are assumed to take place. Credit risk Credit risk is defined as the risk of financial loss caused by the failure of a counterparty to repay amounts owed or meet its contractual obligations. The maximum risk to which an entity is exposed is represented by all the financial assets recognized in the financial statements. Management considers its credit risk to relate primarily to trade receivables generated from the wholesale channel and mitigates the related effects through specific commercial and financial strategies. With regards to trade receivables, credit risk management is carried out by monitoring the reliability and solvency of customers, as well as through insurance agreements. The following table provides the aging of trade receivables: (Euro thousands) Not yet due 0-90 days overdue 90-180 days overdue >180 days Total Trade receivables, gross 136,648 21,957 5,018 3,380 167,003 Loss allowance (1,575 ) (696 ) (992 ) (3,380 ) (6,643 ) Total trade receivables at December 31, 2021 135,073 21,261 4,026 — 160,360 Trade receivables, gross 106,659 23,172 2,509 15,206 147,546 Loss allowance (549 ) (1,876 ) (480 ) (5,812 ) (8,717 ) Total trade receivables at December 31, 2020 106,110 21,296 2,029 9,394 138,829 At December 31, 2020 trade receivables overdue by more than 180 days relates to the related party Tom Ford International LLC, mainly due to the financial impact caused by the COVID-19 Liquidity risk Liquidity risk represents the risk that the Group cannot meet its financial obligations due to problems in obtaining funds at current market price conditions (funding liquidity risk) or in liquidating assets on the market to find the necessary financial resources (asset liquidity risk), which could negatively impact the Group’s results if the Group is forced to incur additional costs to obtain liquidity or meet its commitments. The following tables summarize the Group’s financial liabilities into relevant maturity groupings based on their contractual maturities: (Euro thousands) Contractual cash flows Carrying Within 1 year Within 2 Years Within 3 years Beyond Derivative financial instruments 14,138 14,138 — — — Trade payables and customer advances 223,037 223,037 — — — Borrowings 628,938 161,550 283,736 135,541 56,414 Lease liabilities 438,052 112,713 98,101 69,827 186,951 Other current and non-current 201,371 33,984 29,816 — 137,571 Total 1,505,536 545,422 411,653 205,368 380,936 (Euro thousands) Contractual cash flows Carrying Within 1 year Within 2 Years Within 3 years Beyond Derivative financial instruments 13,192 13,192 — — — Trade payables and customer advances 188,342 188,342 — — — Borrowings 664,751 106,029 107,500 281,250 169,972 Lease liabilities 407,687 102,092 82,489 67,137 187,771 Other non-current 220,968 — 25,976 71,924 123,068 Total 1,494,940 409,655 215,965 420,311 480,811 The factors which mainly influence the Group’s liquidity are the resources generated or absorbed by current operating and investing activities, the possible distribution of dividends, the maturity or refinancing of debt and the management of surplus cash. Liquidity needs or surpluses are monitored on a daily basis by the Parent Company in order to guarantee effective sourcing of financial resources or adequate investment of excess liquidity. The negotiation and management of credit lines is coordinated by the Parent Company with the aim of satisfying the short and medium-term financing needs of the individual companies within the Group according to efficiency and cost-effectiveness criteria. It has always been the Group’s policy to sign and constantly maintain with various and diversified banks a total amount of committed credit lines that is considered consistent with the needs of the individual companies and suitable to ensure at any time the liquidity needed to satisfy and comply with all the Group’s financial commitments, at the established economic conditions, as well as guaranteeing the availability of an adequate level of operational flexibility for any expansion programs. Foreign currency risk Foreign currency exchange rate transaction risks originate mainly from exports of the Group in US Dollars, Chinese Renminbi, Japanese Yen, British Pound and Mexican Peso. Risk management is mainly centralized at the distributing companies. Goods transferred for consideration to associates are settled directly in the currency of the country where they operate and sell (with the exception of countries where local currency cannot be delivered outside the country). This implies the risk that the corresponding value in Euro of revenues determined at the moment of collection is insufficient to cover production costs or to achieve the desired profit margin. This risk is heightened during the significant period between the moment when the sale prices of a collection are set and the moment when revenues are converted into Euro, which extends up to 18 months. The distributing companies enter into currency forward contracts or options, to establish the conversion rate in advance, or a predefined range of conversion rates at future dates. For the years ended December 31, 2021, 2020 and 2019 the Group covered its exchange rate risk almost exclusively with currency forward exchange contracts. To this end, before the preparation of the price list and based on market expectations and conditions, the Group arranges hedges that cannot exceed 50% - In addition, the Group controls and hedges exposure deriving from changes due to exchange rate changes in the value of assets or liabilities denominated in currencies other than the accounting currency of the individual company (typically intercompany financial receivables/payables), which may affect the Group’s net results, through financial instruments, whose recognition in accordance with IFRS follows the rules of fair value hedge: the profit or loss arising from subsequent remeasurements of the fair value of the hedging instrument and the hedged item are recorded within profit and loss. The hedges of the Parent Company’s future transactions in foreign currencies (which can be classified as cash flow hedges pursuant to IFRS) are accounted for in accordance with hedge accounting rules. The Group has estimated the potential effects of a shock change of +/-5% The following table presents the potential effects on profit before tax of a hypothetical change of +/- 500 bps in year-end eign currencies. (Euro thousands) At December 31, 2021 At December 31, 2020 Trade receivables and +500 bps -500 bps Trade receivables and +500 bps -500 bps Currency Impact on profit before tax Impact on profit before tax USD 96,885 (4,614 ) 5,099 112,850 (5,374 ) 5,939 JPY 20,481 (975 ) 1,078 41,757 (1,988 ) 2,198 CNY 21,084 (1,004 ) 1,110 35,083 (1,671 ) 1,846 HKD 27,452 (1,307 ) 1,445 11,235 (535 ) 591 GBP (5,974 ) 284 (314 ) 4,923 (234 ) 259 SGD 8,220 (391 ) 433 3,120 (149 ) 164 CHF (18,158 ) 865 (956 ) (16,552 ) 788 (871 ) Total 149,990 (7,142 ) 7,895 192,416 (9,163 ) 10,126 The following table presents the potential impact on profit before tax of a hypothetical change of +/- 500 bps in year-end roup is exposed. (Euro thousands) At December 31, 2021 At December 31, 2020 Notional amount +500 bps -500 bps Notional amount +500 bps -500 bps Currency Impact on profit before tax Impact on profit before tax USD 81,725 3,892 (4,301 ) 119,214 5,677 (6,274 ) JPY 20,692 985 (1,089 ) 45,658 2,174 (2,403 ) CNY 11,464 546 (603 ) 20,318 968 (1,069 ) GBP (12,660 ) (603 ) 666 16,464 784 (867 ) HKD 28,054 1,336 (1,477 ) 9,460 450 (498 ) CHF — — — 6,295 (300 ) 331 SGD 8,158 388 (429 ) 3,083 147 (162 ) Total 137,433 6,544 (7,233 ) 220,492 9,900 (10,942 ) The following table presents the potential change in equity gross of tax of a hypothetical change of +/- 500 bps in year-end robable transactions. (Euro thousands) At December 31, 2021 At December 31, 2020 Notional amount +500 bps -500 bps Notional amount +500 bps -500 bps Currency Impact on hedge reserve Impact on hedge reserve USD 80,155 3,817 (4,219 ) 25,355 1,207 (1,334 ) CHF (4,792 ) (228 ) 252 18,515 (882 ) 974 JPY 10,360 493 (545 ) 6,749 321 (355 ) HKD 16,097 767 (847 ) 3,153 150 (166 ) GBP 12,659 603 (666 ) 2,762 132 (145 ) CNY 178,537 8,502 (9,397 ) — — — SGD 1,947 93 (102 ) — — — Total 294,963 14,047 (15,524 ) 56,534 928 (1,026 ) The following table presents the potential impact on profit before tax of a hypothetical change of +/- 500 bps in the USD/EUR year-end non-controlling non-current (Euro thousands) At December 31, 2021 At December 31, 2020 Notional amount +500 bps -500 bps Notional amount +500 bps -500 bps Currency Impact on profit before tax Impact on profit before tax USD (135,726 ) (7,143 ) 6,463 (169,055 ) (8,897 ) 8,050 Total (135,726 ) (7,143 ) 6,463 (169,055 ) (8,897 ) 8,050 Interest rate risk Overall exposure to interest rate risk is monitored at the Group level through coordinated management of debt and available liquidity and of the relevant due dates. The Group’s principal sources of exposure to interest rate risk derive from loans at variable rates. At December 31, 2021, the notional value of interest rate swap derivatives to hedge the risk of a potential increase in the cost of servicing of financial debt due to fluctuations in market rates was Euro 323,816 thousand (Euro 274,336 thousand at December 31, 2020) with a negative fair value of Euro 2,412 thousand (Euro 5,515 thousand at December 31, 2020). The short-term portion of bank debt, used mainly to finance working capital needs, is not covered by interest rate hedges. The cost of bank debt is equal to Euribor for the period plus a spread that depends on the type of credit facility used. For the year ended December 31, 2021 a hypothetical 20% increase in short-term interest rates on such floating rate non-current non-current The following table presents the sensitivity on floating rate borrowings not covered by interest rate swaps. (Euro thousands, except percentages) At December 31, 2021 Amount Total Interest -20% Impact on +20% Impact on 10,000 0.115 % 12 0.006 % 1 0.224 % 22 15,000 0.112 % 17 0.004 % 1 0.220 % 33 18,750 0.284 % 53 0.175 % 33 0.393 % 74 50,000 0.000 % — 0.000 % — 0.100 % 50 10,000 0.186 % 19 0.077 % 8 0.295 % 30 45,000 0.167 % 75 0.060 % 27 0.274 % 123 148,750 175 69 332 * The overall rate indicated is compounded of the fixed spread plus the variable rate (+-20% (Euro thousands, except percentages) At December 31, 2020 Amount Total Interest -20% Impact on +20% Impact on Non-current 80,000 0.349 % 279 0.259 % 207 0.439 % 351 10,000 0.195 % 20 0.097 % 10 0.293 % 30 45,000 0.238 % 107 0.136 % 61 0.340 % 153 31,250 0.300 % 94 0.194 % 61 0.406 % 127 10,000 0.184 % 18 0.069 % 7 0.299 % 30 176,250 518 346 691 Current 17,500 0.183 % 32 0.074 % 13 0.292 % 51 17,500 32 13 51 * The overall rate indicated is compounded of the fixed spread plus the variable rate (+-20% |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
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Related party transactions | 42. Related party transactions The related parties of the Group are all entities and individuals, including their close family members, capable of exercising control, joint control or significant influence over the Group and its subsidiaries, including the Group’s controlling shareholder, Monterubello, as well as other companies owned by Monterubello and its shareholders. Related parties also include Zegna’s associates and joint arrangements, members of its Board of Directors and executives with strategic responsibilities, as well as their families and entities controlled by them. The Group carries out transactions with related parties on commercial terms that are normal in the respective markets, considering the characteristics of the goods or services involved. Transactions carried out by the Group with these related parties are primarily of a commercial and financial nature and mainly relate to: Transactions with associates • Transactions with Tom Ford related to (i) a licensing agreement for the production and worldwide distribution of luxury men’s ready to wear and made to measure clothing, footwear and accessories under the Tom Ford label, (ii) financial assets related to loans to Tom Ford, and (iii) financial guarantees provided to Tom Ford in relation to its payment obligations under a bank loan for an amount of $7,500 thousand issued to Tom Ford in 2020 and maturing in March 2025. • The purchase of raw materials, in particular carded yarns from Filati Biagioli Modesto Transactions with companies controlled by Monterubello or its shareholders, Zegna directors or senior management • The purchase of raw materials, in particular of wool, from Gruppo Schneider S.p.A. • The purchase of industrial services, in particular of fabrics’ finishing, from Finissaggio e Tintoria Ferraris S.p.A. • The purchase of industrial services from Pettinatura di Verrone S.r.l. • Transactions with PKB Privatbank AG relating to an interest-bearing loan amounting to Euro 5,000 thousand expiring in March 2022. • The Disposition of certain of its businesses, through the statutory demerger under Italian law to a new company owned by its existing shareholders. The Disposition included, inter alia, Zegna’s real estate business, consisting of Zegna’s former subsidiary EZ Real Estate, which directly and indirectly holds substantially all of the real estate assets formerly owned by the Zegna group, as well as certain properties previously owned by Lanificio. Most of the real estate properties directly or indirectly owned by EZ Real Estate were, and continue to be, leased to Zegna also following the Disposition. Zegna pays rent to EZ Real Estate or its subsidiaries under lease agreements. In addition, following the Disposition, Zegna has entered into arrangements whereby Oasi Zegna provides licensing, marketing and other sustainability-related services to Zegna. • As part of the Disposition, on January 14, 2021, the Group sold 70% of its equity stake in Agnona to a related party for consideration of Euro 1 and as a result Agnona was deconsolidated from the beginning of the year and became a related party of the Group. The Group subsequently disposed of the remaining 30% stake in Agnona in two tranches during September and October 2021 for total consideration of Euro 500 thousand. Following the initial disposal of Agnona, the Group sold products and recharged costs for services to Agnona, as well as compensated amounts related to losses incurred by Agnona subsequent to the Group’s sale of a majority stake in accordance with the terms of the related sale agreement. • Following the Disposition, the payment of rent to EZ Real Estate or its subsidiaries under lease agreements for the use of properties. • Support to the activities of Fondazione Zegna, a charitable organization which provides an opportunity for charitable work on the part of the Zegna family and Group employees. Fondazione Zegna supports and funds projects in cooperation with non-profit organizations operating in various fields and different parts of the world. • Put contracts entered into as part of the Group’s investments in Thom Browne and Lanificio whereby the Group has been required to, and may in the future be required to, purchase all or a portion of the remaining non-controlling interests in Thom Browne and Lanificio. For additional information relating to the put contracts please refer to Note 34 - Other current and non-current financial liabilities . Transactions related to the Business Combination In connection with the closing of the Business Combination and the public listing of Zegna (as further described in Note 1 - General information ), Zegna entered into various transactions with Monterubello and other shareholders and related parties, including the following: • The repurchase by Zegna of 54,600,000 of its own shares from Monterubello for total consideration of Euro 455,000 thousand. • The issuance of Zegna ordinary shares to the PIPE Investors, which include certain of Zegna’s related parties (including certain directors and officers and affiliates of Monterubello), in exchange for cash consideration. • The reimbursement to Zegna by Monterubello of a special gift to all employees of the Group for an amount of Euro 10,923 thousand. • The issuance of 800,000 private warrants to certain Zegna non-executive directors, for which the Group recognized personnel costs of Euro 1,263 thousand and an offsetting increase to other reserves within equity for the year ended December 31, 2021. • The grant of equity-settled share-based payments to key management, as further described below. The following table summarizes transactions with related parties for the years ended December 31, 2021, 2020 and 2019. (Euro thousands) For the year ended December 31, 2021 2020 2019 Revenues Costs (1) (2) Personnel costs Write down (3) Financial (expenses) Revenues Costs (1) (2) Personnel costs Financial (expenses) Revenues Costs (1) (2) Personnel costs Financial (expenses) Associates Tom Ford 23,047 7,730 — — 596 25,088 7,673 — 471 29,499 8,958 — 1,847 Filati Biagioli Modesto S.p.A. 49 177 — — — — — — — — — — — Pelletteria Tizeta S.r.l. — — — — — 4 2 — — 4 2 — — Total associates 23,096 7,907 — — 596 25,092 7,675 — 471 29,503 8,960 — 1,847 Companies controlled by Monterubello or its shareholders, Zegna directors or senior management G. Schneider S.p.A. 20 5,623 — — — 217 6,683 — — 10 9,815 — — Agnona S.r.l. 373 (485 ) — 6,150 — — — — — — — — — Disposition entities (4) 58 1,566 — — — — — — — — — — — Other companies controlled by Monterubello or its shareholders, Zegna directors or senior management (5) 9 491 — — (40 ) 13 450 — (44 ) 11 1,364 — (44 ) Total companies controlled by Monterubello or its shareholders, Zegna directors or senior management 460 7,195 — 6,150 (40 ) 230 7,133 — (44 ) 21 11,179 — (44 ) Other related parties connected to directors and shareholders — — 1,284 — (20,675 ) — 33 860 — — 39 1,014 — Total transactions with related parties 23,556 15,102 1,284 6,150 (20,119 ) 25,322 14,841 860 427 29,524 20,178 1,014 1,803 Total for Zegna Group 1,292,402 663,238 367,762 19,487 2,066 1,014,733 537,495 282,659 (13,720 ) 1,321,327 681,498 331,944 (15,431 ) (1) Costs with Tom Ford include royalties amounting to Euro 4,081 thousand, Euro 4,095 thousand and Euro 4,721 thousand for the years ended December 31, 2021, 2020 and 2019, respectively. (2) Includes cost for raw materials and consumables, purchased, outsourced and other costs. (3) Includes Euro 6,006 thousand related to losses incurred by Agnona subsequent to the Group’s sale of a majority stake in Agnona in January 2021, for which the Group was (4) Disposition entities includes Alan Real Estate S.A., EZ Real Estate S.r.l and 61 West 23rd Street LLC (5) Includes transactions with Fondazione Zegna, Finissaggio e Tintoria Ferraris S.p.A., PKB Privatbank AG and Pettinatura di Verrone S.r.l. The following table summarizes balances with related parties at December 31, 2021 and 2020. (Euro thousands) At December 31, 2021 At December 31, 2020 Trade receivables Other financial assets Other current (1) Financial (2) Other liabilities (3) Trade receivables Other financial assets Financial (2) Other liabilities (3) Associates Tom Ford 20,939 1,497 — — 344 23,453 1,198 — 136 Filati Biagioli Modesto S.p.A. 59 — — — 63 — — — — Total associates 20,998 1,497 — — 407 23,453 1,198 — 136 Monterubello and companies controlled by Monterubello or its shareholders, Zegna directors or senior management Monterubello — — 10,923 — — — — — — G. Schneider S.p.A. 12 — — — 516 18 — — 323 Agnona S.r.l. 642 — — — 122 — — — — PKB Privatbank AG — — — 5,000 — — — 5,000 — Disposition entities (4) 248 — — — 1,248 — — — — Other companies controlled by Monterubello or its shareholders, Zegna directors or senior management (5) 13 — — — 242 2 94 — 51 Total Monterubello and companies controlled by Monterubello or its shareholders, Zegna directors or senior management 915 — 10,923 5,000 2,128 20 94 5,000 374 Other related parties connected to directors and shareholders 500 — — — 171 — — 2,146 61 Total originating from related parties 22,413 1,497 10,923 5,000 2,706 23,473 1,292 7,146 571 Total for Zegna Group 160,360 375,752 68,773 639,033 389,656 138,829 399,426 779,690 294,326 (1) On December 20, 2021, the Group announced that the Zegna family decided to grant a Euro 1,500 special gift to each employee of the Zegna group, amounting to a total of Euro 10,916 thousand, as a result of the Company becoming listed on a public stock exchange. The gift was paid to employees in February 2022. Monterubello agreed to reimburse the cost incurred by the Group as an equity contribution, which was received in February 2022. (2) Includes non-current non-current non-current (3) Includes trade payables and customer advances, employee benefits and other current liabilities. (4) Disposition entities includes Alan Real Estate S.A., EZ Real Estate S.r.l and 61 West 23rd Street LLC (5) Includes transactions with Finissaggio e Tintoria Ferraris S.p.A., Achill Station Pty Ltd., and Pettinatura di Verrone S.r.l. The following table summarizes remuneration of and outstanding balances with Zegna directors and key executives with strategic responsibilities: (Euro Key Management Personnel Outstanding Balance Short-term (1) Post- Other long- Share-based Dividends Purchase of (2) Employee Other non- current Other current Non-current 2021 16,853 4,012 8,702 14,012 — — 12,865 135,726 7,990 2,219 2020 9,414 736 — (9,975 ) 1,116 — 538 198,046 991 — 2019 11,790 956 — 1,016 1,465 1,762 526 214,389 1,193 — (1) Includes corporate bodies fees, consultancy fees and personnel compensation. (2) Relates to the acquisition of Thom Browne. (3) Primarily relates to liabilities on put contracts entered into as part of the Group’s investments in Thom Browne and Lanificio. Share-based payments Cash-settled share-based payments In 2017 the Company granted certain cash-settled share-based payment awards to the Group’s CEO. Under these plans, the CEO was awarded: a. 55,433 shares (2,771,650 shares following the Share Split) of the Company together with an option that entitles the CEO to sell back to the Company the same shares at their market price. For 25,988 shares of the shares attributed (1,299,400 shares following the Share Split) there were no specific conditions to be satisfied for the sale right to be exercised; and b. The right to buy a maximum number of 15,832 shares (791,600 shares following the Share Split) in the Company at a price of Euro 186.50 per share (Euro 3.73 per share following the Share Split) and the right to convert part of his fixed remuneration in the Company’s shares at the same price, together with the right to sell those shares back to the Company at their market price. Such rights vested immediately and can be exercised directly by the CEO in case of an initial public offering of the Company’s shares, a sale to third parties of whole or part of the Company’s shares or by the CEO’s heirs under the circumstances of either his death or medically ascertained mental or severe physical disablement. As a result of entering into this agreement, the Company recognized a liability to transfer cash to the CEO based on the fair value of equity instruments of the Company at each reporting date, with the changes in the fair value the liability recognized in the statement of profit or loss for the period. The Company share price was estimated according to a market approach valuation model, using market multiples derived from a set of comparable transactions. During 2020, in the context of the COVID-19 Equity-settled share-based payments On February 4, 2021 and as amended on July 15, 2021, the Company granted the following equity-settled share-based payments to the CEO: a. Up to a maximum of 2,520,000 performance share units (“ PSUs 30%-40% b. The right to buy a maximum number of 15,832 shares (791,600 shares following the Share Split) in the Company for a purchase price of Euro 186 per share (Euro 3.72 per share following the Share Split) (“ CEO Stock Options c. The right to convert all or part of the CEO’s fixed remuneration in the Company’s shares (“ Remuneration in shares d. 600,000 PSUs (“ CEO IPO LTI • 240,000 PSUs vest upon the satisfaction of the following conditions: (i) a public listing of the Company’s shares, and (ii) a Company share price of at least $11.50 for twenty • 360,000 PSUs vest upon the satisfaction of the following conditions: (i) a public listing of the Company’s shares, (ii) a Company share price of at least $12.50 for twenty For the year ended December 31, 2021, the Group recognized Euro 2,047 thousand as share-based compensation expense within personnel costs in relation to these PSUs and at December 31, 2021 unrecognized compensation expense amounted to Euro 1,680 thousand and is expected to be recognized over the expected remaining vesting periods through 2023. The fair value of the PSU awards used for accounting purposes was measured at the grant date using a Monte Carlo Simulation model. Key assumptions used in the valuation include the following: (i) grant date share price: USD 6.53 per share to USD 7.85 per share (ii) expected volatility: 30%-40% Management IPO LTI In December 2021, the Company resolved to granted 900,000 PSUs to Zegna directors (excluding the CEO), key executives with strategic responsibilities and other employees of the Group (“ Management IPO LTI • 450,000 PSUs vest upon the satisfaction of the following conditions: (i) a public listing of the Company’s shares before December 31, 2021 and, (ii) a Company share price of at least $11.50 for ten • 450,000 PSUs vest upon the satisfaction of the following conditions: (i) a public listing of the Company’s shares before December 31, 2021, (ii) a Company share price of at least $12.50 for twenty For the year ended December 31, 2021, the Group recognized Euro 3,349 thousand (of which Euro 1,023 thousand related to key management, excluding the CEO) as share-based compensation expense within personnel costs in relation to these PSUs and at December 31, 2021 unrecognized compensation expense amounted to Euro 2,720 thousand and is expected to be recognized over the expected remaining vesting periods through 2023. The fair value of the PSU awards used for accounting purposes was measured at the grant date using a Monte Carlo Simulation model. Key assumptions used in the valuation include the following: (i) grant date share price: USD 7.00 per share to USD 8.32 per share (ii) expected volatility: 30% based on the historical and implied volatility of a group of comparable companies, (iii) risk free rate: 0.73%. As part of the Business combination, the Company issued 800,000 private warrants to certain Zegna non-executive Management Stock Options In 2021 a member of key management (excluding the CEO) exercised a right to buy 16,237 shares (811,850 shares following the Share Split) in the Company for a purchase price of Euro 137 per share (Euro 2.74 per share following the Share Split) (“ Management Stock Options |
Notes to consolidated cash flow
Notes to consolidated cash flow statement | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Notes to consolidated cash flow statement | 43. Notes to consolidated cash flow statement Operating activities Other non-cash non-cash COVID-19 For the year ended December 31, 2020 other non-cash COVID-19 The change in other operating assets and liabilities primarily relates to indirect taxes, accrued income and expenses, and deferred charges. Investing activities Business combinations, net of cash acquired relates to the net cash outflows of acquisitions made by the Group (excluding the Business Combination). Please refer to Note 5 - Business combinations for further details. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Subsequent events | 44. Subsequent events The Group has evaluated subsequent events through April 6, 2022 which is the date the Consolidated Financial Statements were authorized for issuance, and identified the following events, all of which are non-adjusting Due to ongoing conflict in Ukraine that started in February 2022 and the related escalating geopolitical tensions, many governments around the world, including those of the United States, the European Union, the United Kingdom and other jurisdictions, have recently announced the imposition of sanctions on certain industries and parties in Russia and the Ukrainian regions of Donetsk and Luhansk, as well as export controls on certain industries and products and the exclusion of certain Russian financial institutions from the SWIFT system. On March 11, 2022, the President of the United States issued an executive order prohibiting exports to Russia of luxury goods (including, inter alia, apparel, footwear and certain accessories with a per unit wholesale price of $1,000 or more). Shortly thereafter, on March 15, 2022, the Council of the European Union imposed new sanctions on Russia prohibiting the export of luxury goods having a value in excess of €300 per item (including clothing, footwear, leather and fashion accessories). Pursuant to the aforementioned sanctions, the Group suspended production of products for the Fall/Winter 2022 collection ordered by our Russian franchisees and distributors and it is uncertain whether and when it will be able to resume such production. Several of the agreements with the Group’s wholesale customers in Russia are due to expire during the course of 2022 and 2023 and it is uncertain whether, when and at what terms and conditions such agreements will be renewed. The Russian market represented 1.5%, 2.0% and 1.5% of the Group’s revenues in 2021, 2020 and 2019, respectively. The Group has experienced minor delays in production in 2022 in certain countries where a significant number of its and its suppliers’ employees had to stay at home after becoming infected with COVID-19. Since March 2022, due to a new wave of COVID-19 in certain parts of the Greater China Region and the resulting lockdown restrictions, the Group has been required to close certain DOSs in the Greater China Region, and DOSs that have remained open have experienced significantly lower customer traffic. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Basis of consolidation | Basis of consolidation Subsidiaries Subsidiaries are entities over which the Group has control. Control is achieved when the Group has the power over the investee, it is exposed, or has rights to, variable returns from its involvement with the investee, and has the ability to use its power to affect its returns. Subsidiaries are consolidated on a line by line basis from the date on which the Group obtains control. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. Subsidiaries are deconsolidated from the date when control ceases. When the Group ceases to have control over a subsidiary, it derecognizes the assets (including any goodwill) and liabilities of the subsidiaries at their carrying amounts, derecognizes the carrying amount of non-controlling The Group recognizes any non-controlling acquisition-by-acquisition non-controlling non-controlling All intra-group balances and transactions and any unrealized gains and losses arising from intra-group transactions are eliminated in preparing the Consolidated Financial Statements. |
Foreign currency transactions | Foreign currency transactions The functional currency of the Group’s entities is the currency of their primary economic environment. Transactions in foreign currencies are recorded at the exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the foreign currency exchange rate prevailing at that date. Exchange differences arising on the settlement of monetary items or on reporting monetary items at rates different from those at which they were initially recorded during the period or in previous financial statements are recognized in the consolidated statement of profit and loss. |
Consolidation of foreign entities | Consolidation of foreign entities Upon consolidation, all assets and liabilities of Group entities with a functional currency other than the Euro are translated using the closing rates at the date of the consolidated statement of financial position. Income and expenses are translated into Euro at the average foreign currency exchange rate for the period. Translation differences resulting from the application of this method are recognized within other comprehensive income/ (loss) until the disposal of the investment. Average foreign currency exchange rates for the period are used to translate the cash flows of foreign subsidiaries in preparing the consolidated statement of cash flows. Goodwill, assets acquired and liabilities assumed arising from the acquisition of entities with a functional currency other than the Euro are recognized in the Consolidated Financial Statements in the functional currency and translated at the foreign currency exchange rate at the acquisition date. These balances are translated at subsequent balance sheet dates at the relevant foreign currency exchange rate. The principal foreign currency exchange rates used by the Group to translate other currencies into Euro were as follows: 2021 2020 2019 At December 31 Average At December 31 Average At December 31 Average U.S. Dollar 1.133 1.183 1.227 1.142 1.123 1.119 Swiss Franc 1.033 1.081 1.080 1.070 1.085 1.113 Chinese Renminbi 7.195 7.629 8.023 7.874 7.821 7.735 Pound Sterling 0.840 0.860 0.899 0.890 0.851 0.878 Hong Kong Dollar 8.833 9.193 9.514 8.857 8.747 8.772 Singapore Dollar 1.528 1.589 1.622 1.574 1.511 1.527 United Arab Emirates Dirham 4.160 4.344 4.507 4.194 4.126 4.111 Japanese Yen 130.380 129.877 126.490 121.832 121.940 122.021 |
Interests in associates and in joint arrangements | Interests in associates and in joint arrangements An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee without having control or joint control over those policies. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Associates and joint ventures are accounted for using the equity method of accounting, from the date significant influence or joint control is obtained, respectively. Under the equity method, the investments are initially recognized at cost and adjusted thereafter to recognize the Group’s share of the profit/(loss) and other comprehensive income/(loss) of the investee. The Group’s share of the investee’s profit/(loss) is recognized in the consolidated statement of profit and loss. Distributions received from an investee reduce the carrying amount of the investment. Post-acquisition movements in other comprehensive income/(loss) are recognized in other comprehensive income/(loss) with a corresponding adjustment to the carrying amount of the investment. Unrealized gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the Group’s interest. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When the Group’s share of the losses of an associate or joint venture exceeds the carrying amount of the Group’s investment, the Group discontinues recognizing its share of further losses. Additional losses are provided for, and a liability is recognized, only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the related investee. The Group discontinues the use of the equity method from the date the investment ceases to be an associate or joint venture, or when it is classified as available-for-sale. |
Scope of consolidation | Scope of consolidation Ermenegildo Zegna N.V. is the parent company of the Zegna Group and it holds, directly or indirectly, interests in the Zegna Group’s subsidiaries. The following table presents the Zegna Group’s scope of consolidation at December 31, 2021 and 2020: Company Registered office Share capital Held directly by % Group At December 31, 2021 2020 Companies consolidated on a line-by-line Parent company Ermenegildo Zegna N.V. Amsterdam (Netherlands) 5,938,873 Italian subsidiaries In.co. S.p.A. Biella 4,050,000 Ermenegildo Zegna N.V. 100 100 Lanificio Ermenegildo Zegna e Figli S.p.A. Valdilana (BI) 3,100,000 Ermenegildo Zegna N.V. 100 90 Ezi S.p.A. Milan 5,750,000 Ermenegildo Zegna N.V. 100 100 EZ Real Estate Valdilana (BI) 2,000,000 Ermenegildo Zegna N.V. — 100 EZ Service S.r.l. Valdilana (BI) 500,000 Ermenegildo Zegna N.V. 100 — Agnona S.r.l. (**) Milan 200,000 Ermenegildo Zegna N.V. — 100 Bonotto S.p.A. Colceresa (VI) 1,239,600 Ermenegildo Zegna N.V. 60 60 Cappellificio Cervo S.r.l. Biella 300,000 Ermenegildo Zegna N.V. 51 51 Thom Browne Services Italy S.r.l. Milan 10,000 Thom Browne Trading SA 90 85 Thom Browne Retail Italy S.r.l. Milan 10,000 Thom Browne Services Italy S.r.l. 90 85 Gruppo Dondi S.p.A. Carpi (MO) 1,502,800 Ermenegildo Zegna N.V. 65 65 Tessitura Ubertino S.r.l. Valdilana (BI) 100,000 Ermenegildo Zegna N.V. 60 — Foreign subsidiaries Investindustrial Acquisition Corp. (“IIAC”) Cayman Islands 4,944,366 Ermenegildo Zegna N.V. 100 — Ermenegildo Zegna Giyim Sanayi ve Tic. A. S. Istanbul (Turkey) 32,291,439 Ermenegildo Zegna N.V. 100 100 Ermenegildo Zegna H.m.b.H. Wien (Austria) 610,000 Ermenegildo Zegna N.V. 100 100 Société de Textiles Astrum France S.à.r.l. Paris (France) 500,000 Ermenegildo Zegna N.V. 100 100 Ermenegildo Zegna GmbH Munich (Germany) 6,577,421 Ermenegildo Zegna N.V. 100 100 Zegna Japan Co., LTD Minato-Ku-Tokyo 100,000,000 Ermenegildo Zegna N.V. 100 100 Fantasia (London) Limited London (UK) 7,000,000 Ermenegildo Zegna N.V. 100 100 Ermenegildo Zegna S.A. de C.V. Ciudad de Mexico (Mexico) 459,600,000 Ermenegildo Zegna N.V. 100 100 Ezeti Portugal. S.A. Lisbon (Portugal) 800,000 Ermenegildo Zegna N.V. 100 100 Ermenegildo Zegna Madrid S.A. Barcelona (Spain) 901,500 Ezeti S.L. 70 70 Ezeti S.L. Barcelona (Spain) 500,032 Italco S.A. 100 100 Italco S.A. Sant Quirze (Spain) 1,911,300 Ermenegildo Zegna N.V. 100 100 Ermenegildo Zegna Czech s.r.o Prague (Czech Republic) 1,350,000 Ermenegildo Zegna N.V. 100 — Co.Ti. Service S.A. Stabio (Switzerland) 27,940,000 Ermenegildo Zegna N.V. 100 100 Consitex S.A. Stabio (Switzerland) 15,000,000 Ermenegildo Zegna N.V. 100 100 Ermenegildo Zegna Corporation New York, NY 500,000 Ermenegildo Zegna N.V. 100 100 Zegna (China) Enterprise Management Co., Ltd. Shanghai (China) 58,309,140 Ermenegildo Zegna N.V. 100 100 Ermenegildo Zegna (China) Co., LTD Shanghai (China) 50,000,000 Ermenegildo Zegna N.V. 100 100 Ismaco Amsterdam B. V. Amsterdam (Netherlands) 226,890 Ermenegildo Zegna N.V. 100 100 Ermenegildo Zegna Korea LTD (**) Seoul (Korea) 6.876.000.000 E.Z. Holditalia — 100 Alan Real Estate Stabio (Switzerland) 9,200,000 EZ Real Estate S.r.l. (*) — 100 Ermenegildo Zegna Far-East Pte LTD Singapore 21,776,432 Consitex S.A. 100 100 Ermenegildo Zegna Hong Kong LTD Hong Kong 238,240,000 Ermenegildo Zegna N.V. 100 100 E. Zegna Trading Hong Kong LTD Taiwan Branch Hong Kong 233,659,800 Ermenegildo Zegna Hong Kong LTD 100 100 Ermenegildo Zegna Canada Inc. Toronto (Canada) 700,000 Consitex S.A. 100 100 Ermenegildo Zegna Australia PTY LTD Sydney (Australia) 18,000,000 Ermenegildo Zegna Far-East 100 100 E. Z. New Zealand LTD Auckland (New Zealand) 3,300,000 Ermenegildo Zegna N.V. 100 100 Ezesa Argentina S.A. Buenos Aires (Argentina) 27,246,979 Ermenegildo Zegna N.V.; Italco S.A. 100 100 E. Z. Thai Holding Ltd Bangkok (Thailand) 3,000,000 Ermenegildo Zegna N.V. 49 49 The Italian Fashion Co. LTD Bangkok (Thailand) 16,000,000 E. Z. Thai Holding Ltd; Ermenegildo Zegna Far-East 65 65 Zegna South Asia Private LTD Mumbai (India) 902,316,770 Ermenegildo Zegna N.V. 51 51 ISMACO TEKSTİL LİMİTED ŞİRKETİ Istanbul (Turkey) 10,000,000 Ermenegildo Zegna N.V., Ismaco 100 100 Ezesa Brasil Participacoes LTDA San Paolo (Brazil) 77,481,487 Ermenegildo Zegna N.V. 100 100 Ermenegildo Zegna (Macau) LTD Kowloon Bay (Hong Kong) 4,650,000 Consitex S.A. 100 100 Ermenegildo Zegna Malaysia Sdn. Bhd. Kuala Lumpur (Malaysia) 3,000,000 Ermenegildo Zegna Far-East 100 100 Ermenegildo Zegna Maroc S.A.R.L.A.U. Casablanca (Morocco) 530,000 Ermenegildo Zegna N.V. 100 100 Company Registered office Share capital Held directly by % Group At December 31, 2021 2020 61 West 23rd Street LLC (*) New York, NY 12,637,342 Alan Real Estate S.A. — 100 Ermenegildo Zegna Vietnam LLC Hanoi City (Vietnam) 53,567,900,000 Ermenegildo Zegna N.V. 77 77 Achill Land Pty Ltd. (*) Armidale NSW (Australia) 10,200,000 Alan Real Estate S.A. — 60 Zegna Gulf Trading LLC Dubai (UAE) 300,000 Consitex S.A. 49 49 EZ US Holding Inc. Wilmington (U.S.A.) 1,000,099 Consitex S.A. 100 100 E.Zegna Attica Single Member Société Anonyme Athens (Greece) 650,000 Ermenegildo Zegna N.V. 100 100 Thom Browne Inc. Wilmington (U.S.A.) 5,510 Ermenegildo Zegna N.V. 90 85 Thom Browne Japan Inc. Tokyo (Japan) 1,000,000 Thom Browne Inc. 90 85 Thom Browne Trading SA Stabio (Switzerland) 100,000 Thom Browne Inc. 90 85 Thom Browne France Services Paris (France) 50,000 Thom Browne Trading SA 90 85 Thom Browne UK Limited Beckenham (UK) 1 Thom Browne Trading SA 90 85 Tailoring Luxury Co., Ltd. Shanghai (China) 900,000 Thom Browne Trading SA 90 85 Thom Browne (Macau) Limited Hong Kong 500,000 Thom Browne Trading SA 90 85 Thom Browne Canada Vancouver (Canada) 1 Thom Browne Trading SA 90 85 Thom Browne Hong Kong Limited Hong Kong 500,000 Thom Browne Trading SA 90 — Investments valued using the equity method of accounting Italian associates and joint arrangements Pelletteria Tizeta S.r.l. Sesto Fiorentino (FI) 206,816 Ermenegildo Zegna N.V. 50 50 Filati Biagioli Modesto S.p.A. Montale (PT) 7,900,000 Ermenegildo Zegna N.V. 40 — Foreign associates and joint arrangements Achill Station Pty Ltd. Armidale NSW (Australia) 2,239,127 Alan Real Estate S.A. — 60 Tom Ford International LLC Delaware (U.S.A.) 82,366,000 EZ US Holding Inc. 15 15 Other investments valued at fair value Acquedotto Piancone S.r.l. Valdilana (BI) 42,000 Lanificio Ermenegildo Zegna e Figli S.p.A. 67 67 Pettinatura di Verrone S.r.l. Verrone (BI) 3,000,000 Lanificio Ermenegildo Zegna e Figli S.p.A. 15 15 Consorzio Turistico Alpi Biellesi (*) Valdilana (BI) 33,750 EZ Real Estate S.r.l. (*) — 44 Sharmoon.EZ.Garments Co. Ltd Wenzhou (China) 100,000,000 Ermenegildo Zegna N.V. 50 50 F2 S.r.l. Schio (VI) 90,000 Bonotto S.p.A. 49 49 Elah Dufour S.p.A. (*) Genova (GE) 26,650,000 E.Z. Holditalia — 10 Bea Biella S.r.l. (*) Busalla (GE) 130,000 EZ Real Estate S.r.l. (*) — 22 Future 101 Design Private Ltd New Delhi (India) 100,000 E.Z. Holditalia — 18 The following changes in the scope of consolidation of the Group occurred during the year ended December 31, 2021: • On January 14, 2021, the Group sold 70% of its equity stake in Agnona S.r.l. (“Agnona”) to a related party, maintaining an equity stake and a joint control, and as a result Agnona was deconsolidated from the beginning of the year. The Group disposed of the remaining 30% stake in Agnona in two tranches during September and October 2021; • On February 16, 2021 the Group incorporated Ermenegildo Zegna Czech s.r.o., primarily to manage a franchised store in Prague that the Group converted to a DOS; • On June 1, 2021 the Group acquired an additional 5% of Thom Browne, based on the first tranche of the put option, for a total consideration of USD 37,400 thousand (Euro 30,653 thousand), following which the Group owns 90% of the Thom Browne group. As a result, the Group derecognized a portion of the liability for the written put option on non-controlling non-controlling • On June 4, 2021 the Group acquired 60% of the shares of Tessitura Ubertino S.r.l. (“Tessitura Ubertino”) and began consolidating Tessitura Ubertino. See Note 5 - Business combinations • On July 14, 2021 the Group acquired 40% of the shares of Filati Biagioli Modesto S.p.A. for consideration of Euro 313 thousand; • On July 28, 2021, the Group acquired an additional 10% interest in Lanificio from a related party for a total consideration of Euro 9,600 thousand, following which the Group owns 100% of Lanificio. As a result, the Group recognized a loss for the changes in fair value of Euro 3,523 thousand, and derecognized the liability for the written put option on non-controlling non-controlling • On September 2, 2021 the Group finalized the purchase of the single purpose company London Blue LLC, which holds a real estate property in London, England (previously 50% owned by the Group), for a total consideration of GBP 37,041 thousand. London Blue LLC was subsequently disposed of as part of the Disposition. • On September 28, 2021 the Group sold a 17.5 1,563 • On October 1, 2021 EZ Service S.r.l. (“EZ Service”), a limited liability company based in Italy and fully owned by Ermenegildo Zegna Holditalia S.p.A., was incorporated. A branch of Ermenegildo Zegna Holditalia S.p.A. was transferred to EZ Service effective November 1, 2021. EZ Service provides a range of corporate services to both Group subsidiaries and third parties, including, among others, services related to administration, tax, legal, design, marketing, retail management and information technology; • As part of the activities contemplated by the Business Combination, on November 1, 2021, Zegna completed the Disposition (as defined in Note 1 - General information • As part of the activities contemplated by the Business Combination, in December 2021 EZ Cayman, a wholly-owned subsidiary of Zegna General information |
Property, plant and equipment | Property, plant and equipment Cost Property, plant and equipment is initially recognized at cost, which comprises the purchase price, any costs directly attributable to bringing the assets to the location and condition necessary to be capable of operating in the manner intended by management, capitalized borrowing costs and any initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located. Self-constructed assets are initially recognized at their production cost, including labor costs. Subsequent costs are capitalized only if they increase the future economic benefits embodied in the related assets. All other expenditures are expensed as incurred. When parts are replaced, the carrying amount of the parts that are replaced are written off in the consolidated statement of profit and loss. Property, plant and equipment is presented net of accumulated depreciation, calculated on the basis of the useful lives of the assets, and any impairment losses. |
Depreciation | Depreciation Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, as follows: Category of Property, Plant and Equipment Depreciation rate Buildings 3% - 10 % Plants and machinery 12.5% - 17.5 % Industrial and commercial equipment 20% - 25 % Other tangible assets 12% - 25 % Land and assets under construction are not depreciated. If the asset being depreciated consists of separately identifiable components whose useful life differs from that of the other parts making up the asset, depreciation is charged separately for each of its component parts through application of the “component approach”. Property, plant and equipment is tested for impairment when impairment indicators are identified, such as a scheduled closure of a store or site, a redundancy plan or a downward revision of market forecasts. When an asset’s recoverable amount is less than its net carrying amount, an impairment loss is recognized. Where the recoverable amount of an individual asset cannot be determined precisely, the Group determines the recoverable amount of the cash-generating unit (“CGU”) or group of CGUs to which the asset belongs. |
Investment property | Investment property Investment property is land or buildings owned by the Group with the intention of earning rent or holding for capital appreciation. Investment property is recognized when it is probable that the future economic benefits associated with the property will flow to the entity and the cost of the property to the entity can be reliably measured. Investment property is initially measured at cost plus transaction costs. Investment property is subsequently measured at cost less accumulated depreciation and any accumulated impairment losses (the cost model). Investment property is impaired if its carrying amount exceeds its recoverable amount. Impairment losses are recognized in the consolidated statement of profit and loss under “Depreciation, amortization and impairment of assets”. Impairment losses are reversed if the reasons for them cease to exist, but not in excess of the carrying amount that would have been recorded had no impairment loss been recognized. The reversal of an impairment loss is recognized in the consolidated statement of profit and loss immediately. Investment property is derecognized when it has been disposed of or when it has been permanently withdrawn from use and no future economic benefits are expected to arise from its disposal. The gain or loss on disposal or retirement of investment property is calculated as the difference between the net disposal proceeds, after deducting direct costs of disposal, and the carrying amount at the date of disposal. |
Brands with indefinite useful life | Brands with indefinite useful life Brands with indefinite useful lives are not amortized but are tested for impairment at least annually, or more frequently, if facts or circumstances indicate that the asset may be impaired. |
Intangible assets with a finite useful life | Intangible assets with a finite useful life An identifiable non-monetary Intangible assets with a finite useful life include trademarks, licenses, software, and development costs. Concession, licenses, trademarks and patents Concession, licenses, trademarks and patents are recognized at cost or at the value attributed upon acquisition and include the cost of trademark registration in the various countries in which the Group operates, assuming there are no risks or limitations on control over their use. Software Software acquired as part of recurring operations and software developed in-house Know how As a result of the acquisition of Tessitura Ubertino in June 2021, the Group recognized intangible assets relating to know how, which were initially recognized at their fair value at the date of acquisition and will be amortized over a 5 year period. Development costs Development costs are recognized as an asset if, and only if, both of the following conditions under IAS 38 — Intangible Assets Intangible assets with a definite useful life are amortized on a straight-line basis at the following rates: Category of Intangible assets with a finite useful life Depreciation rate Concessions, licenses, trademarks and patents 2.5% - 25 % Software 10% - 33 % Know how 20 % Development costs and other intangibles 10% - 33 % |
