Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2022 |
Current Fiscal Year End Date | --12-31 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-41180 |
Entity Registrant Name | Ermenegildo Zegna N.V. |
Entity Incorporation, State or Country Code | P7 |
Entity Address, Address Line One | Viale Roma 99/100 |
Entity Address, Postal Zip Code | 13835 |
Entity Address, Address Line Two | Valdilana loc. |
Entity Address, City or Town | Trivero |
Entity Address, Country | IT |
Title of 12(b) Security | Ordinary Shares |
Trading Symbol | ZGN |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 242,802,746 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Entity Central Index Key | 0001877787 |
Document Fiscal Year Focus | 2022 |
Amendment Flag | false |
Document Fiscal Period Focus | FY |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | Viale Roma 99/100 |
Entity Address, Postal Zip Code | 13835 |
Entity Address, Address Line Two | Valdilana loc. |
Entity Address, City or Town | Trivero |
Entity Address, Country | IT |
Contact Personnel Name | Gianluca Ambrogio Tagliabue |
Contact Personnel Fax Number | 39 015756139 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Name | Deloitte & Touche S.p.A. |
Auditor Location | Turin Italy |
Auditor Firm ID | 1376 |
Consolidated Statement Of Profi
Consolidated Statement Of Profit And Loss - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Profit or loss [abstract] | |||
Revenues | € 1,492,840 | € 1,292,402 | € 1,014,733 |
Other income | 13,949 | 8,260 | 5,373 |
Cost of raw materials and consumables | (311,320) | (309,609) | (250,569) |
Purchased, outsourced and other costs | (437,928) | (353,629) | (286,926) |
Personnel costs | (395,087) | (367,762) | (282,659) |
Depreciation, amortization and impairment of assets | (173,521) | (163,367) | (185,930) |
Write downs and other provisions | (14) | (19,487) | (6,178) |
Other operating costs | (41,142) | (180,836) | (30,399) |
Operating Profit/(Loss) | 147,777 | (94,028) | (22,555) |
Financial income | 13,320 | 45,889 | 34,352 |
Financial expenses | (54,346) | (43,823) | (48,072) |
Foreign exchange (losses)/gains | (7,869) | (7,791) | 13,455 |
Result from investments accounted for using the equity method | 2,199 | 2,794 | (4,205) |
Impairments of investments accounted for using the equity method | 0 | 0 | (4,532) |
Profit/(Loss) before taxes | 101,081 | (96,959) | (31,557) |
Income taxes | (35,802) | (30,702) | (14,983) |
Profit/(Loss) | 65,279 | (127,661) | (46,540) |
Attributable to: | |||
Shareholders of the Parent Company | 51,482 | (136,001) | (50,577) |
Non-controlling interests | € 13,797 | € 8,340 | € 4,037 |
Basic earnings per share in Euro (in EUR per share) | € 0.22 | € (0.67) | € (0.25) |
Diluted earnings per share in Euro (in EUR per share) | € 0.21 | € (0.67) | € (0.25) |
Consolidated Statement Of Compr
Consolidated Statement Of Comprehensive Income And Loss - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of comprehensive income [abstract] | |||
Net income / (loss) | € 65,279 | € (127,661) | € (46,540) |
Items that will be subsequently reclassified to the statement of profit and loss: | |||
Foreign currency exchange differences arising from the translation of foreign operations | 10,098 | 40,324 | (36,435) |
Net gain/(loss) from cash flow hedges | 21,744 | (6,344) | 649 |
Net (loss)/gain from financial instruments measured at fair value | (1,482) | 444 | 287 |
Items that will not be subsequently reclassified to the statement of profit and loss: | |||
Net actuarial gain/(loss) from defined benefit plans | 1,092 | (397) | 499 |
Total other comprehensive income/(loss), net of tax | 31,452 | 34,027 | (35,000) |
Total comprehensive income/(loss) | 96,731 | (93,634) | (81,540) |
Attributable to: | |||
Shareholders of the Parent Company | 82,908 | (102,106) | (85,389) |
Non-controlling interests | € 13,823 | € 8,472 | € 3,849 |
Consolidated Statement Of Finan
Consolidated Statement Of Financial Position - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Non-current assets | ||
Intangible assets | € 455,908 | € 425,220 |
Property, plant and equipment | 126,139 | 111,474 |
Right-of-use assets | 375,508 | 370,470 |
Investments accounted for using the equity method | 22,648 | 22,447 |
Deferred tax assets | 124,627 | 108,210 |
Other non-current financial assets | 36,240 | 35,372 |
Total non-current assets | 1,141,070 | 1,073,193 |
Current assets | ||
Inventories | 410,851 | 338,475 |
Trade receivables | 177,213 | 160,360 |
Derivative financial instruments | 22,454 | 1,786 |
Tax receivables | 15,350 | 14,966 |
Other current financial assets | 320,894 | 340,380 |
Other current assets | 84,574 | 68,773 |
Cash and cash equivalents | 254,321 | 459,791 |
Total current assets | 1,285,657 | 1,384,531 |
Total assets | 2,426,727 | 2,457,724 |
Liabilities and Equity | ||
Share capital | 5,939 | 5,939 |
Retained earnings | 528,320 | 498,592 |
Other reserves | 144,690 | 96,679 |
Equity attributable to shareholders of the Parent Company | 678,949 | 601,210 |
Equity attributable to non-controlling interests | 53,372 | 43,094 |
Total equity | 732,321 | 644,304 |
Non-current liabilities | ||
Non-current borrowings | 184,880 | 471,646 |
Other non-current financial liabilities | 178,793 | 167,387 |
Non-current lease liabilities | 332,050 | 331,409 |
Non-current provisions for risks and charges | 19,581 | 44,555 |
Employee benefits | 51,584 | 42,263 |
Deferred tax liabilities | 60,534 | 53,844 |
Total non-current liabilities | 827,422 | 1,111,104 |
Current liabilities | ||
Current borrowings | 286,175 | 157,292 |
Other current financial liabilities | 37,258 | 33,984 |
Current lease liabilities | 111,457 | 106,643 |
Current derivative financial liabilities | 2,362 | 14,138 |
Current provisions for risks and charges | 13,969 | 14,093 |
Trade payables and customer advances | 270,936 | 223,037 |
Tax liabilities | 25,999 | 28,773 |
Other current liabilities | 118,828 | 124,356 |
Total current liabilities | 866,984 | 702,316 |
Total equity and liabilities | € 2,426,727 | € 2,457,724 |
Consolidated Cash Flow Statemen
Consolidated Cash Flow Statement - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating activities | |||
Profit/(Loss) | € 65,279 | € (127,661) | € (46,540) |
Income taxes | 35,802 | 30,702 | 14,983 |
Depreciation, amortization and impairment of assets | 173,521 | 163,367 | 185,930 |
Financial income | (13,320) | (45,889) | (34,352) |
Financial expenses | 54,346 | 43,823 | 48,072 |
Foreign exchange losses/(gains) | 7,869 | 7,791 | (13,455) |
Write downs and other provisions | 14 | 19,487 | 6,178 |
Write downs of the provision for obsolete inventory | 28,561 | 29,600 | 37,735 |
Result from investments accounted for using the equity method | (2,199) | (2,794) | 4,205 |
Impairments of investments accounted for using the equity method | 0 | 0 | 4,532 |
(Gains)/Losses arising from the disposal of fixed assets | (1,124) | 1,153 | 1,091 |
Other non-cash expenses/(income), net | 23,063 | 230,812 | (27,698) |
Change in inventories | (103,112) | (27,554) | (39,486) |
Change in trade receivables | (15,623) | (12,294) | 35,675 |
Change in trade payables including customer advances | 43,511 | 31,426 | (38,485) |
Change in current and non-current provisions for risks and charges | (29,102) | (5,498) | (4,633) |
Change in employee benefits | (8,676) | (13,456) | (2,360) |
Change in other operating assets and liabilities | (38,216) | 38,927 | (3,038) |
Interest paid | (24,938) | (17,487) | (21,023) |
Income taxes paid | (49,258) | (63,300) | (36,425) |
Net cash flows from operating activities | 146,398 | 281,155 | 70,906 |
Investing activities | |||
Payments for property plant and equipment | (49,114) | (79,699) | (27,630) |
Proceeds from disposals of property plant and equipment | 0 | 3,791 | 1,125 |
Payments for intangible assets | (24,185) | (14,627) | (11,524) |
Proceeds from disposals of non-current financial assets | 2,585 | 1,536 | 45,979 |
Payments for purchases of non-current financial assets | (111) | (4,431) | 0 |
Proceeds from disposals of current financial assets and derivative instruments | 46,487 | 92,021 | 253,201 |
Payments for acquisitions of current financial assets and derivative instruments | (32,412) | (76,058) | (166,334) |
Business combinations, net of cash acquired | (585) | (4,224) | (2,245) |
Acquisition of investments accounted for using the equity method | 0 | (313) | 0 |
Net cash flows (used in)/from investing activities | (57,335) | (82,004) | 92,572 |
Financing activities | |||
Proceeds from borrowings | 0 | 123,570 | 265,352 |
Repayments of borrowings | (159,719) | (160,210) | (221,029) |
Repayments of other non-current financial liabilities | (3,919) | (4,287) | 0 |
Payments of lease liabilities | (121,633) | (100,611) | (90,699) |
Proceeds from capital contribution from Monterubello | 10,923 | 0 | 0 |
Sale of shares held in treasury | 3,390 | 6,343 | 0 |
Purchase of own shares | 0 | (384) | (945) |
Dividends to owners of the parent | (21,852) | (102) | 0 |
Dividends paid to non-controlling interests | (4,187) | (548) | (1,731) |
Purchase of own shares from Monterubello | 0 | (455,000) | 0 |
Proceeds from issuance of ordinary shares upon Business Combination | 0 | 310,739 | 0 |
Proceeds from issuance of ordinary shares to PIPE Investors | 0 | 331,385 | 0 |
Payments of transaction costs related to the Business Combination | 0 | (48,475) | 0 |
Cash distributed as part of the Disposition | 0 | (26,272) | 0 |
Payments for acquisition of non-controlling interests | 0 | (40,253) | 0 |
Net cash flows used in financing activities | (296,997) | (64,105) | (49,052) |
Effects of exchange rate changes on cash and cash equivalents | 2,464 | 7,454 | (7,761) |
Net (decrease)/increase in cash and cash equivalents | (205,470) | 142,500 | 106,665 |
Cash and cash equivalents at beginning of period | 459,791 | 317,291 | 210,626 |
Cash and cash equivalents at end of period | € 254,321 | € 459,791 | € 317,291 |
Consolidated Statement Of Chang
Consolidated Statement Of Changes In Equity - EUR (€) € in Thousands | Total | Share capital | Retained earnings | Other reserves | Currency translation reserve | Cash flow hedge reserve | Reserve for 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 |
At beginning of period at Dec. 31, 2019 | € 729,754 | € 4,300 | € 944,489 | € (268,927) | € 11,614 | € (2,862) | € 202 | € (44) | € 688,772 | € 40,982 |
Profit/(Loss) | (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 | |||||
At end of period at Dec. 31, 2020 | 645,034 | 4,300 | 893,236 | (269,871) | (24,660) | (2,225) | 741 | 243 | 601,764 | 43,270 |
Profit/(Loss) | (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 | |||||||
Sale of treasury shares, net | 5,959 | 5,959 | 5,959 | |||||||
Assignment of treasury shares | (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) | ||||
At end of period at Dec. 31, 2021 | 644,304 | 5,939 | 498,592 | 108,974 | (4,928) | (8,365) | 311 | 687 | 601,210 | 43,094 |
Profit/(Loss) | 65,279 | 51,482 | 51,482 | 13,797 | ||||||
Other comprehensive income/(loss) | 31,452 | 10,223 | 21,744 | 941 | (1,482) | 31,426 | 26 | |||
Dividends | (26,039) | (21,852) | (21,852) | (4,187) | ||||||
Sale of treasury shares, net | 3,826 | 3,826 | 3,826 | |||||||
Share-based payments | 13,579 | 13,579 | 13,579 | |||||||
Other changes | (80) | 98 | (820) | (722) | 642 | |||||
At end of period at Dec. 31, 2022 | € 732,321 | € 5,939 | € 528,320 | € 125,559 | € 5,295 | € 13,379 | € 1,252 | € (795) | € 678,949 | € 53,372 |
General information
General information | 12 Months Ended |
Dec. 31, 2022 | |
General Information [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 ) under the laws of the Netherlands. The Company is domiciled in Amsterdam, the Netherlands, and the Company’s registered office is Viale Roma 99/100, Valdilana (Biella), Italy. 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 luxury textile and knitwear business. Since its foundation in 1910 through Lanificio Ermenegildo Zegna e Figli S.p.A. in Valdilana (BI), Italy, Zegna has expanded beyond luxury textile production to ready-to-wear products and accessories to become a highly recognized luxury lifestyle group. The Group designs, manufactures, markets and distributes luxury menswear, footwear, leather goods and other accessories under the Zegna and the Thom Browne brands, and luxury womenswear and childrenswear under the Thom Browne brand. The Group’s product range is complemented by eyewear, cufflinks and jewelry, watches, underwear and beachwear manufactured by third parties under licenses. The Group’s business covers the entire value chain as a result of its design, manufacturing and distribution business and the Group has a significant international presence through the retail channel, consisting of directly operated single-brand stores (“Directly Operated Stores” or “DOS”) and online stores, as well as through the wholesale channel, represented by multi-brand stores, luxury department stores and major international airports. Business Combination and other transactions in 2021 On December 17, 2021, Zegna closed the previously announced business combination pursuant to a business combination agreement, dated as of July 18, 2021, as amended, by and among Zegna, Investindustrial Acquisition Corp. (“IIAC”) and EZ Cayman, a wholly-owned subsidiary of Zegna (“Zegna Merger Sub”), through a series of transactions as described below (the “Business Combination”). Effective November 1, 2021, Ermenegildo Zegna Holditalia S.p.A. transferred its activities related to design and style, brand, marketing, planning, retail management, human resources, finance and accounting, legal, information technology and internal audit and compliance, and transferred 197 employees out of a total 212 employees to EZ Service S.r.l. (“EZ Service”), a limited liability company based in Italy that was incorporated on October 1, 2021 and is fully owned by Ermenegildo Zegna NV. Subsequent to this transfer the Company’s activities are primarily limited to holding investments in the subsidiaries of the Zegna group and conducting certain administrative, treasury, internal control and investor relations activities. Also on November 1, 2021, Ermenegildo Zegna Holditalia S.p.A. completed the disposition of certain of its businesses (the “Disposition”), through the statutory demerger under Italian law to a new company owned by its existing shareholders. The Disposition included, inter alia, Ermenegildo Zegna Holditalia S.p.A.’s real estate business, consisting of its former subsidiary EZ Real Estate S.r.l. (“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 Ermenegildo Zegna e Figli S.p.A. (“Lanificio”), and its 10% equity interest in Elah Dufour S.p.A. 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. 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) and transferred its legal seat from Italy to the Netherlands and amended its articles of association, upon which the Company changed its name to Ermenegildo Zegna N.V. (the “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”), as a result of which: (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 €397.8 million measured based on the closing price of IIAC’s shares of $10.14 per share on December 17, 2021; (c) 13,416,637 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 €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 €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”). The Escrow Shares were measured in accordance with IFRS 2 - Share-Based Payment (“IFRS 2”) using a Monte Carlo simulation model, amounting to a total of €37,906 thousand; • Pursuant to certain agreements between Zegna and IIAC, the private investment in public equity investors (“PIPE Investors”) subscribed to an aggregate of 37,500,000 Zegna ordinary shares for an aggregate purchase price of €331.4 million; • Zegna repurchased 54,600,000 of its ordinary shares from the Group’s controlling shareholder, Monterubello s.s. (hereinafter “Monterubello”), in exchange for consideration of €455.0 million. • Transaction costs incurred by the Group in relation to the Business Combination amounted to €51.4 million (€2.9 million of which were paid in 2022), of which €17.3 million were recognized directly within equity and €34.1 million were recognized in the consolidated statement of profit and loss for the year ended December 31, 2021. The following table shows a breakdown of the net cash proceeds in 2021 from the Business Combination: (€ 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 was accounted for as a capital reorganization in accordance with International Financial Reporting Standards. For accounting purposes, the Business Combination was treated as the equivalent of the Company issuing shares for the net assets of IIAC, which were 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 €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, 2022 | |
Basis of Preparation [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 5, 2023. 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 and loss, 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 and loss 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 notes to the consolidated financial statements comprise a summary of the significant accounting policies and other explanatory information. 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. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | 3. Summary of significant accounting policies New standards and amendments applicable from January 1, 2022 The Group adopted amendments to IFRS 3 — Business combinations , which update a reference in IFRS 3 to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations. There was no effect from the adoption of these amendments. The Group adopted amendments to IAS 16 — Property, Plant and Equipment , which prohibit a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. Instead, a company should recognize such sales proceeds and the related cost in the income statement. There was no effect from the adoption of these amendments. The Group adopted amendments to IAS 37 — Provisions, Contingent Liabilities and Contingent Assets , which specify which costs a company includes when assessing whether a contract will be loss-making. There was no effect from the adoption of these amendments. The Group adopted Annual Improvements to IFRSs 2018—2020 Cycle . The improvements have amended four standards: i) IFRS 1 — First-time Adoption of International Financial Reporting Standards in relation to allowing a subsidiary to measure cumulative translation differences using amounts reported by its parent, ii) IFRS 9 — F inancial Instruments (“IFRS 9”) in relation to which fees an entity includes when applying the ‘10 percent’ test for derecognition of financial liabilities, iii) IAS 41 — Agriculture in relation to the exclusion of taxation cash flows when measuring the fair value of a biological asset, and iv) IFRS 16 — Leases (“IFRS 16”) in relation to an illustrative example of reimbursement for leasehold improvements. There was no effect from the adoption of these amendments. New standards, amendments and interpretations not yet effective The standards, amendments and interpretations issued by the IASB that will have mandatory application in 2023 or subsequent years are listed below: In May 2017 the IASB issued IFRS 17 — Insurance Contracts , which establishes principles for the recognition, measurement, presentation and disclosure of insurance contracts issued as well as guidance relating to reinsurance contracts held and investment contracts with discretionary participation features issued. In June 2020 the IASB issued amendments to IFRS 17 aimed at helping companies implement IFRS 17 and make it easier for companies to explain their financial performance. The new standard and amendments are effective on or after January 1, 2023. The Group does not expect any material impact from the adoption of this standard or the amendments. In January 2020 the IASB issued amendments to IAS 1 — Presentation of Financial Statements : Classification of Liabilities as Current or Non-Current to clarify how to classify debt and other liabilities as current or non-current, and in particular how to classify liabilities with an uncertain settlement date and liabilities that may be settled by converting to equity. These amendments are effective on or after January 1, 2024. The Group does not expect any material impact from the adoption of these amendments. In June 2020 the IASB issued amendments to IFRS 4 — Insurance Contracts which defer the expiry date of the temporary exemption from applying IFRS 9 to annual periods beginning on or after January 1, 2023. The Group does not expect any impact from the adoption of these amendments. In February 2021 the IASB issued amendments to IAS 1 — Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting Policies which require companies to disclose their material accounting policy information rather than their significant accounting policies and provide guidance on how to apply the concept of materiality to accounting policy disclosures. These amendments are effective on or after January 1, 2023. The Group does not expect any material impact from the adoption of these amendments. In February 2021 the IASB issued amendments to IAS 8 — Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates which clarify how companies should distinguish changes in accounting policies from changes in accounting estimates. These amendments are effective on or after January 1, 2023. The Group does not expect any material impact from the adoption of these amendments. In May 2021 the IASB issued amendments to IAS 12 — Income Taxes : Deferred Tax related to Assets and Liabilities Arising From a Single Transaction that clarify how companies account for deferred tax on transactions such as leases and decommissioning obligations. These amendments are effective on or after January 1, 2023. The Group does not expect any material impact from the adoption of these amendments. In December 2021 the IASB issued amendments to IFRS 17 — Insurance Contracts: Initial Application of IFRS 17 and IFRS 9 - Comparative Information , which provide a transition option relating to comparative information about financial assets presented on initial application of IFRS 17. The amendments are aimed at helping entities to avoid temporary accounting mismatches between financial assets and insurance contract liabilities, and therefore improve the usefulness of comparative information for users of financial statements. These amendments are effective on or after January 1, 2023. The Group does not expect any material impact from the adoption of these amendments. In September 2022 the IASB issued amendments to IFRS 16 — Leases : Liability in a Sale and Leaseback to improve the requirements for sale and leaseback transactions, which specify the measurement of the liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognize any amount of the gain or loss that relates to the right of use it retains. These amendments are effective on or after January 1, 2024. The Group does not expect any material impact from the adoption of these amendments. In October 2022 the IASB issued amendments to IAS 1 — Presentation of Financial Statements : Non-current Liabilities with Covenants, that clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. These amendments are effective on or after January 1, 2024. The Group does not expect any material impact from the adoption of these amendments. 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 interests in the former subsidiary and recognizes the fair value of any consideration received from the transaction. Any retained interest in the former subsidiary is then remeasured to its fair value. The Group recognizes any non-controlling interests (“NCI”) in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interests’ share of the acquiree’s identifiable net assets. Net profit or loss and each component of other comprehensive income/(loss) are attributed to the owners of the parent and to the non-controlling interests. 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) and accumulated in the currency translation reserve until the disposal of the investment, at which date the accumulated amount is reclassified to profit/(loss). 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 following table presents the principal foreign currency exchange rates used by the Group to translate other currencies into Euro: 2022 2021 2020 At December 31, Average At December 31, Average At December 31, Average U.S. Dollar 1.067 1.053 1.133 1.183 1.227 1.142 Swiss Franc 0.985 1.005 1.033 1.081 1.080 1.070 Chinese Renminbi 7.358 7.079 7.195 7.629 8.023 7.874 Pound Sterling 0.887 0.853 0.840 0.860 0.899 0.890 Hong Kong Dollar 8.316 8.245 8.833 9.193 9.514 8.857 Singapore Dollar 1.430 1.451 1.528 1.589 1.622 1.574 United Arab Emirates Dirham 3.917 3.867 4.160 4.344 4.507 4.194 Japanese Yen 140.660 138.027 130.380 129.877 126.490 121.832 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, 2022 and 2021: Company Registered office Share capital (functional currency) Held directly by % Group At December 31, 2022 2021 Companies consolidated on a line-by-line basis 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 % 100 % Ezi S.p.A. Milan 5,750,000 Ermenegildo Zegna N.V. 100 % 100 % EZ Service S.r.l. Valdilana (BI) 500,000 Ermenegildo Zegna N.V. 100 % 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 % 90 % Thom Browne Retail Italy S.r.l. Milan 10,000 Thom Browne Services Italy S.r.l. 90 % 90 % 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 % 60 % Foreign subsidiaries Investindustrial Acquisition Corp. (“IIAC”) Cayman Islands 5,614 Ermenegildo Zegna N.V. 100 % 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 (Japan) 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 % 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 % Company Registered office Share capital (functional currency) Held directly by % Group At December 31, 2022 2021 Ismaco Amsterdam B.V. Amsterdam (Netherlands) 226,890 Ermenegildo Zegna N.V. 100 % 100 % Ermenegildo Zegna Far-East Pte LTD Singapore 21,776,432 Consitex S.A. 100 % 100 % Ermenegildo Zegna Hong Kong LTD Hong Kong 538,240,000 Ermenegildo Zegna N.V. 100 % 100 % E.Z. Trading (Hong Kong) LTD Hong Kong 58,620,000 Ermenegildo Zegna N.V. 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 Pte LTD 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) 9,421,014 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 Pte LTD 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 Amsterdam B.V. 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 Pte LTD 100 % 100 % Ermenegildo Zegna Maroc S.A.R.L.A.U. Casablanca (Morocco) 530,000 Ermenegildo Zegna N.V. 100 % 100 % Ermenegildo Zegna Vietnam LLC Hanoi City (Vietnam) 132,294,900,000 Ermenegildo Zegna N.V. 90 % 77 % 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 Societé Anonyme Athens (Greece) 650,000 Ermenegildo Zegna N.V. 100 % 100 % Zegna for Retail of Readymade and Novelty Clothes W.L.L. Kuwait City (Kuwait) 125,000 Zegna Gulf Trading LLC 49 % — % Thom Browne Inc. Wilmington (U.S.A.) 5,510 Ermenegildo Zegna N.V. 90 % 90 % Thom Browne Japan Inc. Tokyo (Japan) 1,000,000 Thom Browne Inc. 90 % 90 % Thom Browne Trading SA Stabio (Switzerland) 100,000 Thom Browne Inc. 90 % 90 % Thom Browne France Services Paris (France) 50,000 Thom Browne Trading SA 90 % 90 % Thom Browne UK Limited Beckenham (UK) 1 Thom Browne Trading SA 90 % 90 % Thom Browne (China) Co., Ltd. (*) Shanghai (China) 900,000 Thom Browne Trading SA 90 % 90 % Thom Browne (Macau) Limited Hong Kong 500,000 Thom Browne Trading SA 90 % 90 % Thom Browne Canada Vancouver (Canada) 100 Thom Browne Trading SA 90 % 90 % Thom Browne Hong Kong Limited Hong Kong 500,000 Thom Browne Trading SA 90 % 90 % Thom Browne Eyewear (T.B.E.) SA Stabio (Switzerland) 1,000,000 Thom Browne Trading SA 90 % — % Thom Browne Eyewear France SAS Paris (France) 40,000 Thom Browne Eyewear SA 90 % — % Investments accounted for using the equity method 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.r.l. Montale (PT) 7,900,000 Ermenegildo Zegna N.V. 40 % 40 % Foreign associates and joint arrangements Tom Ford International LLC Delaware (U.S.A.) 82,366,000 EZ US Holding Inc. 15 % 15 % Other investments valued at fair value Company Registered office Share capital (functional currency) Held directly by % Group At December 31, 2022 2021 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 % 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. 29 % 29 % Consorzio Re.Crea Milan 660,000 Ermenegildo Zegna N.V. 17 % — % _________________ (*) Formerly known as Tailoring Luxury Co. Ltd. The following changes in the scope of consolidation of the Group occurred during the year ended December 31, 2022: • In March 2022, Thom Browne Eyewear (T.B.E.) SA, a limited liability company based in Switzerland and fully owned by Thom Browne Trading SA, was incorporated, primarily to manage the design, production, and sale of eyewear, jewelry and similar products. The Group held a 90% interest in the company at December 31, 2022. • In June 2022, the Group acquired an additional 13.9% interest in Ermenegildo Zegna Vietnam LLC through a capital increase of €2,232 thousand, following which the Group owns 90.5% of the company (76.6% at December 31, 2021). • In August 2022, Zegna for Retail of Readymade and Novelty Clothes W.L.L., a limited liability company fully owned by Zegna Gulf Trading LLC, was incorporated, primarily to manage the operating activities in Kuwait. The Group held a 49% interest in the company at December 31, 2022. • In August 2022, Consorzio Re. Crea was founded by the Group together with other leading companies and groups within the fashion industry in order to manage end-of-life of textile and fashion products and with a view to promote research and development of innovative recycling solutions. The Group held a 16.7% interest in the company at December 31, 2022. • In December 2022, Thom Browne Eyewear France SAS, a limited liability company based in France and fully owned by Thom Browne Eyewear SA, was incorporated, primarily to provide consultancy and management services in the business of sales of eyewear and accessories as well as to ensure the conformity of such products according to European regulations. The Group held a 90% interest in the company at December 31, 2022. 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. Any gain or loss on disposal of property, plant and equipment is recognized in profit or loss. Intangible assets with an indefinite useful life Goodwill Goodwill on acquisitions of subsidiaries is initially recognized in accordance with IFRS 3 — Business Combinations , as further described below, and is recorded within intangible assets. In accordance with IAS 36 — Impairment of assets (“IAS 36”), goodwill is not amortized and is tested for impairment annually, or more frequently if facts or circumstances indicate that the asset may be impaired. Goodwill is allocated to each of the Group’s CGUs (or groups of CGUs) expected to benefit from the synergies of the combination. CGUs (or groups of CGUs) to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired, in order to verify that the recoverable amount of the CGU (or groups of CGUs) is not less than the carrying amount of the CGU (or groups of CGUs). 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 discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Brands with an indefinite useful lives Brands with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses. 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 asset without physical substance, controlled by the Group and capable of producing future economic benefits is recognized as intangible assets. 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 by the Group which meet the relevant criteria in IAS 38 — Intangible Assets (“IAS 38”) are capitalized and amortized on a straight-line basis over their useful lives. 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 in IAS 38 are met: (i) that development costs can be measured reliably and (ii) that the technical feasibility of the product, volumes and pricing support the view that the development expenditure will generate future economic benefits. Capitalized development costs include all direct and indirect costs that may be directly attributed to the development process. All other research and development costs are expensed as incurred. 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% - 25.0% Software 10% - 33% Know how 20% Development costs and other intangibles 10% - 33% The Group continuously monitors its operations to assess whether there is any indication that its intangible assets with a definite useful life (including intangible assets in progress) are impaired. See “ —Impairment of non-current assets ” below for additional information . 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. Right-of-use assets are depreciated on a straight-line basis over the lease term or, if shorter, the useful life of the asset. Right-of-use assets are measured at cost comprising the following: (i) the amount of the initial measurement of lease liability; (ii) any lease payments made at or before the commencement date less any lease incentives received; (iii) any initial direct costs and, if applicable, (iv) restoration costs. Payments associated with short- term leases (less than 12 months at inception) and leases of low-value assets are recognized as an expense in the statement of profit and loss on a straight-line basis. 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 components that may be included in the related contracts. Lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the Group’s incremental borrowing rate is used, being the rate that the Group would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. 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 period of a lease, together with the periods covered by (i) an option to extend if the lessee is reasonably certain to extend or periods after an optional termination date if the lessee is reasonably certain not to terminate early. Management evaluates the exercise of the option if it’s considered “reasonably certain” based on several factors and circumstances that create an incentive for the lessee to exercise, or not to exercise the option, including any expected changes in facts and circumstances from the commencement date until the exercise date of the option. The Group subleases certain spaces to third parties. The accounting for the right-of-use asset depends on the classification of the sublease, while the accounting for the head lease liability remains unchanged. For sublease classified as finance lease, the Group derecognizes the right-of-use asset (to the extent that it is subject to the sublease) and recognizes a lease receivable. If the sublease is classified as an operating lease, the Group continues to recognize the right-of-use asset. Operating income from the sublease is recognized on a straight-line basis over the term of the agreement Impairment of non-current assets The Group continuously monitors its operations to assess whether there is any indication that its non-current assets are impaired, including goodwill, brands with an indefinite useful life, intangible assets with a definite useful life (including intangible assets in progress), property, plant and equipment and right-of-use assets. Goodwill, brands with an indefinite useful life and intangible assets in progress are tested for impairment annually or more frequently, if there is an indication that they may be impaired. If impairment indicators are present, the carrying amount of the asset is reduced to its recoverable amount, which is the higher of its (i) fair value less costs of disposal and (ii) value in use. The recoverable amount is determined for the individual asset, unless the asset does not generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets, in which case the asset is tested as part of the CGU to which the asset belongs. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. The Group identifies each DOS as a separate CGU. New DOS require a start-up period before they achieve the expected level of profitability, which generall |
Key sources of estimation uncer
Key sources of estimation uncertainty, use of estimates and critical accounting judgments | 12 Months Ended |
Dec. 31, 2022 | |
Use of Estimates [Abstract] | |
Key sources of estimation uncertainty, use of estimates and critical accounting judgments | 4. Key sources of estimation uncertainty, use of estimates and critical accounting judgments The preparation of the Consolidated Financial Statements in accordance with IFRS requires the use of estimates and assumptions, and may involve the application of judgment in applying the Group’s accounting policies, 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 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. Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty, 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 and in the related notes. Impairment of non-current assets with definite useful lives Non-current assets with definite useful lives include property, plant and equipment, right-of-us assets and intangible assets. The Group periodically reviews the carrying amount of non-current assets with definite useful lives when events and circumstances indicate that an asset may be impaired. Impairment tests are performed by comparing the carrying amount and the recoverable amount of the CGU. The recoverable amount is the higher of the CGU’s fair value less costs of disposal and its value in use. In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the CGU. For additional information please refer to Note 17 — Intangible assets, Note 18 — Property plant and equipment and Note 19 — Right-of-use assets. Recoverability of goodwill and brands with indefinite useful life In accordance with IAS 36 — Impairment of Assets (“IAS 36”), goodwill and brands with indefinite useful life are not amortized and are tested for impairment annually or more frequently if facts or circumstances indicate that the asset may be impaired. The impairment test is performed by comparing the carrying amount and the recoverable amount of the CGU. The recoverable amount of the CGU is the higher of its fair value, less costs of disposal and its value in use. For additional information please refer to Note 17 — Intangible assets. 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 any deferred tax assets, resulting in an increase in its effective tax rate and an adverse impact on future operating results. For additional information please refer to Note 15 — Income taxes . Use of estimates Items requiring estimates (in addition to those described above) 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 and in the related notes. Derivatives Fair value of derivatives not traded in an active market is determined using a mark-to-model valuation technique. Where active markets exist for its component parts, then fair value is determined on the basis of the relevant market prices for the component parts. Financial liabilities for put options granted to non-controlling interests are measured based on the present value of the exercise price of the option. The liability is subsequently remeasured at fair value at the end of each period. 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. For additional information please refer to Note 24 — Derivative financial instruments. 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. For additional information please refer to Note 22 — Inventories. Provision for risks and charges 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. For additional information please refer to Note 33 — Provisions for risks and charges. 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 (“IFRS 13”) establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: 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. For additional information please refer to Note 37 — 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. Subsequent to the reporting date, in February 2023 the Group completed the redemption of its outstanding public and private placement warrants, following which there are no remaining public or private placement warrants outstanding. For additional information on the warrant redemption see Note 43 — Subsequent events. Critical judgments in applying the Group’s accounting policies The following are the critical judgments, apart from those involving estimations (which are presented separately above), that the Group has made in the process of applying its accounting policies and that have the most significant effect on the amounts recognized in the Consolidated Financial Statements. • The Group has applied judgment in determining that it has significant influence over Tom Ford International LLC (“TFI”), despite the Group owning 15% of the equity shares of TFI. In making its judgment, the Group determined that it had significant influence in accordance with IAS 28—Investments in Associates and Joint Ventures (“IAS 28”) based on its representation on the board of directors of TFI and its the participation in policy-making processes. Furthermore, there are material transactions between the Group and TFI. As a result of this determination, the Group accounts for the investment in TFI under the equity method. For additional information, see Note 20 — Investments accounted for using the equity method |