Leases | Leases The Group recognizes a right-of-use asset and a corresponding lease liability at the date at which the leased asset is available for use. Each lease payment is allocated between the principal liability and finance costs. Finance costs are charged to the statement of profit and loss over the lease period using the effective interest rate method. The right-of-use asset is depreciated on a straight-line basis over the lease term. Right-of-use low-value Lease liabilities are measured at the net present value of the following: (i) fixed lease payments, (ii) variable lease payments that are based on an index or a rate and, if applicable, (iii) amounts expected to be payable by the lessee under residual value guarantees, and (iv) the exercise price of a purchase option if the lessee is reasonably certain to exercise that option. Lease liabilities do not include any non-lease Variable lease payments are recognized in the statement of profit and loss in the period in which the condition that triggers those payments occurs. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. The Group determines the lease term as the non-cancellable |
Impairment of non-current assets | Impairment of non-current The Group continuously monitors its operations to assess whether there is any indication that its non-current right-of-use |
Business combinations | Business combinations Business combinations are accounted for using the acquisition method in accordance with IFRS 3. Accordingly, the consideration transferred (acquisition price) in a business combination is measured at the fair value, which is measured at the fair value of the assets transferred, liabilities incurred by the acquirer and the equity interest issued at the date the control changed. The following items constitute an exception, which are instead valued according to their reference principle: (i) deferred tax assets and liabilities, (ii) assets and liabilities for employee benefits and (iii) assets held for sale. Acquisition-related costs are recognized in the consolidated statement of profit and loss as incurred. Goodwill is measured as the excess of the acquisition price plus the amount of any non-controlling In the event that the fair values of the assets, liabilities and contingent liabilities can only be determined provisionally, the business combination is recognized using these provisional values. Any adjustments deriving from the completion of the valuation process are recognized within twelve months from the acquisition date. If a price component is linked to the realization of future events, this component is considered in the estimate of the fair value at the time of the business combination. Significant gains and losses, with the related tax effects, deriving from transactions carried out between fully consolidated companies not yet realized with third parties, are eliminated, except for losses that are not eliminated if the transaction provides evidence of a reduction of value of the transferred asset. The reciprocal debit and credit relationships, costs and revenues, as well as financial income and expenses are also eliminated if significant. The purchase of further holdings in subsidiaries and the sale of shares that do not involve the loss of control are considered transactions between shareholders; as such, the accounting effects are recognized directly in the Group’s equity. |
Put and call agreement on non-controlling interests | Put and call agreement on non-controlling In the case of put options granted to non-controlling non-controlling non-controlling non-controlling non-controlling |
Financial instruments | Financial instruments The classification of a financial asset is based on the Group’s business model for managing the related financial assets and their contractual cash flows. The Group considers whether the contractual cash flows represent solely payments of principal and interest that are consistent with a basic lending arrangement. Where the contractual terms introduce exposure to risk or volatility that are inconsistent with a basic lending arrangement, the related financial assets are classified and measured at fair value through profit and loss. With the exception of trade receivables that do not contain a significant financing component (or for which the Group has applied the practical expedient available under IFRS 15 - Revenue from contracts with customers Measurement subsequent to initial recognition is based on the classification of the financial assets into one of the following categories: 1. Financial assets at amortized cost; 2. Financial assets at fair value through other comprehensive income, with subsequent recycling of cumulative gains and losses to the statement of profit and loss (“FVOCI”); or 3. Financial assets at fair value through profit and loss (“FVPL”). 1. Financial assets at amortized cost Financial assets at amortized cost are subsequently measured using the effective interest rate method and are subject to impairment testing. Gains and losses are recognized in the statement of profit and loss when the asset is derecognized, modified or impaired. The Group’s financial assets at amortized cost primarily include trade receivables, guarantee deposits and certain other non-current 2. Financial assets at fair value through other comprehensive income (FVOCI) Financial assets at FVOCI are initially recognized at fair value and subsequent fair value changes are recognized within other comprehensive income. Interest income, foreign exchange revaluations and impairment losses or reversals are recognized in the consolidated statement of profit and loss. Upon derecognition, the cumulative reserve of fair value changes recognized within other comprehensive income is recycled to profit and loss. The Group’s financial assets at FVOCI primarily include derivative instruments, fixed income and floating income securities. 3. Financial assets at fair value through profit and loss (FVPL) Financial assets at FVPL are initially recognized at fair value and subsequent fair value changes are recognized in the consolidated statement of profit and loss. Financial assets at FVTPL include derivative instruments and listed equity investments for which the Group has not irrevocably elected to classify the instruments at FVOCI. Dividends from listed equity investments are recognized as other income in the consolidated statement of profit and loss when the right of payment has been established. The Group’s financial assets measured at FVPL primarily include insurance contracts, equity instruments and fixed income securities, as well as investments in hedge funds and private equity private debts, money market funds, floating income and real estate funds. Reclassification A financial asset is only reclassified when there is a change in the contractual terms that significantly affects the previously expected cash flows or when the Group changes its business model for managing financial assets. Reclassifications are only made prospectively from the reclassification date, without restating any previously recognized gains, losses or interest. Derecognition The Group derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognizes its retained interest in the asset and an associated liability for any obligations created or retained. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognize the financial asset and also recognizes a collateralized borrowing for the proceeds received. On derecognition of a financial asset measured at amortized cost, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognized in profit and loss. In addition, on derecognition of an investment in a debt instrument classified as FVOCI, the cumulative gain or loss previously accumulated in the investment revaluation reserve within other comprehensive income is reclassified to profit and loss. Impairment of financial assets The Group recognizes a loss allowance for expected credit losses on investments in debt instruments that are measured at amortized cost or at FVOCI, lease receivables, trade receivables and contract assets, as well as on financial guarantee contracts. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. The Group always recognizes lifetime expected credit losses (ECL) for trade receivables, contract assets, lease receivables and securities. The expected credit losses on these financial assets are estimated using a provision matrix based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Trade receivables Trade receivables are amounts due from clients for goods sold or services provided in the ordinary course of business. Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest rate method, less any loss allowances. |
Financial liabilities | Financial liabilities Financial liabilities include loans, bonds, lease liabilities, trade payables and other liabilities. These instruments are recorded at fair value on initial recognition, net of any costs that can be ascribed to them. Subsequently, the financial liabilities are measured at amortized cost using the effective interest method. The Group derecognizes a financial liability when, and only when, it is extinguished, i.e. when the obligation in the contract is discharged, canceled or expired. |
Derivative financial instruments | Derivative financial instruments The Group enters into a variety of derivative financial instruments to manage its exposure to interest rate and foreign exchange rate risks, including foreign exchange forward contracts, options and interest rate swaps. Derivatives are recognized initially at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting date. The resulting gain or loss is recognized immediately in profit or loss unless the derivative is designated and effective as a hedging instrument, in which case the timing of the recognition in profit or loss depends on the nature of the hedge relationship. A derivative with a positive fair value is recognized as a financial asset whereas a derivative with a negative fair value is recognized as a financial liability. A derivative is classified as a non-current non-current |
Hedge accounting | Hedge accounting The Group designates certain derivatives as hedging instruments in respect of foreign currency and interest rate risk, as fair value hedges, cash flow hedges, or hedges of net investments in foreign operations. Hedges of foreign exchange risk on firm commitments are accounted for as cash flow hedges. At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationship meets all of the following hedge effectiveness requirements: a. there is an economic relationship between the hedged item and the hedging instrument; b. the effect of credit risk does not dominate the value changes that result from that economic relationship; and c. the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship (i.e. rebalances the hedge) so that it meets the qualifying criteria again. The Group designates the full change in the fair value of a forward contract (i.e. including the forward elements) as the hedging instrument for all of its hedging relationships involving forward contracts. The Group designates only the intrinsic value of option contracts as a hedged item and excludes the time value of the option. The changes in the fair value of the aligned time value of the option are recognized in other comprehensive income and accumulated in the hedge reserve. If the hedged item is transaction-related, the time value is reclassified to profit or loss when the hedged item affects profit or loss. If the hedged item is time period related, then the amount accumulated in the hedge reserve is reclassified to profit or loss on a rational basis – the Group applies straight-line amortization. Those reclassified amounts are recognized in profit or loss in the same line as the related hedged item. If the hedged item is a non-financial non-financial The Group designates certain derivatives as either: a. hedges of the fair value of recognized assets or liabilities or a firm commitment (fair value hedge). Where a derivative financial instrument is designated as a hedge against the fluctuation in fair value of a recognized asset or liability (fair value hedge), the gain or loss for re-measuring b. hedges of a particular risk associated with a recognized asset or liability or a highly probable forecast transaction (cash flow hedge). Where a derivative financial instrument is designated as a hedge of foreign exchange rate or interest rate in relation to future cash flow (cash flow hedge), the effective portion of any gain or loss on the derivative financial instrument is recognized directly in other comprehensive income within equity. The gain or loss associated with an ineffective portion of a hedge is recognized in the statement of profit and loss. The cumulative gain or loss is removed from equity and recognized in the statement of profit and loss at the same time in which the hedged transaction affects the statement of profit and loss (as an adjustment to the caption of the statement of profit and loss affected by the hedged cash flows). The gain or loss relating to the effective portion of interest rate swaps hedging variable rate borrowings is recognized in the statement of profit and loss. The gain or loss relating to the effective portion of forward foreign exchange contracts hedging export sales is recognized in the statement of profit and loss within ‘revenues’. However, when the forecast transaction that is hedged results in the recognition of a non-financial non-financial |
Warrant liabilities | Warrant liabilities The Group accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in non-cash |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less at the date of inception. |
Inventories | Inventories Inventories are recognized at the lower of cost (acquisition or production) and net realizable value. Cost includes direct production costs and indirect costs that have been incurred in bringing the inventories to the location and condition necessary to be capable for their use in the production process. Cost is determined on a weighted average basis. Net realizable value is the estimated selling price less the estimated costs of completion and the estimated costs for sale and distribution. Inventories are presented net of provisions for slow moving and obsolete inventories. |
Employee benefits | Employee benefits Pension plans Defined contribution plans - Defined benefit plans - The present value of defined benefit obligations is measured using actuarial techniques and benefits are attributable to periods in which the obligation to provide post-employment benefits arise by using the Projected Unit Credit Method. Actuarial assumptions are based on management’s best estimates. The components of defined benefit cost are recognized as follows: • the service costs are recognized in the consolidated statement of profit and loss in the personnel cost line item; • the net interest expense on the defined benefit liability is recognized in the consolidated statement of profit and loss within financial expenses; • the remeasurement components of the net obligation, which comprise actuarial gain and losses, are recognized immediately in other comprehensive income. These remeasurement components are not reclassified in the consolidated statement of profit and loss in a subsequent period. Post-employment benefits include the Italian employee severance indemnity (“trattamento di fine rapporto” or “TFR”) obligation required under Italian Law. The amount of TFR to which each employee is entitled must be paid when the employee leaves the Group and is calculated based on the period of employment and the taxable earnings of each employee. Under certain conditions, the entitlement may be partially advanced to an employee during their working life. The TFR scheme is classified as a defined contribution plan and the Group recognizes the associated costs over the period in which the employee renders service. Other long-term employee benefits The Group’s obligations represent the present value of future benefits that employees have earned in return for their service during the current and prior periods. Remeasurement components on other long-term employee benefits are recognized in the consolidated statement of profit and loss in the period in which they arise. |
Provisions for risks and charges | Provisions for risks and charges Provisions are recognized when the Group has a present obligation, legal or constructive, as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. A restructuring provision is recognized when the Group has developed a detailed formal plan for the restructuring and has raised a valid expectation in those affected that it will carry out the restructuring by starting to implement the plan or announcing its main features to those affected by it. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring, which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the entity. Present obligations arising under onerous contracts are recognized and measured as provisions. An onerous contract is considered to exist where the Group has a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. Provisions for the costs to restore leased plant assets to their original condition, as required by the terms and conditions of the lease, are recognized when the obligation is incurred, either at the commencement date or as a consequence of having used the underlying asset during a particular period of the lease, at the directors’ best estimate of the expenditure that would be required to restore the assets. Estimates are regularly reviewed and adjusted as appropriate for new circumstances. |
Treasury shares | Treasury shares Treasury shares are measured at purchase cost, as a reduction in shareholders’ equity. The nominal value of the treasury shares held is deducted directly from share capital. Gains and losses on disposal, net of income taxes, are recognized directly to equity. |
Assets and disposal groups held for sale | Assets and disposal groups held for sale Assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the asset or disposal group is available for immediate sale in its present condition, subject only to terms that are usual and customary for sales of such an asset or disposal group, and the sale is highly probable, with the sale expected to be completed within one year from the date of classification. When the Group has determined that a subsidiary meets the criteria for held for sale, all of the assets and liabilities of that subsidiary are classified as held for sale when the criteria described above are met, regardless of whether the Group will retain a non-controlling Assets and disposal groups are not classified as held for sale within the comparative period presented for the Consolidated Statement of Financial Position. |
Revenue recognition | Revenue recognition Revenue mainly comprises sales of goods, together with income from associated services, and income from royalties and operating licenses. Revenue is recognized when control over a product or service is transferred to a customer. Revenue is measured at the transaction price which is based on the amount of consideration that the Group expects to receive in exchange for transferring the promised goods or services to the customer and excludes any sales incentives, rebates or discounts (including end of season discounts offered by the retail channel), as well as taxes collected from customers that are remitted to government authorities. Revenues from wholesale operations and direct sales to customers, through retail stores and online channels, are recognized at a point in time when control over a product is transferred to the customers. Revenues from sales of services are recognized when the Group satisfies its performance obligation. Under the Group’s standard contract terms, retail customers are entitled to a right of returns within 30 days, which enables them to receive a full or partial cash refund of the amount paid, a store coupon or another product in exchange. Exchanges of one product for another of the same type, quality, condition and price are not considered returns, unless product exchange occurs after 30 days from the original sale. Wholesalers generally do not have a contractual right of return. Provisions for returns are presented in the consolidated statement of financial position under liabilities with a corresponding adjustment to revenue in respect of future refunds. A corresponding asset (with an offsetting adjustment to cost of sales) representing the right to recover the goods from the client is also recognized. The Group uses its historical experience to estimate the number of returns on a portfolio level using the expected value method. Royalties received with respect to operating licenses are recognized in accordance with the contractual obligations specific to each agreement, which is generally when the sales occur for sales-based licensing agreements, otherwise over time as the performance obligations are satisfied for other types of licensing agreements. |
Personnel costs | Personnel costs Personnel expenses primarily consist of wages and salaries, social contributions, pension plans and indemnities, share-based payments, severance indemnities and other long-term benefits, as well as costs for payroll taxes, uniforms, insurance and other benefits. Wages and salaries primarily include fixed remuneration, variable short-term remuneration plans, directors’ fees, costs related to employee profit-sharing and other incentive plans, and any associated payroll taxes. |
Share-based payments | Share-based payments Cash-settled share-based payments Where the Group issues cash-settled share-based transactions, the cost of the cash-settled transactions is initially valued at the fair value at the date the beneficiary is informed of their allocation. This fair value is recognized in the statement of profit and loss in the period until vesting, with the recognition of a corresponding liability. Until the liability is settled, the fair value is recalculated at each year-end Equity-settled share-based payments Equity-settled share-based payments are accounted for in accordance with IFRS 2, which requires the Company to recognize share-based compensation expense based on the fair value of the awards granted. Compensation expense for the equity-settled awards containing market or non-market Share-based compensation expense relating to equity-settled share-based payments is recognized in the consolidated income statement over the service period with an offsetting increase to equity. |
Income taxes | Income taxes Income tax expense comprises the current and deferred tax expense. Current tax The tax currently payable is based on taxable profit for the year. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. A provision is recognized for those matters for which the tax determination is uncertain but it is considered probable that there will be a future outflow of funds to a tax authority. Deferred tax Deferred tax is calculated using the liability method on all temporary differences between the carrying amount recorded in the consolidated balance sheet and the tax value of assets and liabilities, except for goodwill that is not deductible for tax purposes and certain other exceptions. The valuation of deferred tax balances depends on the way in which the Group intends to recover or settle the carrying amount of assets and liabilities, using tax rates that have been enacted or substantively enacted at the end of the reporting period. Deferred tax assets and liabilities are not discounted and are presented separately in the balance sheet within non-current |
Earnings per share | Earnings per share Basic earnings per share Basic earnings per share is calculated by dividing the profit or loss attributable to shareholders of the parent company by the weighted average number of ordinary shares outstanding during the period, excluding treasury shares. Diluted earnings per share Diluted earnings per share is calculated by dividing the profit or loss attributable to holders of the parent company, excluding treasury shares, by the weighted average number of ordinary shares outstanding, taking into account all dilutive potential ordinary shares. To calculate diluted earnings per share, the weighted average number of shares outstanding is adjusted assuming the conversion of all potential shares with dilutive effects, and the entity’s net profit is adjusted to take into account any effects, net of taxes, of the conversion. In accordance with IAS 33 - Earnings per share |
Dividend distribution | Dividend distribution Dividend distribution to the Company’s shareholders is recognized as a liability in the Group’s consolidated financial statements in the period in which the dividends are approved by the Company’s shareholders. |
Segment information | Segment information Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker (CODM). The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board of Directors. |
General information (Tables)
General information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary Breakdown of the Net Cash Proceeds from the Business Combination | The following table shows a breakdown of the net cash proceeds from the business combination: (Euro thousands) Proceeds from issuance of ordinary shares upon Business Combination 310,739 Proceeds from issuance of ordinary shares to PIPE Investors 331,385 Purchase of own shares from Monterubello (455,000 ) Payments of transaction costs related to the Business Combination (48,475 ) Net cash proceeds from the Business Combination 138,649 |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Principal Foreign Currency Exchange Rates | The principal foreign currency exchange rates used by the Group to translate other currencies into Euro were as follows: 2021 2020 2019 At December 31 Average At December 31 Average At December 31 Average U.S. Dollar 1.133 1.183 1.227 1.142 1.123 1.119 Swiss Franc 1.033 1.081 1.080 1.070 1.085 1.113 Chinese Renminbi 7.195 7.629 8.023 7.874 7.821 7.735 Pound Sterling 0.840 0.860 0.899 0.890 0.851 0.878 Hong Kong Dollar 8.833 9.193 9.514 8.857 8.747 8.772 Singapore Dollar 1.528 1.589 1.622 1.574 1.511 1.527 United Arab Emirates Dirham 4.160 4.344 4.507 4.194 4.126 4.111 Japanese Yen 130.380 129.877 126.490 121.832 121.940 122.021 |
Summary of Scope of Consolidation | Ermenegildo Zegna N.V. is the parent company of the Zegna Group and it holds, directly or indirectly, interests in the Zegna Group’s subsidiaries. The following table presents the Zegna Group’s scope of consolidation at December 31, 2021 and 2020: Company Registered office Share capital Held directly by % Group At December 31, 2021 2020 Companies consolidated on a line-by-line Parent company Ermenegildo Zegna N.V. Amsterdam (Netherlands) 5,938,873 Italian subsidiaries In.co. S.p.A. Biella 4,050,000 Ermenegildo Zegna N.V. 100 100 Lanificio Ermenegildo Zegna e Figli S.p.A. Valdilana (BI) 3,100,000 Ermenegildo Zegna N.V. 100 90 Ezi S.p.A. Milan 5,750,000 Ermenegildo Zegna N.V. 100 100 EZ Real Estate Valdilana (BI) 2,000,000 Ermenegildo Zegna N.V. — 100 EZ Service S.r.l. Valdilana (BI) 500,000 Ermenegildo Zegna N.V. 100 — Agnona S.r.l. (**) Milan 200,000 Ermenegildo Zegna N.V. — 100 Bonotto S.p.A. Colceresa (VI) 1,239,600 Ermenegildo Zegna N.V. 60 60 Cappellificio Cervo S.r.l. Biella 300,000 Ermenegildo Zegna N.V. 51 51 Thom Browne Services Italy S.r.l. Milan 10,000 Thom Browne Trading SA 90 85 Thom Browne Retail Italy S.r.l. Milan 10,000 Thom Browne Services Italy S.r.l. 90 85 Gruppo Dondi S.p.A. Carpi (MO) 1,502,800 Ermenegildo Zegna N.V. 65 65 Tessitura Ubertino S.r.l. Valdilana (BI) 100,000 Ermenegildo Zegna N.V. 60 — Foreign subsidiaries Investindustrial Acquisition Corp. (“IIAC”) Cayman Islands 4,944,366 Ermenegildo Zegna N.V. 100 — Ermenegildo Zegna Giyim Sanayi ve Tic. A. S. Istanbul (Turkey) 32,291,439 Ermenegildo Zegna N.V. 100 100 Ermenegildo Zegna H.m.b.H. Wien (Austria) 610,000 Ermenegildo Zegna N.V. 100 100 Société de Textiles Astrum France S.à.r.l. Paris (France) 500,000 Ermenegildo Zegna N.V. 100 100 Ermenegildo Zegna GmbH Munich (Germany) 6,577,421 Ermenegildo Zegna N.V. 100 100 Zegna Japan Co., LTD Minato-Ku-Tokyo 100,000,000 Ermenegildo Zegna N.V. 100 100 Fantasia (London) Limited London (UK) 7,000,000 Ermenegildo Zegna N.V. 100 100 Ermenegildo Zegna S.A. de C.V. Ciudad de Mexico (Mexico) 459,600,000 Ermenegildo Zegna N.V. 100 100 Ezeti Portugal. S.A. Lisbon (Portugal) 800,000 Ermenegildo Zegna N.V. 100 100 Ermenegildo Zegna Madrid S.A. Barcelona (Spain) 901,500 Ezeti S.L. 70 70 Ezeti S.L. Barcelona (Spain) 500,032 Italco S.A. 100 100 Italco S.A. Sant Quirze (Spain) 1,911,300 Ermenegildo Zegna N.V. 100 100 Ermenegildo Zegna Czech s.r.o Prague (Czech Republic) 1,350,000 Ermenegildo Zegna N.V. 100 — Co.Ti. Service S.A. Stabio (Switzerland) 27,940,000 Ermenegildo Zegna N.V. 100 100 Consitex S.A. Stabio (Switzerland) 15,000,000 Ermenegildo Zegna N.V. 100 100 Ermenegildo Zegna Corporation New York, NY 500,000 Ermenegildo Zegna N.V. 100 100 Zegna (China) Enterprise Management Co., Ltd. Shanghai (China) 58,309,140 Ermenegildo Zegna N.V. 100 100 Ermenegildo Zegna (China) Co., LTD Shanghai (China) 50,000,000 Ermenegildo Zegna N.V. 100 100 Ismaco Amsterdam B. V. Amsterdam (Netherlands) 226,890 Ermenegildo Zegna N.V. 100 100 Ermenegildo Zegna Korea LTD (**) Seoul (Korea) 6.876.000.000 E.Z. Holditalia — 100 Alan Real Estate Stabio (Switzerland) 9,200,000 EZ Real Estate S.r.l. (*) — 100 Ermenegildo Zegna Far-East Pte LTD Singapore 21,776,432 Consitex S.A. 100 100 Ermenegildo Zegna Hong Kong LTD Hong Kong 238,240,000 Ermenegildo Zegna N.V. 100 100 E. Zegna Trading Hong Kong LTD Taiwan Branch Hong Kong 233,659,800 Ermenegildo Zegna Hong Kong LTD 100 100 Ermenegildo Zegna Canada Inc. Toronto (Canada) 700,000 Consitex S.A. 100 100 Ermenegildo Zegna Australia PTY LTD Sydney (Australia) 18,000,000 Ermenegildo Zegna Far-East 100 100 E. Z. New Zealand LTD Auckland (New Zealand) 3,300,000 Ermenegildo Zegna N.V. 100 100 Ezesa Argentina S.A. Buenos Aires (Argentina) 27,246,979 Ermenegildo Zegna N.V.; Italco S.A. 100 100 E. Z. Thai Holding Ltd Bangkok (Thailand) 3,000,000 Ermenegildo Zegna N.V. 49 49 The Italian Fashion Co. LTD Bangkok (Thailand) 16,000,000 E. Z. Thai Holding Ltd; Ermenegildo Zegna Far-East 65 65 Zegna South Asia Private LTD Mumbai (India) 902,316,770 Ermenegildo Zegna N.V. 51 51 ISMACO TEKSTİL LİMİTED ŞİRKETİ Istanbul (Turkey) 10,000,000 Ermenegildo Zegna N.V., Ismaco 100 100 Ezesa Brasil Participacoes LTDA San Paolo (Brazil) 77,481,487 Ermenegildo Zegna N.V. 100 100 Ermenegildo Zegna (Macau) LTD Kowloon Bay (Hong Kong) 4,650,000 Consitex S.A. 100 100 Ermenegildo Zegna Malaysia Sdn. Bhd. Kuala Lumpur (Malaysia) 3,000,000 Ermenegildo Zegna Far-East 100 100 Ermenegildo Zegna Maroc S.A.R.L.A.U. Casablanca (Morocco) 530,000 Ermenegildo Zegna N.V. 100 100 (*) Disposed of as part of the Disposition, which was completed on November 1, 2021 (See Note 1 - General information, for additional details). (**) Reclassified as current assets held for sale in 2020 and sold in 2021 (See Note 30 - Assets and liabilities held for sale, for additional details). |
Summary of Estimated Useful Lives of the Assets | Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, as follows: Category of Property, Plant and Equipment Depreciation rate Buildings 3% - 10 % Plants and machinery 12.5% - 17.5 % Industrial and commercial equipment 20% - 25 % Other tangible assets 12% - 25 % |
Summary of Intangible Assets with a Definite Useful Life | Intangible assets with a definite useful life are amortized on a straight-line basis at the following rates: Category of Intangible assets with a finite useful life Depreciation rate Concessions, licenses, trademarks and patents 2.5% - 25 % Software 10% - 33 % Know how 20 % Development costs and other intangibles 10% - 33 % |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about business combination [line items] | |
Summary of Purchase Consideration, Net Assets Acquired and Goodwill | Details of the purchase consideration, the net assets acquired and goodwill are as follows: (Euro thousands) At acquisition date Consideration paid 5,880 Contingent consideration 1,170 Total consideration 7,050 |
Summary of Contingent Consideration Was Recognized Within Other Current Liabilities | The contingent consideration was recognized within other current liabilities at December 31, 2021. (Euro thousands) Fair value at acquisition date Cash and cash equivalents 2,366 Trade receivables 1,681 Inventories 1,564 Other current assets 626 Property, plant and equipment 641 Intangible assets 4,200 Account payables (1,872 ) Other current liabilities (712 ) Employee benefits (272 ) Deferred tax liabilities (1,172 ) Net identifiable assets acquired 7,050 Less: Non-controlling (2,820 ) Goodwill 2,820 Net assets acquired including goodwill 7,050 |
Tesitura Unbertino [Member] | |
Disclosure of detailed information about business combination [line items] | |
Summary of Net Cash Outflows Related To The Acquisition | The details of the net cash outflows related to the acquisition are shown below: At acquisition date Consideration paid (5,880 ) Cash and cash equivalents acquired 2,366 Net cash outflow - Investing activities (3,514 ) |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Operating Results Segment Wise | The following tables summarize selected financial information by segment for the years ended December 31, 2021, 2020 and 2019. (Euro thousands) For the year ended December 31, 2021 Zegna Thom Browne Intercompany Group Consolidated Revenues with third parties 1,029,005 263,397 — 1,292,402 Inter-segment revenues 6,170 669 (6,839 ) — Revenues 1,035,175 264,066 (6,839 ) 1,292,402 Depreciation and amortization (137,502 ) (17,173 ) — (154,675 ) Adjusted EBIT 111,018 38,097 — 149,115 Costs related to the Business Combination (1) (205,059 ) Costs related to lease agreements (2) (15,512 ) Severance indemnities and provision for severance expenses (8,996 ) Impairment of property, plant and equipment and right-of-use (3) (8,692 ) Other adjustments ( 4 (4,884 ) Financial income 45,889 Financial expenses (43,823 ) Foreign exchange gains/(losses) (7,791 ) Result from investments accounted for using the equity method 2,794 Loss before taxes (96,959 ) (1) Costs related to the Business Combination include: a) Euro 114,963 thousand relating to share-based payments for listing services recognized as the excess of the fair value of Zegna ordinary shares issued as part of the Business Combination and the fair value of IIAC’s identifiable net assets acquired, in accordance with IFRS 2. This amount is recorded within the line item “other operating costs” in the consolidated statement of profit and loss. b) Euro 37,906 thousand for the issuance of 5,031,250 Zegna ordinary shares to the holders of IIAC class B shares to be held in escrow. The release of these shares from escrow is subject to achievement of certain targets within a seven-year period. This amount is recorded within the line item “other operating costs” in the consolidated statement of profit and loss. c) Euro 34,092 thousand for transaction costs related to the Business Combination incurred by Zegna, including costs for bank services, legal advisors and other consultancy fees. This amount is recorded within the line item “purchased, outsourced and other costs” in the consolidated statement of profit and loss. d) Euro 10,916 thousand for the Zegna family’s grant of a Euro 1,500 special gift to each employee of the Zegna group as result of the Company’s listing completed on December 20, 2021. This amount is recorded within the line item “personnel costs” in the consolidated statement of profit and loss. e) Euro 5,380 thousand relating to grant of performance share units, which each represent the right to receive one Zegna ordinary share, to the Group’s Chief Executive Officer, other Zegna directors, key executives with strategic responsibilities and other employees of the Group, all subject to certain vesting conditions. This amount is recorded within the line item “personnel costs” in the consolidated statement of profit and loss. For additional information please refer to Note 42 - Related party transactions . f) Euro 1,236 thousand related to the fair value of private warrants issued, pursuant to the Business Combination, to certain Zegna non-executive directors. This amount is recorded within the line item “personnel costs” in the consolidated statement of profit and loss. g) Euro 566 thousand related to the write-off of non-refundable prepaid premiums for directors’ and officers’ insurance. This amount is recorded within the line item “personnel costs” in the consolidated statement of profit and loss. (2) Costs related to lease agreements for the year ended December 31, 2021, include (i) €12,192 thousand of provisions relating to a lease agreement in the US following an unfavorable legal claim judgment against the Group (recorded within “write downs and other provisions” in the consolidated statement of profit and loss), (ii) €1,492 thousand of legal expenses related to a lease agreement in Italy (recorded within “other operating costs” in the consolidated statement of profit and loss) and (iii) €1,829 thousand in accrued property taxes related to a lease agreement in the UK (recorded within “write downs and other provisions” in the consolidated statement of profit and loss). Costs related to lease agreements for the year ended December 31, 2020 include €3,000 thousand for legal expenses related to a lease agreement in the UK, incurred in the second half of 2020 (recorded within the line item “write downs and other provisions” in the consolidated statement of profit and loss). (3) Includes impairment relating to the Group’s DOSs. (4) Other adjustments for the year ended December 31, 2021 include €6,006 thousand related to losses incurred by Agnona subsequent to the Group’s sale of a majority stake in Agnona in January 2021, for which the Group was required to compensate the company in accordance with the terms of the related sale agreement, as well as €144 thousand relating to the write down of the Group’s remaining 30% stake in Agnona (both of which are recorded within the line item “write downs and other provisions” in the consolidated statement of profit and loss), partially offset by other income of €1,266 thousand relating to the sale of rights to build or develop airspace above a building in the United States (this amount is recorded within the line item “other income” in the consolidated statement of profit and loss). (Euro thousands) For the year ended December 31, 2020 Zegna Thom Intercompany Group Revenues with third parties 835,244 179,489 — 1,014,733 Inter-segment revenues 8,074 305 (8,379 ) — Revenues 843,318 179,794 (8,379 ) 1,014,733 Depreciation and amortization (153,962 ) (12,243 ) — (166,205 ) Adjusted EBIT (8,981 ) 28,994 — 20,013 Donations related to the COVID-19 (4,482 ) Costs related to lease agreements (3,000 ) Impairment of property, plant and equipment and right-of-use (19,725 ) Severance indemnities and provision for severance expenses (12,308 ) Impairment on held for sale assets (3,053 ) Financial income 34,352 Financial expenses (48,072 ) Foreign exchange gains/(losses) 13,455 Result from investments accounted for using the equity method (4,205 ) Impairments of investments accounted for using the equity method (4,532 ) Loss before taxes (31,557 ) (Euro thousands) For the year ended December 31, 2019 Zegna Thom Intercompany Group Revenues with third parties 1,160,731 160,596 — 1,321,327 Inter-segment revenues 5,180 604 (5,784 ) — Revenues 1,165,911 161,200 (5,784 ) 1,321,327 Depreciation and amortization (160,381 ) (7,829 ) — (168,210 ) Adjusted EBIT 91,385 15,889 — 107,274 Impairment of property, plant and equipment and right-of-use (8,858 ) Severance indemnities and provision for severance expenses (9,777 ) Financial income 22,061 Financial expenses (37,492 ) Foreign exchange gains/(losses) (2,441 ) Result from investments accounted for using the equity method (1,534 ) Profit before taxes 69,233 |
Summary of Non Current Assets On A Geographical Basis | The following table summarizes non-current (Euro thousands) At December 31, 2021 2020 EMEA (1) 273,926 355,668 of which Italy 166,467 185,085 North America (2) 507,379 572,384 of which United States 503,496 534,472 Latin America (3) 4,690 5,625 APAC (4) 143,616 121,057 of which Greater China Region 70,828 93,225 of which Japan 22,387 6,219 Total non-current 929,611 1,054,734 (1) EMEA includes Europe, the Middle East and Africa. (2) North America includes the United States of America and Canada. (3) Latin America includes Mexico, Brazil and other Central and South American countries. (4) APAC includes the Greater China Region, Japan, South Korea, Thailand, Malaysia, Vietnam, Indonesia, Philippines, Australia, New Zealand, India and other Southeast Asian countries. |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Disaggregation of Revenue by Product Line | The following table provides a breakdown of revenues by product line: (Euro thousands) For the years ended December 31, 2021 2020 2019 Zegna branded products 847,311 636,478 919,545 Thom Browne 263,397 179,490 160,595 Textile 102,244 87,615 108,513 Third Party Brands 74,957 82,273 91,720 Agnona 1,191 12,389 17,691 Other 3,302 16,488 23,263 Total revenues 1,292,402 1,014,733 1,321,327 |
Summary of Disaggregation of Revenue by Sales Channel | The following table provides a breakdown of revenues by sales channel: (Euro thousands) For the years ended December 31, 2021 2020 2019 Direct to Consumer (DTC) - Zegna branded products 712,862 527,972 743,012 Direct to Consumer (DTC) - Thom Browne branded products 138,567 85,268 61,045 Total Direct to Customer (DTC) 851,429 613,240 804,057 Wholesale Zegna branded products 134,449 108,506 176,533 Wholesale Thom Browne branded products 124,830 94,222 99,550 Wholesale Third Party Brands and Textile 177,201 169,888 200,233 Wholesale Agnona 1,191 12,389 17,691 Total Wholesale 437,671 385,005 494,007 Other 3,302 16,488 23,263 Total revenues 1,292,402 1,014,733 1,321,327 |
Summary of Disaggregation of Revenue by Geographical Area | The following table provides a breakdown of revenues by geographic area: (Euro thousands) For the years ended December 31, 2021 2020 2019 EMEA (1) 380,325 315,879 431,384 of which Italy 158,722 121,202 140,676 of which UK 37,682 32,985 58,012 North America (2) 191,283 131,049 233,327 of which United States 176,059 114,818 205,744 Latin America (3) 19,971 12,915 25,404 APAC (4) 696,344 551,650 626,059 of which Greater China Region 588,876 438,193 458,294 of which Japan 55,479 61,523 90,240 Other (5) 4,479 3,240 5,153 Total revenues 1,292,402 1,014,733 1,321,327 (1) EMEA includes Europe, the Middle East and Africa. (2) North America includes the United States of America and Canada. (3) Latin America includes Mexico, Brazil and other Central and South American countries. (4) APAC includes the Greater China Region, Japan, South Korea, Thailand, Malaysia, Vietnam, Indonesia, Philippines, Australia, New Zealand, India and other Southeast Asian countries. (5) Other revenues mainly include royalties and certain sales of old season products. |
Cost of raw materials and con_2
Cost of raw materials and consumables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Cost of Raw Materials and Consumables | The following table provides a breakdown for cost of raw materials and consumables: (Euro thousands) For the years ended December 31, 2021 2020 2019 Raw materials (108,442 ) (108,130 ) (139,965 ) Finished goods (161,731 ) (130,006 ) (141,512 ) Consumables (12,951 ) (10,909 ) (14,067 ) Change in raw materials, consumables and finished goods (24,822 ) 131 (9,991 ) Other (1,663 ) (1,655 ) (4,266 ) Total cost of raw materials and consumables (309,609 ) (250,569 ) (309,801 ) |
Purchased, outsourced and oth_2
Purchased, outsourced and other costs (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Purchased, Outsourced and Other Costs | The following table provides a breakdown for purchased, outsourced and other costs: (Euro thousands) For the years ended December 31, 2021 2020 2019 Consultancy fees and corporate bodies fees (75,737 ) (33,706 ) (38,460 ) Advertising and marketing expenses (57,224 ) (47,467 ) (60,789 ) Lease expenses (56,345 ) (32,755 ) (68,248 ) Outsourcing of production (53,402 ) (59,411 ) (74,829 ) Freight, insurance and selling expenses (49,241 ) (55,905 ) (67,477 ) Utilities (26,710 ) (22,423 ) (26,063 ) Maintenance costs (14,610 ) (14,993 ) (12,672 ) Royalties (4,258 ) (5,982 ) (4,880 ) Other services (16,102 ) (14,284 ) (18,279 ) Total purchased, outsourced and other costs (353,629 ) (286,926 ) (371,697 ) |
Summary of Lease Expenses | The following table provides a breakdown for lease expenses: (Euro thousands) For the years ended December 31, 2021 2020 2019 Rent reductions 12,877 24,931 — Variable lease payments (63,421 ) (54,665 ) (63,361 ) Expenses relating to short-term leases (5,697 ) (2,260 ) (4,029 ) Expenses relating to low value leases (104 ) (761 ) (858 ) Total lease expenses (56,345 ) (32,755 ) (68,248 ) |
Personnel costs (Tables)
Personnel costs (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Personnel Costs | The following table provides a breakdown for personnel costs: (Euro thousands) For the years ended December 31, 2021 2020 2019 Wages and salaries (271,767 ) (209,965 ) (250,196 ) Social contributions, pension plans and indemnities (51,725 ) (50,750 ) (61,156 ) Share-based payments (16,290 ) — — Severance indemnities (8,996 ) (12,308 ) (9,778 ) Other long-term benefits (8,702 ) — — Uniforms (4,434 ) (5,013 ) (8,481 ) Insurances and other benefits (2,455 ) (3,142 ) (1,460 ) Other payroll expenses (3,393 ) (1,481 ) (873 ) Total personnel costs (367,762 ) (282,659 ) (331,944 ) |
Depreciation, amortization an_2
Depreciation, amortization and impairment of assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Detailed Information About Depreciation Amortization And Impairment of Assets | The following table provides a breakdown for depreciation, amortization and impairment of assets: (Euro thousands) For the years ended December 31, 2021 2020 2019 Depreciation and amortization (154,195 ) (166,205 ) (168,210 ) Of which: Right-of-use (105,779 ) (108,510 ) (110,166 ) Property, plant and equipment and investment property (37,919 ) (46,280 ) (45,773 ) Intangible assets with a finite useful life (10,497 ) (11,415 ) (12,271 ) Impairment (9,172 ) (19,725 ) (8,858 ) Of which: Right-of-use (6,486 ) (15,716 ) (7,980 ) Property, plant and equipment (2,647 ) (4,011 ) (817 ) Intangible assets (39 ) 2 (61 ) Total depreciation, amortization and impairment of assets (163,367 ) (185,930 ) (177,068 ) |
Write downs and other provisi_2
Write downs and other provisions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Detailed Information About Write Downs And Other Provisions | The following table provides a breakdown for write downs and other provisions: (Euro thousands) For the years ended December 31, 2021 2020 2019 Provision for legal expenses (12,257 ) (2,484 ) 409 Agnona disposal and write downs (6,150 ) (988 ) — Provision for restoration obligations for leased stores (349 ) (1,992 ) (2,331 ) Reversal/(Loss) allowance on trade receivables 498 (3,636 ) (727 ) Other provisions (1,229 ) 2,922 1,632 Total write downs and other provisions (19,487 ) (6,178 ) (1,017 ) |
Other operating costs (Tables)
Other operating costs (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Detailed Information About Other Operating Costs | The following table provides a breakdown for other operating costs: (Euro thousands) For the years ended December 31, 2021 2020 2019 Costs related to the Business Combination (152,869 ) — — Bank fees (8,939 ) (6,665 ) (10,046 ) Travel expenses (7,919 ) (5,886 ) (17,117 ) Indirect taxes (3,327 ) (3,541 ) (6,459 ) Gifts, associations and donations (2,891 ) (10,834 ) (12,338 ) Stationary and other materials (1,766 ) (1,904 ) (1,502 ) Losses on disposals of assets (1,153 ) (1,091 ) (970 ) Other operating co s (1,972 ) (478 ) (602 ) Total other operating costs (180,836 ) (30,399 ) (49,034 ) |
Financial income, financial e_2
Financial income, financial expenses and exchange gains/(losses) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Detailed Information About Financial Income Financial Expenses And Exchange Gains Or Losses | The following table provides a breakdown for financial income, financial expenses and exchange gains/(losses): (Euro thousands) For the years ended December 31, 2021 2020 2019 Financial income Options - Changes in fair value 20,675 17,743 — Fixed-income securities 17,845 10,812 11,364 Hedging operations 661 358 843 Interest on financial other assets 1,881 2,462 3,665 Interest on financial receivables/loans 583 1,391 2,494 Derivative financial instruments 2,760 — 2,986 Other financial income 1,484 1,586 709 Total financial income 45,889 34,352 22,061 Financial expenses Options - Changes in fair value (13,391 ) (15,729 ) (4,154 ) Hedging operations (7,044 ) (6,716 ) (11,386 ) Interest and financial charges for lease liabilities (8,982 ) (10,615 ) (11,522 ) Warrants - Changes in fair value (4,137 ) — — Fixed-income securities (3,902 ) (8,272 ) (2,346 ) Interest on bank loans and overdrafts (2,845 ) (3,765 ) (5,248 ) Interest expenses on interest rate swaps (2,076 ) (2,002 ) (1,987 ) Derivative financial instruments — (380 ) — Other financial exp e (1,446 ) (593 ) (849 ) Total financial expenses (43,823 ) (48,072 ) (37,492 ) Foreign exchange (losses)/gains (7,791 ) 13,455 (2,441 ) |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Breakdown For Income Taxes | The following table provides a breakdown for income taxes: (Euro thousands) For the years ended December 31, 2021 2020 2019 Current taxes (47,882 ) (24,928 ) (31,557 ) Deferred taxes 17,180 9,945 (12,237 ) Income taxes (30,702 ) (14,983 ) (43,794 ) |
Summary of Reconciliation Between Actual Income Taxes and The Theoretical Income Taxes | The table below provides a reconciliation between actual income taxes and the theoretical income taxes, calculated on the basis of the applicable corporate tax rate in effect in Italy, which was 24.0 % (Euro thousands) For the years ended December 31, 2021 2020 2019 (Loss)/Profit before taxes (96,959 ) (31,557 ) 69,233 Theoretical income tax benefit/(expense) - tax rate 24% 23,270 7,574 (16,616 ) Tax effect on: Non-deductible (23,863 ) (10,353 ) (7,349 ) Patent box impact — 1,497 1,545 Differences between foreign tax rates and the theoretical applicable tax rate and tax holidays (2,849 ) 20,321 (3,177 ) Taxes relating to prior years (2,668 ) (197 ) 192 Deferred tax assets not recognized (14,978 ) (25,727 ) (9,386 ) Withholding tax on earnings (9,027 ) (6,221 ) (5,366 ) Other tax items 449 (727 ) (1,482 ) Total tax expense, excluding IRAP (29,666 ) (13,833 ) (41,639 ) Effective tax rate, excluding IRAP (30.6 )% (43.8 )% 60.1 % Italian regional income tax expense (IRAP) (1,036 ) (1,150 ) (2,155 ) Total income tax (30,702 ) (14,983 ) (43,794 ) |
Summary of Breakdown For Deferred Tax Assets and Deferred Tax Liabilities | The following tables provide a breakdown for deferred tax assets and deferred tax liabilities: (Euro thousands) At December 31, Recognized in Recognized in Exchange Disposition At December 31, Deferred tax assets arising on: Employee benefits 3,900 626 — 142 (3 ) 4,665 Property plant and equipment 10,124 1,245 — — (262 ) 11,107 Right-of-use 2,289 121 — 175 — 2,585 Intangible assets 3,297 (51 ) — — — 3,246 Provision for obsolete inventory 33,793 6,082 — 2,897 — 42,772 Tax provisions 4,114 (1,360 ) — 97 — 2,851 Financial assets 1,477 56 — — — 1,533 Tax losses 9,794 26,972 — — — 36,766 Other 3,113 (428 ) — — — 2,685 Total deferred tax assets 71,901 33,263 — 3,311 (265 ) 108,210 Deferred tax liabilities arising on: Property plant and equipment 23,391 9,288 — 1,844 (34,523 ) — Right-of-use 1,195 183 — (1,359 ) 19 Intangible assets 40,039 4,246 — 1,135 — 45,420 Financial assets fair value 1,776 683 2 — — 2,461 Other 4,327 1,683 (66 ) — — 5,944 Total deferred tax liabilities 70,728 16,083 (64 ) 2,979 (35,882 ) 53,844 (Euro thousands) At December 31, Recognized in Recognized in Exchange At December 31, Deferred tax assets arising on: Employee benefits 5,104 (1,169 ) (61 ) 26 3,900 Property plant and equipment 2,514 7,773 — (163 ) 10,124 right-of-use 1,944 394 — (49 ) 2,289 Intangible assets 1,811 1,486 — — 3,297 Provision for obsolete inventory 26,579 7,073 — 141 33,793 Tax provisions 1,384 2,730 — — 4,114 Financial assets 1,448 29 — — 1,477 Tax losses 9,750 893 — (849 ) 9,794 Other 9,077 (7,678 ) — 1,714 3,113 Total deferred tax assets 59,611 11,531 (61 ) 820 71,901 Deferred tax liabilities arising on: Property plant and equipment 25,233 (3,535 ) — 1,693 23,391 Right-of-use 1,008 187 — — 1,195 Intangible assets 44,495 (1,063 ) — (3,393 ) 40,039 Financial assets fair value 2,173 (397 ) — — 1,776 Other 3,243 6,394 — (5,310 ) 4,327 Total deferred tax liabilities 76,152 1,586 — (7,010 ) 70,728 |
Summary of Tax Losses Carried Forward for Which No Deferred Tax Assets | The following table provides the details of tax losses carried forward for which no deferred tax assets were recognized: (Euro thousands) At December 31, 2021 2020 Expiry within 1 year 4,587 5,320 Expiry 1-5 33,108 37,855 Expiry over 5 years 73,856 61,406 No expiration 188,922 119,733 Total tax losses carried forward 300,473 224,314 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share [abstract] | |
Summary Of Earning Per Share Basic And Diluted | The following table summarizes the amounts used to calculate basic and diluted earnings per share: (Euro thousands) For the years ended December 31, 2021 2020 2019 (Loss)/Profit for the year attributable to shareholders of the Parent Company (136,001 ) (50,577 ) 21,749 Weighted average number of shares for basic earnings per share 203,499,933 201,489,100 201,561,100 Weighted average number of shares for diluted earnings per share 203,499,933 201,489,100 201,561,100 Basic earnings per share in Euro (0.67 ) (0.25 ) 0.11 Diluted earnings per share in Euro (0.67 ) (0.25 ) 0.11 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about intangible assets [abstract] | |
Summary of Breakdown For Intangible Assets | The following table provides a breakdown for intangible assets: (Euro thousands) Goodwill Brands Concessions, Other intangible Intangible Total Historical cost at January 1, 2020 226,062 160,164 45,928 119,096 296 551,546 Additions — — 1,658 7,398 2,468 11,524 Disposals — — — (4,319 ) — (4,319 ) Exchange differences (17,181 ) (13,531 ) (327 ) (1,666 ) — (32,705 ) Reclassifications to assets held for sale — — (629 ) (1,889 ) — (2,518 ) Other movements and reclassifications — — 185 33 (218 ) — Balance at December 31, 2020 208,881 146,633 46,815 118,653 2,546 523,528 Additions — — 2,895 10,712 4,508 18,115 Disposals — — (6,572 ) (6,556 ) (19 ) (13,147 ) Exchange differences 15,529 12,231 476 1,715 61 30,012 Business combinations 2,820 — — 4,200 — 7,020 Disposition — — (18 ) (2,656 ) (915 ) (3,589 ) Other movements and reclassifications — — 1,407 593 (2,000 ) — Balance at December 31, 2021 227,230 158,864 45,003 126,661 4,181 561,939 Accumulated amortization at January 1, 2020 — — (37,719 ) (93,845 ) — (131,564 ) Amortization — — (1,863 ) (9,552 ) — (11,415 ) Disposals — — — 4,316 — 4,316 Exchange differences — — 20 1,100 — 1,120 Reclassifications to assets held for sale — — 384 1,478 — 1,862 Balance at December 31, 2020 — — (39,178 ) (96,503 ) — (135,681 ) Amortization — — (2,045 ) (8,452 ) — (10,497 ) Disposals — — 2,314 7,547 — 9,861 Impairment — — (3 ) (36 ) — (39 ) Exchange differences — — (228 ) (1,346 ) — (1,574 ) Disposition — — 8 1,203 — 1,211 Balance at December 31, 2021 — — (39,132 ) (97,587 ) — (136,719 ) Carrying amount at: January 1, 2020 226,062 160,164 8,209 25,251 296 419,982 December 31, 2020 208,881 146,633 7,637 22,150 2,546 387,847 December 31, 2021 227,230 158,864 5,871 29,074 4,181 425,220 |
Summary of Goodwill Originated On Acquisitions Made By The Group And It Is Attributable | Goodwill Goodwill originated on acquisitions made by the Group and it is attributable to the following operating segments: (Euro thousands) At December 31, 2021 2020 Zegna 25,568 22,748 Thom Browne 201,662 186,133 Total goodwill 227,230 208,881 |
Summary of Sensitivity Of The Impairment Testing To Reasonably Possible Changes In Both Assumptions | The following table details the sensitivity of the impairment testing to reasonably possible changes in both assumptions: (Euro millions) Existing assumption Sensitivity effects on headroom Headroom Discount rate (bps) Growth rate (bps) EBITDA WACC +/-100 bps Growth rate +/- 50 bps EBITDA +/-500 bps Thom Browne Group 327 773 200 +15.3 % 211 493 395 270 379 27 Gruppo Dondi S.p.A. 62 640 150 +18.6 % 47 84 71 54 67 57 Bonotto S.p.A. 5 640 150 +65.8 % 1 11 8 3 7 3 In.Co. S.p.A. 78 640 150 +57.6 % 58 107 90 68 87 69 Tessitura Ubertino S.r.l. 24 640 150 +21.4 % 19 33 28 22 36 23 |
Property plant and equipment (T
Property plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Summary of Property plant and Equipment | The following table provides a breakdown for property, plant and equipment: (Euro thousands) Land and Plant and Industrial Leasehold Other Tangible Total Historical cost at January 1, 2020 183,836 188,869 158,374 236,071 10,947 6,640 784,737 Additions 1,834 4,115 6,537 7,316 1,075 6,753 27,630 Disposals — (682 ) (8,751 ) (23,513 ) (1,951 ) — (34,897 ) Exchange differences (59 ) (40 ) (6,798 ) (9,775 ) (132 ) (61 ) (16,865 ) Reclassifications to assets held for sale — (351 ) (3,102 ) (3,457 ) (452 ) (2 ) (7,364 ) Balance at December 31, 2020 185,611 191,911 146,260 206,642 9,487 13,330 753,241 Additions 51,296 4,571 10,252 24,506 360 5,221 96,206 Disposals (720 ) (2,150 ) (12,630 ) (21,812 ) (403 ) (512 ) (38,227 ) Exchange differences 4,483 222 4,756 14,516 51 650 24,678 Disposition (232,705 ) (30,448 ) (4,384 ) (34 ) (860 ) (9,159 ) (277,590 ) Business combinations 245 315 6 — 75 — 641 Reclassifications 327 118 571 5,086 — (6,102 ) — Balance at December 31, 2021 8,537 164,539 144,831 228,904 8,710 3,428 558,949 Accumulated depreciation at January 1, 2020 (60,621 ) (153,057 ) (119,368 ) (168,276 ) (7,776 ) — (509,098 ) Depreciation (2,353 ) (9,166 ) (13,977 ) (19,346 ) (636 ) — (45,478 ) Impairment — 23 (342 ) (3,153 ) (539 ) — (4,011 ) Disposals — 682 8,448 22,943 1,160 — 33,233 Exchange differences (103 ) (25 ) 4,579 6,170 56 — 10,677 Reclassifications to assets held for sale — 245 2,011 2,864 443 — 5,563 Balance at December 31, 2020 (63,077 ) (161,298 ) (118,649 ) (158,798 ) (7,292 ) — (509,114 ) Depreciation (478 ) (7,827 ) (11,693 ) (16,490 ) (1,167 ) — (37,655 ) Disposals — 2,164 11,522 19,305 292 — 33,283 Impairment — (84 ) (595 ) (1,488 ) — (480 ) (2,647 ) Exchange differences (1,816 ) (267 ) (6,066 ) (12,362 ) (13 ) — (20,524 ) Disposition 61,473 24,798 2,307 7 597 — 89,182 Reclassifications 163 45 2,575 (3,525 ) 742 — — Balance at December 31, 2021 (3,735 ) (142,469 ) (120,599 ) (173,351 ) (6,841 ) (480 ) (447,475 ) Carrying amount at: January 1, 2020 123,215 35,812 39,006 67,795 3,171 6,640 275,639 December 31, 2020 122,534 30,613 27,611 47,844 2,195 13,330 244,127 December 31, 2021 4,802 22,070 24,232 55,553 1,869 2,948 111,474 |
Summary of Impairment Testing to Reasonably Possible Changes in Assumptions | The following table details the sensitivity of the 2021 impairment testing to reasonably possible changes in assumptions previous detailed: (Euro millions) Existing assumption Sensitivity effects on headroom Headroom Discount rate (bps) Growth rate (bps) EBITDA vs 2021 WACC +/-100 bps Growth rate +/- 50 bps EBITDA +/-500 bps CGU Zegna Segment 1,277 66 15 +13.2 % 931 1,790 1,485 1,106 1,506 1,048 CGU Thom Browne 325 77 20 +15.3 % 209 491 393 269 376 274 |
Impaired Zegna Segment DOS [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Summary of Impairment Testing in Respect of Property Plant and Equipment | The following table details the sensitivity of the 2021 impairment testing to reasonably possible changes in assumptions previous detailed related to the Zegna Segment: (Euro thousand) Existing assumption Sensitivity effects on impairment Impairment WACC (%) Growth Revenues WACC +/-100 bps Growth rate +/-50 bps Revenues +/-250 bps Zegna Segment DOS (8,692 ) 4.99% - 21.63 % 1.50 % +9.7 % (8,994 8,344 ) ( 8,692 8,692 ) ( 8,320 9,048 ) The following table details the sensitivity of the 2021 impairment testing to reasonably possible changes in assumptions previous detailed related to the Thom Browne Segment: (Euro thousand) Existing assumption Sensitivity effects on impairment Impairment WACC (%) Growth Revenues WACC +/-100 bps Growth rate +/-50 bps Revenues +/-250 bps Thom Browne Segment DOS — 7.13% - 10.33 % 2.00 % +6.9 % ( 95 - / ( 58 ) - / ( 235 ) |
Right-of-use assets (Tables)
Right-of-use assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of quantitative information about right-of-use assets [abstract] | |
Summary of Breakdown for Right-Of-Use Assets | The following table provides a breakdown for right-of-use (Euro thousands) Land and Industrial and Plant and Other Total Historical cost at January 1, 2020 665,738 616 326 6,396 673,076 Additions 52,051 96 — 1,637 53,784 Disposals (48,392 ) (7 ) — (1,446 ) (49,845 ) Exchange differences (32,985 ) — — (32 ) (33,017 ) Reclassifications to assets held for sale (80 ) — — (156 ) (236 ) Balance at December 31, 2020 636,332 705 326 6,399 643,762 Additions 147,372 18 909 148,299 Disposals (86,612 ) (151 ) (158 ) (1,381 ) (88,302 ) Exchange differences 37,071 — — (143 ) 36,928 Disposition (18,838 ) — — — (18,838 ) Balance at December 31, 2021 715,325 572 168 5,784 721,849 Accumulated amortization at January 1, 2020 (210,713 ) (278 ) (40 ) (2,704 ) (213,735 ) Amortization (106,340 ) (166 ) (122 ) (1,882 ) (108,510 ) Impairments (15,716 ) — — — (15,716 ) Disposals 36,925 7 — 1,431 38,363 Exchange differences 7,309 — — 20 7,329 Reclassifications to assets held for sale 80 — — 73 153 Balance at December 31, 2020 (288,455 ) (437 ) (162 ) (3,062 ) (292,116 ) Amortization (103,908 ) (132 ) (73 ) (1,666 ) (105,779 ) Impairments (6,486 ) — — — (6,486 ) Disposals 73,546 151 155 1,295 75,147 Exchange differences (21,123 ) (31 ) (1 ) (13 ) (21,168 ) Disposition 2,233 — — — 2,233 Reclassifications and other (3,210 ) — — — (3,210 ) Balance at December 31, 2021 (347,403 ) (449 ) (81 ) (3,446 ) (351,379 ) Carrying amount at: January 1, 2020 455,025 338 286 3,692 459,341 December 31, 2020 347,877 268 164 3,337 351,646 December 31, 2021 367,922 123 87 2,338 370,470 |
Investments at equity method (T
Investments at equity method (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of associates [abstract] | |
Summary of Ownership Percentages and Carrying Value of Investments Accounted for Using the Equity Method | The Group’s ownership percentages and the carrying value of investments accounted for using the equity method were as follows: (Euro thousands) Pelletteria Tizeta Tom Ford Achill Station Pty Filati Biagioli Total At January 1, 2019 2,651 27,255 — — 29,906 Net income /(loss) 368 (1,902 ) — — (1,534 ) Dividends (225 ) — — — (225 ) Translation differences — (353 ) — — (353 ) At December 31, 2019 2,794 25,000 — — 27,794 Additions 2 — 530 — 532 Impairment — (4,532 ) — — (4,532 ) Net income /(loss) 92 (4,232 ) (65 ) — (4,205 ) Dividends — — — — — Translation differences — 1,764 7 — 1,771 At December 31, 2020 2,888 18,000 472 — 21,360 Additions — — — 313 313 Disposition — — (472 ) — (472 ) Net income /(loss) 528 1,893 — 373 2,794 Translation differences — (1,548 ) — — (1,548 ) At December 31, 2021 3,416 18,345 — 686 22,447 |
Summary of Financial Information of Companies Accounted for Using the Equity Method | Certain financial information of companies accounted for using the equity method is provided below at and for the year ended December 31, 2021, as required by IFRS 12— Disclosure of Interest in Other Entities (Euro thousands) Pelletteria Tizeta S.r.l. Tom Ford Filati Biagioli Modesto Total assets 29,311 318,667 37,707 Total liabilities 22,340 444,006 35,992 Total equity 6,971 (125,339 ) 1,715 Net revenues 28,329 221,480 30,766 Net income/(loss) 1,055 12,620 (333 ) |
Investment property (Tables)
Investment property (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about investment property [abstract] | |
Summary of Investment Property | The following table provides a breakdown for investment property: (Euro thousands) Historical cost at December 31, 2019 58,184 Exchange differences (4,917 ) Balance at December 31, 2020 53,267 Additions — Exchange differences 4,445 Disposition (57,712 ) Balance at December 31, 2021 — Accumulated depreciation at December 31, 2019 (3,022 ) Depreciation (802 ) Exchange differences 311 Balance at December 31, 2020 (3,513 ) Depreciation (264 ) Exchange differences (305 ) Disposition 4,082 Balance at December 31, 2021 — Carrying amount at: December 31, 2019 55,162 December 31, 2020 49,754 December 31, 2021 — |
Other Non-Current Financial A_2
Other Non-Current Financial Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Categories of non-current financial assets [abstract] | |
Disclosure Of Other Noncurrent Financial Assets | The following table provides a breakdown for other non-current (Euro thousands) At December 31, 2021 2020 Guarantee deposits 29,399 27,379 Investment held in Elah Dufour S.p.A. — 17,119 Financial loans to related parties 2,219 — Financial loans to Tom Ford 1,497 1,198 Other 2,257 3,567 Total other non-current 35,372 49,263 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of Measuring inventories [Abstract] | |
Disclosure of Measuring inventories | The following table provides a breakdown for inventories: (Euro thousands) At December 31, 2021 2020 Raw materials, ancillary materials and consumables 42,255 38,127 Work-in-progress 50,703 42,466 Finished goods 245,517 240,878 Total inventories 338,475 321,471 |
Trade receivables (Tables)
Trade receivables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of breakdown for trade receivables | The following table provides a breakdown for trade receivables: (Euro thousands) At December 31, 2021 2020 Trade receivables 167,003 147,546 Loss allowance (6,643 ) (8,717 ) Total trade receivables 160,360 138,829 The following table provides a breakdown for the loss allowance relating to trade receivables: (Euro thousands) Loss allowance At January 1, 2020 (5,635 ) Provisions (3,636 ) Utilizations 96 Exchange differences and other 458 At December 31, 2020 (8,717 ) Provisions (496 ) Utilizations 71 Releases 923 Disposition 207 Exchange differences and other 1,369 At December 31, 2021 (6,643 ) |
Disclosure of Trade Receivable by Geographic Area | The following table shows trade receivables by geographic area: (Euro thousands) For the years ended 2021 2020 EMEA (1) 62,412 51,102 of which Italy 32,089 28,847 North America (2) 18,061 28,940 of which United States 16,883 27,329 Latin America (3) 4,437 1,436 APAC (4) 75,450 57,351 of which Greater China Region 54,978 42,830 Total trade receivables 160,360 138,829 (1) EMEA includes Europe, the Middle East and Africa. (2) North America includes the United States of America and Canada. (3) Latin America includes Mexico, Brazil and other Central and South American countries. (4) APAC includes the Greater China Region, Japan, South Korea, Thailand, Malaysia, Vietnam, Indonesia, Philippines, Australia, New Zealand, India and other Southeast Asian countries. |
Derivative financial instrume_2
Derivative financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Outstanding Hedges | At the reporting date, the Group had outstanding hedges as detailed in the tables below: (Euro thousands) At December 31, 2021 At December 31, 2020 Notional Positive Negative Fair Notional Positive Fair Negative Fair Foreign currency exchange risk Forward contracts 550,734 1,786 (11,726 ) 347,679 11,848 (4,918 ) Deal-Contingent Option 109,244 — — — — — Interest rate risk Interest rate swaps 323,816 — (2,412 ) 274,336 — (5,515 ) Total derivatives – Hedging 983,794 1,786 (14,138 ) 622,015 11,848 (10,433 ) Elah Dufour Option — — — — — (2,759 ) Total trading derivatives — — — — — (2,759 ) Total derivatives instruments - Asset/(Liabilities) 983,794 1,786 (14,138 ) 622,015 11,848 (13,192 ) |
Summary of Notional Amount of Foreign Exchange | The notional amount of foreign exchange forward contracts to hedge projected future cash flows are detailed as follows: (Euro thousands) For the years ended December 31, 2021 2020 USD 194,097 144,569 CHF 4,792 24,810 CNY 191,936 20,318 GBP 25,012 19,226 HKD 46,883 12,613 JPY 51,075 52,407 Other 36,939 73,736 Total notional amount 550,734 347,679 |
Summary of Interest Rate Swap (IRS) Agreements | The key features of the interest rate swap (IRS) agreements are summarized as follows: (Euro thousands, except percentages) Notional amount at Fair value at Contract Maturity date Fixed 2021 2020 2021 2020 IRS 1 2/17/2021 0.47 % — 80,000 — (1,031 ) IRS 2 1/27/2023 0.27 % 20,000 20,000 (192 ) (366 ) IRS 3 2/8/2023 0.17 % 20,000 20,000 (144 ) (309 ) IRS 4 4/27/2023 0.26 % 50,000 50,000 (523 ) (988 ) IRS 5 8/3/2023 0.28 % 40,000 40,000 (483 ) (898 ) IRS 6 11/17/2023 0.34 % 60,000 60,000 (801 ) (1,549 ) IRS 7 4/15/2024 (0.24 %) 80,000 — (109 ) — IRS 8 12/20/2024 0.01 % 50,000 — 72 — IRS 9 7/29/2027 0.80 % 1,996 2,334 (57 ) (108 ) IRS 10 12/18/2031 1.94 % 1,820 2,002 (175 ) (266 ) Total 323,816 274,336 (2,412 ) (5,515 ) |
Other current financial assets
Other current financial assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Other current Financial Assets [Abstract] | |
Summary of Other Financial Assets and Securities | The following table provides a breakdown for other current financial assets (see Note 40 - Fair value measurement (Euro thousands) At December 31, 2021 2020 Securities 334,244 350,163 Guarantee deposits and others 6,136 — Total other current financial assets 340,380 350,163 The following table provides a breakdown for securities: At December 31, Investments Disposals Fair value Realized Exchange rate At December 31, (Euro thousands) FVPL Insurance contracts 107,188 6,232 — 499 — — 113,919 Fixed income 88,011 24,756 (44,713 ) 1,271 (380 ) 2 68,947 Hedge funds 36,511 10,396 (7,861 ) 1,153 572 712 41,483 Real estate funds 29,073 3,826 (2,060 ) 1,316 109 634 32,898 Equity 24,843 8,327 (10,236 ) 1,224 1,011 239 25,408 Private equity 10,583 4,505 (3,036 ) 3,486 — 387 15,925 Private debt 6,894 401 — 650 — — 7,945 Money market funds 19,223 11,479 (30,978 ) 20 279 1,984 2,007 Total FVPL 322,326 69,922 (98,884 ) 9,619 1,591 3,958 308,532 FVOCI Floating income 22,663 — (2,284 ) 252 56 — 20,687 Fixed income 5,174 — (416 ) 267 — — 5,025 Total FVOCI 27,837 — (2,700 ) 519 56 — 25,712 Total securities 350,163 69,922 (101,584 ) 10,138 1,647 3,958 334,244 At December 31, Investments Disposals Fair value Realized Exchange At (Euro thousands) FVPL Insurance contracts 176,575 7,500 (78,897 ) 1,984 26 — 107,188 Fixed income 122,070 38,580 (72,752 ) 920 (798 ) (9 ) 88,011 Hedge funds 50,471 20,198 (35,408 ) 420 1,299 (469 ) 36,511 Real estate funds 24,807 21,023 (15,788 ) (884 ) 604 (689 ) 29,073 Equity 15,261 27,834 (18,024 ) (80 ) (124 ) (24 ) 24,843 Money market funds 10,254 37,222 (28,253 ) — — — 19,223 Private equity 8,256 2,845 (548 ) 201 — (171 ) 10,583 Private debt 2,006 4,802 — 86 — — 6,894 Total FVPL 409,700 160,004 (249,670 ) 2,647 1,007 (1,362 ) 322,326 FVOCI Floating income 19,879 5,425 (2,938 ) 295 2 — 22,663 Fixed in c 5,326 167 (303 ) (12 ) (4 ) — 5,174 Total FVOCI 25,205 5,592 (3,241 ) 283 (2 ) — 27,837 Total securities 434,905 165,596 (252,911 ) 2,930 1,005 (1,362 ) 350,163 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Cash and Cash Equivalents | The following table provides a breakdown for cash and cash equivalents: (Euro thousands) At December 31, 2021 2020 Cash on hand 1,651 535 Bank balances 458,140 316,756 Total cash and cash equivalents 459,791 317,291 |
Assets and liabilities held f_2
Assets and liabilities held for sale (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Assets and Liabilities Held for Sale and Distribution | The following table provides a breakdown of assets and liabilities held for sale at December 31, 2020: (Euro thousands) At December 31, 2020 Intangibles assets 656 Property plant and equipment 1,801 Right-of-use 83 Other non-current — Deferred tax assets 1,393 Inventories 7,079 Trade receivables 3,081 Tax receivables 455 Other financial assets 345 Other current assets 1,752 Cash and cash equivalents 580 Total assets 17,225 Employee benefits 1,130 Deferred tax liabilities — Lease liabilities 83 Derivative financial instruments — Other current liabilities 9,385 Provision for risks and charges 1,505 Tax liabilities 1,181 Trade payables and customer advances 3,441 Total liabilities 16,725 Assets and liabilities held for sale 500 |
Shareholder' equity (Tables)
Shareholder' equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of reserves within equity [abstract] | |
Summary of Other Reserves Including Other Comprehensive Income | Other reserves (including other comprehensive income) are detailed as follows: (Euro thousands) At December 31, 2021 2020 Italian statutory reserve 860 860 Addition paid-in 721,187 — Reserve for treasury shares (455,000 ) (76,624 ) Other comprehensive income reserve (OCI) (12,295 ) (25,901 ) Share-based payments reserve 74,978 — Non-controlling (196,691 ) (196,691 ) Other reserves (36,360 ) 2,584 Other reserves, including OCI 96,679 (295,772 ) |
Summary of Disclosure in Tabular Form of Share Based Payment Reserves | The following table presents a breakdown share-based compensation during the year: (Euro thousands) Escrow Shares 37,906 PSUs 2022, 2023 and 2024 6,138 CEO Stock Options 2,938 Remuneration in shares 1,410 CEO IPO LTI 2,047 Management IPO LTI 4,585 Management Stock Options 3,834 Cash-settled share based payments 16,120 Total share-based payments 74,978 |
Non-controlling interests (Tabl
Non-controlling interests (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Each Subsidiary are before Intercompany Eliminations | The following tables show the financial information of consolidated companies not entirely controlled by the Group, as required by IFRS 12. The amounts disclosed for each subsidiary are before intercompany eliminations and at and for the years ended December 31, 2021 and 2020. At and for the year ended December 31, 2021 (Functional currency thousands) Group’s percentage interest Non- controlling interest percentage Functional currency Total assets Total equity Net revenues Net income / (loss) Dividends paid to non- controlling shareholders Company Thom Browne Inc. 90 % 10 % USD 233,472 129,244 312,311 35,703 — Ermenegildo Zegna Vietnam LLC 77 % 23 % VTD 59,619,650 (65,153,441 ) 34,267,609 (3,987,259 ) — Ermenegildo Zegna Madrid S.A. 70 % 30 % EUR 3,627 1,925 2,241 (96 ) — Gruppo Dondi S.p.A. 65 % 35 % EUR 33,459 18,475 37,617 4,783 (182 ) E. Z. Thai Holding Ltd 49 % 51 % THB 12,979 328 — (121 ) — Bonotto S.p.A. 60 % 40 % EUR 21,482 9,030 17,674 1,840 — Tessitura Ubertino S.r.l. 60 % 40 % EUR 12,221 8,786 5,625 561 — Cappellificio Cervo S.r.l. 51 % 49 % EUR 1,498 757 1,315 (35 ) — Zegna South Asia Private LTD 51 % 49 % INR 871,210 123,709 281,592 21,891 — Zegna Gulf Trading LLC 49 % 51 % AED 125,086 921 137,355 30,783 — At and for the year ended December 31, 2020 (Functional currency thousands) Group’s percentage interest Non- controlling interest percentage Functional currency Total assets Total equity Net revenues Net income / (loss) Dividends paid to non- controlling shareholders Company Thom Browne Inc. 85 % 15 % USD 157,679 105,890 203,859 24,275 — Gruppo Dondi S.p.A. 65 % 35 % EUR 24,590 21,321 27,199 1,147 (354 ) Bonotto S.p.A. 60 % 40 % EUR 22,345 7,143 20,526 (366 ) (216 ) Lanificio Ermenegildo Zegna e Figli S.p.A. 90 % 10 % EUR 42,855 27,077 52,945 6,048 (1,116 ) Ermenegildo Zegna Madrid S.A. 70 % 30 % EUR 2,935 2,935 2,051 (29 ) (45 ) Zegna South Asia Private LTD 51 % 49 % INR 654,611 103,020 216,675 (13,372 ) — Ermenegildo Zegna Vietnam LLC 77 % 23 % VTD 36,801,969 (61,223,291 ) 28,519,833 (2,520,357 ) — Zegna Gulf Trading LLC 49 % 51 % AED 91,261 (29,810 ) 57,826 (9,600 ) — Achill Land Pty Ltd. 60 % 40 % AUD 11,749 10,200 n.a. n.a. — |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Non-current and Current Borrowings | The following table provides a breakdown for non-current (Euro thousands) 2021 2020 Committed Other Total Committed Other Total At January 1, 613,415 51,336 664,751 619,308 984 620,292 Repayments (56,029 ) (104,181 ) (160,210 ) (221,029 ) — (221,029 ) Proceeds 20,000 103,570 123,570 215,000 50,352 265,352 Other 827 — 827 136 — 136 At December 31, 578,213 50,725 628,938 613,415 51,336 664,751 Of which: Non-current 470,934 712 471,646 557,386 1,336 558,722 Current 107,279 50,013 157,292 56,029 50,000 106,029 |
Summary of Repayment Schedule for Borrowings | The repayment schedule for borrowings is summarized below: (Euro thousands) At December 31, 2021 Year 1 Year 2 Year 3 Year 4 Year 5 and Committed loans 578,213 107,279 281,028 133,872 43,965 12,069 Other financial liabilities 50,725 50,013 20 680 12 — Total borrowings 628,938 157,292 281,048 134,552 43,977 12,069 (Euro thousands) At December 31, 2020 Year 1 Year 2 Year 3 Year 4 Year 5 and Committed loans 613,415 56,029 107,500 281,250 130,000 38,636 Other financial liabilities 51,336 50,000 — — 874 462 Total borrowings 664,751 106,029 107,500 281,250 130,874 39,098 |
Summary of Group's Individual Borrowings | The following tables provide details relating to the Group’s individual borrowings. At December 31, 2021 Borrower Interest Terms Expiry date of which of which non-current (Euro thousands) Co.Ti Service S.A. Fixed 0.79% February 2022 10,000 — Co.Ti Service S.A. Fixed 0.79% March 2022 5,000 — Ermenegildo Zegna N.V. Fixed 0.00% March 2022 15,000 — Ermenegildo Zegna N.V. Fixed 0.00% March 2022 35,000 — Ermenegildo Zegna N.V. Variable Euribor 3m + 0.69% September 2022 9,998 — Ermenegildo Zegna N.V. Fixed 1.25% December 2022 10,000 — Ermenegildo Zegna N.V. Variable IRS + 1.48% January 2023 — 19,999 Ermenegildo Zegna N.V. Variable IRS + 0.80% February 2023 — 20,000 Ermenegildo Zegna N.V. Fixed 0.77% March 2023 — 15,000 Ermenegildo Zegna N.V. Fixed 0.49% April 2023 — 49,993 Ermenegildo Zegna N.V. Variable Euribor 6m + 0.75% May 2023 — 44,991 Ermenegildo Zegna N.V. Variable Euribor 6m + 0.83% June 2023 12,485 6,247 Ermenegildo Zegna N.V. Variable IRS + 1.05% August 2023 — 39,993 Ermenegildo Zegna N.V. Variable Euribor 6m + 0.80% September 2023 49,836 — Ermenegildo Zegna N.V. Variable IRS + 0.75% November 2023 — 59,948 Ermenegildo Zegna N.V. Variable Euribor 6m + 0.75% November 2023 9,960 4,966 Ermenegildo Zegna N.V. Fixed 1.22% November 2023 — 20,000 Ermenegildo Zegna N.V. Variable IRS + 0.81% April 2024 — 79,936 Lanificio Ermenegildo Zegna e Figli S.p.A. Fixed 1.35% June 2024 — 655 Ermenegildo Zegna N.V. Variable IRS + 0.60% December 2024 — 49,901 Co.Ti Service S.A. Fixed 0.75% March 2025 — 20,000 Co.Ti Service S.A. Fixed 0.75% April 2025 — 10,000 Ermenegildo Zegna N.V. Variable Euribor 1m + 0.76% May 2025 — 9,993 Ermenegildo Zegna N.V. Fixed 0.73% September 2028 — 19,967 Other Fixed 0.05% June 2025 13 57 Total 157,292 471,646 of which fixed 75,013 135,672 of which variable 82,279 335,974 At December 31, 2020 Borrower Interest Terms Expiry date of which of which non-current (Euro thousands) Ermenegildo Zegna N.V. Fixed 0.00% April 2021 15,000 — Ermenegildo Zegna N.V. Fixed 0.73% October 2021 17,500 — Ermenegildo Zegna N.V. Variable Euribor 3m + 0.73% October 2021 17,500 — Ermenegildo Zegna N.V. Fixed 0.80% December 2021 3,529 — Co.Ti Service S.A. Fixed 0.79% February 2022 — 10,000 Co.Ti Service S.A. Fixed 0.79% March 2022 — 5,000 Ermenegildo Zegna N.V. Variable Euribor 3m + 0.69% September 2022 — 10,000 Ermenegildo Zegna N.V. Variable Euribor 6m + 0.80% September 2022 30,000 50,000 Ermenegildo Zegna N.V. Fixed 1.25% December 2022 — 10,000 Ermenegildo Zegna N.V. Variable IRS + 1.48% January 2023 — 20,000 Ermenegildo Zegna N.V. Variable IRS + 0.80% February 2023 — 20,000 Ermenegildo Zegna N.V. Fixed 0.77% March 2023 — 15,000 Ermenegildo Zegna N.V. Fixed 0.49% April 2023 — 50,000 Ermenegildo Zegna N.V. Variable Euribor 6m + 0.75% May 2023 — 45,000 Ermenegildo Zegna N.V. Variable Euribor 6m + 0.83% June 2023 12,500 18,750 Ermenegildo Zegna N.V. Variable IRS + 1.05% August 2023 — 40,000 Ermenegildo Zegna N.V. Fixed 1.22% November 2023 — 20,000 Ermenegildo Zegna N.V. Fixed 1.09% November 2023 — 60,000 Ermenegildo Zegna N.V. Variable IRS + 0.75% November 2023 10,000 14,972 Ermenegildo Zegna N.V. Variable IRS + 0.81% April 2024 — 80,000 Ermenegildo Zegna N.V. Variable IRS + 0.60% December 2024 — 50,000 Co.Ti Service S.A. Fixed 0.75% March 2025 — 20,000 Co.Ti Service S.A. Fixed 0.75% April 2025 — 10,000 E.Z. Holditalia Variable Euribor 1m + 0.76% May 2025 — 10,000 Total 106,029 558,722 of which fixed 36,029 200,000 of which variable 70,000 358,722 |
Other current and non-current_2
Other current and non-current financial liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Schedule of Break Down Current and Non Current Financial Liabilities Explanatory | The following table provides a breakdown for other current and non-current (Euro thousands) At December 31, 2021 2020 Written put options on non-controlling 159,411 196,783 Cash-settled share-based payments — 16,120 Bonds — 4,287 Other 7,976 3,778 Other non-current 167,387 220,968 Warrant liabilities 33,984 — Other current financial liabilities 33,984 — Total 201,371 220,968 |
Lease Liabilities (Tables)
Lease Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Break Down Lease Liabilities Arising from Financing Activities Explanatory | The following table provides a breakdown for lease liabilities. (Euro thousands) 2021 2020 At January 1, 407,687 508,153 Interest expense 9,351 10,285 Repayment of lease liabilities (including interest expense) (109,962 ) (100,984 ) IFRS 16 lease amendment: lease renegotiation (12,416 ) (24,931 ) Additions due to new leases and store renewals 150,648 54,303 Decrease of lease liabilities due to store closures (16,485 ) (14,084 ) Reclassifications to liabilities held for sale — (83 ) Disposition (11,508 ) — Translation differences 20,737 (24,972 ) At December 31, 438,052 407,687 Of which: Non-current 331,409 314,845 Current 106,643 92,842 |
Summary of Maturity Analysis of Lease Liabilities Explanatory | The following table summarizes the lease liabilities by maturity date: (Euro thousands) At December 31, Year 1 Year 2 Year 3 Year 4 Beyond 2021 438,052 106,643 92,344 65,610 38,898 134,557 2020 407,687 92,842 79,604 60,281 47,107 127,853 |
Provisions for Risks and Char_2
Provisions for Risks and Charges (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of other provisions [abstract] | |
Summary of Movement of the Provision for Risks and Charges | The following tables show the movement of the provision for risks and charges in 2021 and 2020: (Euro thousands) Legal and fiscal risks Leased store restoration Refund liability Other Total provisions At January 1, 2020 17,256 14,064 6,744 6,759 44,823 Of which current — — 6,744 3,852 10,596 Of which non-current 17,256 14,064 — 2,907 34,227 Provisions 902 2,396 2,044 8,122 13,464 Releases (1,752 ) — (2,062 ) (1,559 ) (5,373 ) Utilizations (30 ) (2,581 ) (694 ) (1,328 ) (4,633 ) At December 31, 2020 16,376 13,879 6,032 11,994 48,281 Of which current — — 6,032 2,293 8,325 Of which non-current 16,376 13,879 — 9,701 39,956 Provisions 12,521 979 491 2,594 16,585 Releases (264 ) (630 ) — (1,365 ) (2,259 ) Utilizations (1,168 ) — (351 ) (3,979 ) (5,498 ) Exchange differences 1,191 (110 ) 178 — 1,259 Reclassifications and other — 175 3,699 (3,594 ) 280 At December 31, 2021 28,656 14,293 10,049 5,650 58,648 Of which current — 2,288 10,049 1,756 14,093 Of which non-current 28,656 12,005 — 3,894 44,555 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Employee Benefits [Abstract] | |
Summary of Different Categories of Employee Benefits of the Group Explanatory | The following table presents a breakdown of employee benefits. (Euro thousands) At December 31, 2021 2020 Italian leaving indemnities (TFR) 9,784 11,596 Other leaving indemnities 15,237 16,073 Post-employment benefits 5,280 590 Other long-term employee benefits 1,362 561 Termination benefits 366 396 Total defined benefit obligations 32,029 29,216 Other long-term payables to employees 10,234 131 Total employee benefits 42,263 29,347 |
Summary of Employee Defined Benefit Liabilities Explanatory | The following table shows the changes in defined benefit obligations. (Euro thousands) 2021 2020 At January 1, 29,216 30,573 Changes through statement of profit and loss 14,365 2,591 - of which: Service cost 14,169 2,335 - of which: Financial charges 196 256 Changes through statement of comprehensive income 1,562 (930 ) - of which: Actuarial loss/(gain) 563 (523 ) - of which: Translation differences 999 (407 ) Benefits paid (13,456 ) (2,360 ) Change in scope of consolidation and reclassifications to assets held for sale 342 (658 ) At December 31, 32,029 29,216 |
Summary of Main Financial Assumptions Used in Determining the Present Value of Employee Severance Indemnities Explanatory | The following table summarizes the main financial assumptions used in determining the present value of the TFR and other leaving indemnities. At December 31, 2021 At December 31, 2020 Italy Spain China Italy Spain China Discount rate 0.183% / 0.757% 0.60 / 0.70% 2.80% -0.204% / 0.246% -0.440 / 0.283% 3.05% Inflation rate 1.50% 1.00% 5.50% 1.50% 0.80% 4.41% Salary increase rate 1.0% / 2.2% 1.00% 5.50% 0.5% / 2.3% 0.80% 4.41% |
Summary of Main Assumptions Concerning the Main Employee Benefit Obligations and Service Costs Explanatory | The following table presents a quantitative sensitivity analysis for the main assumptions relating to the Group’s main employee benefit obligations and service costs. (Euro thousands) At December 31, 2021 At December 31, 2020 +50 bps -50 bps +50 bps -50 bps +50 bps -50 bps +50 bps -50 bps Employee benefit Service costs Employee benefit Service costs Discount rate (714 ) 765 (39 ) 42 (793 ) 850 (75 ) 79 Inflation rate 601 (572 ) 38 (36 ) 630 (598 ) 46 (43 ) Turn-over rate 1,155 (1,864 ) 92 (156 ) 570 (1 ) 61 (109 ) |
Trade Payables and Customer A_2
Trade Payables and Customer Advances (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Breakdown for Trade Payables and Customer Advances Explanatory | The following table provides a breakdown for trade payables and customer advances: (Euro thousands) At December 31, 2021 2020 Trade payables 177,801 150,257 Customer advances 45,236 38,085 Total trade payables including customer advances 223,037 188,342 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Other Current Liabilities Explanatory | The following table provides a breakdown for other current liabilities: (Euro thousands) At December 31, 2021 2020 Due to employees 51,847 26,134 VAT and other taxes 28,609 19,993 Accrued expenses 15,319 19,739 Social security institutions 8,683 9,147 Deferred income 3,591 1,624 Other current liabilities 16,307 — Total other current liabilities 124,356 76,637 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of financial assets [abstract] | |
Summary of Financial Assets | The following tables provide a breakdown for financial assets by category: (Euro thousands) At December 31, 2021 Financial assets Fair value Level FVPL FVOCI Amortized Total Note 1 2 3 Derivative financial instruments — 1,786 — 1,786 26 — 1,786 — Cash and cash equivalents — — 459,791 459,791 29 — 459,791 — Trade receivables — — 160,360 160,360 25 — 160,360 — Other non-current 2,257 — 33,115 35,372 23 — 33,115 2,257 Other current financial assets (*) 308,532 25,712 6,136 340,380 27 53,164 88,183 199,033 Financial assets 310,789 27,498 659,402 997,689 53,164 743,235 201,290 (*) The following table provides an additional breakdown for other current financial assets at December 31, 2021: (Euro thousands) At December 31, 2021 Financial assets Fair value Level FVPL FVOCI Amortized Total 1 2 3 Insurance contracts 113,919 — — 113,919 — — 113,919 Fixed income 68,947 5,025 — 73,972 29,764 26,700 17,508 Hedge funds 41,483 — — 41,483 — 11,243 30,240 Real estate funds 32,898 — — 32,898 — 19,100 13,798 Equity 25,408 — — 25,408 2,713 22,695 — Money market funds and floating income 2,007 20,687 — 22,694 20,687 2,007 — Private equity 15,925 — — 15,925 — — 15,925 Private debt 7,945 — — 7,945 — 302 7,643 Guarantee deposits and others — — 6,136 6,136 — 6,136 — Total other current financial assets 308,532 25,712 6,136 340,380 53,164 88,183 199,033 The fair value of Level 2 items is mainly estimated on the basis of data provided by pricing services (non active markets) and the fair value of Level 3 items is estimated on the basis of the last available net asset value (NAV). (Euro thousands) At December 31, 2020 Financial assets Fair value Level FVPL FVOCI Amortized Total Note 1 2 3 Derivative financial instruments — 11,848 — 11,848 26 — 11,848 — Cash and cash equivalents — — 317,291 317,291 29 — 317,291 — Trade receivables — — 138,829 138,829 25 — 138,829 — Other non-current 20,686 — 28,577 49,263 23 — — 20,686 Other current financial assets (*) 322,326 27,837 — 350,163 27 32,217 140,792 177,154 Financial assets 343,012 39,685 484,697 867,394 32,217 608,760 197,840 (*) The following table provides an additional breakdown for other current financial assets at December 31, 2020: (Euro thousands) At December 31, 2020 Financial assets Fair value Level FVPL FVOCI Amortized Total 1 2 3 Insurance contracts 107,188 — — 107,188 — — 107,188 Fixed income 88,011 5,174 — 93,185 7,201 68,570 17,414 Money market funds and floating income 19,223 22,663 — 41,886 22,662 19,224 — Hedge funds 36,511 — — 36,511 — 8,549 27,962 Real estate funds 29,073 — — 29,073 — 17,607 11,466 Equity 24,843 — — 24,843 2,354 22,489 — Private equity 10,583 — — 10,583 — — 10,583 Private debt 6,894 — — 6,894 — 4,353 2,541 Total other current financial assets 322,326 27,837 — 350,163 32,217 140,792 177,154 |
Summary of Financial Liabilities | The following tables provide a breakdown for financial liabilities by category: (Euro thousands) At December 31, 2021 Financial liabilities Fair value Level FVPL FVOCI Amortized Total Note 1 2 3 Derivative financial instruments — 14,138 — 14,138 26 — 14,138 — Non-current — — 471,646 471,646 33 — 471,646 — Current borrowings — — 157,292 157,292 33 — 157,292 — Other non-current 159,411 — 7,976 167,387 34 — 159,411 7,976 Other current financial liabilities 33,984 — — 33,984 35 23,810 10,174 — Trade payables and customer advances — — 223,037 223,037 38 — 223,037 — Lease liabilities – Current / Non-current — — 438,052 438,052 35 — — 438,052 Financial liabilities 193,395 14,138 1,298,003 1,505,536 23,810 1,035,698 446,028 (Euro thousands) At December 31, 2020 Financial liabilities Fair value Level FVPL FVOCI Amortized Total Note 1 2 3 Derivative financial instruments — 13,192 — 13,192 26 — 13,192 — Non-current — — 558,722 558,722 33 — 558,722 — Current borrowings — — 106,029 106,029 33 — 106,029 — Other non-current 212,903 — 8,065 220,968 34 — — 220,968 Trade payables and customer advances — — 188,342 188,342 38 — 188,342 — Lease liabilities – Current / Non-current — — 407,687 407,687 35 — — 407,687 Financial liabilities 212,903 13,192 1,268,845 1,494,940 — 866,285 628,655 |
Summary of Fair Value Measurement of Equity | The following table presents the changes in level 3 items for the period ended December 31, 2021: (Euro thousands) Fair value Level 3 At December 31, 2020 177,154 Investments 19,516 Disposals (5,169 ) Fair value adjustments 6,060 Realized gains 69 Exchange rate gains 1,403 At December 31, 2021 199,033 |
Qualitative and Quantitative _2
Qualitative and Quantitative Information on Financial Risks (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Aging of Trade Receivables | With regards to trade receivables, credit risk management is carried out by monitoring the reliability and solvency of customers, as well as through insurance agreements. The following table provides the aging of trade receivables: (Euro thousands) Not yet due 0-90 days overdue 90-180 days overdue >180 days Total Trade receivables, gross 136,648 21,957 5,018 3,380 167,003 Loss allowance (1,575 ) (696 ) (992 ) (3,380 ) (6,643 ) Total trade receivables at December 31, 2021 135,073 21,261 4,026 — 160,360 Trade receivables, gross 106,659 23,172 2,509 15,206 147,546 Loss allowance (549 ) (1,876 ) (480 ) (5,812 ) (8,717 ) Total trade receivables at December 31, 2020 106,110 21,296 2,029 9,394 138,829 |
Summary of Groups Financial Liabilities into Relevant Maturity Groupings | The following tables summarize the Group’s financial liabilities into relevant maturity groupings based on their contractual maturities: (Euro thousands) Contractual cash flows Carrying Within 1 year Within 2 Years Within 3 years Beyond Derivative financial instruments 14,138 14,138 — — — Trade payables and customer advances 223,037 223,037 — — — Borrowings 628,938 161,550 283,736 135,541 56,414 Lease liabilities 438,052 112,713 98,101 69,827 186,951 Other current and non-current 201,371 33,984 29,816 — 137,571 Total 1,505,536 545,422 411,653 205,368 380,936 (Euro thousands) Contractual cash flows Carrying Within 1 year Within 2 Years Within 3 years Beyond Derivative financial instruments 13,192 13,192 — — — Trade payables and customer advances 188,342 188,342 — — — Borrowings 664,751 106,029 107,500 281,250 169,972 Lease liabilities 407,687 102,092 82,489 67,137 187,771 Other non-current 220,968 — 25,976 71,924 123,068 Total 1,494,940 409,655 215,965 420,311 480,811 |
Summary of Potential Effects on Profit Before Tax of Hypothetical Change in Exchange Rates | The following table presents the potential effects on profit before tax of a hypothetical change of +/- 500 bps in year-end eign currencies. (Euro thousands) At December 31, 2021 At December 31, 2020 Trade receivables and +500 bps -500 bps Trade receivables and +500 bps -500 bps Currency Impact on profit before tax Impact on profit before tax USD 96,885 (4,614 ) 5,099 112,850 (5,374 ) 5,939 JPY 20,481 (975 ) 1,078 41,757 (1,988 ) 2,198 CNY 21,084 (1,004 ) 1,110 35,083 (1,671 ) 1,846 HKD 27,452 (1,307 ) 1,445 11,235 (535 ) 591 GBP (5,974 ) 284 (314 ) 4,923 (234 ) 259 SGD 8,220 (391 ) 433 3,120 (149 ) 164 CHF (18,158 ) 865 (956 ) (16,552 ) 788 (871 ) Total 149,990 (7,142 ) 7,895 192,416 (9,163 ) 10,126 The following table presents the potential impact on profit before tax of a hypothetical change of +/- 500 bps in year-end roup is exposed. (Euro thousands) At December 31, 2021 At December 31, 2020 Notional amount +500 bps -500 bps Notional amount +500 bps -500 bps Currency Impact on profit before tax Impact on profit before tax USD 81,725 3,892 (4,301 ) 119,214 5,677 (6,274 ) JPY 20,692 985 (1,089 ) 45,658 2,174 (2,403 ) CNY 11,464 546 (603 ) 20,318 968 (1,069 ) GBP (12,660 ) (603 ) 666 16,464 784 (867 ) HKD 28,054 1,336 (1,477 ) 9,460 450 (498 ) CHF — — — 6,295 (300 ) 331 SGD 8,158 388 (429 ) 3,083 147 (162 ) Total 137,433 6,544 (7,233 ) 220,492 9,900 (10,942 ) The following table presents the potential change in equity gross of tax of a hypothetical change of +/- 500 bps in year-end robable transactions. (Euro thousands) At December 31, 2021 At December 31, 2020 Notional amount +500 bps -500 bps Notional amount +500 bps -500 bps Currency Impact on hedge reserve Impact on hedge reserve USD 80,155 3,817 (4,219 ) 25,355 1,207 (1,334 ) CHF (4,792 ) (228 ) 252 18,515 (882 ) 974 JPY 10,360 493 (545 ) 6,749 321 (355 ) HKD 16,097 767 (847 ) 3,153 150 (166 ) GBP 12,659 603 (666 ) 2,762 132 (145 ) CNY 178,537 8,502 (9,397 ) — — — SGD 1,947 93 (102 ) — — — Total 294,963 14,047 (15,524 ) 56,534 928 (1,026 ) The following table presents the potential impact on profit before tax of a hypothetical change of +/- 500 bps in the USD/EUR year-end non-controlling non-current (Euro thousands) At December 31, 2021 At December 31, 2020 Notional amount +500 bps -500 bps Notional amount +500 bps -500 bps Currency Impact on profit before tax Impact on profit before tax USD (135,726 ) (7,143 ) 6,463 (169,055 ) (8,897 ) 8,050 Total (135,726 ) (7,143 ) 6,463 (169,055 ) (8,897 ) 8,050 |
Summary of Sensitivity on Floating Rate Borrowings | The following table presents the sensitivity on floating rate borrowings not covered by interest rate swaps. (Euro thousands, except percentages) At December 31, 2021 Amount Total Interest -20% Impact on +20% Impact on 10,000 0.115 % 12 0.006 % 1 0.224 % 22 15,000 0.112 % 17 0.004 % 1 0.220 % 33 18,750 0.284 % 53 0.175 % 33 0.393 % 74 50,000 0.000 % — 0.000 % — 0.100 % 50 10,000 0.186 % 19 0.077 % 8 0.295 % 30 45,000 0.167 % 75 0.060 % 27 0.274 % 123 148,750 175 69 332 * The overall rate indicated is compounded of the fixed spread plus the variable rate (+-20% (Euro thousands, except percentages) At December 31, 2020 Amount Total Interest -20% Impact on +20% Impact on Non-current 80,000 0.349 % 279 0.259 % 207 0.439 % 351 10,000 0.195 % 20 0.097 % 10 0.293 % 30 45,000 0.238 % 107 0.136 % 61 0.340 % 153 31,250 0.300 % 94 0.194 % 61 0.406 % 127 10,000 0.184 % 18 0.069 % 7 0.299 % 30 176,250 518 346 691 Current 17,500 0.183 % 32 0.074 % 13 0.292 % 51 17,500 32 13 51 * The overall rate indicated is compounded of the fixed spread plus the variable rate (+-20% |
Related Party Transactions (Tab
Related Party Transactions (Table) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of Transactions with Related Parties | The following table summarizes transactions with related parties for the years ended December 31, 2021, 2020 and 2019. (Euro thousands) For the year ended December 31, 2021 2020 2019 Revenues Costs (1) (2) Personnel costs Write down (3) Financial (expenses) Revenues Costs (1) (2) Personnel costs Financial (expenses) Revenues Costs (1) (2) Personnel costs Financial (expenses) Associates Tom Ford 23,047 7,730 — — 596 25,088 7,673 — 471 29,499 8,958 — 1,847 Filati Biagioli Modesto S.p.A. 49 177 — — — — — — — — — — — Pelletteria Tizeta S.r.l. — — — — — 4 2 — — 4 2 — — Total associates 23,096 7,907 — — 596 25,092 7,675 — 471 29,503 8,960 — 1,847 Companies controlled by Monterubello or its shareholders, Zegna directors or senior management G. Schneider S.p.A. 20 5,623 — — — 217 6,683 — — 10 9,815 — — Agnona S.r.l. 373 (485 ) — 6,150 — — — — — — — — — Disposition entities (4) 58 1,566 — — — — — — — — — — — Other companies controlled by Monterubello or its shareholders, Zegna directors or senior management (5) 9 491 — — (40 ) 13 450 — (44 ) 11 1,364 — (44 ) Total companies controlled by Monterubello or its shareholders, Zegna directors or senior management 460 7,195 — 6,150 (40 ) 230 7,133 — (44 ) 21 11,179 — (44 ) Other related parties connected to directors and shareholders — — 1,284 — (20,675 ) — 33 860 — — 39 1,014 — Total transactions with related parties 23,556 15,102 1,284 6,150 (20,119 ) 25,322 14,841 860 427 29,524 20,178 1,014 1,803 Total for Zegna Group 1,292,402 663,238 367,762 19,487 2,066 1,014,733 537,495 282,659 (13,720 ) 1,321,327 681,498 331,944 (15,431 ) (1) Costs with Tom Ford include royalties amounting to Euro 4,081 thousand, Euro 4,095 thousand and Euro 4,721 thousand for the years ended December 31, 2021, 2020 and 2019, respectively. (2) Includes cost for raw materials and consumables, purchased, outsourced and other costs. (3) Includes Euro 6,006 thousand related to losses incurred by Agnona subsequent to the Group’s sale of a majority stake in Agnona in January 2021, for which the Group was (4) Disposition entities includes Alan Real Estate S.A., EZ Real Estate S.r.l and 61 West 23rd Street LLC (5) Includes transactions with Fondazione Zegna, Finissaggio e Tintoria Ferraris S.p.A., PKB Privatbank AG and Pettinatura di Verrone S.r.l. |
Summary of Balances with Related Parties | The following table summarizes balances with related parties at December 31, 2021 and 2020. (Euro thousands) At December 31, 2021 At December 31, 2020 Trade receivables Other financial assets Other current (1) Financial (2) Other liabilities (3) Trade receivables Other financial assets Financial (2) Other liabilities (3) Associates Tom Ford 20,939 1,497 — — 344 23,453 1,198 — 136 Filati Biagioli Modesto S.p.A. 59 — — — 63 — — — — Total associates 20,998 1,497 — — 407 23,453 1,198 — 136 Monterubello and companies controlled by Monterubello or its shareholders, Zegna directors or senior management Monterubello — — 10,923 — — — — — — G. Schneider S.p.A. 12 — — — 516 18 — — 323 Agnona S.r.l. 642 — — — 122 — — — — PKB Privatbank AG — — — 5,000 — — — 5,000 — Disposition entities (4) 248 — — — 1,248 — — — — Other companies controlled by Monterubello or its shareholders, Zegna directors or senior management (5) 13 — — — 242 2 94 — 51 Total Monterubello and companies controlled by Monterubello or its shareholders, Zegna directors or senior management 915 — 10,923 5,000 2,128 20 94 5,000 374 Other related parties connected to directors and shareholders 500 — — — 171 — — 2,146 61 Total originating from related parties 22,413 1,497 10,923 5,000 2,706 23,473 1,292 7,146 571 Total for Zegna Group 160,360 375,752 68,773 639,033 389,656 138,829 399,426 779,690 294,326 (1) On December 20, 2021, the Group announced that the Zegna family decided to grant a Euro 1,500 special gift to each employee of the Zegna group, amounting to a total of Euro 10,916 thousand, as a result of the Company becoming listed on a public stock exchange. The gift was paid to employees in February 2022. Monterubello agreed to reimburse the cost incurred by the Group as an equity contribution, which was received in February 2022. (2) Includes non-current non-current non-current (3) Includes trade payables and customer advances, employee benefits and other current liabilities. (4) Disposition entities includes Alan Real Estate S.A., EZ Real Estate S.r.l and 61 West 23rd Street LLC (5) Includes transactions with Finissaggio e Tintoria Ferraris S.p.A., Achill Station Pty Ltd., and Pettinatura di Verrone S.r.l. |