Segment reporting
Segment reporting | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of operating segments [abstract] | |
Segment reporting | 5. 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 (“IFRS 8”), for the purposes of allocating resources and assessing the performance of the Group. 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, foreign 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, for one or all of the periods presented and as further described below, legal costs for trademark disputes, transaction costs related to acquisitions, severance indemnities and provisions for severance expenses, costs related to the Business Combination, net impairment of leased and owned stores, a special donation to the UNHCR, net (income)/costs related to lease agreements and certain other items. Transactions between segments are executed on commercial terms that are normal in the respective markets and primarily relate to intersegment sales. As a result of a change in the way the CODM and management view the business, starting with the year ended December 31, 2022, costs for certain central corporate functions that are not directly attributable to individual segments, and which were previously allocated to the Zegna Segment, are presented separately as Corporate. These central corporate costs, which have increased significantly following the Company’s public listing in December 2021, primarily relate to the compensation of the Board of Directors and costs for functions that are managed centrally on behalf of the entire group, including group general counsel, central finance, internal audit, investor relations, insurance coverage for directors and officers, compliance and certain other centralized activities, including those related to being a public company, for which the costs are not allocated to the segments. This presentation reflects the information regularly reviewed by the CODM for the purposes of allocating resources and assessing the performance of the Group, and management believes this presentation more accurately reflects the underlying nature of such costs and the profitability of the individual segments. As a result, the related costs for the years ended December 31, 2021 and 2020 have been reclassified from the Zegna Segment to Corporate to conform to the current period presentation, resulting in an increase in the Zegna Segment Adjusted EBIT compared to the amounts previously reported for the years ended December 31, 2021 and 2020. 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, 2022, 2021 and 2020. For the year ended December 31, 2022 (€ thousands) Zegna Thom Browne Corporate Intercompany Eliminations Group Consolidated Revenues with third parties 1,162,826 330,014 — — 1,492,840 Inter-segment revenues 13,880 877 — (14,757) — Revenues 1,176,706 330,891 — (14,757) 1,492,840 Depreciation and amortization (148,747) (23,129) (6) — (171,882) Adjusted EBIT 141,513 48,077 (31,861) — 157,729 Legal costs for trademark disputes (1) (7,532) Transaction costs related to acquisitions (2) (2,289) Severance indemnities and provisions for severance expenses (3) (2,199) Costs related to the Business Combination (4) (2,137) Net impairment of leased and owned stores (5) (1,639) Special donation to the UNHCR (6) (1,000) Net income related to lease agreements (7) 6,844 Financial income 13,320 Financial expenses (54,346) Foreign exchange losses (7,869) Result from investments accounted for using the equity method 2,199 Profit before taxes 101,081 ______________ (1) Relates to legal costs of €7,532 thousand incurred in 2022 by the Thom Browne Segment in connection with a legal dispute between adidas and T hom Browne, primarily in relation to the use of trademarks. This amount is recorded within the line item “purchased, outsourced and other costs” in the consolidated statement of profit and loss. (2) Relates to transaction costs of €2,289 thousand incurred in 2022 in connection with acquisitions, primarily for consultancy and legal fees related to the TFI Acquisition. This amount is recorded within the line item “purchased, outsourced and other costs” in the consolidated statement of profit and loss and is related to Corporate. (3) Relates to severance indemnities incurred by the Zegna Segment of €2,199 thousand recorded within the line item “personnel costs” in the consolidated statement of profit and loss. (4) Costs related to the Business Combination of €2,137 thousand in 2022 relate to the grant of equity awards to management in 2021 with vesting subject to the public listing of the Company’s shares and certain other performance and/or service conditions. This amount is recorded within the line item “personnel costs” in the consolidated statement of profit and loss and relates to the Zegna Segment for €1,101 thousand, to the Thom Browne Segment for €98 thousand and to Corporate for €938 thousand. For additional information please refer to Note 40 — Shared-based payments . (5) Net impairment of leased and owned stores includes (i) impairment of €2,369 thousand related to right-of-use assets, (ii) reversals of impairment of €756 thousand related to property plant and equipment and (iii) impairment of €26 thousand related to intangible assets, all of which are recorded within the line item “depreciation, amortization and impairment of assets” in the consolidated statement of profit and loss and relate to the Zegna Segment for a net impairment of €819 thousand and to the Thom Browne Segment for impairment of €820 thousand. (6) Relates to a donation of €1,000 thousand in 2022 to the United Nations High Commissioner for Refugees (UNHCR) to support initiatives related to the humanitarian emergency in Ukraine. This amount is recorded within the line item “other operating costs” in the consolidated statement of profit and loss and is related to Corporate. (7) Net income related to lease agreements in 2022 relate entirely to the Zegna Segment and include (i) proceeds of €6,500 thousand received from new tenants in order for Zegna to withdraw from existing lease agreements of commercial properties (recorded within the line item “other income” in the consolidated statement of profit and loss) and (ii) €950 thousand for reversals of previously recognized provisions in respect of a legal claim related to a lease agreement in the United States (recorded within “write downs and other provisions” in the consolidated statement of profit and loss), partially offset by (ii) €606 thousand for costs related to a sublease agreement in the United States (recorded within “other operating costs” in the consolidated statement of profit and loss). For the year ended December 31, 2021 (€ thousands) Zegna Thom Browne Corporate Intercompany Eliminations 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 (137,500) (17,173) (2) — (154,675) Adjusted EBIT 131,929 38,097 (20,911) — 149,115 Costs related to the Business Combination (1) (205,059) Net costs related to lease agreements (2) (15,512) Severance indemnities and provisions for severance expenses (3) (8,996) Net impairment of leased and owned stores (4) (8,692) Other adjustments (5) (4,884) Financial income 45,889 Financial expenses (43,823) Foreign exchange 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 in 2021 include: a) €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) €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) €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) €10,916 thousand for the Zegna family’s grant of a €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) €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 40 — Shared-based payments. f) €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) €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) Net costs related to lease agreements in 2021 relate entirely to the Zegna Segment and include (i) €12,192 thousand of provisions relating to a lease agreement in the United States 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). (3) Relates to severance indemnities incurred by the Zegna Segment of €8,996 thousand recorded within the line item “personnel costs” in the consolidated statement of profit and loss. (4) Net impairment of leased and owned stores in 2021 includes impairment of (i) €6,486 thousand related to right-of-use assets, (ii) €2,167 thousand related to property plant and equipment and (iii) €39 thousand related to intangible assets, recorded within the line item “depreciation, amortization and impairment of assets” in the consolidated statement of profit and loss and related to the Zegna Segment. (5) 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 relate to Corporate (both amounts are recorded within the line item “write downs and other provisions” in the consolidated statement of profit and loss), partially offset by other income generated by the Zegna Segment 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). For the year ended December 31, 2020 (€ thousands) Zegna Thom Browne Corporate Intercompany Eliminations Group Consolidated 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 (7,243) 28,994 (1,738) — 20,013 Donations related to the COVID-19 pandemic (1) (4,482) Net costs related to lease agreements (2) (3,000) Net impairment of leased and owned stores (3) (19,725) Severance indemnities and provisions for severance expenses (4) (12,308) Impairment on held for sale assets (5) (3,053) Financial income 34,352 Financial expenses (48,072) Foreign exchange gains 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) ______________ (1) Relates to donations of €4,482 thousand in 2020 to charitable organizations in Italy and abroad to support initiatives related to the COVID-19 pandemic, of which €3,175 thousand relates to Corporate and €1,307 thousand relates to the Zegna Segment (this amount is recorded within the line item “other operating costs” in the consolidated statement of profit and loss). (2) Net costs related to lease agreements in 2020 relate entirely to the Zegna Segment and include €3,000 thousand for legal expenses relating to a lease agreement in the UK (recorded within the line item “write downs and other provisions” in the consolidated statement of profit and loss). (3) Net impairment of leased and owned stores in 2022 includes (i) impairment of €15,716 thousand related to right-of-use assets, (ii) impairment of €4,011 thousand related to property plant and equipment and (iii) reversals of impairment of €2 thousand related to intangible assets, all of which are recorded within the line item “depreciation, amortization and impairment of assets” in the consolidated statement of profit and loss and relate to the Zegna Segment (4) Relates to severance indemnities incurred by the Zegna Segment of €12,308 thousand recorded within the line item “personnel costs” in the consolidated statement of profit and loss. (5) Relates to impairment on assets held for sale of €3,053 thousand in 2020, of which €988 thousand relates to Corporate and is recorded within the line item “write downs and other provisions” and €2,065 thousand relates to the write down of inventories in the Zegna Segment and is recorded within the line item “cost of raw materials and consumables” in the consolidated statement of profit and loss. The following table summarizes non-current assets (other than financial instruments and deferred tax assets) by geography at December 31, 2022 and 2021. At December 31, (€ thousands) 2022 2021 EMEA (1) 281,749 273,926 of which Italy 178,714 166,467 North America (2) 549,634 507,379 of which United States (3) 546,362 503,496 Latin America (4) 5,147 4,690 APAC (5) 143,673 143,616 of which Greater China Region 103,621 70,828 of which Japan 21,339 22,387 Total non-current assets (other than financial instruments and deferred tax assets) 980,203 929,611 __________________ (1) EMEA includes Europe, the Middle East and Africa. (2) North America includes the United States of America and Canada. (3) Non-current assets in the United States at December 31, 2022 and 2021 included goodwill of €214,141 thousand and €201,662 thousand, respectively, and intangible assets with an indefinite useful life relating to the Thom Browne brand of €168,694 thousand and €158,864 thousand, respectively, which originated on acquisition of the Thom Browne Group in 2018. For additional information see Note 17 — Intangible assets. (4) Latin America includes Mexico, Brazil and other Central and South American countries. (5) 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, 2022 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
Revenues | 6. Revenues Zegna generates revenues primarily from the sale of its products and services, as well as from royalties received from third parties and licensees. Revenues are recognized net of returns and discounts. The following table provides a breakdown of revenues by product line: For the years ended December 31, (€ thousands) 2022 2021 2020 Zegna branded products (1) 923,942 847,311 636,478 Thom Browne 330,014 263,397 179,490 Textile 136,769 102,244 87,615 Third Party Brands 97,792 74,957 82,273 Other (2) 4,323 4,493 28,877 Total revenues 1,492,840 1,292,402 1,014,733 _________________ (1) Zegna branded products include apparel, bags, shoes and small and large leather goods, as well as licensed goods and royalties. (2) Other includes certain sales of products from previous seasons’ collections. Other for the year ended December 31, 2020 includes revenues of €12,389 thousand relating to the Agnona business, which was sold in January 2021. The following table provides a breakdown of revenues by sales channel: For the years ended December 31, (€ thousands) 2022 2021 2020 Direct to Consumer (DTC) - Zegna branded products 772,505 712,862 527,972 Direct to Consumer (DTC) - Thom Browne branded products 145,702 138,567 85,268 Total Direct to Customer (DTC) 918,207 851,429 613,240 Wholesale Zegna branded products 151,437 134,449 108,506 Wholesale Thom Browne branded products 184,312 124,830 94,222 Wholesale Third Party Brands and Textile 234,561 177,201 169,888 Total Wholesale 570,310 436,480 372,616 Other (1) 4,323 4,493 28,877 Total revenues 1,492,840 1,292,402 1,014,733 _________________ (1) Other mainly includes certain sales of products from previous seasons’ collections. Other for the year ended December 31, 2020 includes revenues of €12,389 thousand relating to the Agnona business, which was sold in January 2021. The following table provides a breakdown of revenues by geographic area: For the years ended December 31, (€ thousands) 2022 2021 2020 EMEA (1) 520,226 380,325 315,879 of which Italy 224,342 158,722 121,202 of which UK 53,970 37,682 32,985 of which MEA (2) 69,046 44,236 24,268 North America (3) 294,686 191,283 131,049 of which United States 270,312 176,059 114,818 Latin America (4) 29,889 19,971 12,915 APAC (5) 644,802 696,344 551,650 of which Greater China Region 494,110 588,876 438,193 of which Japan 65,445 55,479 61,523 Other (6) 3,237 4,479 3,240 Total revenues 1,492,840 1,292,402 1,014,733 _______________ (1) EMEA includes Europe, the Middle East and Africa. (2) MEA includes the Middle East, Africa and Turkey. (3) North America includes the United States of America and Canada. (4) Latin America includes Mexico, Brazil and other Central and South American countries. (5) APAC includes the Greater China Region, Japan, South Korea, Thailand, Malaysia, Vietnam, Indonesia, Philippines, Australia, New Zealand, India and other Southeast Asian countries. (6) Other mainly includes royalties. Revenues in the Netherlands, the Company’s country of domicile, amounted to €8,701 thousand, €6,320 thousand and €5,248 thousand for the years ended December 31, 2022, 2021 and 2020, respectively. |
Other income
Other income | 12 Months Ended |
Dec. 31, 2022 | |
Profit or loss [abstract] | |
Other income | 7. 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, 2022 includes proceeds of €6,500 thousand received from new tenants in order for Zegna to withdraw from existing lease agreements of commercial properties. |
Cost of raw materials and consu
Cost of raw materials and consumables | 12 Months Ended |
Dec. 31, 2022 | |
Profit or loss [abstract] | |
Cost of raw materials and consumables | 8. Cost of raw materials and consumables The following table provides a breakdown for cost of raw materials and consumables: For the years ended December 31, (€ thousands) 2022 2021 2020 Raw materials (154,858) (108,442) (108,130) Finished goods (186,876) (161,731) (130,006) Consumables (8,362) (12,951) (10,909) Change in raw materials, consumables and finished goods 38,868 (24,822) 131 Other (92) (1,663) (1,655) Total cost of raw materials and consumables (311,320) (309,609) (250,569) |
Purchased, outsourced and other
Purchased, outsourced and other costs | 12 Months Ended |
Dec. 31, 2022 | |
Profit or loss [abstract] | |
Purchased, outsourced and other costs | 9. Purchased, outsourced and other costs The following table provides a breakdown for purchased, outsourced and other costs: For the years ended December 31, (€ thousands) 2022 2021 2020 Outsourcing of production (85,763) (53,402) (59,411) Advertising and marketing expenses (76,618) (57,224) (47,467) Freight, insurance and selling expenses (74,161) (49,241) (55,905) Lease expenses (61,730) (56,345) (32,755) Consultancy fees and corporate bodies fees (60,633) (75,737) (33,706) Utilities (33,288) (26,710) (22,423) Maintenance costs (19,822) (14,610) (14,993) Royalties (4,158) (4,258) (5,982) Other services (21,755) (16,102) (14,284) Total purchased, outsourced and other costs (437,928) (353,629) (286,926) Consultancy fees and corporate body fees for the year ended December 31, 2022 include legal costs of €7,532 thousand incurred by the Thom Browne Segment in connection with a legal dispute between adidas and Thom Browne, primarily in relation to the use of trademarks. Consultancy fees and corporate bodies fees for the year ended December 31, 2021 include €34,092 thousand for bank services, legal advisors and other consultancy services relating to the Business Combination. See Note 1 — General information for a description of the Business Combination . 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: For the years ended December 31, (€ thousands) 2022 2021 2020 Rent reductions 7,194 12,877 24,931 Variable lease payments (61,099) (63,421) (54,665) Expenses relating to short-term leases (7,715) (5,697) (2,260) Expenses relating to low value leases (110) (104) (761) Total lease expenses (61,730) (56,345) (32,755) The Group’s variable lease payments are typically linked to sales without a guaranteed minimum. Lease expenses in 2022, 2021 and 2020 are recognized net of rent reductions from lessors of €7,194 thousand, €12,877 thousand and €24,931 thousand, respectively, primarily as a result of the COVID-19 pandemic and in accordance with specific amendments to IFRS 16 that were applicable until June 30, 2022. |
Personnel costs
Personnel costs | 12 Months Ended |
Dec. 31, 2022 | |
Analysis of income and expense [abstract] | |
Personnel costs | 10. Personnel costs The following table provides a breakdown for personnel costs: For the years ended December 31, (€ thousands) 2022 2021 2020 Wages and salaries (279,508) (271,767) (209,965) Social contributions, pension plans and indemnities (59,054) (51,725) (50,750) Other long-term benefits (16,153) (8,702) — Share-based payments (13,579) (16,290) — Insurances and other benefits (13,111) (2,455) (3,142) Uniforms (4,185) (4,434) (5,013) Severance indemnities (2,199) (8,996) (12,308) Other payroll expenses (7,298) (3,393) (1,481) Total personnel costs (395,087) (367,762) (282,659) Wages and salaries for the year ended December 31, 2021 include €10,916 thousand relating to a €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 39 — Related party transactions ). Wages and salaries for the year ended December 31, 2020 were impacted by several actions taken in 2020 in response to COVID-19 (many of which were partially or fully reversed in 2021), including the impact of furlough and other temporary layoff measures taken at our DOSs, cuts on senior and mid-level manager salaries and permanently reduced headcount in certain business functions. Share-based payments in 2022 include: (i) €6,789 thousand (€6,138 thousand in 2021 and nil in 2020) 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) €3,862 thousand (nil in 2021 and nil in 2020) relating to long-term incentives granted to senior management and certain other employees of the Group for performance share units (“PSUs”) that vest in 2024 subject to the achievement of certain performance and service conditions and retention restricted share units (“RSUs”) that vest in 2025 subject to service conditions; (iii) €2,137 thousand (€5,380 thousand in 2021 and nil in 2020) relating to equity-settled share-based payments, granted to the CEO and certain members of management, that are subject to certain performance and service conditions, including a public listing of the Company’s shares before December 31, 2021 (which was completed in December 2021); and (iv) €791 thousand (nil in 2021 and nil in 2020) relating to non-executive directors’ remuneration in shares. Share-based payments in 2021 also include €1,236 thousand related to 800,000 private warrants issued, pursuant to the Business Combination, to certain Zegna non-executive directors and €3,536 thousand for other equity incentives to key management. For additional information related to these awards and other incentives awarded to the key management please refer to Note 40 — Shared-based payments and for additional information related to the Business Combination please refer to Note 1 — General information . Other long-term benefits include €16,153 thousand in 2022 (€8,702 thousand in 2021 and nil in 2020) relating to bonuses earned by certain members of Zegna’s senior management team (excluding the CEO) which will be paid in 2024. |
Depreciation, amortization and
Depreciation, amortization and impairment of assets | 12 Months Ended |
Dec. 31, 2022 | |
Detailed Information About Depreciation Amortization And Impairment Of Assets [Abstract] | |
Depreciation, amortization and impairment of assets | 11. Depreciation, amortization and impairment of assets The following table provides a breakdown for depreciation, amortization and impairment of assets: For the years ended December 31, (€ thousands) 2022 2021 2020 Depreciation and amortization (171,882) (154,195) (166,205) of which: Right-of-use assets (119,297) (105,779) (108,510) Property, plant and equipment and investment property (40,202) (37,919) (46,280) Intangible assets with a finite useful life (12,383) (10,497) (11,415) Impairment (1,639) (9,172) (19,725) of which: Right-of-use assets (2,369) (6,486) (15,716) Property, plant and equipment and investment property 756 (2,647) (4,011) Intangible assets with a finite useful life (26) (39) 2 Total depreciation, amortization and impairment of assets (173,521) (163,367) (185,930) |
Write downs and other provision
Write downs and other provisions | 12 Months Ended |
Dec. 31, 2022 | |
Detailed Information About Writedowns And Other Provisions [Abstract] | |
Write downs and other provisions | 12. Write downs and other provisions The following table provides a breakdown for write downs and other provisions: For the years ended December 31, (€ thousands) 2022 2021 2020 Provision for legal expenses 895 (12,257) (2,484) Provision for Agnona disposal and write downs — (6,150) (988) Provision for restoration obligations for leased stores 374 (349) (1,992) Reversal/(Loss) allowance on trade receivables (30) 498 (3,636) Other provisions (1,253) (1,229) 2,922 Total write downs and other provisions (14) (19,487) (6,178) The provision for legal expenses in 2021 includes €12,192 thousand recognized as a result of an unfavorable judgment handed down against the Group in February 2022 in respect of a legal claim related to a lease agreement in the United States. For additional information see Note 33 — Provisions for risks and charges . Provision for Agnona disposal and write downs includes €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 Agnona 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. |
Other operating costs
Other operating costs | 12 Months Ended |
Dec. 31, 2022 | |
Detailed Information About Other Operating Costs [Abstract] | |
Other operating costs | 13. Other operating costs The following table provides a breakdown for other operating costs: For the years ended December 31, (€ thousands) 2022 2021 2020 Costs related to the Business Combination — (152,869) — Travel expenses (14,247) (7,919) (5,886) Bank fees (10,979) (8,939) (6,665) Indirect taxes (4,694) (3,327) (3,541) Gifts, associations and donations (3,255) (2,891) (10,834) Stationary and other materials (2,093) (1,766) (1,904) Gains/(Losses) on disposals of assets 1,124 (1,153) (1,091) Other operating costs (6,998) (1,972) (478) Total other operating costs (41,142) (180,836) (30,399) Costs related to the Business Combination for the year ended December 31, 2021 include (i) €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) €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 2 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 2022 includes a donation of €1,000 thousand to the United Nations High Commissioner for Refugees (UNHCR) to support initiatives related to the humanitarian emergency in Ukraine. Gifts, associations and donations in 2020 includes donations amounting to €4,482 thousand to support the Civil Protection in Italy and other initiatives during the COVID-19 pandemic period, as well as contributions to Fondazione Zegna for €200 thousand. |
Financial income, financial exp
Financial income, financial expenses and exchange gains/(losses) | 12 Months Ended |
Dec. 31, 2022 | |
Detailed Information About Financial Income Financial Expenses And Exchange Gains Or Losses Abstract [Abstract] | |
Financial income, financial expenses and exchange gains/(losses) | 14. Financial income, financial expenses and exchange gains/(losses) The following table provides a breakdown for financial income, financial expenses and exchange gains/(losses): For the years ended December 31, (€ thousands) 2022 2021 2020 Financial income Options - Changes in fair value 470 20,675 17,743 Securities 8,154 17,845 10,812 Hedging operations 241 661 358 Interest on financial other assets 1,226 1,881 2,462 Interest on financial receivables/loans 501 583 1,391 Derivative financial instruments 1,022 2,760 — Other financial income 1,706 1,484 1,586 Total financial income 13,320 45,889 34,352 Financial expenses Options - Changes in fair value (11,426) (13,391) (15,729) Hedging operations (11,701) (7,044) (6,716) Interest and financial charges for lease liabilities (9,882) (8,982) (10,615) Warrants - Changes in fair value (1,171) (4,137) — Securities (13,426) (3,902) (8,272) Interest on bank loans and overdrafts (4,785) (2,845) (3,765) Interest expenses on interest rate swaps (1,356) (2,076) (2,002) Derivative financial instruments — — (380) Other financial expenses (599) (1,446) (593) Total financial expenses (54,346) (43,823) (48,072) Foreign exchange (losses)/gains (7,869) (7,791) 13,455 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 interests in the Group’s investments in Thom Browne Group and Gruppo Dondi S.p.A. and for 2021 and 2020 only, in Lanificio, as well as for 2021 only the remeasurement of cash-settled share-based payments. For the year ended December 31, 2021 financial income relating to options related to a gain of €20,675 thousand recognized following the purchase of an additional 5% of the Thom Browne Group on June 1, 2021. The put option relating to the remaining 10% of non-controlling interest was remeasured at fair value at December 31, 2022, resulting in an increase in the liability and financial expenses of €11,426 thousand for the year ended December 31, 2022. For the year ended December 31, 2021 financial expenses relating to options also include €3,523 thousand related to the Lanificio put option (which was closed in July 2021 following the Group’s purchase of the remaining 10% of Lanificio for a total consideration of €9,600 thousand, following which the Group owns 100% of Lanificio), and €2,035 related to the Dondi put option. For the year ended December 31, 2020, financial income relating to options primarily relates to the Lanificio put option and financial expenses relating to options primarily relate to the Thom Browne put option. See Note 31 — Other current and non-current financial liabilities for additional details relating to the Group’s written put options on non-controlling interests Financial income and financial expenses for securities relate to investments in securities held by the Group. Other financial income for the year ended December 31, 2020 includes a €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. |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2022 | |
Major components of tax expense (income) [abstract] | |
Income taxes | 15. Income taxes The following table provides a breakdown for income taxes: For the years ended December 31, (€ thousands) 2022 2021 2020 Current taxes (47,355) (47,882) (24,928) Deferred taxes 11,553 17,180 9,945 Income taxes (35,802) (30,702) (14,983) 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% for each of the years ended December 31, 2022, 2021 and 2020. For the years ended December 31, (€ thousands, except percentages) 2022 2021 2020 Profit/(Loss) before taxes 101,081 (96,959) (31,557) Theoretical income tax (expense)/benefit - tax rate 24% (24,259) 23,270 7,574 Tax effect on: Non-deductible costs (8,256) (23,863) (10,353) Patent box impact — — 1,497 Differences between foreign tax rates and the theoretical applicable tax rate 10,829 (2,849) 20,321 Taxes relating to prior years (96) (2,668) (197) Deferred tax assets not recognized 1,876 (14,978) (25,727) Tax on dividends and earnings (5,366) (9,027) (6,221) Other tax items (6,934) 449 (727) Total tax expense, excluding IRAP (32,206) (29,666) (13,833) Effective tax rate, excluding IRAP 31.9 % (30.6 %) (43.8 %) Italian regional income tax expense (IRAP) (3,596) (1,036) (1,150) Total income tax (35,802) (30,702) (14,983) Effective tax rate 35.4 % (31.7 %) (47.5 %) In order to facilitate the understanding of the tax rate reconciliation presented above, income tax expense includes a presentation net of the Italian Regional Income Tax (“IRAP”), which is based 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. The applicable IRAP rate was 5.57% for the Parent Company and 3.9% for the other Italian components, for each of the years ended December 31, 2022, 2021 and 2020. In 2020 the Group sent a request to the Italian tax authorities to renew its application of the Patent Box tax regime in Italy, which provides for a partial exemption of the business income derived from certain trademarks, designs and models in the Group’s portfolio, for fiscal years up to 2021. The Italian tax authorities acknowledged the request and the outcome of the renewal application was pending at December 31, 2022. Following the enactment of new tax legislation in Italy in 2021, the previous Patent Box tax regime was replaced with a new Patent Box tax regime under which the amount of qualifying expenses is increased by 110% (for both IRES and IRAP purposes). Specific transitional rules regulate the transition from the previous Patent Box tax regime to the new regime. The Group is evaluating application of the new Patent Box tax regime. The Group did not recognize any benefits for the Patent Box tax regime for the years ended December, 31, 2022 and 2021, while in 2020 the Group recognized benefits of €1,497 thousand (presented within Patent box impact in the tax rate reconciliation above). Income taxes for the year ended December 31, 2022 includes €5,000 thousand recognized for uncertain tax items, primarily related to the interpretation of tax legislation regarding arrangements entered into by the Group. This amount is presented within the other tax items for 2022 in the tax rate reconciliation above. 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: (€ thousands) At December 31, 2021 Recognized in profit and loss Recognized in comprehensive income/(loss) Exchange differences and other At December 31, 2022 Deferred tax assets arising on: Employee benefits 4,665 352 (85) (138) 4,794 Property plant and equipment 11,107 (1,668) — 439 9,878 Right-of-use assets 2,585 722 — (43) 3,264 Intangible assets 3,246 (85) — 68 3,229 Provision for obsolete inventory 42,772 11,095 — 2,227 56,094 Tax provisions 2,851 1,463 — (667) 3,647 Financial assets 1,533 (84) — 147 1,596 Tax losses 36,766 100 — 4,756 41,622 Other 2,685 688 (18) (2,852) 503 Total deferred tax assets 108,210 12,583 (103) 3,937 124,627 Deferred tax liabilities arising on: Property plant and equipment — 452 — (4) 448 Right-of-use assets 19 420 — 18 457 Intangible assets 45,420 (202) — 83 45,301 Financial assets fair value 2,461 (1,423) 1,158 186 2,382 Other 5,944 1,783 2,278 1,941 11,946 Total deferred tax liabilities 53,844 1,030 3,436 2,224 60,534 (€ thousands) At December 31, 2020 Recognized in profit and loss Recognized in comprehensive income/(loss) Exchange differences and other Disposition At December 31, 2021 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 assets 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 assets 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 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: At December 31, (€ thousands) 2022 2021 Expiry within 1 year 9,936 4,587 Expiry 1-5 years 35,927 33,108 Expiry over 5 years 86,433 73,856 No expiration 321,389 188,922 Total tax losses carried forward 453,685 300,473 |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share [abstract] | |
Earnings per share | 16. Earnings per share Basic and diluted earnings per share are 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 , for the calculation of both basic earnings per share and diluted earnings per share the number of ordinary and potential ordinary shares outstanding for all periods 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 . The following table summarizes the amounts used to calculate basic and diluted earnings per share: For the years ended December 31, (€ thousands, except per share data ) 2022 2021 2020 Profit/(Loss) attributable to shareholders of the Parent Company 51,482 (136,001) (50,577) Weighted average number of shares for basic earnings per share 237,545,736 203,499,933 201,489,100 Adjustments for calculation of diluted earnings per share: CEO remuneration in shares (1) 1,081,513 — — CEO 2022-2024 PSUs (2) 1,031,673 — — Long-Term Incentive Awards 2022-2025 (3) 946,990 — — Non-executive directors remuneration in shares (4) 41,601 — — Weighted average number of shares for diluted earnings per share 240,647,513 203,499,933 201,489,100 Basic earnings per share in Euro 0.22 (0.67) (0.25) Diluted earnings per share in Euro 0.21 (0.67) (0.25) For the year ended December 31, 2022, the diluted weighted average number of shares outstanding was increased to take into consideration the theoretical effect of the potential ordinary shares relating to equity awards granted by the Group, to the extent to which they are dilutive. All potential ordinary shares are assumed converted into ordinary shares at the beginning of the period or, if later, at the date of grant of the potential ordinary shares. The adjustments for the calculation of the weighted average number of shares for diluted earnings per share are further explained below. For additional information see also Note 40 — Shared-based payments . (1) CEO remuneration in shares - Potential ordinary shares from the conversion of all or part of the CEO’s fixed remuneration in ordinary shares of the Company. (2) CEO 2022-2024 PSUs - Performance share units (PSUs) granted to the CEO, which are considered to be potential ordinary shares if the performance conditions relating to Adjusted EBIT and adjusted net financial indebtedness/(cash surplus) targets would have been met based on the Group’s performance up to the reporting date. (3) Long-Term Incentive Awards 2022-2025 - Performance share units (PSUs) and retention restricted share units (RSUs) granted to the senior management (excluding the CEO), which in the case of the PSUs are considered to be potential ordinary shares if the performance conditions relating to Adjusted EBIT and adjusted net financial indebtedness/(cash surplus) targets would have been met based on the Group’s performance up to the reporting date, and in the case of the RSUs are considered to be potential ordinary shares if the recipient was still employed by the Group at the reporting date. (4) Non-executive directors remuneration in shares - Potential ordinary shares of the Company granted to the non-executive directors for 50% of their annual base remuneration for services provided in 2022 and that will be assigned to the recipients in June 2024. 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 year ended December 31, 2020, 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, 2022 | |
Disclosure of detailed information about intangible assets [abstract] | |