Summary of Remuneration Of And Outstanding Balances With Zegna Directors And Key Executives With Strategic Responsibilities | The following table summarizes remuneration of and outstanding balances with Zegna directors and key executives with strategic responsibilities: (Euro Key Management Personnel Outstanding Balance Short-term (1) Post- Other long- Share-based Dividends Purchase of (2) Employee Other non- current Other current Non-current 2021 16,853 4,012 8,702 14,012 — — 12,865 135,726 7,990 2,219 2020 9,414 736 — (9,975 ) 1,116 — 538 198,046 991 — 2019 11,790 956 — 1,016 1,465 1,762 526 214,389 1,193 — (1) Includes corporate bodies fees, consultancy fees and personnel compensation. (2) Relates to the acquisition of Thom Browne. (3) Primarily relates to liabilities on put contracts entered into as part of the Group’s investments in Thom Browne and Lanificio. |
General information - Additiona
General information - Additional Information (Detail) € / shares in Units, € in Thousands | Dec. 17, 2021EUR (€)shares | Dec. 31, 2022EUR (€) | Dec. 31, 2021EUR (€)€ / sharesshares | Dec. 17, 2021$ / sharesshares | Dec. 31, 2020€ / sharesshares |
General Information [Line Items] | |||||
Number of shares issued | shares | 5,939,000 | ||||
Issue of equity | € | € 397,800 | ||||
Business Combination ,Transaction costs | € | € 51,400 | € 2,900 | |||
Par value per share | € / shares | € 0.02 | € 0.02 | |||
Share-based payments | € | € 74,978 | ||||
PIPE Investors [member] | |||||
General Information [Line Items] | |||||
Stock issued during the period ,shares | shares | 37,500,000 | ||||
Stock issued during the period ,value | € | € 331,400 | ||||
Zegna Private Placement Warrants [Member] | |||||
General Information [Line Items] | |||||
Class of warrants Outstanding During the period | € | € 10,349 | ||||
Monterubello [Member] | |||||
General Information [Line Items] | |||||
Stock Repurchased During Period Shares | shares | 54,600,000 | ||||
Stock Repurchased During Period ,Value | € | € 455,000 | ||||
Zegna Public Warrants [Member] | |||||
General Information [Line Items] | |||||
Number of Warrants Exchanged For Ordinary Shares | shares | 13,416,667 | ||||
Class of warrants Outstanding During the period | € | € 20,723 | ||||
Bottom of range [member] | |||||
General Information [Line Items] | |||||
Business Combination ,Transaction costs | € | € 17,300 | ||||
Bottom of range [member] | Strategic Holding Group S. r.l [Member] | Zegna Private Placement Warrants [Member] | |||||
General Information [Line Items] | |||||
Number of warrants Exchanged For ordinary shares | shares | 800,000 | ||||
Top of range [member] | |||||
General Information [Line Items] | |||||
Business Combination ,Transaction costs | € | € 34,100 | ||||
Top of range [member] | Zegna Private Placement Warrants [Member] | |||||
General Information [Line Items] | |||||
Number of warrants Exchanged For ordinary shares | shares | 5,900,000 | ||||
Ordinary shares [member] | |||||
General Information [Line Items] | |||||
Number of shares issued | shares | 296,943,659 | 214,954,000 | |||
Ordinary shares [member] | Bottom of range [member] | |||||
General Information [Line Items] | |||||
Stockholders Equity Note Stock Split Shares | shares | 4,300,000 | ||||
Ordinary shares [member] | Top of range [member] | |||||
General Information [Line Items] | |||||
Stockholders Equity Note Stock Split Shares | shares | 215,000,000 | ||||
IIAC class A Shares [Member] | |||||
General Information [Line Items] | |||||
Number of shares issued | shares | 44,443,659 | ||||
IIAC Class B Shares [Member] | |||||
General Information [Line Items] | |||||
Number of shares issued | shares | 5,031,250 | 44,443,659 | |||
Issue of equity | € | € 37,906 | ||||
IIAC's shares [Member] | |||||
General Information [Line Items] | |||||
Par value per share | $ / shares | $ 10.14 | ||||
Share-based payments | € | € 114,963 |
General information - Summary B
General information - Summary Breakdown of the Net Cash Proceeds from the Business Combination (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Breakdown Of The Net Cash Proceeds From The Business Combination [Line Items] | |||
Proceeds from issuance of ordinary shares upon Business Combination | € 310,739 | € 0 | € 0 |
Proceeds from issuance of ordinary shares to PIPE Investors | 331,385 | 0 | 0 |
Purchase of own shares from Monterubello | (455,000) | 0 | 0 |
Payments of transaction costs related to the Business Combination | (48,475) | € 0 | € 0 |
Net cash proceeds from the Business Combination | € 138,649 |
Summary of significant accoun_4
Summary of significant accounting policies - Summary of Principal Foreign Currency Exchange Rates (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
U.S. Dollar | |||
Disclosure In Tabular Form Of Foreign Exchange Rates Used For Translation [Line Items] | |||
Closing foreign exchange rate | 1.133 | 1.227 | 1.123 |
Average foreign exchange rate | 1.183 | 1.142 | 1.119 |
Switzerland, Francs | |||
Disclosure In Tabular Form Of Foreign Exchange Rates Used For Translation [Line Items] | |||
Closing foreign exchange rate | 1.033 | 1.080 | 1.085 |
Average foreign exchange rate | 1.081 | 1.070 | 1.113 |
Chinese Renminbi | |||
Disclosure In Tabular Form Of Foreign Exchange Rates Used For Translation [Line Items] | |||
Closing foreign exchange rate | 7.195 | 8.023 | 7.821 |
Average foreign exchange rate | 7.629 | 7.874 | 7.735 |
Pound Sterling | |||
Disclosure In Tabular Form Of Foreign Exchange Rates Used For Translation [Line Items] | |||
Closing foreign exchange rate | 0.840 | 0.899 | 0.851 |
Average foreign exchange rate | 0.860 | 0.890 | 0.878 |
Hong Kong Dollar | |||
Disclosure In Tabular Form Of Foreign Exchange Rates Used For Translation [Line Items] | |||
Closing foreign exchange rate | 8.833 | 9.514 | 8.747 |
Average foreign exchange rate | 9.193 | 8.857 | 8.772 |
Singapore Dollar | |||
Disclosure In Tabular Form Of Foreign Exchange Rates Used For Translation [Line Items] | |||
Closing foreign exchange rate | 1.528 | 1.622 | 1.511 |
Average foreign exchange rate | 1.589 | 1.574 | 1.527 |
United Arab Emirates Dirham | |||
Disclosure In Tabular Form Of Foreign Exchange Rates Used For Translation [Line Items] | |||
Closing foreign exchange rate | 4.160 | 4.507 | 4.126 |
Average foreign exchange rate | 4.344 | 4.194 | 4.111 |
Japanese Yen | |||
Disclosure In Tabular Form Of Foreign Exchange Rates Used For Translation [Line Items] | |||
Closing foreign exchange rate | 130.380 | 126.490 | 121.940 |
Average foreign exchange rate | 129.877 | 121.832 | 122.021 |
Summary of significant accoun_5
Summary of significant accounting policies - Summary of Scope of Consolidation (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of information about consolidated structured entities [line items] | ||
Issued capital | € 5,939 | € 4,300 |
Tom Ford International LLC [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Proportion of ownership interest in associate | 15.00% | |
Ermenegildo Zegna N.V [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Principal place of business of subsidiary | Amsterdam (Netherlands) | |
Issued capital | € 5,938,873 | |
Name of parent entity | Ermenegildo Zegna N.V. | |
Ermenegildo Zegna N.V [Member] | Pelletteria Tizeta S.r.l [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Issued capital | € 206,816 | |
Name of associate | Pelletteria Tizeta S.r.l. | |
Principal place of business of associate | Sesto Fiorentino (FI) | |
Name of the Investor | Ermenegildo Zegna N.V. | |
Proportion of ownership interest in associate | 50.00% | 50.00% |
Ermenegildo Zegna N.V [Member] | Filati Biagioli Modesto S.p.A [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Issued capital | € 7,900,000 | |
Name of associate | Filati Biagioli Modesto S.p.A. | |
Principal place of business of associate | Montale (PT) | |
Name of the Investor | Ermenegildo Zegna N.V. | |
Proportion of ownership interest in associate | 40.00% | 0.00% |
Ermenegildo Zegna N.V [Member] | Sharmoon.EZ.Garments Co Ltd [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Issued capital | € 100,000,000 | |
Proportion of ownership interest in subsidiary | 50.00% | 50.00% |
Name of the Investor | Ermenegildo Zegna N.V. | |
Name of the entity one | Sharmoon.EZ.Garments Co. Ltd | |
Principal place of business | Wenzhou (China) | |
E.Z. Holditalia [Member] | Elah Dufour S.p.a [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Issued capital | € 26,650,000 | |
Proportion of ownership interests held by non-controlling interests | 0.00% | 10.00% |
Name of the Investor | E.Z. Holditalia | |
Name of the entity one | Elah Dufour S.p.A. | |
Principal place of business | Genova (GE) | |
E.Z. Holditalia [Member] | Future One Hundred And One Design Private Ltd [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Issued capital | € 100,000 | |
Proportion of ownership interests held by non-controlling interests | 0.00% | 18.00% |
Name of the Investor | E.Z. Holditalia | |
Name of the entity one | Future 101 Design Private Ltd | |
Principal place of business | New Delhi (India) | |
EZ Real Estate S.r.l [Member] | Consorzio Turistico Alpi Biellesi [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Issued capital | € 33,750 | |
Proportion of ownership interests held by non-controlling interests | 0.00% | 44.00% |
Name of the Investor | EZ Real Estate S.r.l. | |
Name of the entity one | Consorzio Turistico Alpi Biellesi | |
Principal place of business | Valdilana (BI) | |
EZ Real Estate S.r.l [Member] | Bea Biella S.r.l [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Issued capital | € 130,000 | |
Proportion of ownership interests held by non-controlling interests | 0.00% | 22.00% |
Name of the Investor | EZ Real Estate S.r.l. | |
Name of the entity one | Bea Biella S.r.l. | |
Principal place of business | Busalla (GE) | |
Alan Real Estate S.A [Member] | Achill Station Pty Ltd [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Issued capital | € 2,239,127 | |
Principal place of business of associate | Armidale NSW (Australia) | |
Name of the Investor | Alan Real Estate S.A. | |
Proportion of ownership interest in associate | 0.00% | 60.00% |
Name of the entity one | Achill Station Pty Ltd. | |
EZ US Holding Inc [Member] | Tom Ford International LLC [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Issued capital | € 82,366,000 | |
Principal place of business of associate | Delaware (U.S.A.) | |
Name of the Investor | EZ US Holding Inc. | |
Proportion of ownership interest in associate | 15.00% | 15.00% |
Name of the entity one | Tom Ford International LLC | |
Lanificio Ermenegildo Zegna e Figli S.p.A [Member] | Acquedotto Piancone S.r.l. [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Issued capital | € 42,000 | |
Proportion of ownership interest in subsidiary | 67.00% | 67.00% |
Name of the Investor | Lanificio Ermenegildo Zegna e Figli S.p.A. | |
Name of the entity one | Acquedotto Piancone S.r.l. | |
Principal place of business | Valdilana (BI) | |
Lanificio Ermenegildo Zegna e Figli S.p.A [Member] | Pettinatura di Verrone S.r.l. [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Issued capital | € 3,000,000 | |
Proportion of ownership interests held by non-controlling interests | 15.00% | 15.00% |
Name of the Investor | Lanificio Ermenegildo Zegna e Figli S.p.A. | |
Name of the entity one | Pettinatura di Verrone S.r.l. | |
Principal place of business | Verrone (BI) | |
Bonotto S.p.A. [Member] | F Two S.r.l [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Issued capital | € 90,000 | |
Proportion of ownership interests held by non-controlling interests | 49.00% | 49.00% |
Name of the Investor | Bonotto S.p.A. | |
Name of the entity one | F2 S.r.l. | |
Principal place of business | Schio (VI) | |
Inco S P.A [Member] | Ermenegildo Zegna N.V [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | In.co. S.p.A. | |
Principal place of business of subsidiary | Biella | |
Issued capital | € 4,050,000 | |
Name of parent entity | Ermenegildo Zegna N.V. | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Lanificio Ermenegildo Zegna E Figli S.P.A. [Member] | Ermenegildo Zegna N.V [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Lanificio Ermenegildo Zegna e Figli S.p.A. | |
Principal place of business of subsidiary | Valdilana (BI) | |
Issued capital | € 3,100,000 | |
Name of parent entity | Ermenegildo Zegna N.V. | |
Proportion of ownership interest in subsidiary | 100.00% | 90.00% |
Ezi S.P.A. [Member] | Ermenegildo Zegna N.V [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Ezi S.p.A. | |
Principal place of business of subsidiary | Milan | |
Issued capital | € 5,750,000 | |
Name of parent entity | Ermenegildo Zegna N.V. | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
EZ Real Estate S.r.l [Member] | Ermenegildo Zegna N.V [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | EZ Real Estate S.r.l. | |
Principal place of business of subsidiary | Valdilana (BI) | |
Issued capital | € 2,000,000 | |
Name of parent entity | Ermenegildo Zegna N.V. | |
Proportion of ownership interest in subsidiary | 0.00% | 100.00% |
EZ Service S.R.L [Member] | Ermenegildo Zegna N.V [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | EZ Service S.r.l. | |
Principal place of business of subsidiary | Valdilana (BI) | |
Issued capital | € 500,000 | |
Name of parent entity | Ermenegildo Zegna N.V. | |
Proportion of ownership interest in subsidiary | 100.00% | 0.00% |
Agnona S.R.L [Member] | Ermenegildo Zegna N.V [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Agnona S.r.l. | |
Principal place of business of subsidiary | Milan | |
Issued capital | € 200,000 | |
Name of parent entity | Ermenegildo Zegna N.V. | |
Proportion of ownership interest in subsidiary | 0.00% | 100.00% |
Bonotto S.p.A. [Member] | Ermenegildo Zegna N.V [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Bonotto S.p.A. | |
Principal place of business of subsidiary | Colceresa (VI) | |
Issued capital | € 1,239,600 | |
Name of parent entity | Ermenegildo Zegna N.V. | |
Proportion of ownership interest in subsidiary | 60.00% | 60.00% |
Cappellificio Cervo S.r.l [Member] | Ermenegildo Zegna N.V [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Cappellificio Cervo S.r.l. | |
Principal place of business of subsidiary | Biella | |
Issued capital | € 300,000 | |
Name of parent entity | Ermenegildo Zegna N.V. | |
Proportion of ownership interest in subsidiary | 51.00% | 51.00% |
Thom Browne Services Italy S.R.L. [Member] | Thom Browne Trading SA [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Thom Browne Services Italy S.r.l. | |
Principal place of business of subsidiary | Milan | |
Issued capital | € 10,000 | |
Name of parent entity | Thom Browne Trading SA | |
Proportion of ownership interest in subsidiary | 90.00% | 85.00% |
Thom Browne Retail Italy S.R.L [Member] | Thom Browne Services Italy S.r.l [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Thom Browne Retail Italy S.r.l. | |
Principal place of business of subsidiary | Milan | |
Issued capital | € 10,000 | |
Name of parent entity | Thom Browne Services Italy S.r.l. | |
Proportion of ownership interest in subsidiary | 90.00% | 85.00% |
Gruppo Dondi S.P.A. [Member] | Ermenegildo Zegna N.V [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Gruppo Dondi S.p.A. | |
Principal place of business of subsidiary | Carpi (MO) | |
Issued capital | € 1,502,800 | |
Name of parent entity | Ermenegildo Zegna N.V. | |
Proportion of ownership interest in subsidiary | 65.00% | 65.00% |
Tessitura Ubertino S.R.L | Ermenegildo Zegna N.V [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Tessitura Ubertino S.r.l. | |
Principal place of business of subsidiary | Valdilana (BI) | |
Issued capital | € 100,000 | |
Name of parent entity | Ermenegildo Zegna N.V. | |
Proportion of ownership interest in subsidiary | 60.00% | 0.00% |
Investindustrial Acquisition Corp [Member] | Ermenegildo Zegna N.V [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Investindustrial Acquisition Corp. (“IIAC”) | |
Principal place of business of subsidiary | Cayman Islands | |
Issued capital | € 4,944,366 | |
Name of parent entity | Ermenegildo Zegna N.V. | |
Proportion of ownership interest in subsidiary | 100.00% | 0.00% |
Ermenegildo Zegna Giyim Sanayi ve Tic. A. S. [Member] | Ermenegildo Zegna N.V [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Ermenegildo Zegna Giyim Sanayi ve Tic. A. S. | |
Principal place of business of subsidiary | Istanbul (Turkey) | |
Issued capital | € 32,291,439 | |
Name of parent entity | Ermenegildo Zegna N.V. | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Ermenegildo Zegna H.M.B.H [Member] | Ermenegildo Zegna N.V [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Ermenegildo Zegna H.m.b.H. | |
Principal place of business of subsidiary | Wien (Austria) | |
Issued capital | € 610,000 | |
Name of parent entity | Ermenegildo Zegna N.V. | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Socit De Textiles Astrum France S.A.R.L [Member] | Ermenegildo Zegna N.V [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Société de Textiles Astrum France S.à.r.l. | |
Principal place of business of subsidiary | Paris (France) | |
Issued capital | € 500,000 | |
Name of parent entity | Ermenegildo Zegna N.V. | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Ermenegildo Zegna GmbH [Member] | Ermenegildo Zegna N.V [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Ermenegildo Zegna GmbH | |
Principal place of business of subsidiary | Munich (Germany) | |
Issued capital | € 6,577,421 | |
Name of parent entity | Ermenegildo Zegna N.V. | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Zegna Japan Co LTD [Member] | Ermenegildo Zegna N.V [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Zegna Japan Co., LTD | |
Principal place of business of subsidiary | Minato-Ku-Tokyo (Japan) | |
Issued capital | € 100,000,000 | |
Name of parent entity | Ermenegildo Zegna N.V. | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Fantasia London Limited [Member] | Ermenegildo Zegna N.V [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Fantasia (London) Limited | |
Principal place of business of subsidiary | London (UK) | |
Issued capital | € 7,000,000 | |
Name of parent entity | Ermenegildo Zegna N.V. | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Ermenegildo Zegna S.A. De C.V [Member] | Ermenegildo Zegna N.V [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Ermenegildo Zegna S.A. de C.V. | |
Principal place of business of subsidiary | Ciudad de Mexico (Mexico) | |
Issued capital | € 459,600,000 | |
Name of parent entity | Ermenegildo Zegna N.V. | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Ezeti Portugal. S.A [Member] | Ermenegildo Zegna N.V [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Ezeti Portugal. S.A. | |
Principal place of business of subsidiary | Lisbon (Portugal) | |
Issued capital | € 800,000 | |
Name of parent entity | Ermenegildo Zegna N.V. | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Ermenegildo Zegna Madrid S.A [Member] | Ezeti S.L [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Ermenegildo Zegna Madrid S.A. | |
Principal place of business of subsidiary | Barcelona (Spain) | |
Issued capital | € 901,500 | |
Name of parent entity | Ezeti S.L. | |
Proportion of ownership interest in subsidiary | 70.00% | 70.00% |
Ezeti S.L [Member] | Italco S.A [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Ezeti S.L. | |
Principal place of business of subsidiary | Barcelona (Spain) | |
Issued capital | € 500,032 | |
Name of parent entity | Italco S.A. | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Italco S.A [Member] | Ermenegildo Zegna N.V [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Italco S.A. | |
Principal place of business of subsidiary | Sant Quirze (Spain) | |
Issued capital | € 1,911,300 | |
Name of parent entity | Ermenegildo Zegna N.V. | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Ermenegildo Zegna Czech S R O [Member] | Ermenegildo Zegna N.V [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Ermenegildo Zegna Czech s.r.o | |
Principal place of business of subsidiary | Prague (Czech Republic) | |
Issued capital | € 1,350,000 | |
Name of parent entity | Ermenegildo Zegna N.V. | |
Proportion of ownership interest in subsidiary | 100.00% | 0.00% |
Co.Ti. Service S.A. [Member] | Ermenegildo Zegna N.V [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Co.Ti. Service S.A. | |
Principal place of business of subsidiary | Stabio (Switzerland) | |
Issued capital | € 27,940,000 | |
Name of parent entity | Ermenegildo Zegna N.V. | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Consitex S.A [Member] | Ermenegildo Zegna N.V [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Consitex S.A. | |
Principal place of business of subsidiary | Stabio (Switzerland) | |
Issued capital | € 15,000,000 | |
Name of parent entity | Ermenegildo Zegna N.V. | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Ermenegildo Zegna Corporation [Member] | Ermenegildo Zegna N.V [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Ermenegildo Zegna Corporation | |
Principal place of business of subsidiary | New York, NY | |
Issued capital | € 500,000 | |
Name of parent entity | Ermenegildo Zegna N.V. | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Zegna China Enterprise Management Co Ltd [Member] | Ermenegildo Zegna N.V [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Zegna (China) Enterprise Management Co., Ltd. | |
Principal place of business of subsidiary | Shanghai (China) | |
Issued capital | € 58,309,140 | |
Name of parent entity | Ermenegildo Zegna N.V. | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Ermenegildo Zegna China Co LTD [Member] | Ermenegildo Zegna N.V [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Ermenegildo Zegna (China) Co., LTD | |
Principal place of business of subsidiary | Shanghai (China) | |
Issued capital | € 50,000,000 | |
Name of parent entity | Ermenegildo Zegna N.V. | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Ismaco Amsterdam B. V [Member] | Ermenegildo Zegna N.V [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Ismaco Amsterdam B. V. | |
Principal place of business of subsidiary | Amsterdam (Netherlands) | |
Issued capital | € 226,890 | |
Name of parent entity | Ermenegildo Zegna N.V. | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Ermenegildo Zegna Korea LTD [Member] | E.Z. Holditalia [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Ermenegildo Zegna Korea LTD | |
Principal place of business of subsidiary | Seoul (Korea) | |
Issued capital | € 6,876,000,000 | |
Name of parent entity | E.Z. Holditalia | |
Proportion of ownership interest in subsidiary | 0.00% | 100.00% |
Alan Real Estate S.A [Member] | EZ Real Estate S.r.l [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Alan Real Estate S.A. | |
Principal place of business of subsidiary | Stabio (Switzerland) | |
Issued capital | € 9,200,000 | |
Name of parent entity | EZ Real Estate S.r.l. | |
Proportion of ownership interest in subsidiary | 0.00% | 100.00% |
Ermenegildo ZegnaFarEastPte Ltd [Member] | Consitex S.A [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Ermenegildo Zegna Far-East Pte LTD | |
Principal place of business of subsidiary | Singapore | |
Issued capital | € 21,776,432 | |
Name of parent entity | Consitex S.A. | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Ermenegildo Zegna Hong Kong Ltd [Member] | Ermenegildo Zegna N.V [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Ermenegildo Zegna Hong Kong LTD | |
Principal place of business of subsidiary | Hong Kong | |
Issued capital | € 238,240,000 | |
Name of parent entity | Ermenegildo Zegna N.V. | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
E. Zegna Trading Hong Kong LTD Taiwan Branch [Member] | Ermenegildo Zegna Hong Kong Ltd [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | E. Zegna Trading Hong Kong LTD Taiwan Branch | |
Principal place of business of subsidiary | Hong Kong | |
Issued capital | € 233,659,800 | |
Name of parent entity | Ermenegildo Zegna Hong Kong LTD | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Ermenegildo Zegna Canada Inc [Member] | Consitex S.A [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Ermenegildo Zegna Canada Inc. | |
Principal place of business of subsidiary | Toronto (Canada) | |
Issued capital | € 700,000 | |
Name of parent entity | Consitex S.A. | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Ermenegildo Zegna Australia PTY Ltd [Member] | Ermenegildo ZegnaFarEastPte Ltd [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Ermenegildo Zegna Australia PTY LTD | |
Principal place of business of subsidiary | Sydney (Australia) | |
Issued capital | € 18,000,000 | |
Name of parent entity | Ermenegildo Zegna Far-East Pte LTD | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
E Z New Zealand Ltd [Member] | Ermenegildo Zegna N.V [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | E. Z. New Zealand LTD | |
Principal place of business of subsidiary | Auckland (New Zealand) | |
Issued capital | € 3,300,000 | |
Name of parent entity | Ermenegildo Zegna N.V. | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Ezesa Argentina S.A [Member] | Ermenegildo Zegna N.V. Italco S.A [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Ezesa Argentina S.A. | |
Principal place of business of subsidiary | Buenos Aires (Argentina) | |
Issued capital | € 27,246,979 | |
Name of parent entity | Ermenegildo Zegna N.V.; Italco S.A. | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
E. Z. Thai Holding Ltd [Member] | Ermenegildo Zegna N.V [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | E. Z. Thai Holding Ltd | |
Principal place of business of subsidiary | Bangkok (Thailand) | |
Issued capital | € 3,000,000 | |
Name of parent entity | Ermenegildo Zegna N.V. | |
Proportion of ownership interests held by non-controlling interests | 49.00% | 49.00% |
The Italian Fashion Co. Ltd [Member] | E. Z. Thai Holding Ltd Ermenegildo Zegna FarEastPte Ltd [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | The Italian Fashion Co. LTD | |
Principal place of business of subsidiary | Bangkok (Thailand) | |
Issued capital | € 16,000,000 | |
Name of parent entity | E. Z. Thai Holding Ltd; Ermenegildo Zegna Far-East Pte LTD | |
Proportion of ownership interest in subsidiary | 65.00% | 65.00% |
Zegna South Asia Private LTD [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Zegna South Asia Private LTD | |
Principal place of business of subsidiary | Mumbai (India) | |
Issued capital | € 902,316,770 | |
Name of parent entity | Ermenegildo Zegna N.V. | |
Proportion of ownership interest in subsidiary | 51.00% | 51.00% |
Ismaco Tekstil Limited Sirketi [Member] | Ermenegildo Zegna N.V., Ismaco [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | ISMACO TEKSTİL LİMİTED ŞİRKETİ | |
Principal place of business of subsidiary | Istanbul (Turkey) | |
Issued capital | € 10,000,000 | |
Name of parent entity | Ermenegildo Zegna N.V., Ismaco | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Ezesa Brasil Participacoes Ltd [Member] | Ermenegildo Zegna N.V [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Ezesa Brasil Participacoes LTDA | |
Principal place of business of subsidiary | San Paolo (Brazil) | |
Issued capital | € 77,481,487 | |
Name of parent entity | Ermenegildo Zegna N.V. | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Ermenegildo Zegna Macau Ltd [Member] | Consitex S.A [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Ermenegildo Zegna (Macau) LTD | |
Principal place of business of subsidiary | Kowloon Bay (Hong Kong) | |
Issued capital | € 4,650,000 | |
Name of parent entity | Consitex S.A. | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Ermenegildo Zegna Malaysia Sdn. Bhd [Member] | Ermenegildo ZegnaFarEastPte Ltd [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Ermenegildo Zegna Malaysia Sdn. Bhd. | |
Principal place of business of subsidiary | Kuala Lumpur (Malaysia) | |
Issued capital | € 3,000,000 | |
Name of parent entity | Ermenegildo Zegna Far-East Pte LTD | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Ermenegildo Zegna Maroc S.A.R.L.A.U [Member] | Ermenegildo Zegna N.V [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Ermenegildo Zegna Maroc S.A.R.L.A.U. | |
Principal place of business of subsidiary | Casablanca (Morocco) | |
Issued capital | € 530,000 | |
Name of parent entity | Ermenegildo Zegna N.V. | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
61 West 23rd Street LLC [Member] | Alan Real Estate S.A [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | 61 West 23rd Street LLC | |
Principal place of business of subsidiary | New York, NY | |
Issued capital | € 12,637,342 | |
Name of parent entity | Alan Real Estate S.A. | |
Proportion of ownership interest in subsidiary | 0.00% | 100.00% |
Ermenegildo Zegna Vietnam LLC [Member] | Ermenegildo Zegna N.V [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Ermenegildo Zegna Vietnam LLC | |
Principal place of business of subsidiary | Hanoi City (Vietnam) | |
Issued capital | € 53,567,900,000 | |
Name of parent entity | Ermenegildo Zegna N.V. | |
Proportion of ownership interest in subsidiary | 77.00% | 77.00% |
Achill Land Pty Ltd [Member] | Alan Real Estate S.A [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Achill Land Pty Ltd. | |
Principal place of business of subsidiary | Armidale NSW (Australia) | |
Issued capital | € 10,200,000 | |
Name of parent entity | Alan Real Estate S.A. | |
Proportion of ownership interest in subsidiary | 0.00% | 60.00% |
Zegna Gulf Trading LLC [Member] | Consitex S.A [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Zegna Gulf Trading LLC | |
Principal place of business of subsidiary | Dubai (UAE) | |
Issued capital | € 300,000 | |
Name of parent entity | Consitex S.A. | |
Proportion of ownership interest in subsidiary | 49.00% | 49.00% |
EZ US Holding Inc [Member] | Consitex S.A [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | EZ US Holding Inc. | |
Principal place of business of subsidiary | Wilmington (U.S.A.) | |
Issued capital | € 1,000,099 | |
Name of parent entity | Consitex S.A. | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
E.Zegna Attica Single Member Société Anonyme [Member] | Ermenegildo Zegna N.V [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | E.Zegna Attica Single Member Société Anonyme | |
Principal place of business of subsidiary | Athens (Greece) | |
Issued capital | € 650,000 | |
Name of parent entity | Ermenegildo Zegna N.V. | |
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Thom Browne Inc [Member] | Ermenegildo Zegna N.V [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Thom Browne Inc. | |
Principal place of business of subsidiary | Wilmington (U.S.A.) | |
Issued capital | € 5,510 | |
Name of parent entity | Ermenegildo Zegna N.V. | |
Proportion of ownership interest in subsidiary | 90.00% | 85.00% |
Thom Browne Japan Inc [Member] | Thom Browne Inc [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Thom Browne Japan Inc. | |
Principal place of business of subsidiary | Tokyo (Japan) | |
Issued capital | € 1,000,000 | |
Name of parent entity | Thom Browne Inc. | |
Proportion of ownership interest in subsidiary | 90.00% | 85.00% |
Thom Browne Trading SA [Member] | Thom Browne Inc [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Thom Browne Trading SA | |
Principal place of business of subsidiary | Stabio (Switzerland) | |
Issued capital | € 100,000 | |
Name of parent entity | Thom Browne Inc. | |
Proportion of ownership interest in subsidiary | 90.00% | 85.00% |
Thom Browne France Services [Member] | Thom Browne Trading SA [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Thom Browne France Services | |
Principal place of business of subsidiary | Paris (France) | |
Issued capital | € 50,000 | |
Name of parent entity | Thom Browne Trading SA | |
Proportion of ownership interest in subsidiary | 90.00% | 85.00% |
Thom Browne UK Limited [Member] | Thom Browne Trading SA [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Thom Browne UK Limited | |
Principal place of business of subsidiary | Beckenham (UK) | |
Issued capital | € 1 | |
Name of parent entity | Thom Browne Trading SA | |
Proportion of ownership interest in subsidiary | 90.00% | 85.00% |
Tailoring Luxury Co., Ltd [Member] | Thom Browne Trading SA [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Tailoring Luxury Co., Ltd. | |
Principal place of business of subsidiary | Shanghai (China) | |
Issued capital | € 900,000 | |
Name of parent entity | Thom Browne Trading SA | |
Proportion of ownership interest in subsidiary | 90.00% | 85.00% |
Thom Browne Macau Limited [Member] | Thom Browne Trading SA [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Thom Browne (Macau) Limited | |
Principal place of business of subsidiary | Hong Kong | |
Issued capital | € 500,000 | |
Name of parent entity | Thom Browne Trading SA | |
Proportion of ownership interest in subsidiary | 90.00% | 85.00% |
Thom Browne Canada [Member] | Thom Browne Trading SA [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Thom Browne Canada | |
Principal place of business of subsidiary | Vancouver (Canada) | |
Issued capital | € 1 | |
Name of parent entity | Thom Browne Trading SA | |
Proportion of ownership interest in subsidiary | 90.00% | 85.00% |
Thom Browne Hong Kong Limited [Member] | Thom Browne Trading SA [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Name of subsidiary | Thom Browne Hong Kong Limited | |
Principal place of business of subsidiary | Hong Kong | |
Issued capital | € 500,000 | |
Name of parent entity | Thom Browne Trading SA | |
Proportion of ownership interest in subsidiary | 90.00% | 0.00% |
Summary of significant accoun_6
Summary of significant accounting policies - Summary of Scope of Consolidation (Parenthetical) (Detail) € in Thousands, $ in Thousands | Sep. 28, 2021EUR (€) | Sep. 02, 2021EUR (€) | Jul. 28, 2021EUR (€) | Jul. 14, 2021EUR (€) | Jun. 04, 2021 | Jan. 14, 2021 | Jun. 30, 2021EUR (€) | Jun. 30, 2021USD ($) | Oct. 31, 2021 | Dec. 31, 2021EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) |
Accounting Policies [Line Items] | ||||||||||||
Payment to acquire interests in subsidiaries | € 4,224 | € 2,245 | € 9,336 | |||||||||
Agnona S.R.L [Member] | Subsidiaries [member] | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
Percentage of equity interests in subisidiaries disposed off | 70.00% | 30.00% | ||||||||||
Thom Browne [Member] | Subsidiaries [member] | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
Payment to acquire interests in subsidiaries | € 30,653 | $ 37,400 | ||||||||||
Percentage of additional interest acquired in subsidiary | 5.00% | 5.00% | ||||||||||
Proportion of interest in subsidiary | 90.00% | |||||||||||
Derecognition of put option on non controlling interest | € 51,328 | |||||||||||
Gain loss on derecognition of liability in respect of put option | 20,675 | |||||||||||
Transfer from non controlling interests to equity | € 4,037 | |||||||||||
Tessitura Ubertino S.r.l. [Member] | Subsidiaries [member] | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
Percentage of additional interest acquired in subsidiary | 60.00% | |||||||||||
Filati Biagioli Modesto S.p.A [Member] | Associates [member] | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
Payment to acquire interests in associates | € 313 | |||||||||||
Percentage of additional interest acquired in associates | 40.00% | |||||||||||
Lanificio [Member] | Subsidiaries [member] | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
Payment to acquire interests in subsidiaries | € 9,600 | |||||||||||
Percentage of additional interest acquired in subsidiary | 10.00% | |||||||||||
Proportion of interest in subsidiary | 100.00% | |||||||||||
Derecognition of put option on non controlling interest | € 9,600 | |||||||||||
Gain loss on derecognition of liability in respect of put option | € 4,328 | |||||||||||
Gain (loss) change in fair value of equity investment | € (3,523) | |||||||||||
Future Hundred And One Design Private Limited [Member] | Subsidiaries [member] | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
Percentage of disposal of interest in subsidiaries | 17.50% | |||||||||||
Proceeds from disposal of interest in subsidiaries | € 1,563 | |||||||||||
London Blue LLC [member] | Subsidiaries [member] | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
Payment to acquire interests in associates | € 37,041 | |||||||||||
Percentage of additional interest acquired in associates | 50.00% |
Summary of significant accoun_7
Summary of significant accounting policies - Summary of Estimated Useful Lives of the Assets (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Bottom of range [member] | Buildings | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rate | 3.00% |
Bottom of range [member] | Plant and machinery | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rate | 12.50% |
Bottom of range [member] | Industrial and commercial equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rate | 20.00% |
Bottom of range [member] | Other tangible assets | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rate | 12.00% |
Top of range [member] | Buildings | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rate | 10.00% |
Top of range [member] | Plant and machinery | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rate | 17.50% |
Top of range [member] | Industrial and commercial equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rate | 25.00% |
Top of range [member] | Other tangible assets | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rate | 25.00% |
Summary of significant accoun_8
Summary of significant accounting policies - Summary of Intangible Assets with a Definite Useful Life (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Know how | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets with a definite useful life | 20.00% |
Bottom of range [member] | Concessions, licenses, trademarks and patents | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets with a definite useful life | 2.50% |
Bottom of range [member] | Software | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets with a definite useful life | 10.00% |
Bottom of range [member] | Development costs and other intangibles | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets with a definite useful life | 10.00% |
Top of range [member] | Concessions, licenses, trademarks and patents | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets with a definite useful life | 25.00% |
Top of range [member] | Software | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets with a definite useful life | 33.00% |
Top of range [member] | Development costs and other intangibles | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets with a definite useful life | 33.00% |
Summary of significant accoun_9
Summary of significant accounting policies - Additional Information (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Customer-related intangible assets [member] | ||
Accounting Policies [Line Items] | ||
Useful life measured as period of time intangible assets other than goodwill | 5 years | |
At cost or in accordance with IFRS 16 within fair value model [member] | ||
Accounting Policies [Line Items] | ||
Lease rent reductions | € 12,877 | € 24,931 |
Business Combinations - Summary
Business Combinations - Summary of Purchase Consideration, Net Assets Acquired and Goodwill (Detail) - Tesitura Unbertino [Member] € in Thousands | Jun. 04, 2021EUR (€) |
Disclosure of detailed information about business combination [line items] | |
Consideration paid | € 5,880 |
Contingent consideration | 1,170 |
Total consideration | € 7,050 |
Business Combinations - Summa_2
Business Combinations - Summary of The Contingent Consideration was Recognized Within Other Current Liabilities (Detail) - Tesitura Unbertino [Member] € in Thousands | Jun. 04, 2021EUR (€) |
Disclosure of detailed information about business combination [line items] | |
Cash and cash equivalents | € 2,366 |
Trade receivables | 1,681 |
Inventories | 1,564 |
Other current assets | 626 |
Property, plant and equipment | 641 |
Intangible assets | 4,200 |
Account payables | (1,872) |
Other current liabilities | (712) |
Employee benefits | (272) |
Deferred tax liabilities | (1,172) |
Net identifiable assets acquired | 7,050 |
Less: Non-controlling interests | (2,820) |
Goodwill | 2,820 |
Net assets acquired including goodwill | € 7,050 |
Business Combinations - Summa_3
Business Combinations - Summary of The Net Cash Outflows Related To The Acquisition (Detail) - EUR (€) € in Thousands | Jun. 04, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about business combination [line items] | ||||
Net cash outflow - Investing activities | € (4,224) | € (2,245) | € (9,336) | |
Tesitura Unbertino [Member] | ||||
Disclosure of detailed information about business combination [line items] | ||||
Consideration paid | € (5,880) | |||
Cash and cash equivalents acquired | 2,366 | |||
Net cash outflow - Investing activities | € (3,514) |
Business Combinations- Addition
Business Combinations- Additional Information (Detail) - EUR (€) € in Thousands | Jun. 04, 2021 | Dec. 31, 2021 | Dec. 31, 2021 |
Tesitura Unbertino [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Business combination percentage of voting interests acquired | 60.00% | ||
Business combination contingent consideration liability current | € 1,170 | ||
Revenue of the acquiree since the acquistion date | € 5,625 | ||
Profit loss of the acquiree since the acquistion date | € 561 | ||
Business combination proforma revenue of the combined entity | € 3,987 | ||
Business combination proforma net income loss of the combined | 674 | ||
Tesitura Unbertino [Member] | Goodwill [member] | |||
Disclosure of detailed information about business combination [line items] | |||
Goodwill arising on account of business combination | € 2,820 | ||
Gruppo Dondi SPA [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Settled liabilities contingent consideration recognized in business combination | € 710 |
Segment Reporting - Summary of
Segment Reporting - Summary of Operating Results Segment Wise (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of operating segments [line items] | |||
Revenues | € 1,292,402 | € 1,014,733 | € 1,321,327 |
Depreciation and amortization | (154,675) | (166,205) | (168,210) |
Adjusted EBIT | 149,115 | 20,013 | 107,274 |
Donations related to the COVID-19 pandemic | (4,482) | ||
Costs related to the Business Combination | (205,059) | ||
Costs related to lease agreements | (15,512) | (3,000) | |
Severance indemnities and provision for severance expenses | (8,996) | (12,308) | (9,777) |
Impairment of property, plant and equipment and right-of-use assets | (8,692) | (19,725) | (8,858) |
Other adjustments | (4,884) | ||
Impairment on held for sale assets | (3,053) | ||
Financial income | 45,889 | 34,352 | 22,061 |
Financial expenses | (43,823) | (48,072) | (37,492) |
Foreign exchange gains/(losses) | (7,791) | 13,455 | (2,441) |
Result from investments accounted for using the equity method | 2,794 | (4,205) | (1,534) |
Impairments of investments accounted for using the equity method | (4,532) | ||
Profit (Loss) before taxes | (96,959) | (31,557) | 69,233 |
From Third Parties [Member] | |||
Disclosure of operating segments [line items] | |||
Revenues | 1,292,402 | 1,014,733 | 1,321,327 |
Inter Segment Revenue [Member] | |||
Disclosure of operating segments [line items] | |||
Revenues | 0 | ||
Depreciation and amortization | 0 | ||
Adjusted EBIT | 0 | 0 | |
Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Revenues | 1,014,733 | ||
Operating segments [member] | Zegna [Member] | |||
Disclosure of operating segments [line items] | |||
Revenues | 1,035,175 | 843,318 | 1,165,911 |
Depreciation and amortization | (137,502) | (153,962) | (160,381) |
Adjusted EBIT | 111,018 | (8,981) | 91,385 |
Operating segments [member] | Zegna [Member] | From Third Parties [Member] | |||
Disclosure of operating segments [line items] | |||
Revenues | 1,029,005 | 835,244 | 1,160,731 |
Operating segments [member] | Zegna [Member] | Inter Segment Revenue [Member] | |||
Disclosure of operating segments [line items] | |||
Revenues | 6,170 | 8,074 | 5,180 |
Operating segments [member] | Thom Browne [Member] | |||
Disclosure of operating segments [line items] | |||
Revenues | 264,066 | 179,794 | 161,200 |
Depreciation and amortization | (17,173) | (12,243) | (7,829) |
Adjusted EBIT | 38,097 | 28,994 | 15,889 |
Operating segments [member] | Thom Browne [Member] | From Third Parties [Member] | |||
Disclosure of operating segments [line items] | |||
Revenues | 263,397 | 179,489 | 160,596 |
Operating segments [member] | Thom Browne [Member] | Inter Segment Revenue [Member] | |||
Disclosure of operating segments [line items] | |||
Revenues | 669 | 305 | 604 |
Elimination of intersegment amounts [member] | |||
Disclosure of operating segments [line items] | |||
Revenues | (6,839) | (8,379) | (5,784) |
Elimination of intersegment amounts [member] | Inter Segment Revenue [Member] | |||
Disclosure of operating segments [line items] | |||
Revenues | € (6,839) | € (8,379) | € (5,784) |
Segment Reporting - Summary o_2
Segment Reporting - Summary of Operating Results Segment Wise (Parenthetical) (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Details Of Other Operating Costs [Line Items] | ||
Other Wages And Salaries | € 10,916 | |
Transaction costs related to the Business Combination | 205,059 | |
Employee Gift Expenses | 1,500 | |
Zegna NonExecutive Directors [Member] | Private Warrants [Member] | ||
Details Of Other Operating Costs [Line Items] | ||
Class of Warrants or Rights Issued During the Period ,Value | 1,236 | |
Performance Share Units [Member] | ||
Details Of Other Operating Costs [Line Items] | ||
Shares Granted Value Under Share Based Arrangement | 5,380 | |
Costs Related To The Business Combination [Member] | ||
Details Of Other Operating Costs [Line Items] | ||
Transaction costs related to the Business Combination | 34,092 | |
write-off of non-refundable prepaid premiums | 566 | |
Costs Related To The Business Combination [Member] | Zegna [Member] | ||
Details Of Other Operating Costs [Line Items] | ||
Share issue related cost | 114,963 | |
Costs Related To The Business Combination [Member] | IIAC [Member] | ||
Details Of Other Operating Costs [Line Items] | ||
Share issue related cost | € 37,906 | |
Stock Issued During Period Shares New Issues | 5,031,250 | |
Write Downs And Disposal [Member] | Agnona [Member] | ||
Details Of Other Operating Costs [Line Items] | ||
Write Down Related To Stake | € 144 | |
Percentage of voting equity interests acquired | 30.00% | |
Loss Incurred Before Sale Of Business | € 6,006 | |
Write Downs And Disposal [Member] | Agnona [Member] | US | ||
Details Of Other Operating Costs [Line Items] | ||
Income from sale of right of use of asset | 1,266 | |
Costs related to lease agreements [Member] | US | ||
Details Of Other Operating Costs [Line Items] | ||
Provisions Relating To A Lease Agreement | 12,192 | |
Costs related to lease agreements [Member] | IT | ||
Details Of Other Operating Costs [Line Items] | ||
Legal Expenses Related To A Lease Agreement | 1,492 | |
Costs related to lease agreements [Member] | GB | ||
Details Of Other Operating Costs [Line Items] | ||
Legal Expenses Related To A Lease Agreement | € 3,000 | |
Accrued Property Taxes Related To A Lease Agreement | € 1,829 |
Segment Reporting - Summary o_3
Segment Reporting - Summary of Non Current Assets On A Geographical Basis (Detail) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of operating segments [line items] | ||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | € 929,611 | € 1,054,734 |
EMEA Region [Member] | ||
Disclosure of operating segments [line items] | ||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | 273,926 | 355,668 |
EMEA Region [Member] | IT [Member] | ||
Disclosure of operating segments [line items] | ||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | 166,467 | 185,085 |
North America [Member] | ||
Disclosure of operating segments [line items] | ||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | 507,379 | 572,384 |
North America [Member] | UNITED STATES | ||
Disclosure of operating segments [line items] | ||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | 503,496 | 534,472 |
Latin America [Member] | ||
Disclosure of operating segments [line items] | ||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | 4,690 | 5,625 |
Asia Pacific [Member] | ||
Disclosure of operating segments [line items] | ||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | 143,616 | 121,057 |
Asia Pacific [Member] | CN [Member] | ||
Disclosure of operating segments [line items] | ||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | 70,828 | 93,225 |
Asia Pacific [Member] | JP [Member] | ||
Disclosure of operating segments [line items] | ||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | € 22,387 | € 6,219 |
Revenues - Summary of Disaggreg
Revenues - Summary of Disaggregation of Revenue by Product Line (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | € 1,292,402 | € 1,014,733 | € 1,321,327 |
Zegna branded products [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 847,311 | 636,478 | 919,545 |
Thom Browne Group [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 263,397 | 179,490 | 160,595 |
Textile [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 102,244 | 87,615 | 108,513 |
Third Party Brands [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 74,957 | 82,273 | 91,720 |
Agnona [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 1,191 | 12,389 | 17,691 |
Other [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | € 3,302 | € 16,488 | € 23,263 |
Revenues - Summary of Disaggr_2
Revenues - Summary of Disaggregation of Revenue by Sales Channel (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | € 1,292,402 | € 1,014,733 | € 1,321,327 |
Direct to Consumer Zegna branded products [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 712,862 | 527,972 | 743,012 |
Direct to Consumer Thom Browne branded products [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 138,567 | 85,268 | 61,045 |
Total Direct to Customer [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 851,429 | 613,240 | 804,057 |
Wholesale Zegna branded products [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 134,449 | 108,506 | 176,533 |
Wholesale Thom Browne branded products [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 124,830 | 94,222 | 99,550 |