Intangible assets | 17. Intangible assets The following table provides a breakdown for intangible assets: (€ thousands) Goodwill Brands with an indefinite useful life Concessions, licenses, trademarks and patents Other intangible assets Intangible assets in progress Total Historical cost at January 1, 2021 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 Additions — — 1,620 23,474 164 25,258 Disposals — — (3,164) (4,651) (3,199) (11,014) Exchange differences 12,479 9,830 82 518 — 22,909 Other movements and reclassifications — — (1,202) 1,202 — — Balance at December 31, 2022 239,709 168,694 42,339 147,204 1,146 599,092 Accumulated amortization at January 1, 2021 — — (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) Amortization — — (1,457) (10,926) — (12,383) Disposals — — 2,761 4,122 — 6,883 Impairment — — 1 (27) — (26) Exchange differences — — 838 (1,777) — (939) Balance at December 31, 2022 — — (36,989) (106,195) — (143,184) Carrying amount at: January 1, 2021 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 December 31, 2022 239,709 168,694 5,350 41,009 1,146 455,908 Goodwill Goodwill originated on acquisitions made by the Group and it is attributable to the following operating segments: At December 31, (€ thousands) 2022 2021 Zegna 25,568 25,568 Thom Browne 214,141 201,662 Total goodwill 239,709 227,230 In accordance with IAS 36, goodwill is not amortized and is tested for impairment annually, or more frequently if facts or circumstances indicate that the asset may be impaired. Goodwill is allocated to each of the Group’s CGUs (or groups of CGUs) and 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 last approved 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 discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. 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 ranged between 3% and 5% for the Zegna Segment and 3% for the 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) post tax. For the 2022 impairment test, the WACC used for discounting purposes ranged between 8.41% and 12.04% (between 6.40% and 10.65% for 2021). The WACC was calculated for each CGU and group of CGUs 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 compound annual growth rate (CAGR) assumptions utilized to calculate the expected future cash flows. The calculation of value in use for all CGUs and groups of 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 tables detail the sensitivity of the impairment testing to reasonably possible changes in both assumptions, for those CGUs that have significant goodwill allocated to them. 2022 Existing assumption Sensitivity effects on headroom (€ millions, except percentages and basis points) Headroom Discount rate Growth rate EBITDA CAGR (%) vs. 2022 WACC Growth rate EBITDA CGU Thom Browne Group 454 841 300 +20.8% 362 / 563 552 / 372 526 / 381 CGU Gruppo Dondi S.p.A. 66 878 300 +7.0% 52 /87 75 / 59 72 / 61 CGU Bonotto S.p.A. 3 878 300 -1.0% 0 / 8 5 / 2 5 / 2 CGU In.Co. S.p.A. 110 878 300 +2.2% 85 / 147 125 / 98 123 / 98 CGU Tessitura Ubertino S.r.l. 22 878 300 +6.6% 18 / 29 25 / 20 24 / 21 2021 Existing assumption Sensitivity effects on headroom (€ millions, except percentages and basis points) Headroom Discount rate Growth rate EBITDA CAGR (%) vs. 2021 WACC Growth rate EBITDA CGU Thom Browne Group 327 773 200 +15.3% 211 / 493 395 / 270 379 / 276 CGU Gruppo Dondi S.p.A. 62 640 150 +18.6% 47 / 84 71 / 54 67 / 57 CGU Bonotto S.p.A. 5 640 150 +65.8% 1 / 11 8 / 3 7 / 3 CGU In.Co. S.p.A. 78 640 150 +57.6% 58 / 107 90 / 68 87 / 69 CGU 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 31, 2022 and 2021. Brands with an indefinite useful life Brands with an indefinite useful life relate to the Thom Browne brand (denominated in U.S. Dollars) and amounted to €168,694 thousand and €158,864 thousand at December 31, 2022 and 2021, respectively. An impairment test of the Thom Browne Brand was performed at September 30, 2022 and December 31, 2021, and 2020 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 2022 test was carried out considering the cash flow projections from 2023 to 2025 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 9.41% was used to discount expected future cash flows, equal to the Thom Browne Segment WACC of 8.41% 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, 2022, 2021 and 2020. |
Property plant and equipment
Property plant and equipment | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property plant and equipment | 18. Property plant and equipment The following table provides a breakdown for property, plant and equipment: (€ thousands) Land and buildings Plant and machinery Industrial and commercial equipment Leasehold improvements Other tangible assets Tangible assets under construction and advances Total Historical cost at January 1, 2021 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 Additions 11 6,171 11,121 27,081 153 3,637 48,174 Disposals — (17,130) (12,341) (18,874) (200) — (48,545) Exchange differences — (37) 5,117 (2,353) 24 (30) 2,721 Reclassifications — 320 (769) 3,432 (947) (2,036) — Balance at December 31, 2022 8,548 153,863 147,959 238,190 7,740 4,999 561,299 Accumulated depreciation at January 1, 2021 (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) Depreciation (296) (6,879) (11,504) (20,356) (1,167) — (40,202) Disposals — 17,048 12,262 18,747 193 — 48,250 Impairment — (23) (438) 1,217 — — 756 Exchange differences — (71) (1,437) 4,139 880 — 3,511 Reclassifications 6 71 (1,443) 17 869 480 — Balance at December 31, 2022 (4,025) (132,323) (123,159) (169,587) (6,066) — (435,160) Carrying amount at: January 1, 2021 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 December 31, 2022 4,523 21,540 24,800 68,603 1,674 4,999 126,139 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 profitability indicators are not reached, the non-current assets of the store in question are tested for impairment. 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 the last three months of 2022 and the three years from 2023 to 2025. The rate used to discount cash flows was calculated using the weighted average cost of capital (WACC). For the year ended December 31, 2022, the WACC used for discounting purposes ranged between 8.84% and 17.20% (between 4.99% and 21.63% at December 31, 2021). The WACC was calculated 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 growth rate ranged between 1.5% and 5.0% for Zegna Segment and between 1.5% and 3.0% for Thom Browne Segment. DOS impairment test The impairment test of DOS assets takes into consideration those right-of-use assets, intangible assets and property, and plant and equipment elements relating to directly operated stores of Zegna Segment and Thom Browne Segment. The result of the impairment test of DOS on the consolidated financial statements is obtained by comparing the recoverable amount, based on the value in use, of each CGU with the carrying amount of the tangible and intangible assets allocated to the CGU, including leases (according to the IFRS 16). Impairment of €1,639 thousand recognized in 2022 was composed of: (a) impairment of €623 thousand and reversal of impairment of €1,379 thousand related to property, plant and equipment; (b) impairment of €3,933 thousand and reversal of impairment of €1,564 thousand related to right-of-use assets; and (c) impairment of €28 thousand and reversal of impairment of €2 thousand related to intangible assets. Impairment by segment, was composed of: (a) impairment of €3,432 thousand and reversal of impairment of €1,201 thousand and reversal related to the reduction of right-of-use assets of €1,412 thousand relating to the Zegna Segment; and (b) impairment of €820 thousand related to the Thom Browne Segment. For additional information refer to Note 11 — Depreciation, amortization and impairment of assets . 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 pandemic on the 2022 performance of the Group. 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 tables present the sensitivity of the 2022 and 2021 Zegna Segment DOS impairment test to reasonably possible changes in the aforementioned assumptions: 2022 Existing assumption Sensitivity effects on impairment (€ thousands, except percentages) Impairment (1) WACC (%) Growth rate (%) Revenues CAGR (%) vs. 2022 WACC Growth rate Revenues Zegna Segment DOS (2,231) 8.84% - 17.20% 1.50%/ 5.00% 7.6% (2,413) / (2,038) (2,203) / (2,258) (1,864) / (2,714) _________________ (1) Gross of reversals related to the reduction of right-of-use assets of €1,412 thousand. 2021 Existing assumption Sensitivity effects on impairment (€ thousands, except percentages) Impairment WACC (%) Growth rate (%) Revenues CAGR (%) vs. 2021 WACC Growth rate Revenues 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 tables present the sensitivity of the 2022 and 2021 Thom Browne Segment DOS impairment test to reasonably possible changes in the aforementioned assumptions: 2022 Existing assumption Sensitivity effects on impairment (€ thousands, except percentages) Impairment WACC (%) Growth rate (%) Revenues CAGR (%) vs. 2022 WACC Growth rate Revenues Thom Browne Segment DOS (820) 8.84% / 11.59% 1.50% / 3.00% 9.5% (1,003) / (700) (800) / (848) (641) / (1,120) 2021 Existing assumption Sensitivity effects on impairment (€ thousands, except percentages) Impairment WACC (%) Growth rate (%) Revenues CAGR (%) vs. 2021 WACC Growth rate Revenues Thom Browne Segment DOS — 7.13% / 10.33% 2.00% +6.9% (95) / — — / (58) — / — The sensitivity analysis of the aforementioned assumptions (WACC, growth rate and revenues) used to determine the recoverable value, carried out on the CGUs subject to impairment testing, showed that negative changes in the basic assumptions could lead to an additional impairment loss. 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 (including corporate costs) and Thom Browne Segment. There were no impairments arising from the 2022, 2021 and 2020 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 tables present the sensitivity analysis of the 2022 and 2021 impairment test of corporate assets to reasonably possible changes in aforementioned assumptions: 2022 Existing assumption Sensitivity effects on headroom (€ millions, except percentages and basis points) Headroom Discount rate Growth rate EBITDA CAGR (%) WACC Growth rate EBITDA CGU Zegna Segment 1,590 855 300 +16.3% 1,196 / 2,158 1,818 / 1,399 1,843 / 1,337 CGU Thom Browne Segment 454 841 300 +20.8% 362 / 563 552 / 372 526 / 381 2021 Existing assumption Sensitivity effects on headroom (€ millions, except percentages and basis points) Headroom Discount rate Growth rate EBITDA CAGR (%) WACC Growth rate EBITDA CGU Zegna Segment 1,277 669 150 +13.2% 931 / 1,790 1,485 / 1,106 1,506 / 1,048 CGU Thom Browne Segment 325 773 200 +15.3% 209 / 491 393 / 269 376 / 274 Based on the analysis performed, except for the impairments of non-current assets indicated above, these stress tests continued to show ample headroom. |
Right-of-use assets
Right-of-use assets | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of quantitative information about right-of-use assets [abstract] | |
Right-of-use assets | 19. Right-of-use assets The following table provides a breakdown for right-of-use assets: (€ thousands) Land and buildings Industrial and commercial equipment Plant and machinery Other right-of-use assets Total Historical cost at January 1, 2021 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 Additions 135,933 32 — 1,816 137,781 Disposals (101,692) (80) — (1,789) (103,561) Exchange differences 9,357 — — (18) 9,339 Balance at December 31, 2022 758,923 524 168 5,793 765,408 Accumulated amortization at January 1, 2021 (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) Amortization (117,488) (117) (34) (1,658) (119,297) Impairments (2,369) — — — (2,369) Disposals 82,858 80 — 1,694 84,632 Exchange differences (1,494) — — 7 (1,487) Balance at December 31, 2022 (385,896) (486) (115) (3,403) (389,900) Carrying amount at: January 1, 2021 347,877 268 164 3,337 351,646 December 31, 2021 367,922 123 87 2,338 370,470 December 31, 2022 373,027 38 53 2,390 375,508 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 components. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Extension options in a range of 1 years to 10 years are included in a number of property leases across the Group. These are used to maximize operational flexibility in terms of managing the assets used in the Group’s operations. Such extension options are exercisable only by the Group and not by the respective lessor. Other tangible assets mainly refer to vehicles. For the years ended December 31, 2022 and 2021 impairments were recognized for an amount of €2,369 thousand and €6,486 thousand, respectively, and primarily related to leased stores in Hong Kong, Japan, Italy, Spain and the UK that are part of the Zegna Segment, and for 2022 only, to a leased store that is part of the Thom Browne Segment. For details related to the impairment testing performed over right-of-use assets, please refer to Note 18 — Property plant and equipment. |
Investments at equity method
Investments at equity method | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of associates [abstract] | |
Investments at equity method | 20. 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: (€ thousands, except percentages) Tom Ford International LLC Pelletteria Tizeta S.r.l. Filati Biagioli Modesto S.p.A. Achill Station Pty Ltd Total investments accounted for using the equity method Group’s percentage interest at December 31, 2022 15 % 50 % 40 % — Group’s percentage interest at December 31, 2021 15 % 50 % 40 % — At January 1, 2021 18,000 2,888 — 472 21,360 Additions — — 313 — 313 Disposition — — — (472) (472) Net income 1,893 528 373 — 2,794 Translation differences (1,548) — — — (1,548) At December 31, 2021 18,345 3,416 686 — 22,447 Disposal — — (2) — (2) Net income 76 1,292 831 — 2,199 Translation differences (1,996) — — — (1,996) At December 31, 2022 16,425 4,708 1,515 — 22,648 Although the Group owns 15% of the equity shares of Tom Ford International LLC (“TFI”), the Group accounts for the investment under the equity method as the following requirements of IAS 28— Investments in Associates and Joint Ventures (“IAS 28”) are met: the representation on the board of directors and the participation in policy-making processes. Furthermore, there are material transactions between the Group and TFI. As a result of net losses incurred by TFI in 2020, the Group performed an impairment test over the carrying amount of its investment in TFI, resulting in an impairment loss of €4,532 thousand in 2020. The results of impairment tests performed in 2021 and 2022 resulted in no impairment. On November 15, 2022, the Group entered into arrangements to acquire the remaining 85% interest in TFI and to enter into a long-term license agreement (the “TFI License”) with The Estée Lauder Companies (together, the “TFI Acquisition”) for all TOM FORD men’s and women’s fashion as well as accessories and underwear, fine jewelry, childrenswear, textile and home design products. The TFI Acquisition is subject to antitrust approvals and other customary closing conditions, and is contingent upon the closing of the acquisition of the TOM FORD brand and all its intellectual property by The Estée Lauder Companies. TFI, together with its subsidiaries, owns the operations of the TOM FORD fashion business necessary to act as licensee under the TFI License. The closing of the TFI Acquisition is expected in the second quarter of 2023. On July 14, 2021 the Group acquired 40% of the equity shares of Filati Biagioli Modesto S.p.A. for consideration of €313 thousand, a company based in Montale (Pistoia) that specializes in the production of yarns. Certain financial information of companies accounted for using the equity method is provided below at and for the year ended December 31, 2022, as required by IFRS 12— Disclosure of Interest in Other Entities (“IFRS 12”). (€ thousands) Pelletteria Tizeta S.r.l. Tom Ford International LLC Filati Biagioli Modesto S.p.A. Total assets 33,267 355,183 45,544 Total liabilities 9,415 492,184 41,729 Total equity 23,852 (137,001) 3,815 Net revenues 44,436 311,720 49,496 Net income/(loss) 2,330 509 1,837 |
Other non-current financial ass
Other non-current financial assets | 12 Months Ended |
Dec. 31, 2022 | |
Categories of non-current financial assets [abstract] | |
Other non-current financial assets | 21. Other non-current financial assets The following table provides a breakdown for other non-current financial assets: At December 31, (€ thousands) 2022 2021 Guarantee deposits 26,814 29,399 Financial loans to related parties 2,240 2,219 Financial loans to TFI 1,862 1,497 Lease receivables from sublease 1,366 — Other 3,958 2,257 Total other non-current financial assets 36,240 35,372 There are no expected credit losses associated with the guarantee deposits. Financial loans to related parties consist of a loan to a company beneficially owned by a Zegna director’s family member in December 2021 for a principal amount of €2.2 million in order to acquire Zegna shares in December 2021. Financial loans to TFI (in which the Group holds a 15% interest) at December 31, 2022 and 2021 relate to a loan with a principal amount of €1.2 million due in 2026. For additional information relating to TFI see Note 20 — Investments accounted for using the equity method . |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Measuring inventories [Abstract] | |
Inventories | 22. Inventories The following table provides a breakdown for inventories (net of the provision for slow moving and obsolete inventories): At December 31, (€ thousands) 2022 2021 Raw materials, ancillary materials and consumables 61,822 42,255 Work-in-progress and semi-finished products 63,019 50,703 Finished goods 286,010 245,517 Total inventories 410,851 338,475 The amount of provisions for slow moving and obsolete inventories recognized (primarily within cost of raw materials, consumables and finished goods) for the years ended December 31, 2022, 2021 and 2020 was €28,561 thousand, €29,600 thousand and €43,064 thousand, respectively. The following table provides the changes in the total provision for slow moving and obsolete inventories for the years ended December 31, 2022 and 2021. 2022 2021 At January 1, (136,822) (120,098) Provisions (28,561) (29,600) Utilizations and releases 22,707 17,618 Exchange differences and other changes (5,143) (4,742) At December 31, (147,819) (136,822) |
Trade receivables
Trade receivables | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Trade Receivable [Abstract] | |
Trade receivables | 23. Trade receivables The following table provides a breakdown for trade receivables: At December 31, (€ thousands) 2022 2021 Trade receivables 183,725 167,003 Loss allowance (6,512) (6,643) Total trade receivables 177,213 160,360 The following table provides a breakdown for the loss allowance relating to trade receivables: Loss allowance (€ thousands) 2022 2021 At January 1, (6,643) (8,717) Provisions (806) (496) Utilizations 131 71 Releases 645 923 Disposition — 207 Exchange differences and other 161 1,369 At December 31, (6,512) (6,643) 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% against all receivables that are greater than 180 days past due because historical experience has indicated that these receivables are generally not recoverable, except in certain cases where the receivables are covered by insurance agreements. The Group generally writes off a trade receivable when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery (e.g. when the debtor has been placed under liquidation or has entered into bankruptcy proceedings) or when the trade receivables are over two years past due, whichever occurs earlier. None of the trade receivables that have been written off are subject to enforcement activities. The following table presents trade receivables by geographic area: At December 31, (€ thousands) 2022 2021 EMEA (1) 77,817 62,412 of which Italy 50,897 32,089 North America (2) 24,523 18,061 of which United States 20,669 16,883 Latin America (3) 5,770 4,437 APAC (4) 69,103 75,450 of which Greater China Region 47,924 54,978 Total trade receivables 177,213 160,360 _________________ (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, 2022 | |
Derivative Financial Instruments [Abstract] | |
Derivative financial instruments | 24. 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 — Fair Value Measurement ). 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: At December 31, 2022 At December 31, 2021 (€ thousands) Notional Amount Positive Fair Value Negative Fair Value Notional Amount Positive Fair Value Negative Fair Value Foreign currency exchange risk Forward contracts 481,110 13,075 (2,362) 550,734 1,786 (11,726) Deal-Contingent Option — — — 109,244 — — Interest rate risk Interest rate swaps 320,000 9,379 — 323,816 — (2,412) Total derivatives – Hedging 801,110 22,454 (2,362) 983,794 1,786 (14,138) Total derivatives instruments - Asset/(Liabilities) 801,110 22,454 (2,362) 983,794 1,786 (14,138) 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: For the years ended December 31, (€ thousands) 2022 2021 USD 203,611 194,097 CHF 8,145 4,792 CNY 94,203 191,936 GBP 36,984 25,012 HKD 59,160 46,883 JPY 35,119 51,075 Other 43,888 36,939 Total notional amount 481,110 550,734 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: (€ thousands, except percentages) Notional amount at December 31, Fair value at December 31, Contract Maturity date Fixed interest rate 2022 2021 2022 2021 IRS 1 1/27/2023 0.27% 20,000 20,000 67 (192) IRS 2 2/8/2023 0.17% 20,000 20,000 45 (144) IRS 3 4/27/2023 0.26% 50,000 50,000 428 (523) IRS 4 8/3/2023 0.28% 40,000 40,000 676 (483) IRS 5 11/17/2023 0.34% 60,000 60,000 1,564 (801) IRS 6 4/15/2024 (0.24%) 80,000 80,000 3,775 (109) IRS 7 12/20/2024 0.01% 50,000 50,000 2,824 72 IRS 8 (*) 7/29/2027 0.80% — 1,996 — (57) IRS 9 (*) 12/18/2031 1.94% — 1,820 — (175) Total 320,000 323,816 9,379 (2,412) _________________ * These agreements were disposed of prior to their original maturity dates. |
Other current financial assets
Other current financial assets | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Other current Financial Assets [Abstract] | |
Other current financial assets | 25. Other current financial assets The following table provides a breakdown for other current financial assets (see Note 37 — Fair value measurement for a breakdown of other current financial assets by fair value level): At December 31, (€ thousands) 2022 2021 Securities 316,595 334,244 Guarantee deposits 2,075 6,136 Financial receivables 2,224 — Total other current financial assets 320,894 340,380 The following table provides a breakdown for securities: (€ thousands) At December 31, 2021 Investments Disposals Fair value adjustments Realized gains/(losses) Exchange rate gains/(losses) At December 31, 2022 FVPL Insurance contracts 113,919 — — 1,056 — — 114,975 Fixed income 68,947 — — (4,930) — — 64,017 Hedge funds 41,483 7,304 — (2,631) — 605 46,761 Private equity 15,925 6,230 (7,533) 3,282 17 390 18,311 Equity 25,408 — (7,101) (3,354) (590) 229 14,592 Private debt 7,945 5,201 — 498 — — 13,644 Real estate funds 32,898 2,496 (24,633) 248 800 320 12,129 Commodities — 2,991 — (264) — — 2,727 Money market funds 2,007 966 (370) 77 — (93) 2,587 Total FVPL 308,532 25,188 (39,637) (6,018) 227 1,451 289,743 FVOCI Floating income 20,687 — (2,500) (445) — — 17,742 Fixed income 5,025 5,000 — (915) — — 9,110 Total FVOCI 25,712 5,000 (2,500) (1,360) — — 26,852 Total securities 334,244 30,188 (42,137) (7,378) 227 1,451 316,595 (€ thousands) At December 31, 2020 Investments Disposals Fair value adjustments Realized gains/(losses) Exchange rate gains/(losses) At December 31, 2021 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 |
Other current assets
Other current assets | 12 Months Ended |
Dec. 31, 2022 | |
Other Current Assets [Abstract] | |
Other current assets | 26. Other current assets Other current assets amount to €84,574 thousand and €68,773 thousand at December 31, 2022 and 2021, 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, 2022 | |
Cash and cash equivalents [abstract] | |
Cash and cash equivalents | 27. Cash and cash equivalents The following table provides a breakdown for cash and cash equivalents: At December 31, (€ thousands) 2022 2021 Cash on hand 2,322 1,651 Bank balances 251,999 458,140 Total cash and cash equivalents 254,321 459,791 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, 2022 amounted to €24,257 thousand (€60,381 thousand at December 31, 2021). Certain restrictions over cash also exist in Argentina; however, such restrictions do not significantly impact the Group as cash held in Argentina amounted to €233 thousand at December 31, 2022 (€244 thousand at December 31, 2021). |
Shareholder' equity
Shareholder' equity | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of reserves within equity [abstract] | |
Shareholder' equity | 28. Shareholder’ equity Share capital At December 31, 2022 and 2021, the fully paid up share capital of the Company was €5,939 thousand, consisting of 296,943,659 ordinary shares, all with a nominal value of €0.02. 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 preemptive rights in proportion to the aggregate number of ordinary shares held upon the issuance of new ordinary shares or the granting of rights to subscribe for ordinary shares, subject to certain exceptions. 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. At the Annual General Meeting of the Shareholders held on June 28, 2022, the shareholders approved a dividend distribution of €0.09 per ordinary share, corresponding to a total dividend of €21,852 thousand. The dividend distribution was paid on July 28, 2022 and was made from the retained earnings reserve. Other reserves Other reserves (including other comprehensive income/(loss)) are detailed as follows: At December 31, (€ thousands) 2022 2021 Legal and statutory reserves 8,056 860 Share premium 721,187 721,187 Reserve for treasury shares (451,174) (455,000) Other comprehensive income/(loss) reserve (OCI) 19,131 (12,295) Share-based payments reserve 88,557 74,978 Non-controlling interests options reserve (183,525) (196,691) Other reserves (57,542) (36,360) Other reserves, including OCI 144,690 96,679 At December 31, 2022 and 2021, the share premium amounted to €721,187 thousand and includes €710,264 thousand as a result of shares issued as part of the Business Combination (net of transaction costs of €17,239 thousand) and €10,923 thousand relating to the reimbursement to Zegna by Monterubello of a special gift to all employees of the Group. At December 31, 2022, the reserve for treasury shares amounted to €451,174 thousand (€455,000 thousand at December 31, 2021) and 54,140,913 ordinary shares were held in treasury (54,600,000 ordinary shares at December 31, 2021). Other comprehensive income/(loss) 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. The non-controlling interests options reserve includes a reduction of equity attributable to shareholders of the Company resulting from the initial recognition of the financial liabilities at fair value (which is subsequently remeasured at the end of which period through the statement of profit and loss) relating to the put option held by Gruppo Dondi S.p.A. non-controlling interest shareholders for €21,459 thousand recognized in 2019, as well as on the put option held by Thom Browne Group non-controlling interest shareholders for €162,066 thousand recognized in 2018. |
Non-controlling interests
Non-controlling interests | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of subsidiaries [abstract] | |
Non-controlling interests | 29. Non-controlling interests 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 year ended December 31, 2022 and 2021. At and for the year ended December 31, 2022 (Functional currency thousands) Country Group’s Non- Functional Total Total Net Net income / Dividends Company Thom Browne Inc. U.S.A. 90 % 10 % USD 298,901 146,879 348,445 43,277 (2,000) Ermenegildo Zegna Vietnam LLC Vietnam 90 % 10 % VTD 59,373,311 21,638,614 45,647,540 7,913,295 — Ermenegildo Zegna Madrid S.A. Spain 70 % 30 % EUR 3,718 1,741 3,838 120 (90) Gruppo Dondi S.p.A. Italy 65 % 35 % EUR 39,469 20,507 47,655 4,901 (1,113) E. Z. Thai Holding Ltd Thailand 49 % 51 % THB 12,669 19 — (309) — Bonotto S.p.A. Italy 60 % 40 % EUR 23,739 9,431 24,552 2,075 (797) Tessitura Ubertino S.r.l. Italy 60 % 40 % EUR 8,351 4,921 10,245 983 (312) Cappellificio Cervo S.r.l. Italy 51 % 49 % EUR 1,630 864 2,371 85 — Zegna South Asia Private LTD India 51 % 49 % INR 590,989 199,864 395,827 76,155 — Zegna Gulf Trading LLC UAE 49 % 51 % AED 140,841 53,895 191,749 52,806 — The Italian Fashion Co. LTD Thailand 65 % 35 % THB 198,556 (16,584) 190,048 11,015 — At and for the year ended December 31, 2021 (Functional currency thousands) Country Group’s Non- Functional Total Total Net Net income / Dividends Company Thom Browne Inc. U.S.A. 90 % 10 % USD 233,472 129,244 312,311 35,703 — Ermenegildo Zegna Vietnam LLC Vietnam 77 % 23 % VTD 59,619,650 (65,153,441) 34,267,609 (3,987,259) — Ermenegildo Zegna Madrid S.A. Spain 70 % 30 % EUR 3,627 1,925 2,241 (96) — Gruppo Dondi S.p.A. Italy 65 % 35 % EUR 33,459 18,475 37,617 4,783 (182) E. Z. Thai Holding Ltd Thailand 49 % 51 % THB 12,979 328 — (121) — Bonotto S.p.A. Italy 60 % 40 % EUR 21,482 9,030 17,674 1,840 — Tessitura Ubertino S.r.l. Italy 60 % 40 % EUR 12,221 8,786 5,625 561 — Cappellificio Cervo S.r.l. Italy 51 % 49 % EUR 1,498 757 1,315 (35) — Zegna South Asia Private LTD India 51 % 49 % INR 871,210 123,709 281,592 21,891 — Zegna Gulf Trading LLC UAE 49 % 51 % AED 125,086 921 137,355 30,783 — The Italian Fashion Co. LTD Thailand 65 % 35 % THB 171,771 (28,094) 91,848 (51,149) — |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about borrowings [abstract] | |
Borrowings | 30. Borrowings The following table provides a breakdown for non-current and current borrowings: 2022 2021 (€ thousands) Committed Loans Other financial loans Total borrowings Committed Loans Other financial loans Total borrowings At January 1, 578,213 50,725 628,938 613,415 51,336 664,751 Repayments (109,422) (50,297) (159,719) (56,029) (104,181) (160,210) Proceeds — — — 20,000 103,570 123,570 Other 1,836 — 1,836 827 — 827 At December 31, 470,627 428 471,055 578,213 50,725 628,938 Of which: Non-current 184,661 219 184,880 470,934 712 471,646 Current 285,966 209 286,175 107,279 50,013 157,292 The repayment schedule for borrowings is summarized below: (€ thousands) At December 31, 2022 Year 1 Year 2 Year 3 Year 4 Year 5 and beyond Committed loans 470,627 285,966 137,206 35,387 3,994 8,074 Other financial liabilities 428 209 211 8 — — Total borrowings 471,055 286,175 137,417 35,395 3,994 8,074 (€ thousands) At December 31, 2021 Year 1 Year 2 Year 3 Year 4 Year 5 and beyond 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 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 38 — Qualitative and quantitative information on financial risks for additional information related to the Group’s management of interest rate and other financial risks. The following tables provide details relating to the Group’s individual borrowings. At December 31, 2022 Borrower Interest rate Interest rate terms Expiry date of which current portion of which non-current portion (€ thousands) Ermenegildo Zegna N.V. Variable IRS + 1.48% January 2023 20,099 — 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 50,042 — Ermenegildo Zegna N.V. Variable Euribor 6m + 0.75% May 2023 45,139 — Ermenegildo Zegna N.V. Variable Euribor 6m + 0.86% June 2023 6,250 — Ermenegildo Zegna N.V. Variable IRS + 1.05% August 2023 40,168 — Ermenegildo Zegna N.V. Variable IRS + 0.78% November 2023 60,139 — Ermenegildo Zegna N.V. Variable Euribor 6m + 0.78% November 2023 5,000 — Ermenegildo Zegna N.V. Fixed 1.22% November 2023 20,000 — Ermenegildo Zegna N.V. Variable IRS + 0.81% April 2024 409 79,986 Lanificio Ermenegildo Zegna e Figli S.p.A. Fixed 1.35% June 2024 194 195 Ermenegildo Zegna N.V. Variable IRS + 0.60% December 2024 200 49,951 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 + 0.77% May 2025 3,324 4,750 Ermenegildo Zegna N.V. Fixed 0.73% September 2028 33 19,973 Other borrowings Fixed 0.05% - 0.49% Up to 2029 178 25 Total 286,175 184,880 of which fixed 85,447 50,193 of which variable 200,728 134,687 At December 31, 2021 Borrower Interest rate Interest rate terms Expiry date of which current portion of which non-current portion (€ 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 In 2022, the Group entered into a number of bilateral financing agreements in the form of committed revolving lines for a total amount of €240 million and for a period of 7 years. The interest rates and commitment fees on the majority of the lines are subject to adjustment based on the Group’s performance in relation to the following two important ESG targets previously disclosed by the Group: (i) at least 50% of top priority raw materials are traced to their geography of origin and from lower-impact sources by 2026; and (ii) 100% of the electricity is from renewable sources in Europe and the United States by 2024. The lines were undrawn at December 31, 2022. |
Other current and non-current f
Other current and non-current financial liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of financial liabilities [abstract] | |
Other current and non-current financial liabilities | 31. Other current and non-current financial liabilities The following table provides a breakdown for other current and non-current financial liabilities: At December 31, (€ thousands) 2022 2021 Written put options on non-controlling interests 178,766 159,411 of which Thom Browne option 155,551 135,726 of which Dondi option 23,215 23,685 Other 27 7,976 Other non-current financial liabilities 178,793 167,387 Warrant liabilities 37,258 33,984 Other current financial liabilities 37,258 33,984 Total 216,051 201,371 Written put options on non-controlling interests Thom Browne The Group is party to an option agreement with Mr. Thom Browne in reference to the Group’s original investment of 85% in the Thom Browne Group. Upon origination of the option, Mr. Thom Browne had a put option giving him the right to sell to the Group his 15% interest in the Thom Browne Group, in three tranches, at the exercise price established as the EBITDA of the Thom Browne Group recorded in 2023, 2028 and 2030, multiplied by a given multiple (“TB Exercise Formula”). The financial liability arising from the obligation of the Group to purchase the non-controlling interest in the Thom Browne Group is measured at the present value of the expected exercise amount, calculated through the TB Exercise Formula as per projections contained in the latest business plan, which cover the period from 2023 to 2025. The remeasurement of the liability at each reporting date is recognized through profit or loss 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 the Thom Browne Group; all other conditions of the contract remained unmodified. As a result, on June 1, 2021 the Group purchased an additional 5% of the Thom Browne Group, based on the first tranche of the put option, for a total consideration of $37,400 thousand (€30,653 thousand), as a result of which in 2021 the Group derecognized a portion of the liability for the written put option on non-controlling interests in the amount of €51,328 thousand and recognized a corresponding gain within finance income in the consolidated statement of profit and loss in the amount of €20,675 thousand. Additionally, the equity attributable to non-controlling interests was reduced by €4,037 thousand with an offsetting increase to equity attributable to shareholders of the Parent Company and the put option relating to the remaining non-controlling interest was remeasured at its fair value. Following the above transaction, the Group owns 90% of the Thom Browne Group and Mr. Thom Browne has a put option giving him the right to sell to the Group his 10% interest in the Thom Browne Group. At December 31, 2022 the liability for the put option, which relates to the remaining 10% of non-controlling interests, amounted to €155,551 thousand and was classified as non-current (€135,726 thousand at December 31, 2021). 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 Dondi family has a put option giving them the right to sell to the Group on the Dondi family’s 35% interest in Dondi, in two tranches, during 2029 and 2034 . The exercise price of the option is established as the EBITDA of Dondi at the exercise date, less its net indebtedness, multiplied by a given multiple less a given discount (“Dondi Exercise Formula”). The financial liability arising from the obligation was measured at the present value of the expected exercise amount, calculated through the Dondi Exercise Formula as per projections contained in the approved Business Plan. 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, 2022 amounted to €23,215 thousand (€23,685 thousand at December 31, 2021). Warrant liabilities As part of the Business Combination, the Group assumed IIAC’s 13,416,637 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 and recognized as share-based compensation expense within personnel costs in 2021 and an offsetting increase to other reserves within equity). At December 31, 2022, 13,416,636 public warrants and 6,700,000 private warrants (including the 800,000 equity-classified warrants) were outstanding (13,416,637 public warrants and 6,700,000 private warrants at December 31, 2021). The outstanding liability-classified warrants were recognized as liabilities at fair value at each reporting date. Each public warrant entitles the holder to purchase one Zegna ordinary share at a price of $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 $0.01 per warrant, if, and only if, the last reported sale price of the Zegna ordinary shares equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending three trading days before sending the notice of redemption to each warrant holder; • at a price of $0.10 per warrant, if, and only if, the last reported sale price of the Zegna ordinary shares equals or exceeds $10.00 per share for any 20 trading days within a 30-trading day period ending three trading days before sending the notice of redemption to each warrant holder. 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 period immediately after the completion of the Business Combination, ii) they may be exercised by the holders on a cashless basis and iii) in certain circumstances they will not be redeemable by the Company. If the private placement warrants are held by someone other than the IIAC Sponsor or its permitted transferees, such warrants will be redeemable by the Company and exercisable by such holders on the same basis as the public warrants. For additional information related to the Business Combination please refer to Note 1 — General information . Subsequent to the reporting date, in February 2023 the Company completed the redemption of its outstanding public and private placement warrants, following which there are no remaining public or private placement warrants outstanding. For additional information on the warrant redemption see Note 43 — Subsequent events. |
Lease liabilities
Lease liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Lease liabilities [abstract] | |
Lease liabilities | 32. Lease liabilities The following table provides a breakdown for lease liabilities. (€ thousands) 2022 2021 At January 1, 438,052 407,687 Interest expense 9,882 9,351 Repayment of lease liabilities (including interest expense) (124,321) (109,962) IFRS 16 lease amendment: lease renegotiation (7,194) (12,416) Additions due to new leases and store renewals 140,875 150,648 Decrease of lease liabilities due to store closures (21,726) (16,485) Disposition — (11,508) Translation differences 7,939 20,737 At December 31, 443,507 438,052 Of which: Non-current 332,050 331,409 Current 111,457 106,643 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: (€ thousands) At December 31, Year 1 Year 2 Year 3 Year 4 Beyond 2022 443,507 111,457 91,081 62,502 46,528 131,939 2021 438,052 106,643 92,344 65,610 38,898 134,557 See Note 38 — Qualitative and quantitative information on financial risks—Liquidity risks for information relating to the contractual cash flows of the Group’s lease agreements. |
Provisions for risks and charge
Provisions for risks and charges | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of other provisions [abstract] | |
Provisions for risks and charges | 33. Provisions for risks and charges The provisions for risks and charges, which amount to €33,550 thousand in 2022 (€58,648 thousand in 2021), 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 2022 and 2021: (€ thousands) Legal and fiscal risks Leased store restoration Refund liability returns Other provision Total provisions At January 1, 2022 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 Provisions 91 2,770 2,240 2,425 7,526 Releases (986) (3,144) (174) (1,172) (5,476) Utilizations (26,780) (116) (1,578) (628) (29,102) Exchange differences 2,088 (58) (94) (44) 1,892 Reclassifications and other (2,405) 1,063 (897) 2,301 62 At December 31, 2022 664 14,808 9,546 8,532 33,550 of which current — 909 9,546 3,514 13,969 of which non-current 664 13,899 — 5,018 19,581 The provision for fiscal and legal risks includes provisions for various litigated matters that have occurred in the ordinary course of business. At December 31, 2021, the provision for legal and fiscal risks included €28,254 thousand for a legal claim related to a lease agreement in the United States. In February 2022, an unfavorable judgment was handed down against the Group in respect of the claim and following a settlement agreement with the claimant, the Group made a payment of €25,698 thousand in 2022 and the remaining provision was reclassified to other current liabilities. |
Employee benefits
Employee benefits | 12 Months Ended |
Dec. 31, 2022 | |
Employee Benefits [Abstract] | |