Wholesale Third Party Brands and Textile [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 177,201 | 169,888 | 200,233 |
Wholesale Agnona [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 1,191 | 12,389 | 17,691 |
Total Wholesale [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 437,671 | 385,005 | 494,007 |
Other [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | € 3,302 | € 16,488 | € 23,263 |
Revenues - Summary of Disaggr_3
Revenues - Summary of Disaggregation of Revenue by Geographical Area (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | € 1,292,402 | € 1,014,733 | € 1,321,327 |
Europe, the Middle East and Africa [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 380,325 | 315,879 | 431,384 |
Europe, the Middle East and Africa [Member] | ITALY | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 158,722 | 121,202 | 140,676 |
Europe, the Middle East and Africa [Member] | UK [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 37,682 | 32,985 | 58,012 |
North America [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 191,283 | 131,049 | 233,327 |
North America [Member] | UNITED STATES | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 176,059 | 114,818 | 205,744 |
Latin America [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 19,971 | 12,915 | 25,404 |
Asia Pacific [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 696,344 | 551,650 | 626,059 |
Asia Pacific [Member] | Greater China Region [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 588,876 | 438,193 | 458,294 |
Asia Pacific [Member] | JAPAN | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 55,479 | 61,523 | 90,240 |
Other [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | € 4,479 | € 3,240 | € 5,153 |
Other income - Additional Infor
Other income - Additional Information (Detail) € in Thousands | 12 Months Ended |
Dec. 31, 2021EUR (€) | |
UNITED STATES | Write Downs And Disposal [Member] | Agnona [Member] | |
Disclosure Of Other income [Line Items] | |
Income from sale of right of use of asset | € 1,266 |
Cost of raw materials and con_3
Cost of raw materials and consumables - Summary of Cost of Raw Materials and Consumables (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of Cost of Raw Materials and Consumables [Line Items] | |||
Raw materials | € (108,442) | € (108,130) | € (139,965) |
Finished goods | (161,731) | (130,006) | (141,512) |
Consumables | (12,951) | (10,909) | (14,067) |
Change in raw materials, consumables and finished goods | (24,822) | 131 | (9,991) |
Other | (1,663) | (1,655) | (4,266) |
Total cost of raw materials and consumables | € (309,609) | € (250,569) | € (309,801) |
Purchased, outsourced and oth_3
Purchased, outsourced and other costs - Summary of Purchased, Outsourced and Other Costs (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of Purchased, Outsourced and Other Costs [Line Items] | |||
Consultancy fees and corporate bodies fees | € (75,737) | € (33,706) | € (38,460) |
Advertising and marketing expenses | (57,224) | (47,467) | (60,789) |
Lease expenses | (56,345) | (32,755) | (68,248) |
Outsourcing of production | (53,402) | (59,411) | (74,829) |
Freight, insurance and selling expenses | (49,241) | (55,905) | (67,477) |
Utilities | (26,710) | (22,423) | (26,063) |
Maintenance costs | (14,610) | (14,993) | (12,672) |
Royalties | (4,258) | (5,982) | (4,880) |
Other services | (16,102) | (14,284) | (18,279) |
Total purchased, outsourced and other costs | € (353,629) | € (286,926) | € (371,697) |
Purchased, outsourced and oth_4
Purchased, outsourced and other costs - Summary of Lease Expenses (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of Lease Expenses [Abstract] | |||
Rent reductions | € 12,877 | € 24,931 | |
Variable lease payments | (63,421) | (54,665) | € (63,361) |
Expenses relating to short-term leases | (5,697) | (2,260) | (4,029) |
Expenses relating to low value leases | (104) | (761) | (858) |
Total lease expenses | € (56,345) | € (32,755) | € (68,248) |
Purchased, outsourced and oth_5
Purchased, outsourced and other costs - Additional Information (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Statements [Line Items] | ||
Transaction costs related to the Business Combination | € 205,059 | |
Costs Related To The Business Combination [Member] | ||
Statements [Line Items] | ||
Transaction costs related to the Business Combination | 34,092 | |
IFRS 16 [Member] | ||
Statements [Line Items] | ||
Cash outflow for leases | € 12,877 | € 24,931 |
Personnel costs - Summary of Pe
Personnel costs - Summary of Personnel Costs (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Analysis of income and expense [abstract] | |||
Wages and salaries | € (271,767) | € (209,965) | € (250,196) |
Social contributions, pension plans and indemnities | (51,725) | (50,750) | (61,156) |
Share-based payments | (16,290) | ||
Severance indemnities | (8,996) | (12,308) | (9,778) |
Other long-term benefits | (8,702) | ||
Uniforms | (4,434) | (5,013) | (8,481) |
Insurances and other benefits | (2,455) | (3,142) | (1,460) |
Other payroll expenses | (3,393) | (1,481) | (873) |
Total personnel costs | € (367,762) | € (282,659) | € (331,944) |
Personnel Costs - Additional In
Personnel Costs - Additional Information (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Other wages and salaries | € 10,916 | ||
Employee gift expenses | 1,500 | ||
Share based payments related to long-term incentives granted | 16,290 | ||
Severance Indemnities | 8,996 | € 12,308 | € 9,778 |
other equity incentives to key management | 3,536 | ||
Other long-term benefits | 8,702 | 0 | 0 |
Supply Chain Activities [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Severance Indemnities | 7,828 | 1,599 | 6,935 |
Headquarter Functions [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Severance Indemnities | 1,168 | 5,371 | 2,827 |
Woman Division Business [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Severance Indemnities | 0 | 3,407 | 16 |
Provision for Severance Indemnities [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Severance Indemnities | 0 | € 1,931 | € 0 |
Performance Share Units [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Shares granted value under share based arrangement | 5,380 | ||
Zegna NonExecutive Directors [Member] | Private Warrants [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Class of warrants or rights issued during the period ,value | € 1,236 | ||
Class of warrants or rights issued during the period ,Shares | 800,000 | ||
Zegna Directors [Member] | Performance Share Units [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Shares granted value under share based arrangement | € 5,380 | ||
2022 [Member] | Chief Executive Officer [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share based payments related to long-term incentives granted | 6,138 | ||
2023 [Member] | Chief Executive Officer [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share based payments related to long-term incentives granted | 6,138 | ||
2024 [Member] | Chief Executive Officer [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share based payments related to long-term incentives granted | 6,138 | ||
LTI Plan [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share based payments related to long-term incentives granted | € 6,138 |
Depreciation, amortization an_3
Depreciation, amortization and impairment of assets - Summary of Detailed Information About Depreciation Amortization And Impairment of Assets (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Detailed Information About Depreciation Amortization And Impairnent Of Assets [Line Items] | |||
Depreciation and amortization | € (154,195) | € (166,205) | € (168,210) |
Impairment | (9,172) | (19,725) | (8,858) |
Total depreciation, amortization and impairment of assets | (163,367) | (185,930) | (177,068) |
Right-of-use assets [member] | |||
Detailed Information About Depreciation Amortization And Impairnent Of Assets [Line Items] | |||
Depreciation and amortization | (105,779) | (108,510) | (110,166) |
Impairment | (6,486) | (15,716) | (7,980) |
Property, plant and equipment [member] | |||
Detailed Information About Depreciation Amortization And Impairnent Of Assets [Line Items] | |||
Depreciation and amortization | (37,919) | (46,280) | (45,773) |
Impairment | (2,647) | (4,011) | (817) |
Intangible assets other than goodwill [member] | |||
Detailed Information About Depreciation Amortization And Impairnent Of Assets [Line Items] | |||
Depreciation and amortization | (10,497) | (11,415) | (12,271) |
Impairment | € (39) | € (2) | € (61) |
Write downs and other provisi_3
Write downs and other provisions - Summary of Detailed Information About Write Downs And Other Provisions (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Detailed Information About Writedowns And Other Provisions [Abstract] | |||
Provision for legal expenses | € (12,257) | € (2,484) | € 409 |
Agnona disposal and write downs | (6,150) | (988) | |
Provision for restoration obligations for leased stores | (349) | (1,992) | (2,331) |
Reversal/(Loss) allowance on trade receivables | 498 | (3,636) | (727) |
Other provisions | (1,229) | 2,922 | 1,632 |
Total write downs and other provisions | € (19,487) | € (6,178) | € (1,017) |
Write downs and other provisi_4
Write downs and other provisions - Additional Information (Detail) € in Thousands, $ in Thousands | Feb. 17, 2022EUR (€) | Dec. 31, 2021EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2021USD ($) |
Details Of Write Downs And Other Provisions [Line Items] | ||||
Additional provisions, other provisions | € 12,192 | € 16,585 | € 13,464 | |
Legal proceedings provision | 28,254 | $ 32,000 | ||
Write Downs And Disposal [Member] | Agnona [Member] | ||||
Details Of Write Downs And Other Provisions [Line Items] | ||||
Loss incurred before sale of business | 6,006 | |||
Write down of stake | € 144 | |||
Percentage of voting interests acquired | 30.00% | 30.00% |
Other operating costs - Summary
Other operating costs - Summary of Detailed Information About Other Operating Costs (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Detailed Information About Other Operating Costs [Abstract] | |||
Costs related to the Business Combination | € (152,869) | ||
Bank fees | (8,939) | € (6,665) | € (10,046) |
Travel expenses | (7,919) | (5,886) | (17,117) |
Indirect taxes | (3,327) | (3,541) | (6,459) |
Gifts, associations and donations | (2,891) | (10,834) | (12,338) |
Stationary and other materials | (1,766) | (1,904) | (1,502) |
Losses on disposals of assets | (1,153) | (1,091) | (970) |
Other operating costs | (1,972) | (478) | (602) |
Total other operating costs | € (180,836) | € (30,399) | € (49,034) |
Other operating costs - Additio
Other operating costs - Additional Information (Detail) € / shares in Units, € in Thousands | 12 Months Ended | ||
Dec. 31, 2021EUR (€)€ / sharesshares | Dec. 17, 2021$ / shares | Dec. 31, 2020€ / shares | |
Details Of Other Operating Costs [Line Items] | |||
Par value per share | € / shares | € 0.02 | € 0.02 | |
IIACs shares [Member] | |||
Details Of Other Operating Costs [Line Items] | |||
Par value per share | $ / shares | $ 10.14 | ||
Costs Related To The Business Combination [Member] | Zegna [Member] | |||
Details Of Other Operating Costs [Line Items] | |||
Share issue related cost | € 114,963 | ||
Costs Related To The Business Combination [Member] | IIAC [Member] | |||
Details Of Other Operating Costs [Line Items] | |||
Share issue related cost | € 37,906 | ||
Stock issued during period shares new shares issued | shares | 5,031,250 | ||
Gifts Assoications And Donations [Member] | Zegna [Member] | |||
Details Of Other Operating Costs [Line Items] | |||
Contribution to associates and donations | € 200 | ||
Donations related to civil protection | 999 | ||
Donations related to other initiatives | € 4,482 |
Financial income, financial e_3
Financial income, financial expenses and exchange gains/(losses) - Summary of Detailed Information About Financial Income Financial Expenses And Exchange Gains Or Losses (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financial income | |||
Options - Changes in fair value | € 20,675 | € 17,743 | € 0 |
Fixed-income securities | 17,845 | 10,812 | 11,364 |
Hedging operations | 661 | 358 | 843 |
Interest on financial other assets | 1,881 | 2,462 | 3,665 |
Interest on financial receivables/loans | 583 | 1,391 | 2,494 |
Derivative financial instruments | 2,760 | 0 | 2,986 |
Other financial income | 1,484 | 1,586 | 709 |
Total financial income | 45,889 | 34,352 | 22,061 |
Financial expenses | |||
Options - Changes in fair value | (13,391) | (15,729) | (4,154) |
Hedging operations | (7,044) | (6,716) | (11,386) |
Interest and financial charges for lease liabilities | (8,982) | (10,615) | (11,522) |
Warrants - Changes in fair value | (4,137) | ||
Fixed-income securities | (3,902) | (8,272) | (2,346) |
Interest on bank loans and overdrafts | (2,845) | (3,765) | (5,248) |
Interest expenses on interest rate swaps | (2,076) | (2,002) | (1,987) |
Derivative financial instruments | 0 | (380) | 0 |
Other financial expenses | (1,446) | (593) | (849) |
Total financial expenses | (43,823) | (48,072) | (37,492) |
Foreign exchange (losses)/gains | € (7,791) | € 13,455 | € (2,441) |
Financial income, financial e_4
Financial income, financial expenses and exchange gains/(losses) - Additional Information (Detail) - EUR (€) € in Thousands | Jun. 01, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Details Of Financial Income Financial Expenses And Exchange Gains Or Losses [Line Items] | ||||
Gains (losses) recognised in profit or loss including exchange differences, fair value measurement, liabilities | € 20,675 | € 17,743 | € 0 | |
Dondi [Member] | Other Financial Income [Member] | ||||
Details Of Financial Income Financial Expenses And Exchange Gains Or Losses [Line Items] | ||||
Gain (loss) arising from difference between carrying amount of financial liability extinguished and consideration paid | 1,000 | |||
Put Options [Member] | ||||
Details Of Financial Income Financial Expenses And Exchange Gains Or Losses [Line Items] | ||||
Gains (losses) recognised in profit or loss including exchange differences, fair value measurement, liabilities | 20,675 | |||
Additional purchase of options percentage | 5.00% | |||
Increase decrease in fair value of financial liability | € 7,833 | |||
Put Option Noncontrolling Interest Percentage | 10.00% | |||
Foreign exchange gain | € 7,791 | 13,455 | ||
Loss on foreign exchange | € 2,441 | |||
Lanificio Put Option [Member] | ||||
Details Of Financial Income Financial Expenses And Exchange Gains Or Losses [Line Items] | ||||
Increase decrease in fair value of financial liability | € 3,523 | |||
Dondi Put Option [Member] | ||||
Details Of Financial Income Financial Expenses And Exchange Gains Or Losses [Line Items] | ||||
Increase decrease in fair value of financial liability | € 2,035 |
Income taxes - Summary of Break
Income taxes - Summary of Breakdown For Income Taxes (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Major components of tax expense (income) [abstract] | |||
Current taxes | € (47,882) | € (24,928) | € (31,557) |
Deferred taxes | 17,180 | 9,945 | (12,237) |
Income taxes | € (30,702) | € (14,983) | € (43,794) |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation Between Actual Income Taxes and The Theoretical Income Taxes (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||
(Loss)/Profit before taxes | € (96,959) | € (31,557) | € 69,233 |
Theoretical income tax benefit/(expense) - tax rate 24% | 23,270 | 7,574 | (16,616) |
Non-deductible costs | (23,863) | (10,353) | (7,349) |
Patent box impact | 1,497 | 1,545 | |
Differences between foreign tax rates and the theoretical applicable tax rate and tax holidays | (2,849) | 20,321 | (3,177) |
Taxes relating to prior years | (2,668) | (197) | 192 |
Deferred tax assets not recognized | (14,978) | (25,727) | (9,386) |
Withholding tax on earnings | (9,027) | (6,221) | (5,366) |
Other tax items | 449 | (727) | (1,482) |
Total tax expense, excluding IRAP | € (29,666) | € (13,833) | € (41,639) |
Effective tax rate, excluding IRAP | (30.60%) | (43.80%) | 60.10% |
Italian regional income tax expense (IRAP) | € (1,036) | € (1,150) | € (2,155) |
Total income tax | € (30,702) | € (14,983) | € (43,794) |
Income Taxes - Summary of Rec_2
Income Taxes - Summary of Reconciliation Between Actual Income Taxes and The Theoretical Income Taxes (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||
Applicable tax rate | 24.00% | 24.00% | 24.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statements [Line Items] | |||
Super tax deduction, Percentage | 110.00% | ||
Parent [member] | |||
Statements [Line Items] | |||
Applicable IRAP rate | 5.57% | 5.57% | 5.57% |
Other [Member] | |||
Statements [Line Items] | |||
Applicable IRAP rate | 3.90% | 3.90% | 3.90% |
Income Taxes - Summary of Bre_2
Income Taxes - Summary of Breakdown For Deferred Tax Assets and Deferred Tax Liabilities (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred Tax Assets [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at the Begining | € 71,901 | € 59,611 |
Recognized in profit and loss | 33,263 | 11,531 |
Recognized in comprehensive income | (61) | |
Exchange differences and other | 3,311 | 820 |
Disposition | (265) | |
Balance at the ending | 108,210 | 71,901 |
Deferred Tax Assets [Member] | Employee benefits [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at the Begining | 3,900 | 5,104 |
Recognized in profit and loss | 626 | (1,169) |
Recognized in comprehensive income | (61) | |
Exchange differences and other | 142 | 26 |
Disposition | (3) | |
Balance at the ending | 4,665 | 3,900 |
Deferred Tax Assets [Member] | Property, plant and equipment [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at the Begining | 10,124 | 2,514 |
Recognized in profit and loss | 1,245 | 7,773 |
Exchange differences and other | (163) | |
Disposition | (262) | |
Balance at the ending | 11,107 | 10,124 |
Deferred Tax Assets [Member] | Right-of-use assets [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at the Begining | 2,289 | 1,944 |
Recognized in profit and loss | 121 | 394 |
Exchange differences and other | 175 | (49) |
Balance at the ending | 2,585 | 2,289 |
Deferred Tax Assets [Member] | Intangible assets [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at the Begining | 3,297 | 1,811 |
Recognized in profit and loss | (51) | 1,486 |
Balance at the ending | 3,246 | 3,297 |
Deferred Tax Assets [Member] | Provision for obsolete inventory [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at the Begining | 33,793 | 26,579 |
Recognized in profit and loss | 6,082 | 7,073 |
Exchange differences and other | 2,897 | 141 |
Balance at the ending | 42,772 | 33,793 |
Deferred Tax Assets [Member] | Tax provisions [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at the Begining | 4,114 | 1,384 |
Recognized in profit and loss | (1,360) | 2,730 |
Exchange differences and other | 97 | |
Balance at the ending | 2,851 | 4,114 |
Deferred Tax Assets [Member] | Financial assets [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at the Begining | 1,477 | 1,448 |
Recognized in profit and loss | 56 | 29 |
Balance at the ending | 1,533 | 1,477 |
Deferred Tax Assets [Member] | Tax losses [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at the Begining | 9,794 | 9,750 |
Recognized in profit and loss | 26,972 | 893 |
Exchange differences and other | (849) | |
Balance at the ending | 36,766 | 9,794 |
Deferred Tax Assets [Member] | Other [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at the Begining | 3,113 | 9,077 |
Recognized in profit and loss | (428) | (7,678) |
Exchange differences and other | 1,714 | |
Balance at the ending | 2,685 | 3,113 |
Deferred Tax Liabilities [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at the Begining | 70,728 | 76,152 |
Recognized in profit and loss | 16,083 | 1,586 |
Recognized in comprehensive income | (64) | |
Exchange differences and other | 2,979 | (7,010) |
Disposition | (35,882) | |
Balance at the ending | 53,844 | 70,728 |
Deferred Tax Liabilities [Member] | Other [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at the Begining | 4,327 | 3,243 |
Recognized in profit and loss | 1,683 | 6,394 |
Recognized in comprehensive income | (66) | |
Exchange differences and other | (5,310) | |
Balance at the ending | 5,944 | 4,327 |
Deferred Tax Liabilities [Member] | Property plant and equipment [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at the Begining | 23,391 | 25,233 |
Recognized in profit and loss | 9,288 | (3,535) |
Exchange differences and other | 1,844 | 1,693 |
Disposition | (34,523) | |
Balance at the ending | 23,391 | |
Deferred Tax Liabilities [Member] | Right-of-use assets [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at the Begining | 1,195 | 1,008 |
Recognized in profit and loss | 183 | 187 |
Disposition | (1,359) | |
Balance at the ending | 19 | 1,195 |
Deferred Tax Liabilities [Member] | Intangible assets [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at the Begining | 40,039 | 44,495 |
Recognized in profit and loss | 4,246 | (1,063) |
Exchange differences and other | 1,135 | (3,393) |
Balance at the ending | 45,420 | 40,039 |
Deferred Tax Liabilities [Member] | Financial assets fair value [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at the Begining | 1,776 | 2,173 |
Recognized in profit and loss | 683 | (397) |
Recognized in comprehensive income | 2 | |
Balance at the ending | € 2,461 | € 1,776 |
Income Taxes - Summary of Tax L
Income Taxes - Summary of Tax Losses Carried Forward for Which No Deferred Tax Assets (Detail) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Detailed Information About Unused Tax Losses For Which No Deferred Tax Asset Recognised [Line Items] | ||
Unused tax losses for which no deferred tax asset recognised | € 300,473 | € 224,314 |
Expiry within 1 year [Member] | ||
Disclosure Of Detailed Information About Unused Tax Losses For Which No Deferred Tax Asset Recognised [Line Items] | ||
Unused tax losses for which no deferred tax asset recognised | 4,587 | 5,320 |
Expiry 1-5 years [Member] | ||
Disclosure Of Detailed Information About Unused Tax Losses For Which No Deferred Tax Asset Recognised [Line Items] | ||
Unused tax losses for which no deferred tax asset recognised | 33,108 | 37,855 |
Expiry over 5 years [Member] | ||
Disclosure Of Detailed Information About Unused Tax Losses For Which No Deferred Tax Asset Recognised [Line Items] | ||
Unused tax losses for which no deferred tax asset recognised | 73,856 | 61,406 |
No expiration [Member] | ||
Disclosure Of Detailed Information About Unused Tax Losses For Which No Deferred Tax Asset Recognised [Line Items] | ||
Unused tax losses for which no deferred tax asset recognised | € 188,922 | € 119,733 |
Earnings Per Share - Summary Of
Earnings Per Share - Summary Of Earning Per Share Basic And Diluted (Detail) - EUR (€) € / shares in Units, € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings per share [abstract] | |||
(Loss)/Profit for the year attributable to shareholders of the Parent Company | € (136,001) | € (50,577) | € 21,749 |
Weighted average number of shares for basic earnings per share | 203,499,933 | 201,489,100 | 201,561,100 |
Weighted average number of shares for diluted earnings per share | 203,499,933 | 201,489,100 | 201,561,100 |
Basic earnings per share in Euro | € (0.67) | € (0.25) | € 0.11 |
Diluted earnings per share in Euro | € (0.67) | € (0.25) | € 0.11 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2021shares | |
Earnings per share [abstract] | |
Weighted average number of ordinary shares and warrant were exercised potentially diluted earnings per share | 1,417,947 |
Intangible Assets - Summary of
Intangible Assets - Summary of Breakdown For Intangible Assets (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | € 387,847 | € 419,982 |
Ending balance | 425,220 | 387,847 |
Goodwill [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 208,881 | 226,062 |
Ending balance | 227,230 | 208,881 |
Brands with an indefinite useful life [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 146,633 | 160,164 |
Ending balance | 158,864 | 146,633 |
Concessions, licenses, trademarks and patents [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 7,637 | 8,209 |
Ending balance | 5,871 | 7,637 |
Other intangible assets [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 22,150 | 25,251 |
Ending balance | 29,074 | 22,150 |
Intangible assets in progress [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 2,546 | 296 |
Ending balance | 4,181 | 2,546 |
Gross carrying amount [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 523,528 | 551,546 |
Additions | 18,115 | 11,524 |
Disposals | (13,147) | (4,319) |
Exchange differences | 30,012 | (32,705) |
Business combinations | 7,020 | |
Disposition | (3,589) | |
Other movements and reclassifications | 0 | |
Reclassifications to assets held for sale | (2,518) | |
Ending balance | 561,939 | 523,528 |
Gross carrying amount [member] | Goodwill [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 208,881 | 226,062 |
Exchange differences | 15,529 | (17,181) |
Business combinations | 2,820 | |
Ending balance | 227,230 | 208,881 |
Gross carrying amount [member] | Brands with an indefinite useful life [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 146,633 | 160,164 |
Exchange differences | 12,231 | (13,531) |
Ending balance | 158,864 | 146,633 |
Gross carrying amount [member] | Concessions, licenses, trademarks and patents [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 46,815 | 45,928 |
Additions | 2,895 | 1,658 |
Disposals | (6,572) | |
Exchange differences | 476 | (327) |
Disposition | (18) | |
Other movements and reclassifications | 1,407 | 185 |
Reclassifications to assets held for sale | (629) | |
Ending balance | 45,003 | 46,815 |
Gross carrying amount [member] | Other intangible assets [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 118,653 | 119,096 |
Additions | 10,712 | 7,398 |
Disposals | (6,556) | (4,319) |
Exchange differences | 1,715 | (1,666) |
Business combinations | 4,200 | |
Disposition | (2,656) | |
Other movements and reclassifications | 593 | 33 |
Reclassifications to assets held for sale | (1,889) | |
Ending balance | 126,661 | 118,653 |
Gross carrying amount [member] | Intangible assets in progress [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 2,546 | 296 |
Additions | 4,508 | 2,468 |
Disposals | (19) | |
Exchange differences | 61 | |
Disposition | (915) | |
Other movements and reclassifications | (2,000) | (218) |
Ending balance | 4,181 | 2,546 |
Accumulated depreciation, impairment and amortization [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | (135,681) | (131,564) |
Amortization | (10,497) | (11,415) |
Disposals | 9,861 | 4,316 |
Impairment | (39) | |
Exchange differences | (1,574) | 1,120 |
Disposition | 1,211 | |
Reclassifications to assets held for sale | 1,862 | |
Ending balance | (136,719) | (135,681) |
Accumulated depreciation, impairment and amortization [Member] | Concessions, licenses, trademarks and patents [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | (39,178) | (37,719) |
Amortization | (2,045) | (1,863) |
Disposals | 2,314 | |
Impairment | (3) | |
Exchange differences | (228) | 20 |
Disposition | 8 | |
Reclassifications to assets held for sale | 384 | |
Ending balance | (39,132) | (39,178) |
Accumulated depreciation, impairment and amortization [Member] | Other intangible assets [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | (96,503) | (93,845) |
Amortization | (8,452) | (9,552) |
Disposals | 7,547 | 4,316 |
Impairment | (36) | |
Exchange differences | (1,346) | 1,100 |
Disposition | 1,203 | |
Reclassifications to assets held for sale | 1,478 | |
Ending balance | € (97,587) | € (96,503) |
Intangible Assets - Summary O_2
Intangible Assets - Summary Of Goodwill Originated On Acquisitions Made By The Group And It Is Attributable (Detail) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Statements [Line Items] | |||
Goodwill | € 425,220 | € 387,847 | € 419,982 |
Goodwill [member] | |||
Statements [Line Items] | |||
Goodwill | 227,230 | 208,881 | € 226,062 |
Goodwill [member] | Zegna [Member] | |||
Statements [Line Items] | |||
Goodwill | 25,568 | 22,748 | |
Goodwill [member] | Thom Browne [Member] | |||
Statements [Line Items] | |||
Goodwill | € 201,662 | € 186,133 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statements [Line Items] | |||
Impairment of goodwill | € 0 | € 0 | |
Goodwill | € 425,220 | 387,847 | € 419,982 |
Royalty rates of the comparable companies | 9.10% | ||
Impairment loss | € 9,172 | 19,725 | 8,858 |
Brand names [member] | |||
Statements [Line Items] | |||
Goodwill | € 158,864 | € 146,633 | 160,164 |
Bottom of range [member] | |||
Statements [Line Items] | |||
Percentage of discount rate applied to cash flow weighted average cost of capital | 6.40% | 6.02% | |
Top of range [member] | |||
Statements [Line Items] | |||
Percentage of discount rate applied to cash flow weighted average cost of capital | 10.65% | 17.45% | |
Zegna [Member] | |||
Statements [Line Items] | |||
Growth rate used to extrapolate cash flow projections | 1.50% | ||
Impairment loss | € 8,692 | ||
Thom Browne [Member] | |||
Statements [Line Items] | |||
Growth rate used to extrapolate cash flow projections | 2.00% | ||
Percentage of discount rate weighted average cost of capital | 8.73% | ||
Impairment loss | € 0 | € 0 | 0 |
Thom Browne [Member] | Brand names [member] | |||
Statements [Line Items] | |||
Goodwill | € 158,864 | € 146,633 | |
Thom Browne [Member] | Bottom of range [member] | |||
Statements [Line Items] | |||
Percentage of discount rate weighted average cost of capital | 1.00% | ||
Thom Browne [Member] | Top of range [member] | |||
Statements [Line Items] | |||
Percentage of discount rate weighted average cost of capital | 7.73% | ||
Pelle Tessuta S.r.l [Member] | |||
Statements [Line Items] | |||
Acquisitions through business combinations,Goodwill | € 480 |
Intangible Assets - Summary o_3
Intangible Assets - Summary of Sensitivity Of The Impairment Testing To Reasonably Possible Changes In Both Assumptions (Detail) € in Millions | 12 Months Ended |
Dec. 31, 2021EUR (€) | |
Thom Browne Group [Member] | |
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |
Difference Between Fair Value And Carrying Value | € 327 |
Discount rate applied to cash flow projections | 773.00% |
Growth rate used to extrapolate cash flow projections | 200.00% |
Percentage of EBITDA CAGR | 15.30% |
WACC +100 bps | 0.0211 |
WACC -100 bps | 0.0493 |
Growth rate +50 bps | 0.0395 |
Growth rate -50 bps | 0.027 |
EBITDA +500 bps | 0.0379 |
EBITDA -500 bps | 0.0276 |
GruppoDondiS.p.A. [Member] | |
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |
Difference Between Fair Value And Carrying Value | € 62 |
Discount rate applied to cash flow projections | 640.00% |
Growth rate used to extrapolate cash flow projections | 150.00% |
Percentage of EBITDA CAGR | 18.60% |
WACC +100 bps | 0.0047 |
WACC -100 bps | 0.0084 |
Growth rate +50 bps | 0.0071 |
Growth rate -50 bps | 0.0054 |
EBITDA +500 bps | 0.0067 |
EBITDA -500 bps | 0.0057 |
Bonotto S.p.A. [Member] | |
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |
Difference Between Fair Value And Carrying Value | € 5 |
Discount rate applied to cash flow projections | 640.00% |
Growth rate used to extrapolate cash flow projections | 150.00% |
Percentage of EBITDA CAGR | 65.80% |
WACC +100 bps | 0.0001 |
WACC -100 bps | 0.0011 |
Growth rate +50 bps | 0.0008 |
Growth rate -50 bps | 0.0003 |
EBITDA +500 bps | 0.0007 |
EBITDA -500 bps | 0.0003 |
In.Co. S.p.A. [Member] | |
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |
Difference Between Fair Value And Carrying Value | € 78 |
Discount rate applied to cash flow projections | 640.00% |
Growth rate used to extrapolate cash flow projections | 150.00% |
Percentage of EBITDA CAGR | 57.60% |
WACC +100 bps | 0.0058 |
WACC -100 bps | 0.0107 |
Growth rate +50 bps | 0.009 |
Growth rate -50 bps | 0.0068 |
EBITDA +500 bps | 0.0087 |
EBITDA -500 bps | 0.0069 |
Tessitura Ubertino S.r.l. [Member] | |
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |
Difference Between Fair Value And Carrying Value | € 24 |
Discount rate applied to cash flow projections | 640.00% |
Growth rate used to extrapolate cash flow projections | 150.00% |
Percentage of EBITDA CAGR | 21.40% |
WACC +100 bps | 0.0019 |
WACC -100 bps | 0.0033 |
Growth rate +50 bps | 0.0028 |
Growth rate -50 bps | 0.0022 |
EBITDA +500 bps | 0.0036 |
EBITDA -500 bps | 0.0023 |
Property plant and equipment -
Property plant and equipment - Summary of Property plant and Equipment (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | € 244,127 | € 275,639 |
Ending balance | 111,474 | 244,127 |
Land and buildings | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 122,534 | 123,215 |
Ending balance | 4,802 | 122,534 |
Plant and machinery | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 30,613 | 35,812 |
Ending balance | 22,070 | 30,613 |
Industrial and commercial equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 27,611 | 39,006 |
Ending balance | 24,232 | 27,611 |
Leasehold improvements | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 47,844 | 67,795 |
Ending balance | 55,553 | 47,844 |
Other tangible assets | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 2,195 | 3,171 |
Ending balance | 1,869 | 2,195 |
Tangible assets under construction and advances | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 13,330 | 6,640 |
Ending balance | 2,948 | 13,330 |
Accumulated depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (509,114) | (509,098) |
Disposals | 33,283 | 33,233 |
Exchange differences | (20,524) | 10,677 |
Reclassifications to assets held for sale | 5,563 | |
Disposition | 89,182 | |
Depreciation | (37,655) | (45,478) |
Impairment | (2,647) | (4,011) |
Ending balance | (447,475) | (509,114) |
Accumulated depreciation [Member] | Land and buildings | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (63,077) | (60,621) |
Exchange differences | (1,816) | (103) |
Disposition | 61,473 | |
Reclassifications | 163 | |
Depreciation | (478) | (2,353) |
Impairment | 0 | |
Ending balance | (3,735) | (63,077) |
Accumulated depreciation [Member] | Plant and machinery | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (161,298) | (153,057) |
Disposals | 2,164 | 682 |
Exchange differences | (267) | (25) |
Reclassifications to assets held for sale | 245 | |
Disposition | 24,798 | |
Reclassifications | 45 | |
Depreciation | (7,827) | (9,166) |
Impairment | (84) | 23 |
Ending balance | (142,469) | (161,298) |
Accumulated depreciation [Member] | Industrial and commercial equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (118,649) | (119,368) |
Disposals | 11,522 | 8,448 |
Exchange differences | (6,066) | 4,579 |
Reclassifications to assets held for sale | 2,011 | |
Disposition | 2,307 | |
Reclassifications | 2,575 | |
Depreciation | (11,693) | (13,977) |
Impairment | (595) | (342) |
Ending balance | (120,599) | (118,649) |
Accumulated depreciation [Member] | Leasehold improvements | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (158,798) | (168,276) |
Disposals | 19,305 | 22,943 |
Exchange differences | (12,362) | 6,170 |
Reclassifications to assets held for sale | 2,864 | |
Disposition | 7 | |
Reclassifications | (3,525) | |
Depreciation | (16,490) | (19,346) |
Impairment | (1,488) | (3,153) |
Ending balance | (173,351) | (158,798) |
Accumulated depreciation [Member] | Other tangible assets | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (7,292) | (7,776) |
Disposals | 292 | 1,160 |
Exchange differences | (13) | 56 |
Reclassifications to assets held for sale | 443 | |
Disposition | 597 | |
Reclassifications | 742 | |
Depreciation | (1,167) | (636) |
Impairment | (539) | |
Ending balance | (6,841) | (7,292) |
Accumulated depreciation [Member] | Tangible assets under construction and advances | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Impairment | (480) | |
Ending balance | (480) | |
Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 753,241 | 784,737 |
Additions | 96,206 | 27,630 |
Disposals | (38,227) | (34,897) |
Exchange differences | 24,678 | (16,865) |
Reclassifications to assets held for sale | (7,364) | |
Business combinations | 641 | |
Disposition | (277,590) | |
Ending balance | 558,949 | 753,241 |
Gross carrying amount [member] | Land and buildings | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 185,611 | 183,836 |
Additions | 51,296 | 1,834 |
Disposals | (720) | |
Exchange differences | 4,483 | (59) |
Business combinations | 245 | |
Disposition | (232,705) | |
Reclassifications | 327 | |
Ending balance | 8,537 | 185,611 |
Gross carrying amount [member] | Plant and machinery | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 191,911 | 188,869 |
Additions | 4,571 | 4,115 |
Disposals | (2,150) | (682) |
Exchange differences | 222 | (40) |
Reclassifications to assets held for sale | (351) | |
Business combinations | 315 | |
Disposition | (30,448) | |
Reclassifications | 118 | |
Ending balance | 164,539 | 191,911 |
Gross carrying amount [member] | Industrial and commercial equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 146,260 | 158,374 |
Additions | 10,252 | 6,537 |
Disposals | (12,630) | (8,751) |
Exchange differences | 4,756 | (6,798) |
Reclassifications to assets held for sale | (3,102) | |
Business combinations | 6 | |
Disposition | (4,384) | |
Reclassifications | 571 | |
Ending balance | 144,831 | 146,260 |
Gross carrying amount [member] | Leasehold improvements | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 206,642 | 236,071 |
Additions | 24,506 | 7,316 |
Disposals | (21,812) | (23,513) |
Exchange differences | 14,516 | (9,775) |
Reclassifications to assets held for sale | (3,457) | |
Disposition | (34) | |
Reclassifications | 5,086 | |
Ending balance | 228,904 | 206,642 |
Gross carrying amount [member] | Other tangible assets | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 9,487 | 10,947 |
Additions | 360 | 1,075 |
Disposals | (403) | (1,951) |
Exchange differences | 51 | (132) |
Reclassifications to assets held for sale | (452) | |
Business combinations | 75 | |
Disposition | (860) | |
Ending balance | 8,710 | 9,487 |
Gross carrying amount [member] | Tangible assets under construction and advances | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 13,330 | 6,640 |
Additions | 5,221 | 6,753 |
Disposals | (512) | |
Exchange differences | 650 | (61) |
Reclassifications to assets held for sale | (2) | |
Disposition | (9,159) | |
Reclassifications | (6,102) | |
Ending balance | € 3,428 | € 13,330 |
Property plant and equipment _2
Property plant and equipment - Additional Information (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Impairment loss | € 9,172 | € 19,725 | € 8,858 |
Zegna Segment and Thom Browne Segment [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Impairment loss | € 0 | 0 | 0 |
Zegna [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Discount rate applied to cash flow projections | 1.50% | ||
Impairment loss | € 8,692 | ||
Impairment loss | 2,168 | ||
Impairment loss | 6,486 | ||
Impairment loss | € 38 | ||
Thom Browne [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Discount rate applied to cash flow projections | 2.00% | ||
Impairment loss | € 0 | € 0 | € 0 |
Bottom of range [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Discount rate applied to cash flow projections | 4.99% | 6.19% | |
Top of range [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Discount rate applied to cash flow projections | 21.63% | 22.92% |
Property plant and equipment _3
Property plant and equipment - Summary of Impairment Testing to Reasonably Possible Changes in Assumptions (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Bottom of range [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Discount rate (bps) | 4.99% | 6.19% |
Top of range [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Discount rate (bps) | 21.63% | 22.92% |
CGU Zegna Segment [Member] | ||
Disclosure of information for cash-generating units [line items] | ||
Headroom | € 1,277 | |
Discount rate (bps) | 6.69% | |
EBITDA CAGR (%) | 13.20% | |
Growth rate | 1.50% | |
WACC +100 bps | 0.0931 | |
WACC -100 bps | 0.1790 | |
Growth rate +/- 50 bps (Increase) | 0.1485 | |
Growth rate -50 bps | 0.1106 | |
EBITDA +500 bps | 0.1506 | |
EBITDA -500 bps | 0.1048 | |
CGU Thom Browne [Member] | ||
Disclosure of information for cash-generating units [line items] | ||
Headroom | € 325 | |
Discount rate (bps) | 7.73% | |
EBITDA CAGR (%) | 15.30% | |
Growth rate | 2.00% | |
WACC +100 bps | 0.0209 | |
WACC -100 bps | 0.0491 | |
Growth rate +/- 50 bps (Increase) | 0.0393 | |
Growth rate -50 bps | 0.0269 | |
EBITDA +500 bps | 0.0376 | |
EBITDA -500 bps | 0.0274 | |
Zegna Segment DOS [Member] | ||
Disclosure of information for cash-generating units [line items] | ||
Headroom | € (8,692) | |
Growth rate | 1.50% | |
WACC +100 bps | 0.8994 | |
WACC -100 bps | 0.8344 | |
Growth rate +/- 50 bps (Increase) | 0.8692 | |
Growth rate -50 bps | 0.8692 | |
Revenues CAGR (%) | 9.70% | |
Revenues +/-250 bps (Increase) | 0.8320 | |
Revenues +/-250 bps (Decrease) | 0.9048 | |
Zegna Segment DOS [Member] | Bottom of range [member] | ||
Disclosure of information for cash-generating units [line items] | ||
WACC (%) | 4.99% | |
Zegna Segment DOS [Member] | Top of range [member] | ||
Disclosure of information for cash-generating units [line items] | ||
WACC (%) | 21.63% | |
Thom Browne Segment DOS [Member] | ||
Disclosure of information for cash-generating units [line items] | ||
Discount rate (bps) | 2.00% | |
WACC +100 bps | 0.0095 | |
Growth rate -50 bps | 0.0058 | |
Revenues CAGR (%) | 6.90% | |
Revenues +/-250 bps (Decrease) | 0.0235 | |
Thom Browne Segment DOS [Member] | Bottom of range [member] | ||
Disclosure of information for cash-generating units [line items] | ||
WACC (%) | 7.13% | |
Thom Browne Segment DOS [Member] | Top of range [member] | ||
Disclosure of information for cash-generating units [line items] | ||
WACC (%) | 10.33% |
Right-of-use assets - Summary o
Right-of-use assets - Summary of Breakdown for Right-Of-Use Assets (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning Balance | € 351,646 | € 459,341 |
Ending Balance | 370,470 | 351,646 |
Gross carrying amount [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning Balance | 643,762 | 673,076 |
Additions | 148,299 | 53,784 |
Disposals | (88,302) | (49,845) |
Exchange differences | 36,928 | (33,017) |
Reclassifications to assets held for sale | (236) | |
Disposition | (18,838) | |
Ending Balance | 721,849 | 643,762 |
Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning Balance | (292,116) | (213,735) |
Amortization | (105,779) | (108,510) |
Impairments | (6,486) | (15,716) |
Disposals | 75,147 | 38,363 |
Exchange differences | (21,168) | 7,329 |
Reclassifications to assets held for sale | 153 | |
Disposition | 2,233 | |
Reclassifications and other | (3,210) | |
Ending Balance | (351,379) | (292,116) |
Land and buildings | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning Balance | 347,877 | 455,025 |
Ending Balance | 367,922 | 347,877 |
Land and buildings | Gross carrying amount [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning Balance | 636,332 | 665,738 |
Additions | 147,372 | 52,051 |
Disposals | (86,612) | (48,392) |
Exchange differences | 37,071 | (32,985) |
Reclassifications to assets held for sale | (80) | |
Disposition | (18,838) | |
Ending Balance | 715,325 | 636,332 |
Land and buildings | Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning Balance | (288,455) | (210,713) |
Amortization | (103,908) | (106,340) |
Impairments | (6,486) | (15,716) |
Disposals | 73,546 | 36,925 |
Exchange differences | (21,123) | 7,309 |
Reclassifications to assets held for sale | 80 | |
Disposition | 2,233 | |
Reclassifications and other | (3,210) | |
Ending Balance | (347,403) | (288,455) |
Industrial and commercial equipment | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning Balance | 268 | 338 |
Ending Balance | 123 | 268 |
Industrial and commercial equipment | Gross carrying amount [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning Balance | 705 | 616 |
Additions | 18 | 96 |
Disposals | (151) | (7) |
Ending Balance | 572 | 705 |
Industrial and commercial equipment | Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning Balance | (437) | (278) |
Amortization | (132) | (166) |
Disposals | 151 | 7 |
Exchange differences | (31) | |
Ending Balance | (449) | (437) |
Plant and machinery | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning Balance | 164 | 286 |
Ending Balance | 87 | 164 |
Plant and machinery | Gross carrying amount [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning Balance | 326 | 326 |
Disposals | (158) | |
Ending Balance | 168 | 326 |
Plant and machinery | Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning Balance | (162) | (40) |
Amortization | (73) | (122) |
Disposals | 155 | |
Exchange differences | (1) | |
Ending Balance | (81) | (162) |
Other tangible assets | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning Balance | 3,337 | 3,692 |
Ending Balance | 2,338 | 3,337 |
Other tangible assets | Gross carrying amount [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning Balance | 6,399 | 6,396 |
Additions | 909 | 1,637 |
Disposals | (1,381) | (1,446) |
Exchange differences | (143) | (32) |
Reclassifications to assets held for sale | (156) | |
Ending Balance | 5,784 | 6,399 |
Other tangible assets | Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning Balance | (3,062) | (2,704) |
Amortization | (1,666) | (1,882) |
Disposals | 1,295 | 1,431 |
Exchange differences | (13) | 20 |
Reclassifications to assets held for sale | 73 | |
Ending Balance | € (3,446) | € (3,062) |
Right-of-use assets - Additiona
Right-of-use assets - Additional Information (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Impairment loss | € 9,172 | € 19,725 | € 8,858 |
Zegna Segment [Member] | Leased Stores [Member] | HONG KONG | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Impairment loss | € 6,486 | € 15,716 | |
Bottom of range [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Rental contracts term | 1 year | ||
Extension options term | 1 year | ||
Top of range [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Rental contracts term | 15 years | ||
Extension options term | 10 years |
Investments at equity method -
Investments at equity method - Summary of Carrying Value of Investments Accounted for Using the Equity Method (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of associates [line items] | |||
Opening balance | € 21,360 | € 27,794 | € 29,906 |
Net income /(loss) | 2,794 | (4,205) | (1,534) |
Dividends | (225) | ||
Translation differences | (1,548) | 1,771 | (353) |
Additions | 313 | 532 | |
Impairment | (4,532) | ||
Disposal | (472) | ||
Ending balance | 22,447 | 21,360 | 27,794 |
Pelletteria Tizeta [Member] | |||
Disclosure of associates [line items] | |||
Opening balance | 2,888 | 2,794 | 2,651 |
Net income /(loss) | 528 | 92 | 368 |
Dividends | (225) | ||
Additions | 2 | ||
Ending balance | 3,416 | 2,888 | 2,794 |
Tom Ford International LLC [Member] | |||
Disclosure of associates [line items] | |||
Opening balance | 18,000 | 25,000 | 27,255 |
Net income /(loss) | 1,893 | (4,232) | (1,902) |
Translation differences | (1,548) | 1,764 | (353) |
Impairment | 0 | (4,532) | 0 |
Ending balance | 18,345 | 18,000 | € 25,000 |
Achill Station Pty Ltd [Member] | |||
Disclosure of associates [line items] | |||
Opening balance | 472 | ||
Net income /(loss) | (65) | ||
Translation differences | 7 | ||
Additions | 530 | ||
Disposal | (472) | ||
Ending balance | € 472 | ||
Filati Biagioli Modesto S P A [Member] | |||
Disclosure of associates [line items] | |||
Net income /(loss) | 373 | ||
Additions | 313 | ||
Ending balance | € 686 |
Investments at equity method _2
Investments at equity method - Summary of Financial Information of Companies Accounted for Using the Equity Method (Detail) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of associates [line items] | ||||
Total assets | € 2,457,724 | € 2,415,054 | ||
Total equity | 644,304 | 645,034 | € 729,754 | € 725,487 |
Net revenues | 1,292,402 | 1,014,733 | 1,321,327 | |
Net income/(loss) | (127,661) | € (46,540) | € 25,439 | |
Pelletteria Tizeta [Member] | ||||
Disclosure of associates [line items] | ||||
Total assets | 29,311 | |||
Total liabilities | 22,340 | |||
Total equity | 6,971 | |||
Net revenues | 28,329 | |||
Net income/(loss) | 1,055 | |||
Tom Ford International LLC [Member] | ||||
Disclosure of associates [line items] | ||||
Total assets | 318,667 | |||
Total liabilities | 444,006 | |||
Total equity | (125,339) | |||
Net revenues | 221,480 | |||
Net income/(loss) | 12,620 | |||
Filati Biagioli Modesto S P A [Member] | ||||
Disclosure of associates [line items] | ||||
Total assets | 37,707 | |||
Total liabilities | 35,992 | |||
Total equity | 1,715 | |||
Net revenues | 30,766 | |||
Net income/(loss) | € (333) |
Investments at equity method _3
Investments at equity method - Additional Information (Detail) - EUR (€) € in Thousands | Jul. 14, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of associates [line items] | ||||
Payment to acquire equity method investments | € 313 | € 0 | € 0 | |
Impairment of equity method investments | (4,532) | |||
Filati Biagioli Modesto S P A [Member] | ||||
Disclosure of associates [line items] | ||||
Percentage of interest acquired in associates | 40.00% | |||
Payment to acquire equity method investments | € 313 | |||
Tom Ford International LLC [Member] | ||||
Disclosure of associates [line items] | ||||
Growth rate used to calculate terminal value | 1.50% | |||
Impairment of equity method investments | € 0 | € (4,532) | € 0 | |
Proportion of ownership interest in associate | 15.00% | |||
Tom Ford International LLC [Member] | Weighted average cost of capital, measurement input [member] | ||||
Disclosure of associates [line items] | ||||
Discount rate used in current estimate of value in use | 13.59% | 10.45% |
Investment property - Summary o
Investment property - Summary of Investment Property (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about investment property [line items] | ||
Beginning balance | € 49,754 | € 55,162 |
Ending balance | 0 | 49,754 |
Accumulated depreciation and amortisation [member] | ||
Disclosure of detailed information about investment property [line items] | ||
Beginning balance | (3,513) | (3,022) |
Exchange differences | (305) | 311 |
Disposition | (4,082) | |
Depreciation | (264) | (802) |
Ending balance | 0 | (3,513) |
Gross carrying amount [member] | ||
Disclosure of detailed information about investment property [line items] | ||