Employee benefits | 34. Employee benefits The following table presents a breakdown of employee benefits. At December 31, (€ thousands) 2022 2021 Italian leaving indemnities (TFR) 7,613 9,784 Other leaving indemnities 10,486 15,237 Post-employment benefits 5,675 5,280 Other long-term employee benefits 1,469 1,362 Termination benefits 311 366 Total defined benefit obligations 25,554 32,029 Other long-term payables to employees 26,030 10,234 Total employee benefits 51,584 42,263 Defined benefit obligations The following table shows the changes in defined benefit obligations. (€ thousands) 2022 2021 At January 1, 32,029 29,216 Changes through statement of profit and loss 3,280 14,365 - of which: Service cost 3,018 14,169 - of which: Financial charges 262 196 Changes through statement of comprehensive income and loss (755) 1,562 - of which: Actuarial (gain)/loss (1,220) 563 - of which: Translation differences 465 999 Benefits paid (8,676) (13,456) Change in scope of consolidation and reclassifications (324) 342 At December 31, 25,554 32,029 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, 2022 At December 31, 2021 Italy Spain China Italy Spain China Discount rate 3.60% / 3.80% 3.70% / 3.80% 2.80% / 2.90% 0.183% / 0.757% 0.60% / 0.70% 2.80% Inflation rate 2.00% / 3.00% 1.00% 5.50% / 8.00% 1.50% 1.00% 5.50% Turn-over rate 0.50% / 7.90% 2.50% / 4.00% 3.50% / 5.50% 0.50% / 7.90% 2.50% / 4.00% 3.50% / 5.50% In determining the defined benefit obligations of the Group’s Italian companies, the Group used the the Italian National Institute of Statistics (“ISTAT”) benchmark for the estimated mortality rates in Italy, broken down by age and gender, while for defined benefit obligations of the Group’s non-Italian companies, the Group used the standard mortality rate benchmark for each individual country, broken down by age and gender. Estimated annual staff turnover rates have been calculated based on the individual companies’ data. The following table presents a quantitative sensitivity analysis for the main assumptions relating to the Group’s main employee benefit obligations and service costs. At December 31, 2022 At December 31, 2021 +50 bps -50 bps +50 bps -50 bps +50 bps -50 bps +50 bps -50 bps (€ thousands) Employee benefit obligations Service costs Employee benefit obligations Service costs Discount rate (720) 770 (109) 60 (714) 765 (39) 42 Inflation rate 680 (645) 61 (111) 601 (572) 38 (36) Turn-over rate 2,511 (3,708) 372 (582) 1,155 (1,864) 92 (156) The average duration of the defined benefit obligations for the Italian TFR at the end of the reporting period was 7.8 years (2021: 9.0 years), for leaving indemnities in China was 10.5 years (2021: 6.3 years) and for leaving indemnities in Spain was 8.2 years (2021: 7.1 years). Post-employment benefits at December 31, 2022 and 2021 primarily relate to the Group’s CEO. Other long-term payables to employees Other long-term payables at December 31, 2022 include €24,855 thousand related to bonuses earned by certain of Zegna’s senior management team (excluding the CEO) which are expected to be paid in 2024 in accordance with the related contractual terms (€8,702 thousand at December 31, 2021). |
Trade payables and customer adv
Trade payables and customer advances | 12 Months Ended |
Dec. 31, 2022 | |
Trade Payables and Customer Advances [Abstract] | |
Trade payables and customer advances | 35. Trade payables and customer advances The following table provides a breakdown for trade payables and customer advances: At December 31, (€ thousands) 2022 2021 Trade payables 220,789 177,801 Customer advances 50,147 45,236 Total trade payables including customer advances 270,936 223,037 |
Other current liabilities
Other current liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Other Current Liabilities [Abstract] | |
Other current liabilities | 36. Other current liabilities The following table provides a breakdown for other current liabilities: At December 31, (€ thousands) 2022 2021 Due to employees 44,705 51,847 VAT and other taxes 15,102 28,609 Accrued expenses 23,162 15,319 Social security institutions 11,660 8,683 Deferred income 7,650 3,591 Other current liabilities 16,549 16,307 Total other current liabilities 118,828 124,356 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 €1,500 special gift to each employee of the Zegna Group, amounting to a total of €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, 2022 and 2021 primarily include amounts due to the Company’s Board of Directors for board fees, liabilities relating to customs and vouchers and other sundry amounts as well as contingent consideration for the acquisition of Tessitura Ubertino subject to the company achieving certain predetermined operating performance targets for the years 2021 and 2022. As a result of the operating performance targets achieved in 2021, the 50% portion of the earn-out payment, amounting to €585 thousand was paid in cash in 2022. The remaining 50% will be payable in 2023, subject to Tessitura Ubertino achieving certain predetermined operating performance targets for the year 2022. |
Fair value measurement
Fair value measurement | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of financial assets [abstract] | |
Fair value measurement | 37. 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, 2022 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, based on market data and depending on the type of insurance contract considered, ranging from 5.61% to 8.31%. 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 at December 31, 2022: At December 31, 2022 Financial assets Fair value Level (€ thousands) FVPL FVOCI Amortized cost Total Note 1 2 3 Derivative financial instruments — 22,454 — 22,454 24 — 22,454 — Cash and cash equivalents — — 254,321 254,321 27 — 254,321 — Trade receivables — — 177,213 177,213 23 — 177,213 — Other non-current financial assets 3,958 — 32,282 36,240 21 — 32,861 3,379 Other current financial assets 289,743 26,852 4,299 320,894 25 30,076 78,470 212,348 Financial assets 293,701 49,306 468,115 811,122 30,076 565,319 215,727 The following table provides an additional breakdown for other current financial assets at December 31, 2022: At December 31, 2022 Financial assets Fair value Level (€ thousands) FVPL FVOCI Amortized cost Total 1 2 3 Insurance contracts 114,975 — — 114,975 — — 114,975 Fixed income 64,017 9,110 — 73,127 9,110 47,114 16,903 Hedge funds 46,761 — — 46,761 — 10,116 36,645 Equity 14,592 — — 14,592 497 14,095 — Money market funds and floating income 2,587 17,742 — 20,329 17,742 2,587 — Private equity 18,311 — — 18,311 — — 18,311 Real estate funds 12,129 — — 12,129 — — 12,129 Private debt 13,644 — — 13,644 — 259 13,385 Commodities 2,727 — — 2,727 2,727 — — Guarantee deposits — — 2,075 2,075 — 2,075 — Financial receivables — — 2,224 2,224 — 2,224 — Total other current financial assets 289,743 26,852 4,299 320,894 30,076 78,470 212,348 The following table presents the changes in level 3 items for the years ended December 31, 2022 and 2021: (€ thousands) Fair value 2022 2021 At January 1 201,290 197,840 Investments 21,343 19,516 Disposals (12,529) (24,211) Fair value adjustments 4,355 6,673 Realized gains 254 69 Exchange rate gains 1,014 1,403 At December 31 215,727 201,290 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). At December 31, 2021 Financial assets Fair value Level (€ thousands) FVPL FVOCI Amortized cost Total Note 1 2 3 Derivative financial instruments — 1,786 — 1,786 24 — 1,786 — Cash and cash equivalents — — 459,791 459,791 27 — 459,791 — Trade receivables — — 160,360 160,360 23 — 160,360 — Other non-current financial assets 2,257 — 33,115 35,372 21 — 33,115 2,257 Other current financial assets 308,532 25,712 6,136 340,380 25 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: At December 31, 2021 Financial assets Fair value Level (€ thousands) FVPL FVOCI Amortized cost 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). The following tables provide a breakdown for financial liabilities by category: At December 31, 2022 Financial liabilities Fair value Level (€ thousands) FVPL FVOCI Amortized cost Total Note 1 2 3 Derivative financial instruments — 2,362 — 2,362 24 — 2,362 — Non-current borrowings — — 184,880 184,880 30 — 184,880 — Current borrowings — — 286,175 286,175 30 — 286,175 — Other non-current financial liabilities 178,766 — 27 178,793 31 — 178,766 27 Other current financial liabilities 37,258 — — 37,258 31 — 37,258 — Trade payables and customer advances — — 270,936 270,936 35 — 270,936 — Lease liabilities – Current / Non-current — — 443,507 443,507 32 — — 443,507 Financial liabilities 216,024 2,362 1,185,525 1,403,911 — 960,377 443,534 At December 31, 2021 Financial liabilities Fair value Level (€ thousands) FVPL FVOCI Amortized cost Total Note 1 2 3 Derivative financial instruments — 14,138 — 14,138 24 — 14,138 — Non-current borrowings — — 471,646 471,646 30 — 471,646 — Current borrowings — — 157,292 157,292 30 — 157,292 — Other non-current financial liabilities 159,411 — 7,976 167,387 31 — 159,411 7,976 Other current financial liabilities 33,984 — — 33,984 31 23,810 10,174 — Trade payables and customer advances — — 223,037 223,037 35 — 223,037 — Lease liabilities – Current / Non-current — — 438,052 438,052 32 — — 438,052 Financial liabilities 193,395 14,138 1,298,003 1,505,536 23,810 1,035,698 446,028 |
Qualitative and quantitative in
Qualitative and quantitative information on financial risks | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Qualitative and quantitative information on financial risks | 38. Qualitative and quantitative information on financial risks The Group is exposed to several financial risks connected with its operations: • financial market risk, primarily related 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. Foreign currency risk The Group operates in numerous markets worldwide and is exposed to market risks stemming from fluctuations in currency exchange rates. The exposure to currency risk is mainly linked to the differences in geographic distribution of the Group’s sourcing and manufacturing activities from those in its commercial activities, as a result of which its cash flows from sales are denominated in currencies different from those related to purchases or production activities. In particular, the Group incurs a large portion of its capital and operating expenses in Euro (which is Zegna’s functional and presentation currency) while it receives the majority of its revenues in currencies other than Euro (mainly in Chinese Renminbi, U.S. Dollars, Japanese Yen, United Arab Emirates Dirham and British Pound). Risk management is mainly centralized at the Group’s distribution 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 creates the risk that the corresponding value in Euro of revenues at the moment of collection is insufficient to cover production costs or to achieve the desired profit margin. This risk is heightened during the period between the moment when the sale prices of a collection are set and the moment when revenues are converted into Euro, which may extend up to 18 months. For the Zegna Segment, the Group manages risks associated with fluctuations in currency through financial hedging instruments, mainly forward contracts for the sale of foreign currencies, in order to establish the conversion rate in advance, or a predefined range of conversion rates at future dates. The Group has recently taken steps aimed at gradually implementing similar policies also for the Thom Browne Segment. For the years ended December 31, 2022, 2021 and 2020 the Zegna Segment 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% - 60% of forecast sales in foreign currencies. In the period following the preparation of the price list, the total outstanding hedge is adjusted on the basis of market conditions and of the orders effectively managed and entered into production. 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 hedges: 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 Group’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% on the main currencies to which the Group is exposed at each reporting date, by using internal assessment models based on generally accepted principles. The following table presents the potential effects on profit before tax of a hypothetical change of +/- 500 bps in year-end exchange-rates, applied to the Group’s net balances of trade receivables and trade payables in foreign currencies. At December 31, 2022 At December 31, 2021 (€ thousands) Trade receivables and trade payables +500 bps -500 bps Trade receivables and trade payables +500 bps -500 bps Currency Impact on profit before tax Impact on profit before tax USD 59,523 (2,834) 3,133 96,885 (4,614) 5,099 JPY 17,055 (812) 898 20,481 (975) 1,078 CNY 43,398 (2,067) 2,284 21,084 (1,004) 1,110 HKD 19,139 (911) 1,007 27,452 (1,307) 1,445 GBP (2,227) 106 (117) (5,974) 284 (314) SGD 9,496 (452) 500 8,220 (391) 433 CHF (9,285) 442 (489) (18,158) 865 (956) Total 137,099 (6,528) 7,216 149,990 (7,142) 7,895 The following table presents the potential impact on profit before tax of a hypothetical change of +/- 500 bps in year-end exchange-rates, applied to the Group’s hedged positions on the main currencies to which the Group is exposed. At December 31, 2022 At December 31, 2021 (€ thousands) Notional amount +500 bps -500 bps Notional amount +500 bps -500 bps Currency Impact on profit before tax Impact on profit before tax USD 53,320 2,539 (2,806) 81,725 3,892 (4,301) JPY 15,979 761 (841) 20,692 985 (1,089) CNY 42,817 2,039 (2,254) 11,464 546 (603) GBP (816) (39) 43 (12,660) (603) 666 HKD 19,940 950 (1,049) 28,054 1,336 (1,477) CHF — — — — — — SGD 9,463 451 (498) 8,158 388 (429) Total 140,703 6,701 (7,405) 137,433 6,544 (7,233) The following table presents the potential change in equity gross of tax of a hypothetical change of +/- 500 bps in year-end exchange-rates, applied to the Group’s foreign currency hedging instruments on highly probable transactions. At December 31, 2022 At December 31, 2021 (€ thousands) Notional amount +500 bps -500 bps Notional amount +500 bps -500 bps Currency Impact on hedge reserve Impact on hedge reserve USD 61,821 2,944 (3,254) 80,155 3,817 (4,219) CHF (8,272) (394) 435 (4,792) (228) 252 JPY 10,433 497 (549) 10,360 493 (545) HKD 6,153 293 (324) 16,097 767 (847) GBP 8,280 394 (436) 12,659 603 (666) CNY 48,918 2,329 (2,575) 178,537 8,502 (9,397) SGD 5,206 248 (274) 1,947 93 (102) Total 132,539 6,311 (6,977) 294,963 14,047 (15,524) The following table presents the potential impact on profit before tax of a hypothetical change of +/- 500 bps in the EUR/USD year-end exchange-rate, applied to the Thom Browne put option in U.S. Dollars on non-controlling interests (recorded within other non-current financial liabilities). At December 31, 2022 At December 31, 2021 (€ thousands) Notional amount +500 bps -500 bps Notional amount +500 bps -500 bps Currency Impact on profit before tax Impact on profit before tax USD (155,551) 7,407 (8,187) (135,726) 6,463 (7,143) Total (155,551) 7,407 (8,187) (135,726) 6,463 (7,143) 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 and revolving credit lines at variable rates. At December 31, 2022, 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 €320,000 thousand (€323,816 thousand at December 31, 2021) with a positive fair value of €9,379 thousand (a negative fair value of €2,412 thousand at December 31, 2021). 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, 2022 a hypothetical 20% increase in short-term interest rates on such floating rate non-current financial liabilities, with all other variables held constant, would have resulted in financial expenses, on an annual basis, of approximately €2,273 thousand (€332 thousand for the year ended December 31, 2021). For the year ended December 31, 2022 a hypothetical 20% decrease in short-term interest rates on such floating rate non-current financial liabilities, with all other variables held constant, would have resulted in financial expenses, on an annual basis, of approximately €1,670 thousand (€69 thousand for the year ended December 31, 2021). The following table presents the sensitivity on floating rate borrowings not covered by interest rate swaps. At December 31, 2022 Amount Total interest rate (*) Interest expense -20% Impact on profit before tax +20% Impact on profit before tax (€ thousands, except percentages) 5,000 3.091% 155 2.629% 131 3.553% 178 6,250 3.620% 226 2.760% 173 3.928% 246 8,080 2.690% 217 2.304% 186 3.064% 248 45,000 3.090% 1,391 2.622% 1,180 3.558% 1,601 64,330 1,989 1,670 2,273 _________________ * The overall rate indicated is compounded of the fixed spread plus the variable rate (+-20% is on the variable rate). At December 31, 2021 Amount Total interest rate (*) Interest expense -20% Impact on profit before tax +20% Impact on profit before tax (€ thousands, except percentages) 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 —% — —% — 0.100% 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% is on the variable rate). 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: Contractual cash flows (€ thousands) Carrying amount at December 31, 2022 Within Within Within Beyond Derivative financial instruments 2,362 2,362 — — — Trade payables and customer advances 270,936 270,936 — — — Borrowings 471,055 290,470 139,257 36,536 16,650 Lease liabilities 443,507 119,287 97,148 66,812 193,368 Other current and non-current financial liabilities 216,051 37,258 23,632 — 155,161 Total 1,403,911 720,313 260,037 103,348 365,179 Contractual cash flows (€ thousands) Carrying amount at December 31, 2021 Within Within Within 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 financial liabilities 201,371 33,984 29,816 — 137,571 Total 1,505,536 545,422 411,653 205,368 380,936 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. 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: (€ thousands) Not yet due 0-90 days overdue 90-180 days overdue >180 days overdue Total Trade receivables, gross 146,486 29,372 2,277 5,590 183,725 Loss allowance (894) (1,210) (355) (4,053) (6,512) Total trade receivables at December 31, 2022 145,592 28,162 1,922 1,537 177,213 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 |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of transactions between related parties [abstract] | |