Beginning balance | 53,267 | 58,184 |
Exchange differences | 4,445 | (4,917) |
Additions | 0 | |
Disposition | (57,712) | |
Ending balance | € 0 | € 53,267 |
Other Non-Current Financial A_3
Other Non-Current Financial Assets - Disclosure Of Other Noncurrent Financial Assets (Detail) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Categories of non-current financial assets [abstract] | ||
Guarantee deposits | € 29,399 | € 27,379 |
Investment held in Elah Dufour S.p.A. | 0 | 17,119 |
Financial loans to related parties | 2,219 | 0 |
Financial loans to Tom Ford | 1,497 | 1,198 |
Other | 2,257 | 3,567 |
Total other non-current financial assets | € 35,372 | € 49,263 |
Other Non-Current Financial A_4
Other Non-Current Financial Assets - Additional Information (Detail) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | |
Disclosure Of Other NonCurrent Financial assets [Line Items] | ||||
Financial loans to related parties | € 2,219,000 | € 0 | ||
Non-current loans and receivables | 1,497,000 | 1,198,000 | ||
Repayments of borrowings, classified as financing activities | 160,210,000 | $ 45 | € 221,029,000 | € 272,851,000 |
Zegnas director [Member] | ||||
Disclosure Of Other NonCurrent Financial assets [Line Items] | ||||
Financial loans to related parties | € 2,200,000 | |||
Elah Dufour S.p.A Member [Member] | ||||
Disclosure Of Other NonCurrent Financial assets [Line Items] | ||||
Proportion of ownership interests held by non-controlling interests | 10.00% | 10.00% | ||
Tom Ford [Member] | ||||
Disclosure Of Other NonCurrent Financial assets [Line Items] | ||||
Proportion of ownership interest in associate | 15.00% | 15.00% | ||
Non-current loans and receivables | € 45,000,000 | |||
Loans and receivables | € 1,200 | |||
Tom Ford [Member] | Bottom of range [member] | ||||
Disclosure Of Other NonCurrent Financial assets [Line Items] | ||||
Financial loans Receivable ,Interest Rate | 3.00% | 3.00% | ||
Financial loans Receivable ,Maturity | February 2020 | February 2020 | ||
Tom Ford [Member] | Top of range [member] | ||||
Disclosure Of Other NonCurrent Financial assets [Line Items] | ||||
Financial loans Receivable ,Interest Rate | 4.00% | 4.00% | ||
Financial loans Receivable ,Maturity | 2023 | 2023 |
Inventories - Disclosure of Mea
Inventories - Disclosure of Measuring inventories (Detail) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of Measuring inventories [Abstract] | ||
Raw materials, ancillary materials and consumables | € 42,255 | € 38,127 |
Work-in-progress and semi-finished products | 50,703 | 42,466 |
Finished goods | 245,517 | 240,878 |
Total inventories | € 338,475 | € 321,471 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Text Block [Abstract] | |||
Inventory write-downs | € 29,600 | € 43,064 | € 20,799 |
Trade receivables - Summary of
Trade receivables - Summary of breakdown for trade receivables (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of Trade Receivable [Line Items] | |||
Trade receivables | € 167,003 | € 147,546 | |
Loss allowance | (6,643) | (8,717) | |
Total trade receivables | 160,360 | 138,829 | |
At January 1, 2020 | (8,717) | (5,635) | |
Provisions | (496) | (3,636) | |
Utilizations | 71 | 96 | |
Exchange differences and other | 1,369 | 458 | |
Releases | 923 | ||
Disposition | 207 | ||
At December 31, 2021 | (6,643) | (8,717) | |
EMEA [Member] | |||
Disclosure of Trade Receivable [Line Items] | |||
Total trade receivables | [1] | 62,412 | 51,102 |
ITALY | |||
Disclosure of Trade Receivable [Line Items] | |||
Total trade receivables | 32,089 | 28,847 | |
North America [Member] | |||
Disclosure of Trade Receivable [Line Items] | |||
Total trade receivables | [2] | 18,061 | 28,940 |
UNITED STATES | |||
Disclosure of Trade Receivable [Line Items] | |||
Total trade receivables | 16,883 | 27,329 | |
Latin America [Member] | |||
Disclosure of Trade Receivable [Line Items] | |||
Total trade receivables | [3] | 4,437 | 1,436 |
APAC [Member] | |||
Disclosure of Trade Receivable [Line Items] | |||
Total trade receivables | [4] | 75,450 | 57,351 |
China Region [Member] | |||
Disclosure of Trade Receivable [Line Items] | |||
Total trade receivables | € 54,978 | € 42,830 | |
[1] | EMEA includes Europe, the Middle East and Africa. | ||
[2] | North America includes the United States of America and Canada. | ||
[3] | Latin America includes Mexico, Brazil and other Central and South American countries. | ||
[4] | APAC includes the Greater China Region, Japan, South Korea, Thailand, Malaysia, Vietnam, Indonesia, Philippines, Australia, New Zealand, India and other Southeast Asian countries. |
Trade receivables - Additional
Trade receivables - Additional Information (Detail) | Dec. 31, 2021 |
Disclosure of Trade Receivable [Line Items] | |
Expected credit loss rate | 100.00% |
Derivative financial instrume_3
Derivative financial instruments - Summary of Outstanding Hedges (Detail) - EUR (€) € in Thousands | Dec. 31, 2021 | Nov. 03, 2021 | Dec. 31, 2020 |
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | |||
Positive fair value | € 1,786 | € 11,848 | |
Negative fair value | 14,138 | 13,192 | |
Forward contract [member] | Financial Instruments Held For Hedging [Member] | Currency risk [member] | |||
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | |||
Notional amount | 550,734 | 347,679 | |
Deal Contingent Option [Member] | Currency risk [member] | |||
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | |||
Notional amount | € 130,000 | ||
Deal Contingent Option [Member] | Financial Instruments Held For Hedging [Member] | Currency risk [member] | |||
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | |||
Notional amount | 109,244 | 0 | |
Interest rate swap contract [member] | Financial Instruments Held For Hedging [Member] | Interest rate risk [member] | |||
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | |||
Notional amount | 323,816 | 274,336 | |
Derivatives [member] | |||
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | |||
Notional amount | 983,794 | 622,015 | |
Derivatives [member] | Financial Instruments Held For Hedging [Member] | |||
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | |||
Notional amount | 983,794 | 622,015 | |
Derivatives [member] | Financial Instruments Held For Trading [Member] | |||
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | |||
Notional amount | 0 | 0 | |
Elah Dufour Option [Member] | |||
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | |||
Negative fair value held for trading | 2,759 | ||
Elah Dufour Option [Member] | Financial Instruments Held For Trading [Member] | |||
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | |||
Notional amount | 0 | 0 | |
At fair value [member] | |||
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | |||
Positive fair value held for hedging | 1,786 | 11,848 | |
Positive fair value held for trading | 0 | 0 | |
Positive fair value | 1,786 | 11,848 | |
Negative fair value held for hedging | (14,138) | (10,433) | |
Negative fair value held for trading | 0 | (2,759) | |
Negative fair value | (14,138) | (13,192) | |
At fair value [member] | Forward contract [member] | Currency risk [member] | |||
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | |||
Positive fair value held for hedging | 1,786 | 11,848 | |
Negative fair value held for hedging | (11,726) | (4,918) | |
At fair value [member] | Deal Contingent Option [Member] | Currency risk [member] | |||
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | |||
Positive fair value held for hedging | 0 | 0 | |
Negative fair value held for hedging | 0 | 0 | |
At fair value [member] | Interest rate swap contract [member] | Interest rate risk [member] | |||
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | |||
Positive fair value held for hedging | 0 | 0 | |
Negative fair value held for hedging | (2,412) | (5,515) | |
At fair value [member] | Elah Dufour Option [Member] | |||
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | |||
Positive fair value held for trading | 0 | 0 | |
Negative fair value held for trading | € 0 | € (2,759) |
Derivative financial instrume_4
Derivative financial instruments - Summary of Notional Amount of Foreign Exchange (Detail) - Forward contract [member] - Financial Instruments Held For Hedging [Member] - Currency risk [member] - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | € 550,734 | € 347,679 |
Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 550,734 | 347,679 |
Cash flow hedges [member] | United States of America, Dollars | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 194,097 | 144,569 |
Cash flow hedges [member] | Switzerland, Francs | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 4,792 | 24,810 |
Cash flow hedges [member] | China, Yuan Renminbi | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 191,936 | 20,318 |
Cash flow hedges [member] | United Kingdom, Pounds | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 25,012 | 19,226 |
Cash flow hedges [member] | Hong Kong, Dollars | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 46,883 | 12,613 |
Cash flow hedges [member] | Japan, Yen | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 51,075 | 52,407 |
Cash flow hedges [member] | Other [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | € 36,939 | € 73,736 |
Derivative financial instrume_5
Derivative financial instruments - Summary of Interest Rate Swap (IRS) Agreements (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
At fair value [member] | ||
Disclosure Of Detailed Information About Interest Rate Swap Contract [Line Items] | ||
Fair value | € (14,138) | € (10,433) |
Interest rate swap contract [member] | Interest rate risk [member] | At fair value [member] | ||
Disclosure Of Detailed Information About Interest Rate Swap Contract [Line Items] | ||
Fair value | (2,412) | (5,515) |
Interest rate swap contract [member] | Financial Instruments Held For Hedging [Member] | Interest rate risk [member] | ||
Disclosure Of Detailed Information About Interest Rate Swap Contract [Line Items] | ||
Notional amount | 323,816 | 274,336 |
IRS 1 [Member] | Interest rate swap contract [member] | Interest rate risk [member] | At fair value [member] | ||
Disclosure Of Detailed Information About Interest Rate Swap Contract [Line Items] | ||
Fair value | € 0 | (1,031) |
IRS 1 [Member] | Interest rate swap contract [member] | Financial Instruments Held For Hedging [Member] | Interest rate risk [member] | ||
Disclosure Of Detailed Information About Interest Rate Swap Contract [Line Items] | ||
Maturity date | Feb. 17, 2021 | |
Fixed interest rate | 0.47% | |
Notional amount | € 0 | 80,000 |
IRS 2 [Member] | Interest rate swap contract [member] | Interest rate risk [member] | At fair value [member] | ||
Disclosure Of Detailed Information About Interest Rate Swap Contract [Line Items] | ||
Fair value | € (192) | (366) |
IRS 2 [Member] | Interest rate swap contract [member] | Financial Instruments Held For Hedging [Member] | Interest rate risk [member] | ||
Disclosure Of Detailed Information About Interest Rate Swap Contract [Line Items] | ||
Maturity date | Jan. 27, 2023 | |
Fixed interest rate | 0.27% | |
Notional amount | € 20,000 | 20,000 |
IRS 3 [Member] | Interest rate swap contract [member] | Interest rate risk [member] | At fair value [member] | ||
Disclosure Of Detailed Information About Interest Rate Swap Contract [Line Items] | ||
Fair value | € (144) | (309) |
IRS 3 [Member] | Interest rate swap contract [member] | Financial Instruments Held For Hedging [Member] | Interest rate risk [member] | ||
Disclosure Of Detailed Information About Interest Rate Swap Contract [Line Items] | ||
Maturity date | Feb. 8, 2023 | |
Fixed interest rate | 0.17% | |
Notional amount | € 20,000 | 20,000 |
IRS 4 [Member] | Interest rate swap contract [member] | Interest rate risk [member] | At fair value [member] | ||
Disclosure Of Detailed Information About Interest Rate Swap Contract [Line Items] | ||
Fair value | € (523) | (988) |
IRS 4 [Member] | Interest rate swap contract [member] | Financial Instruments Held For Hedging [Member] | Interest rate risk [member] | ||
Disclosure Of Detailed Information About Interest Rate Swap Contract [Line Items] | ||
Maturity date | Apr. 27, 2023 | |
Fixed interest rate | 0.26% | |
Notional amount | € 50,000 | 50,000 |
IRS 5 [Member] | Interest rate swap contract [member] | Interest rate risk [member] | At fair value [member] | ||
Disclosure Of Detailed Information About Interest Rate Swap Contract [Line Items] | ||
Fair value | € (483) | (898) |
IRS 5 [Member] | Interest rate swap contract [member] | Financial Instruments Held For Hedging [Member] | Interest rate risk [member] | ||
Disclosure Of Detailed Information About Interest Rate Swap Contract [Line Items] | ||
Maturity date | Aug. 3, 2023 | |
Fixed interest rate | 0.28% | |
Notional amount | € 40,000 | 40,000 |
IRS 6 [Member] | Interest rate swap contract [member] | Interest rate risk [member] | At fair value [member] | ||
Disclosure Of Detailed Information About Interest Rate Swap Contract [Line Items] | ||
Fair value | € (801) | (1,549) |
IRS 6 [Member] | Interest rate swap contract [member] | Financial Instruments Held For Hedging [Member] | Interest rate risk [member] | ||
Disclosure Of Detailed Information About Interest Rate Swap Contract [Line Items] | ||
Maturity date | Nov. 17, 2023 | |
Fixed interest rate | 0.34% | |
Notional amount | € 60,000 | 60,000 |
IRS 7 [Member] | Interest rate swap contract [member] | Interest rate risk [member] | At fair value [member] | ||
Disclosure Of Detailed Information About Interest Rate Swap Contract [Line Items] | ||
Fair value | € (109) | 0 |
IRS 7 [Member] | Interest rate swap contract [member] | Financial Instruments Held For Hedging [Member] | Interest rate risk [member] | ||
Disclosure Of Detailed Information About Interest Rate Swap Contract [Line Items] | ||
Maturity date | Apr. 15, 2024 | |
Fixed interest rate | (0.24%) | |
Notional amount | € 80,000 | 0 |
IRS 8 [Member] | Interest rate swap contract [member] | Interest rate risk [member] | At fair value [member] | ||
Disclosure Of Detailed Information About Interest Rate Swap Contract [Line Items] | ||
Fair value | € 72 | 0 |
IRS 8 [Member] | Interest rate swap contract [member] | Financial Instruments Held For Hedging [Member] | Interest rate risk [member] | ||
Disclosure Of Detailed Information About Interest Rate Swap Contract [Line Items] | ||
Maturity date | Dec. 20, 2024 | |
Fixed interest rate | 0.01% | |
Notional amount | € 50,000 | 0 |
IRS 9 [Member] | Interest rate swap contract [member] | Interest rate risk [member] | At fair value [member] | ||
Disclosure Of Detailed Information About Interest Rate Swap Contract [Line Items] | ||
Fair value | € (57) | (108) |
IRS 9 [Member] | Interest rate swap contract [member] | Financial Instruments Held For Hedging [Member] | Interest rate risk [member] | ||
Disclosure Of Detailed Information About Interest Rate Swap Contract [Line Items] | ||
Maturity date | Jul. 29, 2027 | |
Fixed interest rate | 0.80% | |
Notional amount | € 1,996 | 2,334 |
IRS 10 [Member] | Interest rate swap contract [member] | Interest rate risk [member] | At fair value [member] | ||
Disclosure Of Detailed Information About Interest Rate Swap Contract [Line Items] | ||
Fair value | € (175) | (266) |
IRS 10 [Member] | Interest rate swap contract [member] | Financial Instruments Held For Hedging [Member] | Interest rate risk [member] | ||
Disclosure Of Detailed Information About Interest Rate Swap Contract [Line Items] | ||
Maturity date | Dec. 18, 2031 | |
Fixed interest rate | 1.94% | |
Notional amount | € 1,820 | € 2,002 |
Derivative financial instrume_6
Derivative financial instruments - Additional Information (Detail) - EUR (€) € / shares in Units, € in Thousands | Nov. 03, 2021 | Aug. 03, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Elah Dufour Option [Member] | ||||
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | ||||
Derivative financial liabilities held for trading | € 2,759 | |||
Elah Dufour Option [Member] | Elah Dufour SpA [Member] | ||||
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | ||||
Percentage of share capital held by certain minority shareholders to be acquired | 5.00% | |||
Elah Dufour Option [Member] | Elah Dufour SpA [Member] | Top of range [member] | ||||
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | ||||
Percentage of the share capital acquired | 5.00% | |||
Shares sold by other shareholders to the percentage of share capital | 5.00% | |||
Currency risk [member] | Deal Contingent Option [Member] | ||||
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | ||||
Notional amount | € 130,000 | |||
Strike exchange rate, price per Euro | € 1.19 | |||
Derivative maturity date | Jan. 14, 2022 |
Other current financial asset_2
Other current financial assets - Summary of Other Financial Assets and Securities (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Other Current Financial Assets [Line Items] | ||
Beginning balance | € 350,163 | |
Ending balance | 340,380 | € 350,163 |
Financial assets at fair value through profit or loss, category [member] | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Beginning balance | 322,326 | 409,700 |
Investments | 69,922 | 160,004 |
Disposals | (98,884) | (249,670) |
Fair value adjustments | 9,619 | 2,647 |
Realized gains/(losses) | 1,591 | 1,007 |
Exchange rate gains/(losses) | 3,958 | (1,362) |
Ending balance | 308,532 | 322,326 |
Financial assets at fair value through other comprehensive income, category [member] | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Beginning balance | 27,837 | 25,205 |
Investments | 0 | 5,592 |
Disposals | (2,700) | (3,241) |
Fair value adjustments | 519 | 283 |
Realized gains/(losses) | 56 | (2) |
Exchange rate gains/(losses) | 0 | 0 |
Ending balance | 25,712 | 27,837 |
Securities [Member] | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Beginning balance | 350,163 | 434,905 |
Investments | 69,922 | 165,596 |
Disposals | (101,584) | (252,911) |
Fair value adjustments | 10,138 | 2,930 |
Realized gains/(losses) | 1,647 | 1,005 |
Exchange rate gains/(losses) | 3,958 | (1,362) |
Ending balance | 334,244 | 350,163 |
Guarantee Deposits and Others [Member] | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Beginning balance | 0 | |
Ending balance | 6,136 | 0 |
Guarantee Deposits and Others [Member] | Financial assets at fair value through profit or loss, category [member] | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Ending balance | 0 | |
Guarantee Deposits and Others [Member] | Financial assets at fair value through other comprehensive income, category [member] | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Ending balance | 0 | |
Insurance contracts [member] | Financial assets at fair value through profit or loss, category [member] | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Beginning balance | 107,188 | 176,575 |
Investments | 6,232 | 7,500 |
Disposals | 0 | (78,897) |
Fair value adjustments | 499 | 1,984 |
Realized gains/(losses) | 0 | 26 |
Exchange rate gains/(losses) | 0 | 0 |
Ending balance | 113,919 | 107,188 |
Fixed Income [Member] | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Beginning balance | 93,185 | |
Ending balance | 73,972 | 93,185 |
Fixed Income [Member] | Financial assets at fair value through profit or loss, category [member] | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Beginning balance | 88,011 | 122,070 |
Investments | 24,756 | 38,580 |
Disposals | (44,713) | (72,752) |
Fair value adjustments | 1,271 | 920 |
Realized gains/(losses) | (380) | (798) |
Exchange rate gains/(losses) | 2 | (9) |
Ending balance | 68,947 | 88,011 |
Fixed Income [Member] | Financial assets at fair value through other comprehensive income, category [member] | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Beginning balance | 5,174 | 5,326 |
Investments | 0 | 167 |
Disposals | (416) | (303) |
Fair value adjustments | 267 | (12) |
Realized gains/(losses) | 0 | (4) |
Exchange rate gains/(losses) | 0 | 0 |
Ending balance | 5,025 | 5,174 |
Hedge Funds [Member] | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Beginning balance | 36,511 | |
Ending balance | 41,483 | 36,511 |
Hedge Funds [Member] | Financial assets at fair value through profit or loss, category [member] | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Beginning balance | 36,511 | 50,471 |
Investments | 10,396 | 20,198 |
Disposals | (7,861) | (35,408) |
Fair value adjustments | 1,153 | 420 |
Realized gains/(losses) | 572 | 1,299 |
Exchange rate gains/(losses) | 712 | (469) |
Ending balance | 41,483 | 36,511 |
Hedge Funds [Member] | Financial assets at fair value through other comprehensive income, category [member] | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Beginning balance | 0 | |
Ending balance | 0 | 0 |
Real Estate Funds [Member] | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Beginning balance | 29,073 | |
Ending balance | 32,898 | 29,073 |
Real Estate Funds [Member] | Financial assets at fair value through profit or loss, category [member] | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Beginning balance | 29,073 | 24,807 |
Investments | 3,826 | 21,023 |
Disposals | (2,060) | (15,788) |
Fair value adjustments | 1,316 | (884) |
Realized gains/(losses) | 109 | 604 |
Exchange rate gains/(losses) | 634 | (689) |
Ending balance | 32,898 | 29,073 |
Real Estate Funds [Member] | Financial assets at fair value through other comprehensive income, category [member] | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Beginning balance | 0 | |
Ending balance | 0 | 0 |
Equity [member] | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Beginning balance | 24,843 | |
Ending balance | 25,408 | 24,843 |
Equity [member] | Financial assets at fair value through profit or loss, category [member] | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Beginning balance | 24,843 | 15,261 |
Investments | 8,327 | 27,834 |
Disposals | (10,236) | (18,024) |
Fair value adjustments | 1,224 | (80) |
Realized gains/(losses) | 1,011 | (124) |
Exchange rate gains/(losses) | 239 | (24) |
Ending balance | 25,408 | 24,843 |
Equity [member] | Financial assets at fair value through other comprehensive income, category [member] | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Beginning balance | 0 | |
Ending balance | 0 | 0 |
Private Equity [Member] | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Beginning balance | 10,583 | |
Ending balance | 15,925 | 10,583 |
Private Equity [Member] | Financial assets at fair value through profit or loss, category [member] | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Beginning balance | 10,583 | 8,256 |
Investments | 4,505 | 2,845 |
Disposals | (3,036) | (548) |
Fair value adjustments | 3,486 | 201 |
Realized gains/(losses) | 0 | 0 |
Exchange rate gains/(losses) | 387 | (171) |
Ending balance | 15,925 | 10,583 |
Private Equity [Member] | Financial assets at fair value through other comprehensive income, category [member] | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Beginning balance | 0 | |
Ending balance | 0 | 0 |
Private Debt [Member] | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Beginning balance | 6,894 | |
Ending balance | 7,945 | 6,894 |
Private Debt [Member] | Financial assets at fair value through profit or loss, category [member] | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Beginning balance | 6,894 | 2,006 |
Investments | 401 | 4,802 |
Disposals | 0 | 0 |
Fair value adjustments | 650 | 86 |
Realized gains/(losses) | 0 | 0 |
Exchange rate gains/(losses) | 0 | 0 |
Ending balance | 7,945 | 6,894 |
Private Debt [Member] | Financial assets at fair value through other comprehensive income, category [member] | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Beginning balance | 0 | |
Ending balance | 0 | 0 |
Money Market Funds [Member] | Financial assets at fair value through profit or loss, category [member] | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Beginning balance | 19,223 | 10,254 |
Investments | 11,479 | 37,222 |
Disposals | (30,978) | (28,253) |
Fair value adjustments | 20 | 0 |
Realized gains/(losses) | 279 | 0 |
Exchange rate gains/(losses) | 1,984 | 0 |
Ending balance | 2,007 | 19,223 |
Floating Income [Member] | Financial assets at fair value through other comprehensive income, category [member] | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Beginning balance | 22,663 | 19,879 |
Investments | 0 | 5,425 |
Disposals | (2,284) | (2,938) |
Fair value adjustments | 252 | 295 |
Realized gains/(losses) | 56 | 2 |
Exchange rate gains/(losses) | 0 | 0 |
Ending balance | € 20,687 | € 22,663 |
Other current assets - Addition
Other current assets - Additional Information (Detail) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Current Assets [Abstract] | ||
Other current assets | € 68,773 | € 66,718 |
Cash and cash equivalents - Sum
Cash and cash equivalents - Summary of Cash and Cash Equivalents (Detail) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and cash equivalents [abstract] | ||||
Cash on hand | € 1,651 | € 535 | ||
Bank balances | 458,140 | 316,756 | ||
Total cash and cash equivalents | € 459,791 | € 317,291 | € 210,626 | € 218,331 |
Cash and cash equivalents - Add
Cash and cash equivalents - Additional Information (Detail) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Cash Held In China [Member] | ||
Disclosure Of Cash And Cash Equivalents And Restricted Cash And Cash Equivalents [Line Items] | ||
Restricted cash and cash equivalents | € 60,381 | € 43,388 |
Cash Held In Argentina [Member] | ||
Disclosure Of Cash And Cash Equivalents And Restricted Cash And Cash Equivalents [Line Items] | ||
Restricted cash and cash equivalents | € 244 | € 265 |
Assets and liabilities held f_3
Assets and liabilities held for sale - Summary of Assets and Liabilities Held for Sale and Distribution (Detail) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of Assets and liabilities classified as held for sale [Line Items] | |||||
Property plant and equipment | € 111,474 | € 244,127 | |||
Right-of-use assets | 370,470 | 351,646 | € 459,341 | ||
Other non current financial assets | 35,372 | 49,263 | |||
Deferred tax assets | 108,210 | 71,901 | |||
Inventories | 338,475 | 321,471 | |||
Trade receivables | 160,360 | 138,829 | |||
Tax receivables | 14,966 | 15,611 | |||
Other financial assets | 340,380 | 350,163 | |||
Other current assets | 68,773 | 66,718 | |||
Cash and cash equivalents | 459,791 | 317,291 | 210,626 | € 218,331 | |
Total assets | 2,457,724 | 2,415,054 | |||
Employee benefits | 42,263 | 29,347 | |||
Deferred tax liabilities | 53,844 | 70,728 | |||
Lease liabilities | 438,052 | 407,687 | € 508,153 | ||
Derivative financial instruments | 14,138 | 13,192 | |||
Other current liabilities | 124,356 | 76,637 | |||
Provision for risks and charges | 14,093 | 8,325 | € 10,596 | ||
Tax liabilities | 28,773 | 33,362 | |||
Trade payables and customer advances | € 223,037 | 188,342 | |||
Assets and liabilities classified as held for sale [member] | |||||
Disclosure of Assets and liabilities classified as held for sale [Line Items] | |||||
Intangibles assets | 656 | ||||
Property plant and equipment | 1,801 | ||||
Right-of-use assets | 83 | ||||
Other non current financial assets | 0 | ||||
Deferred tax assets | 1,393 | ||||
Inventories | 7,079 | ||||
Trade receivables | 3,081 | ||||
Tax receivables | 455 | ||||
Other financial assets | 345 | ||||
Other current assets | 1,752 | ||||
Cash and cash equivalents | 580 | ||||
Total assets | 17,225 | ||||
Employee benefits | 1,130 | ||||
Deferred tax liabilities | 0 | ||||
Lease liabilities | 83 | ||||
Derivative financial instruments | 0 | ||||
Other current liabilities | 9,385 | ||||
Provision for risks and charges | 1,505 | ||||
Tax liabilities | 1,181 | ||||
Trade payables and customer advances | 3,441 | ||||
Total liabilities | 16,725 | ||||
Assets and liabilities held for sale | € 500 |
Assets and liabilities held f_4
Assets and liabilities held for sale - Additional Information (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of Assets and liabilities classified as held for sale [Line Items] | |||
Proceeds from disposals of non-current financial assets | € 1,536 | € 45,979 | € 0 |
Write downs and other provisions | € 19,487 | 6,178 | € 1,017 |
Assets and liabilities classified as held for sale [member] | |||
Disclosure of Assets and liabilities classified as held for sale [Line Items] | |||
Percentage of noncurrent asset or disposal group held for sale | 70.00% | ||
Proceeds from disposals of non-current financial assets | € 500 | ||
Write downs and other provisions | € 988 |
Shareholder' equity - Additiona
Shareholder' equity - Additional Information (Detail) - EUR (€) € / shares in Units, € in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Shareholder Equity In progress [Line Items] | ||||
Number of shares issued | 5,939,000 | |||
Par value per share | € 0.02 | € 0.02 | ||
Other reserves | € 96,679 | € (295,772) | ||
Increase (decrease) through treasury share transactions, equity | € 77,009 | |||
Number of shares reserved for sale of shares | 13,636,750 | |||
Issue capital | € 5,939 | 4,300 | ||
Increase (decrease) through acquisition of subsidiary, equity | 711,903 | |||
Transaction costs related to the Business Combination | 205,059 | |||
Escrow Shares [Member] | ||||
Shareholder Equity In progress [Line Items] | ||||
Reserve of share based payments | 37,906 | |||
Share Based Compensation of Key Managerial Personnel And Other Employees of The Group [Member] | ||||
Shareholder Equity In progress [Line Items] | ||||
Reserve of share based payments | 37,072 | |||
Zegna [Member] | ||||
Shareholder Equity In progress [Line Items] | ||||
Increase (decrease) through acquisition of subsidiary, equity | 710,264 | |||
Transaction costs related to the Business Combination | 17,239 | |||
Reimbursement of Employeee gift expenses | 10,923 | |||
Reserve For Non Controlling Interests [Member] | ||||
Shareholder Equity In progress [Line Items] | ||||
Other reserves | (196,691) | (196,691) | ||
Treasury Shares For Reserve [Member] | ||||
Shareholder Equity In progress [Line Items] | ||||
Other reserves | 455,000 | 76,624 | ||
Additional paid-in capital [member] | ||||
Shareholder Equity In progress [Line Items] | ||||
Other reserves | 721,187 | 0 | ||
Reserve of share-based payments [member] | ||||
Shareholder Equity In progress [Line Items] | ||||
Other reserves | 74,978 | € 0 | ||
Reserve of share-based payments [member] | Escrow Shares [Member] | ||||
Shareholder Equity In progress [Line Items] | ||||
Other reserves | € 37,906 | |||
Ordinary shares [member] | ||||
Shareholder Equity In progress [Line Items] | ||||
Number of shares issued | 296,943,659 | 214,954,000 | ||
Number of shares outstanding | 13,590,750 | |||
Number of shares in entity held by entity or by its subsidiaries or associates | 54,646,000 | |||
Increase (decrease) through treasury share transactions, equity | € 455,384 | |||
Ordinary Shares Were Held In Treasury [Member] | ||||
Shareholder Equity In progress [Line Items] | ||||
Number of shares outstanding | 54,600,000 | |||
Dondi Non controlling Interest Shareholders [Member] | Reserve For Non Controlling Interests [Member] | ||||
Shareholder Equity In progress [Line Items] | ||||
Other reserves | € 21,459 | |||
Thom Browne Non controlling Interest Shareholders [Member] | Reserve For Non Controlling Interests [Member] | ||||
Shareholder Equity In progress [Line Items] | ||||
Other reserves | € 162,066 | |||
Lanificio Ermenegildo Zegna E Figli Non controlling Interest Shareholders [Member] | Reserve For Non Controlling Interests [Member] | ||||
Shareholder Equity In progress [Line Items] | ||||
Other reserves | € 13,166 | |||
Special Shares [Member] | ||||
Shareholder Equity In progress [Line Items] | ||||
Number of shares issued | 46,000 | |||
Zegna Ordinary Shares [Member] | Escrow Shares [Member] | ||||
Shareholder Equity In progress [Line Items] | ||||
Common stock shares reserved for future issuance | 5,031,250 |
Shareholder' equity - Summary o
Shareholder' equity - Summary of Other Reserves Including Other Comprehensive Income (Detail) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of reserves within equity [line items] | ||
Other reserves | € 96,679 | € (295,772) |
Italian statutory reserve | ||
Disclosure of reserves within equity [line items] | ||
Other reserves | 860 | 860 |
Addition paid-in capital | ||
Disclosure of reserves within equity [line items] | ||
Other reserves | 721,187 | |
Reserve for treasury shares | ||
Disclosure of reserves within equity [line items] | ||
Other reserves | (455,000) | (76,624) |
Other comprehensive income reserve (OCI) | ||
Disclosure of reserves within equity [line items] | ||
Other reserves | (12,295) | (25,901) |
Share-based payments reserve | ||
Disclosure of reserves within equity [line items] | ||
Other reserves | 74,978 | 0 |
Non-controlling interests options reserve | ||
Disclosure of reserves within equity [line items] | ||
Other reserves | (196,691) | (196,691) |
Other reserves | ||
Disclosure of reserves within equity [line items] | ||
Other reserves | € (36,360) | € 2,584 |
Shareholder' equity - Summary_2
Shareholder' equity - Summary of Disclosure in Tabular Form of Share Based Payment Reserves (Detail) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure in Tabular Form of Share Based Payment Reserves [Line Items] | ||
Other reserves | € 96,679 | € (295,772) |
Reserve of share-based payments [member] | ||
Disclosure in Tabular Form of Share Based Payment Reserves [Line Items] | ||
Other reserves | 74,978 | € 0 |
Reserve of share-based payments [member] | Escrow Shares | ||
Disclosure in Tabular Form of Share Based Payment Reserves [Line Items] | ||
Other reserves | 37,906 | |
Reserve of share-based payments [member] | PSUs 2022, 2023 and 2024 | ||
Disclosure in Tabular Form of Share Based Payment Reserves [Line Items] | ||
Other reserves | 6,138 | |
Reserve of share-based payments [member] | CEO Stock Options | ||
Disclosure in Tabular Form of Share Based Payment Reserves [Line Items] | ||
Other reserves | 2,938 | |
Reserve of share-based payments [member] | Remuneration in shares | ||
Disclosure in Tabular Form of Share Based Payment Reserves [Line Items] | ||
Other reserves | 1,410 | |
Reserve of share-based payments [member] | CEO IPO LTI | ||
Disclosure in Tabular Form of Share Based Payment Reserves [Line Items] | ||
Other reserves | 2,047 | |
Reserve of share-based payments [member] | Management IPO LTI | ||
Disclosure in Tabular Form of Share Based Payment Reserves [Line Items] | ||
Other reserves | 4,585 | |
Reserve of share-based payments [member] | Management Stock Options | ||
Disclosure in Tabular Form of Share Based Payment Reserves [Line Items] | ||
Other reserves | 3,834 | |
Reserve of share-based payments [member] | Cash-settled share based payments | ||
Disclosure in Tabular Form of Share Based Payment Reserves [Line Items] | ||
Other reserves | € 16,120 |
Non-controlling interests - Sum
Non-controlling interests - Summary of Each Subsidiary are before Intercompany Eliminations (Detail) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of subsidiaries [line items] | ||||
Total assets | € 2,457,724 | € 2,415,054 | ||
Total equity | 644,304 | 645,034 | € 729,754 | € 725,487 |
Net revenues | 1,292,402 | 1,014,733 | 1,321,327 | |
Net income /(loss) | € (127,661) | € (46,540) | € 25,439 | |
Thom Browne Inc [Member] | Subsidiaries with material non-controlling interests [member] | USD | ||||
Disclosure of subsidiaries [line items] | ||||
Company | Thom Browne Inc. | Thom Browne Inc. | ||
Group's percentage interest | 90.00% | 85.00% | ||
Non- controlling interest percentage | 10.00% | 15.00% | ||
Functional currency | USD | USD | ||
Total assets | € 233,472 | € 157,679 | ||
Total equity | 129,244 | 105,890 | ||
Net revenues | 312,311 | 203,859 | ||
Net income /(loss) | 35,703 | 24,275 | ||
Dividends paid to non- controlling shareholders | € 0 | € 0 | ||
Ermenegildo Zegna Vietnam LLC [Member] | Subsidiaries with material non-controlling interests [member] | VTD | ||||
Disclosure of subsidiaries [line items] | ||||
Company | Ermenegildo Zegna Vietnam LLC | Ermenegildo Zegna Vietnam LLC | ||
Group's percentage interest | 77.00% | 77.00% | ||
Non- controlling interest percentage | 23.00% | 23.00% | ||
Functional currency | VTD | VTD | ||
Total assets | € 59,619,650 | € 36,801,969 | ||
Total equity | (65,153,441) | (61,223,291) | ||
Net revenues | 34,267,609 | 28,519,833 | ||
Net income /(loss) | (3,987,259) | (2,520,357) | ||
Dividends paid to non- controlling shareholders | € 0 | € 0 | ||
Ermenegildo Zegna Madrid SA [Member] | Subsidiaries with material non-controlling interests [member] | EUR | ||||
Disclosure of subsidiaries [line items] | ||||
Company | Ermenegildo Zegna Madrid S.A. | Ermenegildo Zegna Madrid S.A. | ||
Group's percentage interest | 70.00% | 70.00% | ||
Non- controlling interest percentage | 30.00% | 30.00% | ||
Functional currency | EUR | EUR | ||
Total assets | € 3,627 | € 2,935 | ||
Total equity | 1,925 | 2,935 | ||
Net revenues | 2,241 | 2,051 | ||
Net income /(loss) | (96) | (29) | ||
Dividends paid to non- controlling shareholders | € 0 | € (45) | ||
Gruppo Dondi S.p .A [Member] | Subsidiaries with material non-controlling interests [member] | EUR | ||||
Disclosure of subsidiaries [line items] | ||||
Company | Gruppo Dondi S.p.A. | Gruppo Dondi S.p.A. | ||
Group's percentage interest | 65.00% | 65.00% | ||
Non- controlling interest percentage | 35.00% | 35.00% | ||
Functional currency | EUR | EUR | ||
Total assets | € 33,459 | € 24,590 | ||
Total equity | 18,475 | 21,321 | ||
Net revenues | 37,617 | 27,199 | ||
Net income /(loss) | 4,783 | 1,147 | ||
Dividends paid to non- controlling shareholders | € (182) | € (354) | ||
E .Z..Thai Holding Ltd [Member] | Subsidiaries with material non-controlling interests [member] | THB | ||||
Disclosure of subsidiaries [line items] | ||||
Company | E. Z. Thai Holding Ltd | |||
Group's percentage interest | 49.00% | |||
Non- controlling interest percentage | 51.00% | |||
Functional currency | THB | |||
Total assets | € 12,979 | |||
Total equity | 328 | |||
Net revenues | 0 | |||
Net income /(loss) | (121) | |||
Dividends paid to non- controlling shareholders | € 0 | |||
Bonotto S.p.A [Member] | Subsidiaries with material non-controlling interests [member] | EUR | ||||
Disclosure of subsidiaries [line items] | ||||
Company | Bonotto S.p.A. | Bonotto S.p.A. | ||
Group's percentage interest | 60.00% | 60.00% | ||
Non- controlling interest percentage | 40.00% | 40.00% | ||
Functional currency | EUR | EUR | ||
Total assets | € 21,482 | € 22,345 | ||
Total equity | 9,030 | 7,143 | ||
Net revenues | 17,674 | 20,526 | ||
Net income /(loss) | 1,840 | (366) | ||
Dividends paid to non- controlling shareholders | € 0 | € (216) | ||
Tessitura Ubertino S.r.l [Member] | Subsidiaries with material non-controlling interests [member] | EUR | ||||
Disclosure of subsidiaries [line items] | ||||
Company | Tessitura Ubertino S.r.l. | |||
Group's percentage interest | 60.00% | |||
Non- controlling interest percentage | 40.00% | |||
Functional currency | EUR | |||
Total assets | € 12,221 | |||
Total equity | 8,786 | |||
Net revenues | 5,625 | |||
Net income /(loss) | 561 | |||
Dividends paid to non- controlling shareholders | € 0 | |||
Cappellificio Cervo S.r.l [Member] | Subsidiaries with material non-controlling interests [member] | EUR | ||||
Disclosure of subsidiaries [line items] | ||||
Company | Cappellificio Cervo S.r.l. | |||
Group's percentage interest | 51.00% | |||
Non- controlling interest percentage | 49.00% | |||
Functional currency | EUR | |||
Total assets | € 1,498 | |||
Total equity | 757 | |||
Net revenues | 1,315 | |||
Net income /(loss) | (35) | |||
Dividends paid to non- controlling shareholders | € 0 | |||
Zegna South Asia Private LTD [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Company | Zegna South Asia Private LTD | |||
Group's percentage interest | 51.00% | 51.00% | ||
Zegna South Asia Private LTD [Member] | Subsidiaries with material non-controlling interests [member] | INR | ||||
Disclosure of subsidiaries [line items] | ||||
Company | Zegna South Asia Private LTD | Zegna South Asia Private LTD | ||
Group's percentage interest | 51.00% | 51.00% | ||
Non- controlling interest percentage | 49.00% | 49.00% | ||
Functional currency | INR | INR | ||
Total assets | € 871,210 | € 654,611 | ||
Total equity | 123,709 | 103,020 | ||
Net revenues | 281,592 | 216,675 | ||
Net income /(loss) | 21,891 | (13,372) | ||
Dividends paid to non- controlling shareholders | € 0 | € 0 | ||
Zegna Gulf Trading LLC [Member] | Subsidiaries with material non-controlling interests [member] | AED | ||||
Disclosure of subsidiaries [line items] | ||||
Company | Zegna Gulf Trading LLC | Zegna Gulf Trading LLC | ||
Group's percentage interest | 49.00% | 49.00% | ||
Non- controlling interest percentage | 51.00% | 51.00% | ||
Functional currency | AED | AED | ||
Total assets | € 125,086 | € 91,261 | ||
Total equity | 921 | (29,810) | ||
Net revenues | 137,355 | 57,826 | ||
Net income /(loss) | 30,783 | (9,600) | ||
Dividends paid to non- controlling shareholders | € 0 | € 0 | ||
Lanificio Ermenegildo Zegna e Figli S.p.A [Member] | Subsidiaries with material non-controlling interests [member] | EUR | ||||
Disclosure of subsidiaries [line items] | ||||
Company | Lanificio Ermenegildo Zegna e Figli S.p.A. | |||
Group's percentage interest | 90.00% | |||
Non- controlling interest percentage | 10.00% | |||
Functional currency | EUR | |||
Total assets | € 42,855 | |||
Total equity | 27,077 | |||
Net revenues | 52,945 | |||
Net income /(loss) | 6,048 | |||
Dividends paid to non- controlling shareholders | € (1,116) | |||
A chill Land Pty Ltd [Member] | Subsidiaries with material non-controlling interests [member] | AUD | ||||
Disclosure of subsidiaries [line items] | ||||
Company | Achill Land Pty Ltd. | |||
Group's percentage interest | 60.00% | |||
Non- controlling interest percentage | 40.00% | |||
Functional currency | AUD | |||
Total assets | € 11,749 | |||
Total equity | 10,200 | |||
Dividends paid to non- controlling shareholders | € 0 |
Borrowings - Summary of Non-cur
Borrowings - Summary of Non-current and Current Borrowings (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
At January 1, | € 664,751 | € 620,292 |
Repayments | (160,210) | (221,029) |
Proceeds | 123,570 | 265,352 |
Other | 827 | 136 |
At December 31, | 628,938 | 664,751 |
Non-current | 471,646 | 558,722 |
Current | 157,292 | 106,029 |
Committed Loans [Member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
At January 1, | 613,415 | 619,308 |
Repayments | (56,029) | (221,029) |
Proceeds | 20,000 | 215,000 |
Other | 827 | 136 |
At December 31, | 578,213 | 613,415 |
Non-current | 470,934 | 557,386 |
Current | 107,279 | 56,029 |
Other Financial Loans [Member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
At January 1, | 51,336 | 984 |
Repayments | (104,181) | |
Proceeds | 103,570 | 50,352 |
At December 31, | 50,725 | 51,336 |
Non-current | 712 | 1,336 |
Current | € 50,013 | € 50,000 |
Borrowings - Summary of Repayme
Borrowings - Summary of Repayment Schedule for Borrowings (Detail) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure In Tabular Form Of Repayment Schedule For Borrowings [Line Items] | ||
Borrowings | € 628,938 | € 664,751 |
Year 1 [member] | ||
Disclosure In Tabular Form Of Repayment Schedule For Borrowings [Line Items] | ||
Borrowings | 157,292 | 106,029 |
Year 2 [member] | ||
Disclosure In Tabular Form Of Repayment Schedule For Borrowings [Line Items] | ||
Borrowings | 281,048 | 107,500 |
Year 3 [member] | ||
Disclosure In Tabular Form Of Repayment Schedule For Borrowings [Line Items] | ||
Borrowings | 134,552 | 281,250 |
Year 4 [member] | ||
Disclosure In Tabular Form Of Repayment Schedule For Borrowings [Line Items] | ||
Borrowings | 43,977 | 130,874 |
Year 5 and beyond [member] | ||
Disclosure In Tabular Form Of Repayment Schedule For Borrowings [Line Items] | ||
Borrowings | 12,069 | 39,098 |
Committed Loans [Member] | ||
Disclosure In Tabular Form Of Repayment Schedule For Borrowings [Line Items] | ||
Borrowings | 578,213 | 613,415 |
Committed Loans [Member] | Year 1 [member] | ||
Disclosure In Tabular Form Of Repayment Schedule For Borrowings [Line Items] | ||
Borrowings | 107,279 | 56,029 |
Committed Loans [Member] | Year 2 [member] | ||
Disclosure In Tabular Form Of Repayment Schedule For Borrowings [Line Items] | ||
Borrowings | 281,028 | 107,500 |
Committed Loans [Member] | Year 3 [member] | ||
Disclosure In Tabular Form Of Repayment Schedule For Borrowings [Line Items] | ||
Borrowings | 133,872 | 281,250 |
Committed Loans [Member] | Year 4 [member] | ||
Disclosure In Tabular Form Of Repayment Schedule For Borrowings [Line Items] | ||
Borrowings | 43,965 | 130,000 |
Committed Loans [Member] | Year 5 and beyond [member] | ||
Disclosure In Tabular Form Of Repayment Schedule For Borrowings [Line Items] | ||
Borrowings | 12,069 | 38,636 |
Other Financial Liabilities [Member] | ||
Disclosure In Tabular Form Of Repayment Schedule For Borrowings [Line Items] | ||
Borrowings | 50,725 | 51,336 |
Other Financial Liabilities [Member] | Year 1 [member] | ||
Disclosure In Tabular Form Of Repayment Schedule For Borrowings [Line Items] | ||
Borrowings | 50,013 | 50,000 |
Other Financial Liabilities [Member] | Year 2 [member] | ||
Disclosure In Tabular Form Of Repayment Schedule For Borrowings [Line Items] | ||
Borrowings | 20 | |
Other Financial Liabilities [Member] | Year 3 [member] | ||
Disclosure In Tabular Form Of Repayment Schedule For Borrowings [Line Items] | ||
Borrowings | 680 | |
Other Financial Liabilities [Member] | Year 4 [member] | ||
Disclosure In Tabular Form Of Repayment Schedule For Borrowings [Line Items] | ||
Borrowings | € 12 | 874 |
Other Financial Liabilities [Member] | Year 5 and beyond [member] | ||
Disclosure In Tabular Form Of Repayment Schedule For Borrowings [Line Items] | ||
Borrowings | € 462 |
Borrowings - Summary of Group's
Borrowings - Summary of Group's Individual Borrowings (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Current borrowings and current portion of non-current borrowings | € 157,292 | € 106,029 |
Non-current portion | 471,646 | 558,722 |
Floating interest rate [member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Current borrowings and current portion of non-current borrowings | 82,279 | 70,000 |
Non-current portion | 335,974 | 358,722 |
Fixed interest rate [member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Current borrowings and current portion of non-current borrowings | 75,013 | 36,029 |
Non-current portion | € 135,672 | € 200,000 |
Co.Ti Service S.A. [Member] | Point Seven Nine Percentage Maturing February Two Thousand And Twenty Two [Member] | Fixed interest rate [member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Co.Ti Service S.A. | Co.Ti Service S.A. |
Interest rate | Fixed | Fixed |
Borrowings, interest rate | 0.79% | 0.79% |
Expiry date | February 2022 | February 2022 |
Current portion | € 10,000 | |
Non-current portion | € 10,000 | |
Co.Ti Service S.A. [Member] | Point Seven Nine Percentage Maturing March Two Thousand And Twenty Two [Member] | Fixed interest rate [member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Co.Ti Service S.A. | Co.Ti Service S.A. |
Interest rate | Fixed | Fixed |
Borrowings, interest rate | 0.79% | 0.79% |
Expiry date | March 2022 | March 2022 |
Current portion | € 5,000 | |
Non-current portion | € 5,000 | |
Co.Ti Service S.A. [Member] | Point Seven Five Percentage Maturing March Two Thousand And Twenty Five [Member] | Fixed interest rate [member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Co.Ti Service S.A. | Co.Ti Service S.A. |
Interest rate | Fixed | Fixed |
Borrowings, interest rate | 0.75% | 0.75% |
Expiry date | March 2025 | March 2025 |
Non-current portion | € 20,000 | € 20,000 |
Co.Ti Service S.A. [Member] | Fixed Interest Rate Zero Point Seven Five Percent Maturing In April Two Thousand And Twenty Five [Member] | Fixed interest rate [member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Co.Ti Service S.A. | |
Interest rate | Fixed | |
Borrowings, interest rate | 0.75% | |
Expiry date | April 2025 | |
Non-current portion | € 10,000 | |
Ermenegildo Zegna NV [Member] | Point Eight Zero Percent Variable Interest Rate Spread Maturing Feburary Two Thousand And Twenty Three [Member] | Variable Interest Rate IRS [Member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | Ermenegildo Zegna N.V. |
Interest rate | Variable | Variable |
Borrowings, interest rate basis | IRS + 0.80 | IRS + 0.80 |
Expiry date | February 2023 | February 2023 |
Non-current portion | € 20,000 | € 20,000 |
Ermenegildo Zegna NV [Member] | One Point Four Eight Percent Variable Interest Rate Spread Maturing January Two Thousand And Twenty Three [Member] | Variable Interest Rate IRS [Member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | Ermenegildo Zegna N.V. |
Interest rate | Variable | Variable |
Borrowings, interest rate basis | IRS + 1.48 | IRS + 1.48 |
Expiry date | January 2023 | January 2023 |
Non-current portion | € 19,999 | € 20,000 |
Ermenegildo Zegna NV [Member] | Point Seven Seven Percent Maturing March Two Thousand And Twenty Three [Member] | Fixed interest rate [member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | Ermenegildo Zegna N.V. |
Interest rate | Fixed | Fixed |
Borrowings, interest rate | 0.77% | 0.77% |
Expiry date | March 2023 | March 2023 |
Non-current portion | € 15,000 | € 15,000 |
Ermenegildo Zegna NV [Member] | Point Six Nine Percent Variable Interest Rate Spread Maturing September Two Thousand And Twenty Two [Member] | Variable Interest Rate Three Months Euribor [Member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | |
Interest rate | Variable | |
Borrowings, interest rate basis | Euribor 3m + 0.69 | |
Expiry date | September 2022 | |
Current portion | € 9,998 | |
Ermenegildo Zegna NV [Member] | One Point Zero Five Percent Variable Interest Rate Spread August Two Thousand And Twenty Three [Member] | Variable Interest Rate IRS [Member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | |
Interest rate | Variable | |
Borrowings, interest rate basis | IRS + 1.05 | |
Expiry date | August 2023 | |
Non-current portion | € 39,993 | |
Ermenegildo Zegna NV [Member] | Fixed Interest Rate One Point Two Two Percent Maturing November Two Thousand And Twenty Three [Member] | Fixed interest rate [member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | Ermenegildo Zegna N.V. |
Interest rate | Fixed | Fixed |
Borrowings, interest rate | 1.22% | 1.22% |
Expiry date | November 2023 | November 2023 |
Non-current portion | € 20,000 | € 20,000 |
Ermenegildo Zegna NV [Member] | Point Seven Five Percent Variable Interest Spread Maturing November Two Thousand And Twenty Three [Member] | Variable Interest Rate IRS [Member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | |
Interest rate | Variable | |
Borrowings, interest rate basis | IRS + 0.75 | |
Expiry date | November 2023 | |
Non-current portion | € 59,948 | |
Ermenegildo Zegna NV [Member] | Point Seven Five Percent Variable Interest Spread Maturing November Two Thousand And Twenty Three [Member] | Variable Interest Rate Euribor Six Months [Member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | |
Interest rate | Variable | |
Borrowings, interest rate basis | Euribor 6m + 0.75 | |
Expiry date | November 2023 | |
Current portion of non-current borrowings | € 9,960 | |
Non-current portion | € 4,966 | |
Ermenegildo Zegna NV [Member] | Point Eight Three Percent Variable Interest Spread Maturing June Two Thousand And Twenty Three [Member] | Variable Interest Rate Euribor Six Months [Member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | Ermenegildo Zegna N.V. |
Interest rate | Variable | Variable |
Borrowings, interest rate basis | Euribor 6m + 0.83 | Euribor 6m + 0.83 |
Expiry date | June 2023 | June 2023 |
Current portion of non-current borrowings | € 12,485 | € 12,500 |
Non-current portion | € 6,247 | € 18,750 |
Ermenegildo Zegna NV [Member] | Fixed Interest Rate One Point Two FivePercent Maturing December Two Thousand And Twenty Two [Member] | Fixed interest rate [member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | Ermenegildo Zegna N.V. |
Interest rate | Fixed | Fixed |
Borrowings, interest rate | 1.25% | 1.25% |
Expiry date | December 2022 | December 2022 |
Current portion | € 10,000 | |
Non-current portion | € 10,000 | |
Ermenegildo Zegna NV [Member] | Point Eight Percent Variable Interest Spread Maturing September Two Thousand And Twenty Three [Member] | Variable Interest Rate Euribor Six Months [Member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | |
Interest rate | Variable | |
Borrowings, interest rate basis | Euribor 6m + 0.80 | |
Expiry date | September 2023 | |
Current portion | € 49,836 | |
Ermenegildo Zegna NV [Member] | Point Six Zero Percent Variable Interest Spread Maturing December Two Thousand And Twenty Four [Member] | Variable Interest Rate IRS [Member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | Ermenegildo Zegna N.V. |
Interest rate | Variable | Variable |
Borrowings, interest rate basis | IRS + 0.60 | IRS + 0.60 |
Expiry date | December 2024 | December 2024 |
Non-current portion | € 49,901 | € 50,000 |
Ermenegildo Zegna NV [Member] | Point Eight One Percent Variable Interest Spread Maturing April Two Thousand And Twenty Four [Member] | Variable Interest Rate IRS [Member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | |
Interest rate | Variable | |
Borrowings, interest rate basis | IRS + 0.81 | |
Expiry date | April 2024 | |
Non-current portion | € 79,936 | |
Ermenegildo Zegna NV [Member] | Fixed Interest Rate Point Four Nine Percent Maturing April Two Thousand And Twenty Three [Member] | Fixed interest rate [member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | |
Interest rate | Fixed | |
Borrowings, interest rate | 0.49% | |
Expiry date | April 2023 | |
Non-current portion | € 49,993 | |
Ermenegildo Zegna NV [Member] | Point Seven Six Percent Variable Interest Rate Spread Maturing May Two Thousand And Twenty Five [Member] | Variable Interest Rate Euribor One Month [Member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | |
Interest rate | Variable | |
Borrowings, interest rate basis | Euribor 1m + 0.76 | |
Expiry date | May 2025 | |
Non-current portion | € 9,993 | |
Ermenegildo Zegna NV [Member] | Fixed Interest Rate Point Seven Three Percent Maturing September Two Thousand And Twetny Eight [Member] | Fixed interest rate [member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | |
Interest rate | Fixed | |
Borrowings, interest rate | 0.73% | |
Expiry date | September 2028 | |
Non-current portion | € 19,967 | |
Ermenegildo Zegna NV [Member] | Fixed Interest Rate Zero Percent Interest Rate Maturing March Two Thousand And Twenty Two One [Member] | Fixed interest rate [member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | |
Interest rate | Fixed | |
Borrowings, interest rate | 0.00% | |
Expiry date | March 2022 | |
Current portion | € 15,000 | |
Ermenegildo Zegna NV [Member] | Fixed Interest Rate Zero Percent Interest Rate Maturing March Two Thousand And Twenty Two Two [Member] | Fixed interest rate [member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | |
Interest rate | Fixed | |
Borrowings, interest rate | 0.00% | |
Expiry date | March 2022 | |
Current portion | € 35,000 | |
Ermenegildo Zegna NV [Member] | Fixed Interest Rate Zero Point Zero Zero Percent Maturing On April Two Thousand And Twenty One [Member] | Fixed interest rate [member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | |
Interest rate | Fixed | |
Borrowings, interest rate | 0.00% | |
Expiry date | April 2021 | |
Current portion | € 15,000 | |
Ermenegildo Zegna NV [Member] | Fixed Interest Rate Zero Point Seven Three Percent Maturing In October Two Thousand And Twenty One [Member] | Fixed interest rate [member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | |
Interest rate | Fixed | |
Borrowings, interest rate | 0.73% | |
Expiry date | October 2021 | |
Current portion | € 17,500 | |
Ermenegildo Zegna NV [Member] | Variable Interest Rate Spread Zero Point Seven Three Percent Maturing In October Two Thousand And Twenty One [Member] | Variable Interest Rate Three Months Euribor [Member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | |
Interest rate | Variable | |
Borrowings, interest rate basis | Euribor 3m + 0.73 | |
Expiry date | October 2021 | |
Current portion | € 17,500 | |
Ermenegildo Zegna NV [Member] | Fixed Interest Rate Zero Point Eight Percent Maturing In December Two Thousand And Twenty One [Member] | Fixed interest rate [member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | |
Interest rate | Fixed | |
Borrowings, interest rate | 0.80% | |
Expiry date | December 2021 | |
Current portion | € 3,529 | |
Ermenegildo Zegna NV [Member] | Variable Interest Rate Spread Zero Point Six Nine Percent Maturing In Spetember Two Thousand And Twenty Two [Member] | Variable Interest Rate Three Months Euribor [Member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | |
Interest rate | Variable | |
Borrowings, interest rate basis | Euribor 3m + 0.69 | |
Expiry date | September 2022 | |
Non-current portion | € 10,000 | |
Ermenegildo Zegna NV [Member] | Variable Interest Rate Spread Zero Point Eight Zero Percent Maturing In Spetember Two Thousand And Twenty Two [Member] | Variable Interest Rate Euribor Six Months [Member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | |
Interest rate | Variable | |
Borrowings, interest rate basis | Euribor 6m + 0.80 | |
Expiry date | September 2022 | |
Current portion | € 30,000 | |
Non-current portion | € 50,000 | |
Ermenegildo Zegna NV [Member] | Fixed Interest Rate Zero Point Four Nine Percent Maturing In April Two Thousand And Twenty Three [Member] | Fixed interest rate [member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | |
Interest rate | Fixed | |
Borrowings, interest rate | 0.49% | |
Expiry date | April 2023 | |
Non-current portion | € 50,000 | |
Ermenegildo Zegna NV [Member] | Variable Interest Rate Spread Zero Point Seven Five Percent Maturing In May Two Thousand And Twenty Three [Member] | Variable Interest Rate Euribor Six Months [Member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | |
Interest rate | Variable | |
Borrowings, interest rate basis | Euribor 6m + 0.75 | |
Expiry date | May 2023 | |
Non-current portion | € 45,000 | |
Ermenegildo Zegna NV [Member] | Variable Interest Rate Spread One Point Zero Five Percent Maturing In August Two Thousand And Twenty Three [Member] | Variable Interest Rate IRS [Member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | |
Interest rate | Variable | |
Borrowings, interest rate basis | IRS + 1.05 | |
Expiry date | August 2023 | |
Non-current portion | € 40,000 | |
Ermenegildo Zegna NV [Member] | Variable Interest Rate Spread Zero Point Seven Five Percent Maturing In November Two Thousand And Twenty Three [Member] | Variable Interest Rate IRS [Member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | |
Interest rate | Variable | |
Borrowings, interest rate basis | IRS + 0.75 | |
Expiry date | November 2023 | |
Current portion of non-current borrowings | € 10,000 | |
Non-current portion | € 14,972 | |
Ermenegildo Zegna NV [Member] | Variable Interest Rate Spread Zero Point Eight One Percent Maturing In April Two Thousand And Twenty Four [Member] | Variable Interest Rate IRS [Member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | |
Interest rate | Variable | |
Borrowings, interest rate basis | IRS + 0.81 | |
Expiry date | April 2024 | |
Non-current portion | € 80,000 | |
Ermenegildo Zegna NV [Member] | Point Seven Five Percent Variable Interest Rate Spread Maturing May Two Thousand And Twenty Three [Member] | Variable Interest Rate Euribor Six Months [Member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | |
Interest rate | Variable | |
Borrowings, interest rate basis | Euribor 6m + 0.75 | |
Expiry date | May 2023 | |
Non-current portion | € 44,991 | |
Ermenegildo Zegna NV [Member] | Fixed Interest Rate One Point Zero Nine Percent Maturing November Two Thousand And Twenty Three [Member] | Fixed interest rate [member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | |
Interest rate | Fixed | |
Borrowings, interest rate | 1.09% | |
Expiry date | November 2023 | |
Non-current portion | € 60,000 | |
Other [Member] | Fixed Interest Rate Zero Point Zero Five Percent Maturing June Two Thousand And Twenty Five [Member] | Fixed interest rate [member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Other | |
Interest rate | Fixed | |
Borrowings, interest rate | 0.05% | |
Expiry date | June 2025 | |
Current portion of non-current borrowings | € 13 | |
Non-current portion | € 57 | |
E Z Holditalia [Member] | Variable Interest Rate Spread Zero Point Seven Six Percent Maturing In May Two Thousand And Twenty Five [Member] | Variable Interest Rate Euribor One Month [Member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | E.Z. Holditalia | |
Interest rate | Variable | |
Borrowings, interest rate basis | Euribor 1m + 0.76 | |
Expiry date | May 2025 | |
Non-current portion | € 10,000 | |
Co Ti Service S A [Member] | Point Seven Five Percentage Maturing April Two Thousand And Twenty Five [Member] | Fixed interest rate [member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Co.Ti Service S.A. | |
Interest rate | Fixed | |
Borrowings, interest rate | 0.75% | |
Expiry date | April 2025 | |
Non-current portion | € 10,000 | |
Lanificio Ermenegildo Zegna e Figli S.p.A [Member] | Fixed Interest Rate One Point Three Five Percent Maturing June Two Thousand And Twenty Four [Member] | Fixed interest rate [member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Lanificio Ermenegildo Zegna e Figli S.p.A. | |
Interest rate | Fixed | |
Borrowings, interest rate | 1.35% | |
Expiry date | June 2024 | |
Non-current portion | € 655 |
Borrowings - Summary of Group_2
Borrowings - Summary of Group's Individual Borrowings (Parenthetical) (Detail) | Dec. 31, 2021 | Dec. 31, 2020 |
Ermenegildo Zegna NV [Member] | Point Seven Five Percent Variable Interest Spread Maturing November Two Thousand And Twenty Three [Member] | Variable Interest Rate IRS [Member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Debt instrument variable interest rate spread | 0.75% | |
Ermenegildo Zegna NV [Member] | Point Seven Five Percent Variable Interest Spread Maturing November Two Thousand And Twenty Three [Member] | Variable Interest Rate Euribor Six Months [Member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Debt instrument variable interest rate spread | 0.75% | |
Ermenegildo Zegna NV [Member] | Point Eight Percent Variable Interest Spread Maturing September Two Thousand And Twenty Three [Member] | Variable Interest Rate Euribor Six Months [Member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Debt instrument variable interest rate spread | 0.80% | |
Ermenegildo Zegna NV [Member] | Point Seven Six Percent Variable Interest Rate Spread Maturing May Two Thousand And Twenty Five [Member] | Variable Interest Rate Euribor One Month [Member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Debt instrument variable interest rate spread | 0.76% | |
Ermenegildo Zegna NV [Member] | Variable Interest Rate Spread Zero Point Seven Three Percent Maturing In October Two Thousand And Twenty One [Member] | Variable Interest Rate Three Months Euribor [Member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Debt instrument variable interest rate spread | 0.73% | |
Ermenegildo Zegna NV [Member] | Variable Interest Rate Spread Zero Point Six Nine Percent Maturing In Spetember Two Thousand And Twenty Two [Member] | Variable Interest Rate Three Months Euribor [Member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Debt instrument variable interest rate spread | 0.69% | 0.69% |
Ermenegildo Zegna NV [Member] | Variable Interest Rate Spread Zero Point Eight Zero Percent Maturing In Spetember Two Thousand And Twenty Two [Member] | Variable Interest Rate Euribor Six Months [Member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Debt instrument variable interest rate spread | 0.80% | |
Ermenegildo Zegna NV [Member] | Variable Interest Rate Spread One Point Four Eight Percent Maturing In January Two Thousand And Twenty Three [Member] | Variable Interest Rate IRS [Member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Debt instrument variable interest rate spread | 1.48% | 1.48% |
Ermenegildo Zegna NV [Member] | Variable Interest Rate Spread Zero Point Eight Zero Percent Maturing In February Two Thousand And Twenty Three [Member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Debt instrument variable interest rate spread | 0.80% | |
Ermenegildo Zegna NV [Member] | Variable Interest Rate Spread Zero Point Eight Zero Percent Maturing In February Two Thousand And Twenty Three [Member] | Variable Interest Rate IRS [Member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Debt instrument variable interest rate spread | 0.80% | |
Ermenegildo Zegna NV [Member] | Variable Interest Rate Spread Zero Point Seven Five Percent Maturing In May Two Thousand And Twenty Three [Member] | Variable Interest Rate Euribor Six Months [Member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Debt instrument variable interest rate spread | 0.75% | 0.75% |
Ermenegildo Zegna NV [Member] | Variable Interest Rate Spread Zero Eight Three Percent Maturing In June Two Thousand And Twenty Three [Member] | Variable Interest Rate Euribor Six Months [Member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Debt instrument variable interest rate spread | 0.83% | 0.83% |
Ermenegildo Zegna NV [Member] | Variable Interest Rate Spread One Point Zero Five Percent Maturing In August Two Thousand And Twenty Three [Member] | Variable Interest Rate IRS [Member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Debt instrument variable interest rate spread | 1.05% | 1.05% |
Ermenegildo Zegna NV [Member] | Variable Interest Rate Spread Zero Point Seven Five Percent Maturing In November Two Thousand And Twenty Three [Member] | Variable Interest Rate IRS [Member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Debt instrument variable interest rate spread | 0.75% | |
Ermenegildo Zegna NV [Member] | Variable Interest Rate Spread Zero Point Eight One Percent Maturing In April Two Thousand And Twenty Four [Member] | Variable Interest Rate IRS [Member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Debt instrument variable interest rate spread | 0.81% | 0.81% |
Ermenegildo Zegna NV [Member] | Variable Interest Rate Spread Zero Point Six Zero Percent Maturing In Decmeber Two Thousand And Twenty Four [Member] | Variable Interest Rate IRS [Member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Debt instrument variable interest rate spread | 0.60% | 0.60% |
E Z Holditalia [Member] | Variable Interest Rate Spread Zero Point Seven Six Percent Maturing In May Two Thousand And Twenty Five [Member] | Variable Interest Rate Euribor One Month [Member] | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Debt instrument variable interest rate spread | 0.76% |
Other current and non-current_3
Other current and non-current financial liabilities - Summary of Break Down Current and Non Current Financial Liabilities Explanatory (Detail) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Text Block [Abstract] | ||
Written put options on non-controlling interests | € 159,411 | € 196,783 |
Cash-settled share-based payments | 0 | 16,120 |
Bonds | 0 | 4,287 |
Other | 7,976 | 3,778 |
Other non-current financial liabilities | 167,387 | 220,968 |
Warrant liabilities | 33,984 | 0 |
Other current financial liabilities | 33,984 | 0 |
Total | € 201,371 | € 220,968 |
Other current and non-current_4
Other current and non-current financial liabilities - Additional Information (Detail) $ / shares in Units, € in Thousands, $ in Thousands | Jul. 01, 2021EUR (€) | Jul. 01, 2021USD ($) | Dec. 31, 2021EUR (€)shares | Dec. 31, 2021EUR (€)shares | Dec. 31, 2020EUR (€) | Dec. 31, 2021$ / shares |
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||||
Share Based Payment Obligation Waived | € 16,120 | |||||
Subsidiaries with material non-controlling interests [member] | ||||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||||
Loans received, Noncurrent | € 3,919 | € 3,919 | € 3,594 | |||
Bonds Related To NonConvertible Debenture Loans [Member] | ||||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||||
Notional amount | € 4,287 | |||||
Bonds, Original due date | Nov. 30, 2030 | |||||
Description of borrowings | issued between 1984 and 1985 | |||||
Public Warrants [Member] | ||||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||||
Number of other equity instruments outstanding | shares | 13,416,667 | 13,416,667 | ||||
Warrants outstanding, Term | 5 years | |||||
Number of securities called by warrants | shares | 1 | |||||
Exercise price of warrants | $ / shares | $ 11.50 | |||||
Public Warrants [Member] | Equals Or Exceeds USD Eighteen Per Share [Member] | ||||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||||
Redemption Price Per Warrant | shares | 0.01 | 0.01 | ||||
Share price | shares | 18 | 18 | ||||
Number of trading days determining share price | 20 days | |||||
Number of consecutive trading days determining share price | 30 days | |||||
Public Warrants [Member] | Equals Or Exceeds USD Ten Per Share [Member] | ||||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||||
Redemption Price Per Warrant | shares | 0.10 | 0.10 | ||||
Share price | shares | 10 | 10 | ||||
Number of trading days determining share price | 20 days | |||||
Number of consecutive trading days determining share price | 30 days | |||||
Private Placement Warrants [Member] | ||||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||||
Number of other equity instruments outstanding | shares | 6,700,000 | 6,700,000 | ||||
Transfer limitations period | 30 days | |||||
Private Placement Warrants [Member] | Zegna non-executive directors [Member] | ||||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||||
Class of warrants or rights issued during the period ,Shares | shares | 800,000 | |||||
Written put options [member] | ||||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||||
Derecognized liability | € 51,328 | |||||
Gain loss of derecognised financial liability | 20,675 | |||||
Written put options [member] | Non-controlling interests [member] | ||||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||||
Increase decrease in equity | € 4,037 | |||||
Written put options [member] | Thom Browne [Member] | ||||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||||
Proportion of ownership interest in subsidiary | 90.00% | 85.00% | ||||
Percentage of additional ownership interest to be purchased | 5.00% | |||||
Written put options on non controlling interests | € 135,726 | € 135,726 | € 169,055 | |||
Proportion of ownership interests held by non-controlling interests | 10.00% | 15.00% | ||||
Written put options [member] | Thom Browne [Member] | First Tranche Of The Put Option [Member] | ||||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||||
Percentage of additional ownership interest to be purchased | 5.00% | 5.00% | ||||
Consideration paid | € 30,653 | $ 37,400 | ||||
Written put options [member] | Thom Browne [Member] | MrThom Browne [Member] | ||||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||||
Description of tranches for the right to exercise a sale option | three tranches, during 2023, 2028 and 2030 | |||||
Proportion of ownership interests held by non-controlling interests | 15.00% | |||||
Written put options [member] | Dondi [Member] | ||||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||||
Proportion of ownership interest in subsidiary | 65.00% | |||||
Description of tranches for the right to exercise a sale option | two tranches, during 2029 and 2034 | |||||
Written put options on non controlling interests | € 23,685 | € 23,685 | € 21,650 | |||
Proportion of ownership interests held by non-controlling interests | 35.00% | |||||
Written put options [member] | Lanificio [Member] | ||||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||||
Proportion of ownership interest in subsidiary | 100.00% | |||||
Percentage of additional ownership interest to be purchased | 10.00% | |||||
Consideration paid | € 9,600 | |||||
Proportion of ownership interests held by non-controlling interests | 10.00% |
Lease Liabilities - Summary of
Lease Liabilities - Summary of Break Down Lease Liabilities Arising from Financing Activities Explanatory (Detail) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2020 | |
Disclosure Of Lease Liabilities Arising From Financing Activities [Line Items] | ||||
Beginning balance | € 407,687 | € 508,153 | ||
Interest expense | 8,982 | 10,615 | € 11,522 | |
Repayment of lease liabilities (including interest expense) | (123,570) | (265,352) | ||
Reclassifications to liabilities held for sale | (827) | (136) | ||
Ending balance | 438,052 | 407,687 | € 508,153 | |
Non-current provisions | 44,555 | 39,956 | € 34,227 | |
Current provisions | 14,093 | 8,325 | € 10,596 | |
Lease liabilities [member] | ||||
Disclosure Of Lease Liabilities Arising From Financing Activities [Line Items] | ||||
Interest expense | 9,351 | 10,285 | ||
Repayment of lease liabilities (including interest expense) | (109,962) | (100,984) | ||
IFRS 16 lease amendment: lease renegotiation | (12,416) | (24,931) | ||
Additions due to new leases and store renewals | 150,648 | 54,303 | ||
Decrease of lease liabilities due to store closures | (16,485) | (14,084) | ||
Reclassifications to liabilities held for sale | (83) | |||
Disposition | (11,508) | |||
Translation differences | 20,737 | (24,972) | ||
Non-current provisions | 331,409 | 314,845 | ||
Current provisions | € 106,643 | € 92,842 |
Lease Liabilities - Summary o_2
Lease Liabilities - Summary of Maturity Analysis of Lease Liabilities Explanatory (Detail) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Maturity Analysis Of Lease Liabilities [Line Items] | |||
Lease liabilities | € 438,052 | € 407,687 | € 508,153 |
Not later than one year [member] | |||
Disclosure Of Maturity Analysis Of Lease Liabilities [Line Items] | |||
Lease liabilities | 106,643 | 92,842 | |
Later than one year and not later than two years [member] | |||
Disclosure Of Maturity Analysis Of Lease Liabilities [Line Items] | |||
Lease liabilities | 92,344 | 79,604 | |
Later than two years and not later than three years [member] | |||
Disclosure Of Maturity Analysis Of Lease Liabilities [Line Items] | |||
Lease liabilities | 65,610 | 60,281 | |
Later than three years and not later than four years [member] | |||
Disclosure Of Maturity Analysis Of Lease Liabilities [Line Items] | |||
Lease liabilities | 38,898 | 47,107 | |
Later Than Four Years [Member] | |||
Disclosure Of Maturity Analysis Of Lease Liabilities [Line Items] | |||
Lease liabilities | € 134,557 | € 127,853 |
Provisions for Risks and Char_3
Provisions for Risks and Charges - Additional Information (Detail) $ in Thousands | Feb. 17, 2022EUR (€) | Dec. 31, 2021EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2019EUR (€) |
Provisions For Risks And Charges [Line Items] | |||||
Provisions | € 58,648,000 | € 48,281,000 | € 44,823,000 | ||
Additional provisions, Other provisions | € 12,192,000 | 16,585,000 | 13,464,000 | ||
Legal proceedings provision | 28,254,000 | $ 32,000 | |||
Losses on settlements of litigation | 0 | ||||
Legal proceedings provision [member] | |||||
Provisions For Risks And Charges [Line Items] | |||||
Provisions | 28,656,000 | 16,376,000 | € 17,256,000 | ||
Additional provisions, Other provisions | € 12,521,000 | € 902,000 | |||
Legal proceedings provision [member] | Major Litigation [Member] | |||||
Provisions For Risks And Charges [Line Items] | |||||
Additional provisions, Other provisions | € 12,192,000 |
Provisions for Risks and Char_4
Provisions for Risks and Charges - Summary of Movement of the Provision for Risks and Charges (Detail) - EUR (€) € in Thousands | Feb. 17, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 |
Disclosure of other provisions [line items] | ||||
Beginning balance | € 48,281 | € 44,823 | ||
Provisions for risks and charges Current | 14,093 | 8,325 | € 10,596 | |
Provisions for risks and charges Non-current | 44,555 | 39,956 | 34,227 | |
Provisions | € 12,192 | 16,585 | 13,464 | |
Releases | (2,259) | (5,373) | ||
Utilizations | (5,498) | (4,633) | ||
Exchange differences | 1,259 | |||
Reclassifications and other | 280 | |||
Ending balance | 58,648 | 48,281 | ||
Legal and fiscal risks | ||||
Disclosure of other provisions [line items] | ||||
Beginning balance | 16,376 | 17,256 | ||
Provisions for risks and charges Non-current | 28,656 | 16,376 | 17,256 | |
Provisions | 12,521 | 902 | ||
Releases | (264) | (1,752) | ||
Utilizations | (1,168) | (30) | ||
Exchange differences | 1,191 | |||
Ending balance | 28,656 | 16,376 | ||
Leased store restoration | ||||
Disclosure of other provisions [line items] | ||||
Beginning balance | 13,879 | 14,064 | ||
Provisions for risks and charges Current | 2,288 | |||
Provisions for risks and charges Non-current | 12,005 | 13,879 | 14,064 | |
Provisions | 979 | 2,396 | ||
Releases | (630) | |||
Utilizations | (2,581) | |||
Exchange differences | (110) | |||
Reclassifications and other | 175 | |||
Ending balance | 14,293 | 13,879 | ||
Refund liability returns | ||||
Disclosure of other provisions [line items] | ||||
Beginning balance | 6,032 | 6,744 | ||
Provisions for risks and charges Current | 10,049 | 6,032 | 6,744 | |
Provisions | 491 | 2,044 | ||
Releases | (2,062) | |||
Utilizations | (351) | (694) | ||
Exchange differences | 178 | |||
Reclassifications and other | 3,699 | |||
Ending balance | 10,049 | 6,032 | ||
Other provision | ||||
Disclosure of other provisions [line items] | ||||
Beginning balance | 11,994 | 6,759 | ||
Provisions for risks and charges Current | 1,756 | 2,293 | 3,852 | |
Provisions for risks and charges Non-current | 3,894 | 9,701 | € 2,907 | |
Provisions | 2,594 | 8,122 | ||
Releases | (1,365) | (1,559) | ||
Utilizations | (3,979) | (1,328) | ||
Reclassifications and other | (3,594) | |||
Ending balance | € 5,650 | € 11,994 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Employee Benefits [Line Items] | ||
Post Employment Benefits | € 8,702 | |
Italian Leaving Indemnities TFR [Member] | ||
Employee Benefits [Line Items] | ||
Weighted average duration of defined benefit obligation | 9 years | 9 years 2 months 12 days |
Leaving Indemnities [Member] | CN | ||
Employee Benefits [Line Items] | ||
Weighted average duration of defined benefit obligation | 6 years 3 months 18 days | 6 years 2 months 12 days |
Leaving Indemnities [Member] | ES | ||
Employee Benefits [Line Items] | ||
Weighted average duration of defined benefit obligation | 7 years 1 month 6 days | 6 years 7 months 6 days |
Employee Benefits - Summary of
Employee Benefits - Summary of Different Categories of Employee Benefits of the Group Explanatory (Detail) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of defined benefit plans [line items] | ||
Employee benefits | € 42,263 | € 29,347 |
Italian leaving indemnities (TFR) | ||
Disclosure of defined benefit plans [line items] | ||
Employee benefits | 9,784 | 11,596 |
Other leaving indemnities | ||
Disclosure of defined benefit plans [line items] | ||
Employee benefits | 15,237 | 16,073 |
Post-employment benefit | ||
Disclosure of defined benefit plans [line items] | ||
Employee benefits | 5,280 | 590 |
Other long-term employee benefit | ||
Disclosure of defined benefit plans [line items] | ||
Employee benefits | 1,362 | 561 |
Termination benefits | ||
Disclosure of defined benefit plans [line items] | ||
Employee benefits | 366 | 396 |
Total defined benefit obligations | ||
Disclosure of defined benefit plans [line items] | ||
Employee benefits | 32,029 | 29,216 |
Other long-term payables to employees | ||
Disclosure of defined benefit plans [line items] | ||
Employee benefits | € 10,234 | € 131 |
Employee Benefits - Summary o_2
Employee Benefits - Summary of Employee Defined Benefit Liabilities Explanatory (Detail) - Noncurrent Recognized Liabilities Defined Benefit Plan [Member] - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of net defined benefit liability (asset) [line items] | ||
Beginning balance | € 29,216 | € 30,573 |
Changes through statement of profit and loss | ||
Changes through statement of profit and loss | 14,365 | 2,591 |
Changes through statement of profit and loss of which: Service cost | 14,169 | 2,335 |
Changes through statement of profit and loss of which: Financial charges | 196 | 256 |
Changes through statement of comprehensive income | ||
Changes through statement of comprehensive income | 1,562 | (930) |
Changes through statement of comprehensive income of which: Actuarial loss/(gain) | 563 | (523) |
Changes through statement of comprehensive income of which: Translation differences | 999 | (407) |
Benefits paid | (13,456) | (2,360) |
Change in scope of consolidation and reclassifications to assets held for sale | 342 | (658) |
Ending balance | € 32,029 | € 29,216 |
Employee Benefits - Summary o_3
Employee Benefits - Summary of Main Financial Assumptions Used in Determining the Present Value of Employee Severance Indemnities Explanatory (Detail) | Dec. 31, 2021 | Dec. 31, 2020 |
Italy | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Inflation rate | 1.50% | 1.50% |
Spain | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Inflation rate | 1.00% | 0.80% |
Salary increase rate | 1.00% | 0.80% |
China | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Discount rate | 2.80% | 3.05% |
Inflation rate | 5.50% | 4.41% |
Salary increase rate | 5.50% | 4.41% |
Bottom of range [member] | Italy | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Discount rate | 0.183% | (0.204%) |
Salary increase rate | 1.00% | 0.50% |
Bottom of range [member] | Spain | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Discount rate | 0.60% | (0.44%) |
Top of range [member] | Italy | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Discount rate | 0.757% | 0.246% |
Salary increase rate | 2.20% | 2.30% |
Top of range [member] | Spain | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Discount rate | 0.70% | 0.283% |
Employee Benefits - Summary o_4
Employee Benefits - Summary of Main Assumptions Concerning the Main Employee Benefit Obligations and Service Costs Explanatory (Detail) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage of reasonably possible increase in actuarial assumption | 50.00% | 50.00% |
Percentage of reasonably possible decrease in actuarial assumption | 50.00% | 50.00% |
Discount rate | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | € (714) | € (793) |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | 765 | 850 |
Increase (decrease) in service cost due to reasonably possible increase in actuarial assumption | (39) | (75) |
Increase (decrease) in service cost due to reasonably possible decrease in actuarial assumption | 42 | 79 |
Inflation rate | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | 601 | 630 |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | (572) | (598) |
Increase (decrease) in service cost due to reasonably possible increase in actuarial assumption | 38 | 46 |
Increase (decrease) in service cost due to reasonably possible decrease in actuarial assumption | (36) | (43) |
Turn-over rate | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | 1,155 | 570 |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | (1,864) | (1) |
Increase (decrease) in service cost due to reasonably possible increase in actuarial assumption | 92 | 61 |
Increase (decrease) in service cost due to reasonably possible decrease in actuarial assumption | € (156) | € (109) |
Trade Payables and Customer A_3
Trade Payables and Customer Advances - Summary of Breakdown for Trade Payables and Customer Advances Explanatory (Detail) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Trade Payables and Customer Advances [Abstract] | ||
Trade payables | € 177,801 | € 150,257 |
Customer advances | 45,236 | 38,085 |
Total trade payables including customer advances | € 223,037 | € 188,342 |
Other current liabilities - Sum
Other current liabilities - Summary of Other Current Liabilities Explanatory (Detail) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Current Liabilities [Abstract] | ||
Due to employees | € 51,847 | € 26,134 |
VAT and other taxes | 28,609 | 19,993 |
Accrued expenses | 15,319 | 19,739 |
Social security institutions | 8,683 | 9,147 |
Deferred income | 3,591 | 1,624 |
Other current liabilities | 16,307 | |
Total other current liabilities | € 124,356 | € 76,637 |
Other current liabilities - Add
Other current liabilities - Additional Information (Detail) - EUR (€) € in Thousands | Dec. 20, 2021 | Dec. 31, 2021 |
Other Current Liabilities [Abstract] | ||
Description of gift owed | a Euro 1,500 special gift to each employee | a Euro 1,500 special gift to each employee |
Value of gift owed | € 10,916 |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Financial Assets (Detail) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of financial assets [line items] | |||
Financial assets | € 997,689 | € 867,394 | |
Other current financial assets | 340,380 | 350,163 | |
Level 1 | |||
Disclosure of financial assets [line items] | |||
Financial assets | 53,164 | 32,217 | |
Other current financial assets | 53,164 | 32,217 | |
Level 2 | |||
Disclosure of financial assets [line items] | |||
Financial assets | 743,235 | 608,760 | |
Other current financial assets | 88,183 | 140,792 | |
Level 3 | |||
Disclosure of financial assets [line items] | |||
Financial assets | 201,290 | 197,840 | |
Other current financial assets | 199,033 | 177,154 | |
FVPL | |||
Disclosure of financial assets [line items] | |||
Financial assets | 310,789 | 343,012 | |
Other current financial assets | 308,532 | 322,326 | € 409,700 |
FVOCI | |||
Disclosure of financial assets [line items] | |||
Financial assets | 27,498 | 39,685 | |
Other current financial assets | 25,712 | 27,837 | 25,205 |
Amortized cost | |||
Disclosure of financial assets [line items] | |||
Financial assets | 659,402 | 484,697 | |
Other current financial assets | 6,136 | 0 | |
Derivative financial instruments | |||
Disclosure of financial assets [line items] | |||
Financial assets | 1,786 | 11,848 | |
Derivative financial instruments | Level 1 | |||
Disclosure of financial assets [line items] | |||
Financial assets | 0 | 0 | |
Derivative financial instruments | Level 2 | |||
Disclosure of financial assets [line items] | |||
Financial assets | 1,786 | 11,848 | |
Derivative financial instruments | Level 3 | |||
Disclosure of financial assets [line items] | |||
Financial assets | 0 | 0 | |
Derivative financial instruments | FVPL | |||
Disclosure of financial assets [line items] | |||
Financial assets | 0 | 0 | |
Derivative financial instruments | FVOCI | |||
Disclosure of financial assets [line items] | |||
Financial assets | 1,786 | 11,848 | |
Derivative financial instruments | Amortized cost | |||
Disclosure of financial assets [line items] | |||
Financial assets | 0 | 0 | |
Cash and cash equivalents | |||
Disclosure of financial assets [line items] | |||
Financial assets | 459,791 | 317,291 | |
Cash and cash equivalents | Level 1 | |||
Disclosure of financial assets [line items] | |||
Financial assets | 0 | 0 | |
Cash and cash equivalents | Level 2 | |||
Disclosure of financial assets [line items] | |||
Financial assets | 459,791 | 317,291 | |
Cash and cash equivalents | Level 3 | |||
Disclosure of financial assets [line items] | |||
Financial assets | 0 | 0 | |
Cash and cash equivalents | FVPL | |||
Disclosure of financial assets [line items] | |||
Financial assets | 0 | 0 | |
Cash and cash equivalents | FVOCI | |||
Disclosure of financial assets [line items] | |||
Financial assets | 0 | 0 | |
Cash and cash equivalents | Amortized cost | |||
Disclosure of financial assets [line items] | |||
Financial assets | 459,791 | 317,291 | |
Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 160,360 | 138,829 | |
Trade receivables | Level 1 | |||
Disclosure of financial assets [line items] | |||
Financial assets | 0 | 0 | |
Trade receivables | Level 2 | |||
Disclosure of financial assets [line items] | |||
Financial assets | 160,360 | 138,829 | |
Trade receivables | Level 3 | |||
Disclosure of financial assets [line items] | |||
Financial assets | 0 | 0 | |
Trade receivables | FVPL | |||
Disclosure of financial assets [line items] | |||
Financial assets | 0 | 0 | |
Trade receivables | FVOCI | |||
Disclosure of financial assets [line items] | |||
Financial assets | 0 | 0 | |
Trade receivables | Amortized cost | |||
Disclosure of financial assets [line items] | |||
Financial assets | 160,360 | 138,829 | |
Other non-current financial assets | |||
Disclosure of financial assets [line items] | |||
Financial assets | 35,372 | 49,263 | |
Other non-current financial assets | Level 1 | |||
Disclosure of financial assets [line items] | |||
Financial assets | 0 | 0 | |
Other non-current financial assets | Level 2 | |||
Disclosure of financial assets [line items] | |||
Financial assets | 33,115 | 0 | |
Other non-current financial assets | Level 3 | |||
Disclosure of financial assets [line items] | |||
Financial assets | 2,257 | 20,686 | |
Other non-current financial assets | FVPL | |||
Disclosure of financial assets [line items] | |||
Financial assets | 2,257 | 20,686 | |
Other non-current financial assets | FVOCI | |||
Disclosure of financial assets [line items] | |||
Financial assets | 0 | 0 | |
Other non-current financial assets | Amortized cost | |||
Disclosure of financial assets [line items] | |||
Financial assets | 33,115 | 28,577 | |
Other current financial assets | |||
Disclosure of financial assets [line items] | |||
Financial assets | 340,380 | 350,163 | |
Other current financial assets | Level 1 | |||
Disclosure of financial assets [line items] | |||
Financial assets | 53,164 | 32,217 | |
Other current financial assets | Level 2 | |||
Disclosure of financial assets [line items] | |||
Financial assets | 88,183 | 140,792 | |
Other current financial assets | Level 3 | |||
Disclosure of financial assets [line items] | |||
Financial assets | 199,033 | 177,154 | |
Other current financial assets | FVPL | |||
Disclosure of financial assets [line items] | |||
Financial assets | 308,532 | 322,326 | |
Other current financial assets | FVOCI | |||
Disclosure of financial assets [line items] | |||
Financial assets | 25,712 | 27,837 | |
Other current financial assets | Amortized cost | |||
Disclosure of financial assets [line items] | |||
Financial assets | 6,136 | 0 | |
Insurance contracts | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 113,919 | 107,188 | |
Insurance contracts | Level 1 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 0 | 0 | |
Insurance contracts | Level 2 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 0 | 0 | |
Insurance contracts | Level 3 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 113,919 | 107,188 | |
Insurance contracts | FVPL | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 113,919 | 107,188 | |
Insurance contracts | FVOCI | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 0 | 0 | |
Insurance contracts | Amortized cost | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 0 | 0 | |
Fixed income | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 73,972 | 93,185 | |
Fixed income | Level 1 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 29,764 | 7,201 | |
Fixed income | Level 2 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 26,700 | 68,570 | |
Fixed income | Level 3 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 17,508 | 17,414 | |
Fixed income | FVPL | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 68,947 | 88,011 | 122,070 |
Fixed income | FVOCI | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 5,025 | 5,174 | 5,326 |
Fixed income | Amortized cost | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 0 | 0 | |
Hedge funds | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 41,483 | 36,511 | |
Hedge funds | Level 1 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 0 | 0 | |
Hedge funds | Level 2 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 11,243 | 8,549 | |
Hedge funds | Level 3 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 30,240 | 27,962 | |
Hedge funds | FVPL | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 41,483 | 36,511 | 50,471 |
Hedge funds | FVOCI | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 0 | 0 | |
Hedge funds | Amortized cost | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 0 | 0 | |
Real estate funds | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 32,898 | 29,073 | |
Real estate funds | Level 1 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 0 | 0 | |
Real estate funds | Level 2 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 19,100 | 17,607 | |
Real estate funds | Level 3 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 13,798 | 11,466 | |
Real estate funds | FVPL | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 32,898 | 29,073 | 24,807 |
Real estate funds | FVOCI | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 0 | 0 | |
Real estate funds | Amortized cost | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 0 | 0 | |
Equity | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 25,408 | 24,843 | |
Equity | Level 1 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 2,713 | 2,354 | |
Equity | Level 2 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 22,695 | 22,489 | |
Equity | Level 3 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 0 | 0 | |
Equity | FVPL | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 25,408 | 24,843 | 15,261 |
Equity | FVOCI | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 0 | 0 | |
Equity | Amortized cost | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 0 | 0 | |
Money market funds and floating income | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 22,694 | 41,886 | |
Money market funds and floating income | Level 1 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 20,687 | 22,662 | |
Money market funds and floating income | Level 2 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 2,007 | 19,224 | |
Money market funds and floating income | Level 3 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 0 | 0 | |
Money market funds and floating income | FVPL | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 2,007 | 19,223 | |
Money market funds and floating income | FVOCI | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 20,687 | 22,663 | |
Money market funds and floating income | Amortized cost | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 0 | 0 | |
Private equity | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 15,925 | 10,583 | |
Private equity | Level 1 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 0 | 0 | |
Private equity | Level 2 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 0 | 0 | |
Private equity | Level 3 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 15,925 | 10,583 | |
Private equity | FVPL | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 15,925 | 10,583 | 8,256 |
Private equity | FVOCI | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 0 | 0 | |
Private equity | Amortized cost | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 0 | 0 | |
Private debt | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 7,945 | 6,894 | |
Private debt | Level 1 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 0 | 0 | |
Private debt | Level 2 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 302 | 4,353 | |
Private debt | Level 3 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 7,643 | 2,541 | |
Private debt | FVPL | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 7,945 | 6,894 | € 2,006 |
Private debt | FVOCI | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 0 | 0 | |
Private debt | Amortized cost | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 0 | 0 | |
Guarantee deposits and others | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 6,136 | € 0 | |
Guarantee deposits and others | Level 1 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 0 | ||
Guarantee deposits and others | Level 2 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 6,136 | ||
Guarantee deposits and others | Level 3 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 0 | ||
Guarantee deposits and others | FVPL | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 0 | ||
Guarantee deposits and others | FVOCI | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 0 | ||
Guarantee deposits and others | Amortized cost | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | € 6,136 |
Fair Value Measurement - Summ_2
Fair Value Measurement - Summary of Financial Liabilities (Detail) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of financial liabilities [line items] | ||
Financial liabilities | € 1,505,536 | € 1,494,940 |
Level 1 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 23,810 | 0 |
Level 2 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 1,035,698 | 866,285 |
Level 3 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 446,028 | 628,655 |
FVPL | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 193,395 | 212,903 |
FVOCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 14,138 | 13,192 |
Amortized cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 1,298,003 | 1,268,845 |
Derivative financial instruments | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 14,138 | 13,192 |
Derivative financial instruments | Level 1 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Derivative financial instruments | Level 2 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 14,138 | 13,192 |
Derivative financial instruments | Level 3 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Derivative financial instruments | FVPL | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Derivative financial instruments | FVOCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 14,138 | 13,192 |
Derivative financial instruments | Amortized cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Non-current borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 471,646 | 558,722 |
Non-current borrowings | Level 1 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Non-current borrowings | Level 2 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 471,646 | 558,722 |
Non-current borrowings | Level 3 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Non-current borrowings | FVPL | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Non-current borrowings | FVOCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Non-current borrowings | Amortized cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 471,646 | 558,722 |
Current borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 157,292 | 106,029 |
Current borrowings | Level 1 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Current borrowings | Level 2 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 157,292 | 106,029 |
Current borrowings | Level 3 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Current borrowings | FVPL | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Current borrowings | FVOCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Current borrowings | Amortized cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 157,292 | 106,029 |
Other non-current financial liabilities | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 167,387 | 220,968 |
Other non-current financial liabilities | Level 1 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Other non-current financial liabilities | Level 2 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 159,411 | 0 |
Other non-current financial liabilities | Level 3 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 7,976 | 220,968 |
Other non-current financial liabilities | FVPL | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 159,411 | 212,903 |
Other non-current financial liabilities | FVOCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Other non-current financial liabilities | Amortized cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 7,976 | 8,065 |
Other current financial liabilities | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 33,984 | |
Other current financial liabilities | Level 1 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 23,810 | |
Other current financial liabilities | Level 2 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 10,174 | |
Other current financial liabilities | Level 3 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | |
Other current financial liabilities | FVPL | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 33,984 | |
Other current financial liabilities | FVOCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | |
Other current financial liabilities | Amortized cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | |
Trade payables and customer advances | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 223,037 | 188,342 |
Trade payables and customer advances | Level 1 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Trade payables and customer advances | Level 2 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 223,037 | 188,342 |
Trade payables and customer advances | Level 3 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Trade payables and customer advances | FVPL | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Trade payables and customer advances | FVOCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Trade payables and customer advances | Amortized cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 223,037 | 188,342 |
Lease Liabilities – Current/Non-current | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 438,052 | 407,687 |
Lease Liabilities – Current/Non-current | Level 1 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Lease Liabilities – Current/Non-current | Level 2 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Lease Liabilities – Current/Non-current | Level 3 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 438,052 | 407,687 |
Lease Liabilities – Current/Non-current | FVPL | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Lease Liabilities – Current/Non-current | FVOCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Lease Liabilities – Current/Non-current | Amortized cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | € 438,052 | € 407,687 |
Fair Value Measurement - Summ_3
Fair Value Measurement - Summary of Fair Value Measurement of Equity (Detail) € in Thousands | 12 Months Ended |
Dec. 31, 2021EUR (€) | |
Disclosure of fair value measurement of equity [line items] | |
Beginning balance | € 645,034 |
Ending balance | 644,304 |
Level 3 of fair value hierarchy [member] | |
Disclosure of fair value measurement of equity [line items] | |
Beginning balance | 177,154 |
Investments | 19,516 |
Disposals | (5,169) |
Fair value Level adjustments | 6,060 |
Realized gains | 69 |
Exchange rate gains | 1,403 |
Ending balance | € 199,033 |
Qualitative and Quantitative _3
Qualitative and Quantitative Information on Financial Risks - Summary of Aging of Trade Receivables (Detail) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of financial assets that are either past due or impaired [line items] | |||
Financial assets | € 997,689 | € 867,394 | |
Loss allowance | (6,643) | (8,717) | € (5,635) |
>180 days overdue | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Financial assets | 180 | ||
Trade receivables [member] | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Financial assets | 160,360 | 138,829 | |
Credit risk [member] | Trade receivables [member] | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Financial assets | 160,360 | 138,829 | |
Loss allowance | (6,643) | (8,717) | |
Credit risk [member] | Trade receivables [member] | Gross carrying amount [member] | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Financial assets | 167,003 | 147,546 | |
Credit risk [member] | Trade receivables [member] | Not yet due | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Financial assets | 135,073 | 106,110 | |
Loss allowance | (1,575) | (549) | |
Credit risk [member] | Trade receivables [member] | Not yet due | Gross carrying amount [member] | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Financial assets | 136,648 | 106,659 | |
Credit risk [member] | Trade receivables [member] | 0-90 days overdue | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Financial assets | 21,261 | 21,296 | |
Loss allowance | (696) | (1,876) | |
Credit risk [member] | Trade receivables [member] | 0-90 days overdue | Gross carrying amount [member] | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Financial assets | 21,957 | 23,172 | |
Credit risk [member] | Trade receivables [member] | 90-180 days overdue | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Financial assets | 4,026 | 2,029 | |
Loss allowance | (992) | (480) | |
Credit risk [member] | Trade receivables [member] | 90-180 days overdue | Gross carrying amount [member] | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Financial assets | 5,018 | 2,509 | |
Credit risk [member] | Trade receivables [member] | >180 days overdue | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Financial assets | 0 | 9,394 | |
Loss allowance | (3,380) | (5,812) | |
Credit risk [member] | Trade receivables [member] | >180 days overdue | Gross carrying amount [member] | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Financial assets | € 3,380 | € 15,206 |
Qualitative and Quantitative _4
Qualitative and Quantitative Information on Financial Risks - Summary of Groups Financial Liabilities into Relevant Maturity Groupings (Detail) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of financial liabilities [line items] | ||
Financial liabilities | € 1,505,536 | € 1,494,940 |
Derivative financial instruments [Member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 14,138 | 13,192 |
Trade payables and customer advances [Member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 223,037 | 188,342 |
Other noncurrent financial liabilities [Member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 167,387 | 220,968 |
Liquidity risk [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 1,505,536 | 1,494,940 |
Liquidity risk [member] | Within 1year [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 545,422 | 409,655 |
Liquidity risk [member] | Within 2year [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 411,653 | 215,965 |
Liquidity risk [member] | Within 3year [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 205,368 | 420,311 |
Liquidity risk [member] | Beyond [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 380,936 | 480,811 |
Liquidity risk [member] | Derivative financial instruments [Member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 14,138 | 13,192 |
Liquidity risk [member] | Derivative financial instruments [Member] | Within 1year [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 14,138 | 13,192 |
Liquidity risk [member] | Derivative financial instruments [Member] | Within 2year [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Liquidity risk [member] | Derivative financial instruments [Member] | Within 3year [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Liquidity risk [member] | Derivative financial instruments [Member] | Beyond [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | |
Liquidity risk [member] | Trade payables and customer advances [Member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 223,037 | 188,342 |
Liquidity risk [member] | Trade payables and customer advances [Member] | Within 1year [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 223,037 | 188,342 |
Liquidity risk [member] | Trade payables and customer advances [Member] | Within 2year [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Liquidity risk [member] | Trade payables and customer advances [Member] | Within 3year [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Liquidity risk [member] | Trade payables and customer advances [Member] | Beyond [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | |
Liquidity risk [member] | Borrowings [Member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 628,938 | 664,751 |
Liquidity risk [member] | Borrowings [Member] | Within 1year [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 161,550 | 106,029 |
Liquidity risk [member] | Borrowings [Member] | Within 2year [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 283,736 | 107,500 |
Liquidity risk [member] | Borrowings [Member] | Within 3year [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 135,541 | 281,250 |
Liquidity risk [member] | Borrowings [Member] | Beyond [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 56,414 | 169,972 |
Liquidity risk [member] | Lease liabilities [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 438,052 | 407,687 |
Liquidity risk [member] | Lease liabilities [member] | Within 1year [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 112,713 | 102,092 |
Liquidity risk [member] | Lease liabilities [member] | Within 2year [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 98,101 | 82,489 |
Liquidity risk [member] | Lease liabilities [member] | Within 3year [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 69,827 | 67,137 |
Liquidity risk [member] | Lease liabilities [member] | Beyond [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 186,951 | 187,771 |
Liquidity risk [member] | Other noncurrent financial liabilities [Member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 220,968 | |
Liquidity risk [member] | Other noncurrent financial liabilities [Member] | Within 1year [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | |
Liquidity risk [member] | Other noncurrent financial liabilities [Member] | Within 2year [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 25,976 | |
Liquidity risk [member] | Other noncurrent financial liabilities [Member] | Within 3year [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 71,924 | |
Liquidity risk [member] | Other noncurrent financial liabilities [Member] | Beyond [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | € 123,068 | |
Liquidity risk [member] | Other Current And Noncurrent Financial Liabilities [Member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 201,371 | |
Liquidity risk [member] | Other Current And Noncurrent Financial Liabilities [Member] | Within 1year [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 33,984 | |
Liquidity risk [member] | Other Current And Noncurrent Financial Liabilities [Member] | Within 2year [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 29,816 | |
Liquidity risk [member] | Other Current And Noncurrent Financial Liabilities [Member] | Within 3year [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | |
Liquidity risk [member] | Other Current And Noncurrent Financial Liabilities [Member] | Beyond [member] | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | € 137,571 |
Qualitative and Quantitative _5
Qualitative and Quantitative Information on Financial Risks - Summary of Potential Effects on Profit Before Tax of Hypothetical Change in Exchange Rates (Detail) - Foreign Currency Risk [Member] - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables in functional currency | € 294,963 | € 56,534 |
Impact on increase in profit before tax | 928 | |
Impact on decrease in profit before tax | (1,026) | |
Foreign Currency Hedging Instruments [Member] | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Impact on increase in profit before tax | 14,047 | |
Impact on decrease in profit before tax | (15,524) | |
Thom Browne Group [Member] | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables in functional currency | (135,726) | (169,055) |
Impact on increase in profit before tax | (7,143) | (8,897) |
Impact on decrease in profit before tax | 6,463 | 8,050 |
USD | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables in functional currency | 80,155 | 25,355 |
Impact on increase in profit before tax | 1,207 | |
Impact on decrease in profit before tax | (1,334) | |
USD | Foreign Currency Hedging Instruments [Member] | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Impact on increase in profit before tax | 3,817 | |
Impact on decrease in profit before tax | (4,219) | |
USD | Thom Browne Group [Member] | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables in functional currency | (135,726) | (169,055) |
Impact on increase in profit before tax | (7,143) | (8,897) |
Impact on decrease in profit before tax | 6,463 | 8,050 |
JPY | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables in functional currency | 10,360 | 6,749 |
Impact on increase in profit before tax | 321 | |
Impact on decrease in profit before tax | (355) | |
JPY | Foreign Currency Hedging Instruments [Member] | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Impact on increase in profit before tax | 493 | |
Impact on decrease in profit before tax | (545) | |
CNY | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables in functional currency | 178,537 | 0 |
Impact on increase in profit before tax | 0 | |
Impact on decrease in profit before tax | 0 | |
CNY | Foreign Currency Hedging Instruments [Member] | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Impact on increase in profit before tax | 8,502 | |
Impact on decrease in profit before tax | (9,397) | |
HKD | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables in functional currency | 16,097 | 3,153 |
Impact on increase in profit before tax | 150 | |
Impact on decrease in profit before tax | (166) | |
HKD | Foreign Currency Hedging Instruments [Member] | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Impact on increase in profit before tax | 767 | |
Impact on decrease in profit before tax | (847) | |
GBP | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables in functional currency | 12,659 | 2,762 |
Impact on increase in profit before tax | 132 | |
Impact on decrease in profit before tax | (145) | |
GBP | Foreign Currency Hedging Instruments [Member] | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Impact on increase in profit before tax | 603 | |
Impact on decrease in profit before tax | (666) | |
SGD | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables in functional currency | 1,947 | 0 |
Impact on increase in profit before tax | 0 | |
Impact on decrease in profit before tax | 0 | |
SGD | Foreign Currency Hedging Instruments [Member] | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Impact on increase in profit before tax | 93 | |
Impact on decrease in profit before tax | (102) | |
CHF | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables in functional currency | (4,792) | 18,515 |
Impact on increase in profit before tax | (882) | |
Impact on decrease in profit before tax | 974 | |
CHF | Foreign Currency Hedging Instruments [Member] | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Impact on increase in profit before tax | (228) | |
Impact on decrease in profit before tax | 252 | |
Hedges of net investment in foreign operations [member] | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables in functional currency | 137,433 | 220,492 |
Impact on increase in profit before tax | 6,544 | 9,900 |
Impact on decrease in profit before tax | (7,233) | (10,942) |
Hedges of net investment in foreign operations [member] | USD | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables in functional currency | 81,725 | 119,214 |
Impact on increase in profit before tax | 3,892 | 5,677 |
Impact on decrease in profit before tax | (4,301) | (6,274) |
Hedges of net investment in foreign operations [member] | JPY | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables in functional currency | 20,692 | 45,658 |
Impact on increase in profit before tax | 985 | 2,174 |
Impact on decrease in profit before tax | (1,089) | (2,403) |
Hedges of net investment in foreign operations [member] | CNY | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables in functional currency | 11,464 | 20,318 |
Impact on increase in profit before tax | 546 | 968 |
Impact on decrease in profit before tax | (603) | (1,069) |
Hedges of net investment in foreign operations [member] | HKD | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables in functional currency | 28,054 | 9,460 |
Impact on increase in profit before tax | 1,336 | 450 |
Impact on decrease in profit before tax | (1,477) | (498) |
Hedges of net investment in foreign operations [member] | GBP | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables in functional currency | (12,660) | 16,464 |
Impact on increase in profit before tax | (603) | 784 |
Impact on decrease in profit before tax | 666 | (867) |
Hedges of net investment in foreign operations [member] | SGD | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables in functional currency | 8,158 | 3,083 |
Impact on increase in profit before tax | 388 | 147 |
Impact on decrease in profit before tax | (429) | (162) |
Hedges of net investment in foreign operations [member] | CHF | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables in functional currency | 0 | 6,295 |
Impact on increase in profit before tax | 0 | (300) |
Impact on decrease in profit before tax | 0 | 331 |
Trade Receivable and Trade Payable [Member] | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables in functional currency | 149,990 | 192,416 |
Impact on increase in profit before tax | (7,142) | (9,163) |
Impact on decrease in profit before tax | 7,895 | 10,126 |
Trade Receivable and Trade Payable [Member] | USD | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables in functional currency | 96,885 | 112,850 |
Impact on increase in profit before tax | (4,614) | (5,374) |
Impact on decrease in profit before tax | 5,099 | 5,939 |
Trade Receivable and Trade Payable [Member] | JPY | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables in functional currency | 20,481 | 41,757 |
Impact on increase in profit before tax | (975) | (1,988) |
Impact on decrease in profit before tax | 1,078 | 2,198 |
Trade Receivable and Trade Payable [Member] | CNY | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables in functional currency | 21,084 | 35,083 |
Impact on increase in profit before tax | (1,004) | (1,671) |
Impact on decrease in profit before tax | 1,110 | 1,846 |
Trade Receivable and Trade Payable [Member] | HKD | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables in functional currency | 27,452 | 11,235 |
Impact on increase in profit before tax | (1,307) | (535) |
Impact on decrease in profit before tax | 1,445 | 591 |
Trade Receivable and Trade Payable [Member] | GBP | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables in functional currency | (5,974) | 4,923 |
Impact on increase in profit before tax | 284 | (234) |
Impact on decrease in profit before tax | (314) | 259 |
Trade Receivable and Trade Payable [Member] | SGD | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables in functional currency | 8,220 | 3,120 |
Impact on increase in profit before tax | (391) | (149) |
Impact on decrease in profit before tax | 433 | 164 |
Trade Receivable and Trade Payable [Member] | CHF | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables in functional currency | (18,158) | (16,552) |
Impact on increase in profit before tax | 865 | 788 |
Impact on decrease in profit before tax | € (956) | € (871) |
Qualitative and Quantitative _6
Qualitative and Quantitative Information on Financial Risks - Summary of Sensitivity on Floating Rate Borrowings (Detail) - Interest rate risk [member] - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of detailed information about borrowings [line items] | |||
Interest expense | € 175 | € 518 | |
Impact on decrease in profit before tax of sensitivity on floating rate borrowings | 69 | 346 | |
Impact on increase in profit before tax of sensitivity on floating rate borrowings | € 332 | 691 | |
Interest expense on current borrowings | 32 | ||
Impact on decrease in profit before tax of sensitivity on floating rate current borrowings | 13 | ||
Impact on increase in profit before tax of sensitivity on floating rate current borrowings | € 51 | ||
Borrowings Interest Rate of 0.115 [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, interest rate | [1] | 0.115% | |
Interest expense | € 12 | ||
Impact on decrease in profit before tax of sensitivity on floating rate borrowings percentage | 0.006% | ||
Impact on decrease in profit before tax of sensitivity on floating rate borrowings | € 1 | ||
Impact on increase in profit before tax of sensitivity on floating rate borrowings percentage | 0.224% | ||
Impact on increase in profit before tax of sensitivity on floating rate borrowings | € 22 | ||
Borrowings Interest Rate of 0.112 [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, interest rate | [1] | 0.112% | |
Interest expense | € 17 | ||
Impact on decrease in profit before tax of sensitivity on floating rate borrowings percentage | 0.004% | ||
Impact on decrease in profit before tax of sensitivity on floating rate borrowings | € 1 | ||
Impact on increase in profit before tax of sensitivity on floating rate borrowings percentage | 0.22% | ||
Impact on increase in profit before tax of sensitivity on floating rate borrowings | € 33 | ||
Borrowings Interest Rate of 0.284 [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, interest rate | [1] | 0.284% | |
Interest expense | € 53 | ||
Impact on decrease in profit before tax of sensitivity on floating rate borrowings percentage | 0.175% | ||
Impact on decrease in profit before tax of sensitivity on floating rate borrowings | € 33 | ||
Impact on increase in profit before tax of sensitivity on floating rate borrowings percentage | 0.393% | ||
Impact on increase in profit before tax of sensitivity on floating rate borrowings | € 74 | ||
Borrowings Interest Rate of 0.000 [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, interest rate | [1] | 0.00% | |
Interest expense | € 0 | ||
Impact on decrease in profit before tax of sensitivity on floating rate borrowings percentage | 0.00% | ||
Impact on decrease in profit before tax of sensitivity on floating rate borrowings | € 0 | ||
Impact on increase in profit before tax of sensitivity on floating rate borrowings percentage | 0.10% | ||
Impact on increase in profit before tax of sensitivity on floating rate borrowings | € 50 | ||
Borrowings Interest Rate of 0.186 [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, interest rate | [1] | 0.186% | |
Interest expense | € 19 | ||
Impact on decrease in profit before tax of sensitivity on floating rate borrowings percentage | 0.077% | ||
Impact on decrease in profit before tax of sensitivity on floating rate borrowings | € 8 | ||
Impact on increase in profit before tax of sensitivity on floating rate borrowings percentage | 0.295% | ||
Impact on increase in profit before tax of sensitivity on floating rate borrowings | € 30 | ||
Borrowings Interest Rate of 0.167 [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, interest rate | [1] | 0.167% | |
Interest expense | € 75 | ||
Impact on decrease in profit before tax of sensitivity on floating rate borrowings percentage | 0.06% | ||
Impact on decrease in profit before tax of sensitivity on floating rate borrowings | € 27 | ||
Impact on increase in profit before tax of sensitivity on floating rate borrowings percentage | 0.274% | ||
Impact on increase in profit before tax of sensitivity on floating rate borrowings | € 123 | ||
Borrowings Interest Rate of 0.349 [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, interest rate | [1] | 0.349% | |
Interest expense | € 279 | ||
Impact on decrease in profit before tax of sensitivity on floating rate borrowings percentage | 0.259% | ||
Impact on decrease in profit before tax of sensitivity on floating rate borrowings | € 207 | ||
Impact on increase in profit before tax of sensitivity on floating rate borrowings percentage | 0.439% | ||
Impact on increase in profit before tax of sensitivity on floating rate borrowings | € 351 | ||
Borrowings Interest Rate of 0.195 [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, interest rate | [1] | 0.195% | |
Interest expense | € 20 | ||
Impact on decrease in profit before tax of sensitivity on floating rate borrowings percentage | 0.097% | ||
Impact on decrease in profit before tax of sensitivity on floating rate borrowings | € 10 | ||
Impact on increase in profit before tax of sensitivity on floating rate borrowings percentage | 0.293% | ||
Impact on increase in profit before tax of sensitivity on floating rate borrowings | € 30 | ||
Borrowings Interest Rate of 0.238 [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, interest rate | [1] | 0.238% | |
Interest expense | € 107 | ||
Impact on decrease in profit before tax of sensitivity on floating rate borrowings percentage | 0.136% | ||
Impact on decrease in profit before tax of sensitivity on floating rate borrowings | € 61 | ||
Impact on increase in profit before tax of sensitivity on floating rate borrowings percentage | 0.34% | ||
Impact on increase in profit before tax of sensitivity on floating rate borrowings | € 153 | ||
Borrowings Interest Rate of 0.300 [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, interest rate | [1] | 0.30% | |
Interest expense | € 94 | ||
Impact on decrease in profit before tax of sensitivity on floating rate borrowings percentage | 0.194% | ||
Impact on decrease in profit before tax of sensitivity on floating rate borrowings | € 61 | ||
Impact on increase in profit before tax of sensitivity on floating rate borrowings percentage | 0.406% | ||
Impact on increase in profit before tax of sensitivity on floating rate borrowings | € 127 | ||
Borrowings Interest Rate of 0.184 [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, interest rate | [1] | 0.184% | |
Interest expense | € 18 | ||
Impact on decrease in profit before tax of sensitivity on floating rate borrowings percentage | 0.069% | ||
Impact on decrease in profit before tax of sensitivity on floating rate borrowings | € 7 | ||
Impact on increase in profit before tax of sensitivity on floating rate borrowings percentage | 0.299% | ||
Impact on increase in profit before tax of sensitivity on floating rate borrowings | € 30 | ||
Borrowings Interest Rate of 0.183 [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, interest rate | [1] | 0.183% | |
Impact on decrease in profit before tax of sensitivity on floating rate borrowings percentage | 0.074% | ||
Impact on increase in profit before tax of sensitivity on floating rate borrowings percentage | 0.292% | ||
Interest expense on current borrowings | € 32 | ||
Impact on decrease in profit before tax of sensitivity on floating rate current borrowings | 13 | ||
Impact on increase in profit before tax of sensitivity on floating rate current borrowings | € 51 | ||
[1] | The overall rate indicated is compounded of the fixed spread plus the variable rate (+-20% is on the variable rate). |
Qualitative and Quantitative _7
Qualitative and Quantitative Information on Financial Risks - Additional Information (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial liabilities | € 1,505,536 | € 1,494,940 |
Interest rate risk [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial liabilities | € 323,816 | 274,336 |
Percentage of increase in short-term interest rates on such floating rate non-current financial liabilities | 20.00% | |
Increase in financial expenses | € 332 | 742 |
Percentage of decrease in short-term interest rates on such floating rate non-current financial liabilities | 20.00% | |
Decrease in financial expense | € 69 | 359 |
Bottom of range [member] | Foreign Currency Risk [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Percentage of hedges arrange to forecast sales in foreign currencies | 50.00% | |
Bottom of range [member] | Interest rate risk [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial liabilities, at fair value | € 2,412 | € 5,515 |
Top of range [member] | Foreign Currency Risk [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Percentage of hedges arrange to forecast sales in foreign currencies | 60.00% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) € / shares in Units, € in Thousands | Jan. 14, 2021EUR (€) | Dec. 31, 2017shares€ / shares | May 31, 2021EUR (€)shares | Oct. 31, 2021EUR (€) | Dec. 31, 2021EUR (€)sharesEuro€ / shares | Dec. 31, 2021EUR (€)sharesEuro€ / shares$ / shares | Dec. 31, 2020EUR (€)Euro | Dec. 31, 2019EUR (€) | Feb. 04, 2021shares€ / shares |
Statements [Line Items] | |||||||||
Amounts payable, related party transactions | € | € 5,000 | € 5,000 | |||||||
Exercise price of outstanding share options | € / shares | € 137 | € 137 | |||||||
Share Based Payment Obligation Waived | € | € 16,120 | ||||||||
Number of other equity instruments granted in share based payment arrangement | 2,520,000 | ||||||||
Number of securities called by other equity instruments | 1 | ||||||||
Description of vesting requirements for share based payment arrangement | vest in three tranches in 2022, 2023 and 2024 | ||||||||
Gifts to employees | € | € 2,455 | € 3,142 | € 1,460 | ||||||
Exercise price of outstanding share options | 16,237 | ||||||||
Expense from share-based payment transactions with employees | € | € 16,290 | ||||||||
Share Split [Member] | |||||||||
Statements [Line Items] | |||||||||
Exercise price of outstanding share options | € / shares | € 2.74 | € 2.74 | |||||||
Exercise price of outstanding share options | 811,850 | ||||||||
Expense from share-based payment transactions with employees | € | € 2,216 | ||||||||
Personnel Costs And Offsetting [Member] | |||||||||
Statements [Line Items] | |||||||||
Expense from share-based payment transactions with employees | € | € 3,834 | ||||||||
Private Warrants [Member] | |||||||||
Statements [Line Items] | |||||||||
Class of Warrants or rights Number of shares issued | 800,000 | ||||||||
Class of Warrants or rights issued | € | € 1,263 | ||||||||
Tranche One [Member] | Share Price Of At Least USD Eleven Point Fifty [Member] | |||||||||
Statements [Line Items] | |||||||||
Share price | 11.50 | 11.50 | |||||||
Number of trading days determining share price | 20 days | ||||||||
Tranche One [Member] | Share Price Of At Least USD Eleven Point Fifty [Member] | Zegna Directors Excluding The CEO And Key Executives And Other Employees [Member] | |||||||||
Statements [Line Items] | |||||||||
Share price | 11.50 | 11.50 | |||||||
Number of trading days determining share price | 10 days | ||||||||
Tranche One [Member] | Share Price Of At Least USD Twelve Point Fifty [Member] | |||||||||
Statements [Line Items] | |||||||||
Share price | 12.50 | 12.50 | |||||||
Number of trading days determining share price | 20 days | ||||||||
Tranche One [Member] | Share Price Of At Least USD Twelve Point Fifty [Member] | Zegna Directors Excluding The CEO And Key Executives And Other Employees [Member] | |||||||||
Statements [Line Items] | |||||||||
Share price | 12.50 | 12.50 | |||||||
Number of trading days determining share price | 20 days | ||||||||
Cash Settled Share Based Payments [Member] | |||||||||
Statements [Line Items] | |||||||||
Number of instruments granted in share-based payment arrangement | 55,433 | ||||||||
Number of share options outstanding in share based payment arrangement | 15,832 | ||||||||
Exercise price of outstanding share options | € / shares | € 186.50 | ||||||||
Cash Settled Share Based Payments [Member] | Share Price [Member] | |||||||||
Statements [Line Items] | |||||||||
Significant unobservable input, Liabilities | Euro | 372 | ||||||||
Cash Settled Share Based Payments [Member] | Discount rate, measurement input [member] | |||||||||
Statements [Line Items] | |||||||||
Significant unobservable input, Liabilities | 1.90 | ||||||||
Cash Settled Share Based Payments [Member] | Award With No Specific Conditions [Member] | |||||||||
Statements [Line Items] | |||||||||
Number of instruments granted in share-based payment arrangement | 25,988 | ||||||||
Cash Settled Share Based Payments [Member] | Following The Share Split [Member] | |||||||||
Statements [Line Items] | |||||||||
Number of instruments granted in share-based payment arrangement | 2,771,650 | ||||||||
Number of share options outstanding in share based payment arrangement | 791,600 | 791,600 | |||||||
Exercise price of outstanding share options | € / shares | € 3.73 | € 3.73 | |||||||
Cash Settled Share Based Payments [Member] | Following The Share Split [Member] | Share Price [Member] | |||||||||
Statements [Line Items] | |||||||||
Significant unobservable input, Liabilities | Euro | 7.44 | 7.44 | |||||||
Cash Settled Share Based Payments [Member] | Following The Share Split [Member] | Award With No Specific Conditions [Member] | |||||||||
Statements [Line Items] | |||||||||
Number of instruments granted in share-based payment arrangement | 1,299,400 | ||||||||
Equity Settled Share Based Payments [Member] | |||||||||
Statements [Line Items] | |||||||||
Number of share options outstanding in share based payment arrangement | 15,832 | ||||||||
Exercise price of outstanding share options | € / shares | € 186 | ||||||||
Expense from equity settled share based payment transactions | € | € 1,410 | ||||||||
Shares issued during period, Share option exercised | 15,832 | ||||||||
Shares issued during period, Share option exercised, Value | € | € 2,946 | ||||||||
Equity Settled Share Based Payments [Member] | Performance Share Units [Member] | |||||||||
Statements [Line Items] | |||||||||
Expense from equity settled share based payment transactions | € | 6,138 | ||||||||
Expense from equity settled share based payment transactions, Unrecognized | € | € 12,897 | € 12,897 | |||||||
Expense from equity settled share based payment transactions, Unrecognized, Expected terms of recognition | remaining vesting periods through 2024 | ||||||||
Risk free interest rate, Other equity instruments granted | 0.00% | ||||||||
Equity Settled Share Based Payments [Member] | Performance Share Units [Member] | Award With Vesting Tranches [Member] | |||||||||
Statements [Line Items] | |||||||||
Number of other equity instruments granted in share based payment arrangement | 600,000 | ||||||||
Expense from equity settled share based payment transactions | € | € 2,047 | ||||||||
Expense from equity settled share based payment transactions, Unrecognized | € | € 1,680 | 1,680 | |||||||
Expense from equity settled share based payment transactions, Unrecognized, Expected terms of recognition | over the expected remaining vesting periods through 2023 | ||||||||
Risk free interest rate, Other equity instruments granted | 0.73% | ||||||||
Equity Settled Share Based Payments [Member] | Performance Share Units [Member] | Award With Vesting Tranches [Member] | Zegna Directors Excluding The CEO And Key Executives And Other Employees [Member] | |||||||||
Statements [Line Items] | |||||||||
Number of other equity instruments granted in share based payment arrangement | 900,000 | ||||||||
Expense from equity settled share based payment transactions | € | € 3,349 | ||||||||
Expense from equity settled share based payment transactions, Unrecognized | € | € 2,720 | € 2,720 | |||||||
Expected volatility, Other equity instruments granted | 30.00% | ||||||||
Risk free interest rate, Other equity instruments granted | 0.73% | ||||||||
Equity Settled Share Based Payments [Member] | Performance Share Units [Member] | Tranche One [Member] | |||||||||
Statements [Line Items] | |||||||||
Number of other equity instruments granted in share based payment arrangement | 240,000 | ||||||||
Description of vesting requirements for share based payment arrangement | 240,000 PSUs vest upon the satisfaction of the following conditions: (i) a public listing of the Company’s shares, and (ii) a Company share price of at least $11.50 for twenty consecutive trading days following the public listing and before December 31, 2023, and | ||||||||
Equity Settled Share Based Payments [Member] | Performance Share Units [Member] | Tranche One [Member] | Zegna Directors Excluding The CEO And Key Executives And Other Employees [Member] | |||||||||
Statements [Line Items] | |||||||||
Number of other equity instruments granted in share based payment arrangement | 450,000 | ||||||||
Description of vesting requirements for share based payment arrangement | 450,000 PSUs vest upon the satisfaction of the following conditions: (i) a public listing of the Company’s shares before December 31, 2021 and, (ii) a Company share price of at least $11.50 for ten consecutive trading days following the public listing and before December 31, 2023, and | ||||||||
Equity Settled Share Based Payments [Member] | Performance Share Units [Member] | Tranche Two [Member] | |||||||||
Statements [Line Items] | |||||||||
Number of other equity instruments granted in share based payment arrangement | 360,000 | ||||||||
Description of vesting requirements for share based payment arrangement | 360,000 PSUs vest upon the satisfaction of the following conditions: (i) a public listing of the Company’s shares, (ii) a Company share price of at least $12.50 for twenty consecutive trading days following the public listing and before December 31, 2023, and (iii) the CEO’s continued service with the Company from the award grant date until December 31, 2023. | ||||||||
Equity Settled Share Based Payments [Member] | Performance Share Units [Member] | Tranche Two [Member] | Zegna Directors Excluding The CEO And Key Executives And Other Employees [Member] | |||||||||
Statements [Line Items] | |||||||||
Number of other equity instruments granted in share based payment arrangement | 450,000 | ||||||||
Description of vesting requirements for share based payment arrangement | 450,000 PSUs vest upon the satisfaction of the following conditions: (i) a public listing of the Company’s shares before December 31, 2021, (ii) a Company share price of at least $12.50 for twenty consecutive trading days following the public listing and before December 31, 2023, and (iii) the recipient’s continued employment with the Company from the award grant date until December 31, 2023. | ||||||||
Equity Settled Share Based Payments [Member] | Performance Share Units [Member] | Top of range [member] | |||||||||
Statements [Line Items] | |||||||||
Share price, Other equity instruments granted | € / shares | € 9.13 | ||||||||
Expected volatility, Other equity instruments granted | 40.00% | ||||||||
Equity Settled Share Based Payments [Member] | Performance Share Units [Member] | Top of range [member] | Award With Vesting Tranches [Member] | |||||||||
Statements [Line Items] | |||||||||
Share price, Other equity instruments granted | $ / shares | € 7.85 | ||||||||
Expected volatility, Other equity instruments granted | 40.00% | ||||||||
Equity Settled Share Based Payments [Member] | Performance Share Units [Member] | Top of range [member] | Award With Vesting Tranches [Member] | Zegna Directors Excluding The CEO And Key Executives And Other Employees [Member] | |||||||||
Statements [Line Items] | |||||||||
Share price, Other equity instruments granted | $ / shares | 8.32 | ||||||||
Equity Settled Share Based Payments [Member] | Performance Share Units [Member] | Bottom of range [member] | |||||||||
Statements [Line Items] | |||||||||
Share price, Other equity instruments granted | € / shares | € 7.43 | ||||||||
Expected volatility, Other equity instruments granted | 30.00% | ||||||||
Equity Settled Share Based Payments [Member] | Performance Share Units [Member] | Bottom of range [member] | Award With Vesting Tranches [Member] | |||||||||
Statements [Line Items] | |||||||||
Share price, Other equity instruments granted | $ / shares | 6.53 | ||||||||
Expected volatility, Other equity instruments granted | 30.00% | ||||||||
Equity Settled Share Based Payments [Member] | Performance Share Units [Member] | Bottom of range [member] | Award With Vesting Tranches [Member] | Zegna Directors Excluding The CEO And Key Executives And Other Employees [Member] | |||||||||
Statements [Line Items] | |||||||||
Share price, Other equity instruments granted | $ / shares | € 7 | ||||||||
Equity Settled Share Based Payments [Member] | Share Option [Member] | |||||||||
Statements [Line Items] | |||||||||
Description of vesting requirements for share based payment arrangement | vests each year | ||||||||
Expense from equity settled share based payment transactions | € | € 2,938 | ||||||||
Equity Settled Share Based Payments [Member] | Following The Share Split [Member] | |||||||||
Statements [Line Items] | |||||||||
Number of share options outstanding in share based payment arrangement | 791,600 | 791,600 | |||||||
Exercise price of outstanding share options | € / shares | € 3.72 | € 3.72 | |||||||
Shares issued during period, Share option exercised | 791,600 | ||||||||
Associates [member] | Tom Ford [Member] | |||||||||
Statements [Line Items] | |||||||||
Provision of guarantees or collateral to entity, related party transactions | € | € 7,500 | ||||||||
Maturing month and year | March 2025 | ||||||||
Monterubello and Companies Controlled By Monterubello OrIts Shareholders Zegna Directors Or Senior Management [Member] | PKB Private bank AG [Member] | |||||||||
Statements [Line Items] | |||||||||
Expiration term of amounts payable, Related party transactions | March 2022 | ||||||||
Subsidiaries [member] | Agnona [Member] | Discontinued operations [member] | |||||||||
Statements [Line Items] | |||||||||
Proportion of ownership interest in subsidiary sold | 70.00% | 30.00% | |||||||
Consideration paid | € | € 1 | € 500 | |||||||
Key Management Excluding The CEO [Member] | Equity Settled Share Based Payments [Member] | Performance Share Units [Member] | Award With Vesting Tranches [Member] | Zegna Directors Excluding The CEO And Key Executives And Other Employees [Member] | |||||||||
Statements [Line Items] | |||||||||
Expense from equity settled share based payment transactions | € | € 1,023 | ||||||||
Monterubello [Member] | |||||||||
Statements [Line Items] | |||||||||
Stock Repurchased During Period, Shares | 54,600,000 | ||||||||
Stock Repurchased During Period, Value | € | € 455,000 | ||||||||
Gifts to employees | € | € 10,923 |
Related Party Transactions - Su
Related Party Transactions - Summary of Transactions with Related Parties (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of transactions between related parties [line items] | |||
Revenues | € 23,556 | € 25,322 | € 29,524 |
Costs | 15,102 | 14,841 | 20,178 |
Personnel costs | 1,284 | 860 | 1,014 |
Write down and other provisions | 6,150 | ||
Financial income (expenses) | (20,119) | 427 | 1,803 |
Zegna Group [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Revenues | 1,292,402 | 1,014,733 | 1,321,327 |
Costs | 663,238 | 537,495 | 681,498 |
Personnel costs | 367,762 | 282,659 | 331,944 |
Write down and other provisions | 19,487 | ||
Financial income (expenses) | 2,066 | (13,720) | (15,431) |
Associates [member] | |||
Disclosure of transactions between related parties [line items] | |||
Revenues | 23,096 | 25,092 | 29,503 |
Costs | 7,907 | 7,675 | 8,960 |
Financial income (expenses) | 596 | 471 | 1,847 |
Companies Controlled By Monterubello Or Its Shareholders Zegna Directors Or Senior Management [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Revenues | 460 | 230 | 21 |
Costs | 7,195 | 7,133 | 11,179 |
Write down and other provisions | 6,150 | ||
Financial income (expenses) | (40) | (44) | (44) |
Companies Controlled By Monterubello Or Its Shareholders Zegna Directors Or Senior Management [Member] | G Schneider SPA [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Revenues | 20 | 217 | 10 |
Costs | 5,623 | 6,683 | 9,815 |
Companies Controlled By Monterubello Or Its Shareholders Zegna Directors Or Senior Management [Member] | Agnona SRL [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Revenues | 373 | ||
Costs | (485) | ||
Write down and other provisions | 6,150 | ||
Companies Controlled By Monterubello Or Its Shareholders Zegna Directors Or Senior Management [Member] | Other Companies Controlled By Monterubello Or Its Shareholders Zegna Directors Or Senior Management [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Revenues | 9 | 13 | 11 |
Costs | 491 | 450 | 1,364 |
Financial income (expenses) | (40) | (44) | (44) |
Other related parties [member] | |||
Disclosure of transactions between related parties [line items] | |||
Costs | 33 | 39 | |
Personnel costs | 1,284 | 860 | 1,014 |
Financial income (expenses) | (20,675) | ||
Disposition Entities [Member] | Other Companies Controlled By Monterubello Or Its Shareholders Zegna Directors Or Senior Management [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Revenues | 58 | ||
Costs | 1,566 | ||
Tom Ford [Member] | Associates [member] | |||
Disclosure of transactions between related parties [line items] | |||
Revenues | 23,047 | 25,088 | 29,499 |
Costs | 7,730 | 7,673 | 8,958 |
Financial income (expenses) | 596 | 471 | 1,847 |
Filati Biagioli Modesto S P A [Member] | Associates [member] | |||
Disclosure of transactions between related parties [line items] | |||
Revenues | 49 | ||
Costs | € 177 | ||
Pelletteria Tizeta [Member] | Associates [member] | |||
Disclosure of transactions between related parties [line items] | |||
Revenues | 4 | 4 | |
Costs | € 2 | € 2 |
Related Party Transactions - _2
Related Party Transactions - Summary of Transactions with Related Parties (Parenthetical) (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of transactions between related parties [line items] | |||
Royalty costs, Related party transactions | € 4,095 | € 4,721 | |
Companies Controlled By Monterubello Or Its Shareholders Zegna Directors Or Senior Management [Member] | Agnona SRL [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Provision On Losses | € 6,006 | ||
Stock write down, Related party transactions | € 144 | ||
Subsidiaries [member] | Agnona SRL [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Proportion of ownership interest in subsidiary sold | 30.00% | ||
Tom Ford [Member] | Associates [member] | |||
Disclosure of transactions between related parties [line items] | |||
Royalty costs, Related party transactions | € 4,081 |
Related Party Transactions - _3
Related Party Transactions - Summary of Balances with Related Parties (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of transactions between related parties [line items] | ||
Trade receivables | € 22,413 | € 23,473 |
Other financial assets | 1,497 | 1,292 |
Other current assets | 10,923 | |
Financial liabilities | 5,000 | 7,146 |
Other liabilities | 2,706 | 571 |
Zegna Group [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade receivables | 160,360 | 138,829 |
Other financial assets | 375,752 | 399,426 |
Other current assets | 68,773 | |
Financial liabilities | 639,033 | 779,690 |
Other liabilities | 389,656 | 294,326 |
Associates [member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade receivables | 20,998 | 23,453 |
Other financial assets | 1,497 | 1,198 |
Other liabilities | 407 | 136 |
Other related parties [member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade receivables | 500 | |
Financial liabilities | 2,146 | |
Other liabilities | 171 | 61 |
Monterubello And Companies Controlled By Monterubello Or Its Shareholders Zegna Directors Or Senior Management [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade receivables | 915 | 20 |
Other financial assets | 94 | |
Other current assets | 10,923 | |
Financial liabilities | 5,000 | 5,000 |
Other liabilities | 2,128 | 374 |
Monterubello And Companies Controlled By Monterubello Or Its Shareholders Zegna Directors Or Senior Management [Member] | Agnona SRL [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade receivables | 642 | |
Other liabilities | 122 | |
Monterubello And Companies Controlled By Monterubello Or Its Shareholders Zegna Directors Or Senior Management [Member] | Monterubello [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Other current assets | 10,923 | |
Monterubello And Companies Controlled By Monterubello Or Its Shareholders Zegna Directors Or Senior Management [Member] | G Schneider SPA [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade receivables | 12 | 18 |
Other liabilities | 516 | 323 |
Monterubello And Companies Controlled By Monterubello Or Its Shareholders Zegna Directors Or Senior Management [Member] | PKB Privatbank AG [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Financial liabilities | 5,000 | 5,000 |
Monterubello And Companies Controlled By Monterubello Or Its Shareholders Zegna Directors Or Senior Management [Member] | Other Companies Controlled By Monterubello Or Its Shareholders Zegna Directors Or Senior Management [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade receivables | 13 | 2 |
Other financial assets | 94 | |
Other liabilities | 242 | 51 |
Disposition Entities [Member] | Monterubello and Companies Controlled By Monterubello OrIts Shareholders Zegna Directors Or Senior Management [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade receivables | 248 | |
Other liabilities | 1,248 | |
Tom Ford [Member] | Associates [member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade receivables | 20,939 | 23,453 |
Other financial assets | 1,497 | 1,198 |
Other liabilities | 344 | € 136 |
Filati Biagioli Modesto S P A [Member] | Associates [member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade receivables | 59 | |
Other liabilities | € 63 |
Related Party Transactions - _4
Related Party Transactions - Summary of Balances with Related Parties (Parenthetical) (Details) - EUR (€) | Dec. 20, 2021 | Dec. 31, 2021 |
Disclosure of transactions between related parties [line items] | ||
Description of gift owed | a Euro 1,500 special gift to each employee | a Euro 1,500 special gift to each employee |
Value of gift owed | € 10,916,000 | |
Face amount of one time gift owed to each employee | € 1,500 |
Related Party Transactions - _5
Related Party Transactions - Summary of Remuneration Of And Outstanding Balances With Zegna Directors And Key Executives With Strategic Responsibilities (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Remuneration Of And Outstanding Balances With Key Management Personnel [Line Items] | |||
Short-term employee benefits | € 16,853 | € 9,414 | € 11,790 |
Post-employment benefits | 4,012 | 736 | 956 |
Share-based payments | 14,012 | (9,975) | 1,016 |
Dividends | 0 | 1,116 | 1,465 |
Other long-term benefits | 8,702 | 0 | 0 |
Purchase of investments | 0 | 0 | 1,762 |
Key management personnel of entity or parent [member] | |||
Disclosure Of Remuneration Of And Outstanding Balances With Key Management Personnel [Line Items] | |||
Employee benefits | 12,865 | 538 | 526 |
Other non current financial liabilities | 135,726 | 198,046 | 214,389 |
Other current liabilities | 7,990 | 991 | 1,193 |
Non-current financial assets | € 2,219 | € 0 | € 0 |
Notes to consolidated cash fl_2
Notes to consolidated cash flow statement - Additional Information (Detail) € in Thousands | 12 Months Ended |
Dec. 31, 2021EUR (€)shares | |
Notes To Consolidated Cash Flow Statement [Line Items] | |
Non cash share based compensation | € 16,290 |
Costs Related To The Business Combination [Member] | Zegna [Member] | |
Notes To Consolidated Cash Flow Statement [Line Items] | |
Share issue related cost | 114,963 |
Costs Related To The Business Combination [Member] | IIAC [Member] | |
Notes To Consolidated Cash Flow Statement [Line Items] | |
Share issue related cost | € 37,906 |
Stock issued during period shares new shares issued | shares | 5,031,250 |
Subsequent events - Additional
Subsequent events - Additional Information (Detail) € in Thousands, $ in Thousands | Mar. 15, 2022EUR (€) | Mar. 11, 2022USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of non-adjusting events after reporting period [line items] | |||||
Percentage of entity's revenue | 1.50% | 2.00% | 1.50% | ||
Commencement of major litigation [member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Wholesale price of luxury goods | $ | $ 1,000 | ||||
Price limit of luxury goods | € | € 300 |