Related party transactions | 39. Related party transactions Pursuant to IAS 24 — Related Party Disclosures (“IAS 24”), 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 the 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 are mainly relate to: Transactions with associates • Transactions with TFI related to: ◦ 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 brand (which ended with the deliveries of the Fall/Winter 2022 collection), as well as a supply agreement to act as exclusive supplier for certain TOM FORD products starting with the Spring/Summer 2023 collection (for which the supply commenced in 2022). As noted in Note 20 — Investments accounted for using the equity method , on November 15, 2022, the Group entered into arrangements to acquire the remaining 85% interest in TFI and to enter into the TFI License with The Estée Lauder Companies for all TOM FORD men’s and women’s fashion as well as accessories and underwear, fine jewelry, childrenswear, textile and home design products. The TFI Acquisition is subject to antitrust approvals and other customary closing conditions, and is contingent upon the closing of the acquisition of the TOM FORD brand and all its intellectual property by The Estée Lauder Companies. TFI, together with its subsidiaries, owns the operations of the TOM FORD fashion business necessary to act as licensee under the TFI License. The closing of the TFI Acquisition is expected in the second quarter of 2023; ◦ financial assets related to loans to TFI; and ◦ financial guarantees provided to TFI in relation to its payment obligations under a bank loan for an amount of $7,500 thousand issued to TFI in 2020 and subsequently reduced to $6,875 thousand in 2022, which matures in March 2025. • The purchase of raw materials, in particular carded yarns from Filati Biagioli Modesto. Transactions with Monterubello and companies controlled by Monterubello or its shareholders, Zegna directors or senior management • Certain transactions with Monterubello as part of the Business Combination (as further described below). • The purchase of raw materials, in particular of wool, from Gruppo Schneider S.p.A. and its subsidiaries (“Schneider Group”). • 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 €5,000 thousand which was fully repaid in the first half of 2022. • The Disposition, which was completed in November 2021, 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. Zegna pays rent to EZ Real Estate or its subsidiaries under lease agreements. • Following the Disposition, the rental of properties from EZ Real Estate or its subsidiaries under lease agreements. • Following the Disposition, Zegna receives licensing, marketing and other sustainability-related services from Oasi 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 €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 €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. • 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 the Thom Browne Group 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 the Thom Browne Group and Lanificio. In July 2021, the Group purchased the additional 10% of Lanificio for a total consideration of €9,600 thousand, following which the Group owns 100% of Lanificio. For additional information relating to the Thom Browne put contract please refer to Note 31 — Other current and non-current financial liabilities . Transactions related to the Business Combination in 2021 In connection with the closing of the Business Combination and the public listing of Zegna (as further described in the Note 1 — General information ), Zegna entered into various transactions in 2021 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 €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 €10,923 thousand. • The issuance of 800,000 private warrants to certain Zegna non-executive directors, for which the Group recognized personnel costs of €1,236 thousand and an offsetting increase to other reserves within equity for the year ended December 31, 2021. As a result of a warrant redemption completed on February 27, 2023, there are no remaining private warrants outstanding. For additional information see Note 43 — Subsequent events . • The grant of equity-settled share-based payments to key management. For additional information see Note 40 — Shared-based payments . The following table summarizes transactions with related parties for the years ended December 31, 2022, 2021 and 2020. For the year ended December 31, 2022 2021 2020 (€ thousands) Revenues Other income Costs (1) (2) Personnel Other operating costs Depreciation, amortization and impairment of assets Financial income Revenues Costs (1) (2) Personnel Write downs and other provisions (3) Depreciation, amortization and impairment of assets Financial income Revenues Costs (1) (2) Personnel Financial income Associates TFI Group 35,525 46 6,194 5 243 — 136 23,047 7,730 — — — 596 25,088 7,673 — 471 Filati Biagioli Modesto S.p.A. — — 3,365 — — — — 49 177 — — — — — — — — Pelletteria Tizeta S.r.l. 1 — — — — — — — — — — — — 4 2 — — Total associates 35,526 46 9,559 5 243 — 136 23,096 7,907 — — — 596 25,092 7,675 — 471 Companies controlled by Monterubello or its shareholders, Zegna directors or senior management EZ Real Estate (4) 8 — 50 (1) 24 6,110 (490) 58 1,178 — — 1,395 — — — — — Schneider Group 23 — 14,837 — — — — 20 5,623 — — — — 217 6,683 — — Alan Real Estate S.A. (4) — — (30) 35 580 2,522 (13) — 402 — — 392 — — — — — Agnona S.r.l. 195 14 228 109 20 — — 373 (485) — 6,150 — — — — — — 61 West 23rd Street LLC (4) — — (16) — — — — — (14) — — — — — — — — Other companies controlled by Monterubello or its shareholders, Zegna directors or senior management (5) 1 97 6,205 (1) 12 — (8) 9 491 — — — (40) 13 450 — (44) Other related parties connected to directors and shareholders — — — 2,563 — — — — — 1,284 — — (20,675) — 33 860 — Total transactions with related parties 35,753 157 30,833 2,710 879 8,632 (375) 23,556 15,102 1,284 6,150 1,787 (20,119) 25,322 14,841 860 427 Total for Zegna Group 1,492,840 13,949 749,248 395,087 41,142 173,521 (41,026) 1,292,402 663,238 367,762 19,487 163,367 2,066 1,014,733 537,495 282,659 (13,720) _________________ (1) Costs with Tom Ford include royalties amounting to €3,956 thousand, €4,081 thousand and €4,095 thousand for the years ended December 31, 2022, 2021 and 2020, respectively. (2) Includes cost for raw materials and consumables, purchased, outsourced and other costs. (3) Includes €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 (which was subsequently disposed of as part of the Disposition). (4) Entities disposed of as part of the Disposition, which was completed on November 1, 2021. (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 assets and liabilities with related parties at December 31, 2022 and 2021. At December 31, 2022 At December 31, 2021 (€ thousands) Trade Other financial Other current assets Right of use assets Other liabilities (1) Lease liabilities Trade Other financial Other current assets (2) Right of use assets Financial liabilities (3) Other liabilities (1) Lease liabilities Associates TFI Group 9,946 — 1,862 — 366 — 20,939 1,497 — — — 344 — Filati Biagioli Modesto S.p.A. — 2,200 — — 2,830 — 59 — — — — 63 — Pelletteria Tizeta S.r.l. 1 — — — — — — — — — — — — Total associates 9,947 2,200 1,862 — 3,196 — 20,998 1,497 — — — 407 — Monterubello and Companies controlled by Monterubello or its shareholders, Zegna directors or senior management Monterubello — — — — — — — — 10,923 — — — — Agnona S.r.l. 32 — — — 67 — 642 — — — — 122 — Schneider Group 4 — — — 4,102 — 12 — — — — 516 — EZ Real Estate (4) 69 — — 41,671 617 41,635 238 — — 44,499 — 1,248 44,039 61 West 23rd Street LLC (4) 24 — — — — — 7 — — — — — — Alan Real Estate S.A. (4) — — — 9,875 27 10,009 3 — — 4,917 — — 4,760 Other companies controlled by Monterubello or its shareholders, Zegna directors or senior management (5) 22 — 218 — 2,204 — 13 — — — 5,000 242 — Other related parties connected to directors and shareholders — — — — 384 — 500 — — — — 171 — Total transactions with related parties 10,098 2,200 2,080 51,546 10,597 51,644 22,413 1,497 10,923 49,416 5,000 2,706 48,799 Total for Zegna Group 177,213 357,134 84,574 375,508 441,348 443,507 160,360 375,752 68,773 370,470 639,033 389,656 438,052 _________________ (1) Includes trade payables and customer advances, employee benefits and other current liabilities. (2) On December 20, 2021, the Group announced that the Zegna family decided to grant a €1,500 special gift to each employee of the Zegna Group, amounting to a total of €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. (3) Includes non-current borrowings and other non-current financial liabilities. (4) Entities disposed of as part of the Disposition, which was completed on November 1, 2021. (5) Includes transactions with Fondazione Zegna, Finissaggio e Tintoria Ferraris S.p.A., PKB Privatbank AG, 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: Key Management Personnel Outstanding Balance (Euro thousands) Short-term employee benefits (1) Post- employment benefits Other long-term benefits Share-based payments Dividends Financial Income Employee benefits Other non-current financial liabilities (2) Other current liabilities Non-current financial assets 2022 17,337 1,015 13,623 9,358 — (24) 28,648 156,782 6,861 2,240 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 — __________________ (1) Includes corporate bodies fees, consultancy fees and personnel compensation. (2) Primarily relates to liabilities on put contracts entered into as part of the Group’s investments in Thom Browne and Lanificio. |
Share-based payments
Share-based payments | 12 Months Ended |
Dec. 31, 2022 | |
Share-based payment arrangements [Abstract] | |
Share-based payments | 40. Shared-based payments The Group has several equity incentive arrangements under which share-based payments have been awarded to the Chief Executive Officer (“CEO”), other members of Zegna senior management and certain other employees of the Group. The equity incentives primarily consist of performance share units (“PSUs”) and retention restricted share units (“RSUs”), which each represent the right to receive one Zegna ordinary share, and are further described below. Long-Term Incentive Awards 2022-2025 In 2022, the Company granted the following equity-settled share-based payments to senior management (excluding the CEO) and certain other employees of the Group: (i) A target number of 1,461,950 PSUs (the “ 2022-2024 PSUs ”) that vest in 2025 based on the achievement of defined targets related to the Adjusted EBIT and the change in the adjusted net financial indebtedness/(cash surplus) compared to the previous year for the performance periods 2022, 2023 and 2024, and the recipient’s continued service to the Group at the date of vesting. Each of the performance targets will be settled independently of the other target and the total number of shares to be assigned upon vesting depends on the level of achievement of the performance targets, as well as a multiplier that is based on the performance of certain environmental, social and governance indicators over the performance period. In case of over- or underachievement of the targets and/or the multiplier, the number of awards that vest will be adjusted according to predefined parameters. For the year ended December 31, 2022, the Group recognized €2,816 thousand as share-based compensation expense within personnel costs and an offsetting increase to other reserves within equity in relation to the 2022-2024 PSUs. At December 31, 2022 unrecognized compensation expense relating to the 2022-2024 PSUs amounted to €7,248 thousand and is expected to be recognized over the remaining vesting period through 2024. (ii) Up to a maximum of 626,550 RSUs (the “ 2022-2025 RSUs ”) that vest in 2026 based on the recipient’s continued service with the Group. For the year ended December 31, 2022, the Group recognized €1,046 thousand as share-based compensation expense within personnel costs and an offsetting increase to other reserves within equity in relation to the 2022-2025 RSUs. At December 31, 2022, unrecognized compensation expense relating to the 2022-2025 RSUs amounted to €4,019 thousand and is expected to be recognized over the remaining vesting period through 2025. The fair value of the 2022-2024 PSUs and the 2022-2025 RSUs for accounting purposes was measured at the grant dates using a Monte Carlo Simulation model. The following table summarizes the fair value for accounting purposes at grant dates and the key assumptions used in the valuation: 2022-2024 PSUs 2022-2025 RSUs Fair value €8.68 - €9.69 €8.62 - €9.56 Grant date share price €9.71 - €10.47 Expected volatility based on the historical and implied volatility of a group of comparable companies 35.0% - 37.5% Dividend yield 0.90% - 0.98% Risk-free rate 1.96% - 4.13% 2.07% - 4.05% The following table summarizes the changes in the number of the outstanding number awards under the Long-Term Incentive Awards 2022-2025, all of which were unvested: 2022-2024 PSUs 2022-2025 RSUs Total Awards Outstanding at December 31, 2021 — — — Granted 1,461,950 626,550 2,088,500 Forfeited (95,900) (41,100) (137,000) Outstanding at December 31, 2022 1,366,050 585,450 1,951,500 CEO equity-settled share-based payments In February 2021 and as amended in July 2021 and August 2022, the Company granted the following equity-settled share-based payments to the CEO: (i) Up to a maximum of 2,520,000 PSUs (the “ CEO 2022-2024 PSUs ”) that vest in three tranches in 2023, 2024 and 2025 according to the achievement of defined targets based on the Group’s Adjusted EBIT and the change in the adjusted net financial indebtedness/(cash surplus) (as defined in the related agreement) compared to the previous year for the performance periods 2022, 2023 and 2024, and the CEO’s continued service to the Group at the date of vesting. Each of the performance targets will be settled independently of the other target and the total number of shares to be assigned upon vesting depends on the level of achievement of the performance targets, as well as a multiplier that is based on the performance of certain ESG indicators over the performance period. For the year ended December 31, 2022, the Group recognized €6,789 thousand as share-based compensation expense within personnel costs and an offsetting increase to other reserves within equity in relation to the CEO 2022-2024 PSUs (€6,138 thousand for the year ended December 31, 2021). At December 31, 2022, unrecognized compensation expense relating to the CEO 2022-2024 PSUs amounted to €6,108 thousand and is expected to be recognized over the remaining vesting periods through 2024 (€12,897 thousand at December 31, 2021). The fair value of the CEO 2022-2024 PSUs for accounting purposes was €7.43 to €9.13 per PSU and was measured at the grant dates using a Monte Carlo Simulation model. Key assumptions used in the valuation include the following: (i) grant date share price: €7.43 per share to €9.13 per share (ii) expected volatility: 30%-40% based on the historical and implied volatility of a group of comparable companies, (iii) risk free rate: 0%. At December 31, 2022 all of the CEO 2022-2024 PSUs were outstanding and unvested. For information relating to CEO 2022-2024 PSUs see Note 43 — Subsequent events . (ii) The right to buy a maximum number of 15,832 shares of the Company (791,600 shares following the Share Split) for a purchase price of €186 per share (€3.72 per share following the Share Split) (the “ CEO Stock Options ”). In May 2021, the CEO exercised the option and purchased 15,832 shares of the Company (791,600 shares following the Share Split) for total consideration of €2,946 thousand. For the year ended December 31, 2021, the Company recognized €2,938 thousand as share-based compensation expense within personnel costs and an offsetting increase to other reserves within equity, representing the difference between the fair value of the shares sold and the consideration received. (iii) The right to convert all or part of the CEO’s fixed remuneration in shares of the Company (the “ CEO Remuneration in Shares ”), to be converted at a rate based on a multiplier of EBIT. The annual right vests each year and can be exercised directly by the CEO within 12 months after the end of each year. In June 2022, as a result of the conversion of the CEO’s fixed remuneration for 2021, 459,086 shares, which were previously held in treasury, were delivered to the CEO and the CEO reimbursed Zegna for fixed remuneration previously received in cash for an amount of €3,390 thousand. (iv) 600,000 PSUs related to the Company’s public listing (the “ CEO IPO PSUs ”), of which: • 240,000 CEO IPO 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 CEO IPO 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, 2022, the Group recognized €840 thousand as share-based compensation expense within personnel costs in relation to the CEO IPO PSUs and an offsetting increase to other reserves in equity (€2,047 thousand for the year ended December 31, 2021). At December 31, 2022 unrecognized compensation expense amounted to €840 thousand and is expected to be recognized over the remaining vesting periods through 2023 (€1,680 thousand at December 31, 2021). The fair value of the CEO IPO PSUs for accounting purposes was €5.77 to €6.93 per PSU and 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: $10.48 (ii) expected volatility: 30% based on the historical and implied volatility of a group of comparable companies, (iii) risk free rate: 0.73%. At December 31, 2022 all of the CEO IPO PSUs were outstanding and unvested. For information relating to CEO IPO PSUs see Note 43 — Subsequent events . Management IPO equity-settled share-based payments In December 2021, the Company granted 900,000 PSUs to Zegna directors (excluding the CEO), key executives with strategic responsibilities and other employees of the Group (the “ Management IPO PSUs ”), of which: • 450,000 Management IPO 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 Management IPO 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, 2022, the Group recognized €1,297 thousand as share-based compensation expense within personnel costs in relation to the Management IPO PSUs (€3,349 thousand for the year ended December 31, 2021). At December 31, 2022 unrecognized compensation expense amounted to €1,297 thousand and is expected to be recognized over the remaining vesting periods through 2023 (€2,720 thousand at December 31, 2021). The fair value of the Management IPO PSUs for accounting purposes was €6.18 to €7.35 per PSU and was measured at the grant dates using a Monte Carlo Simulation model. Key assumptions used in the valuation include the following: (i) grant date share price: $10.48 (ii) expected volatility: 30% based on the historical and implied volatility of a group of comparable companies, (iii) risk free rate: 0.73%. The following table summarizes the changes in the number of the outstanding number awards under the Management IPO equity-settled share-based payments, all of which were unvested: Management IPO PSUs Outstanding at December 31, 2020 — Granted 900,000 Outstanding at December 31, 2021 900,000 Forfeited (20,000) Outstanding at December 31, 2022 880,000 For information relating to Management IPO PSUs see Note 43 — Subsequent events . As part of the Business Combination, the Company issued 800,000 private warrants to certain Zegna non-executive directors (the “ Private Warrant Awards ”) and recognized €1,236 thousand as share-based compensation expense within personnel costs and an offsetting increase to other reserves within equity for the year ended December 31, 2021. Management stock options In 2021 a member of key management exercised a right to buy 16,237 shares of the Company (811,850 shares following the Share Split) for a purchase price of €137 per share (€2.74 per share following the Share Split) (the “ Management Stock Options ”) for total consideration of €2,216 thousand. For the year ended December 31, 2021, the Group recognized €3,834 thousand as share-based compensation expense within personnel costs and an offsetting increase to other reserves within equity. Non-executive directors remuneration in shares Under the Group’s remuneration policy, non-executive directors will receive 50% of their annual base remuneration in cash and 50% in the Company’s ordinary shares (“ Non-Executive Directors’ Equity Compensation” ). The number of ordinary shares in the Company to be assigned to the non-executive directors is determined based on the closing share price of the Company’s ordinary shares on the last trading date of the month preceding the grant date. If a non-executive director ceases to be employed by the Group within a given year, the shares will vest on a pro-rata basis until the date on which the |
Notes to consolidated cash flow
Notes to consolidated cash flow statement | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Consolidated Cash Flow Statement [Abstract] | |
Notes to consolidated cash flow statement | 41. Notes to consolidated cash flow statement Operating activities Other non-cash expenses/(income), net in the consolidated cash flow statement primarily include: • for the year ended December 31, 2022: non-cash share-based compensation and bonuses earned by certain members of Zegna’s senior management team (which will be paid in 2024); • for the year ended December 31, 2021: (i) €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, (ii) €37,906 thousand for the issuance of 5,031,250 Zegna ordinary shares, to be held in escrow, to the holders of IIAC class B shares, (iii) €16,290 thousand non-cash share-based compensation, and (iv) rent reductions received as a result of the COVID-19 pandemic and defined benefit obligations; • for the year ended December 31, 2020: the effects of rent reductions received as a result of the COVID-19 pandemic. The change in other operating assets and liabilities primarily relates to indirect taxes, accrued income and expenses, and deferred charges. Non-cash investing activities Non-cash investing activities primarily related to: • acquisitions of right-of-use assets of €137,781 thousand in 2022 (€148,299 thousand in 2021 and €53,784 thousand in 2020); • acquisitions of property, plant and equipment of €5,891 thousand in 2022 (€16,507 thousand in 2021 and nil in 2020); and • acquisitions of intangible assets of €4,561 thousand in 2022 (€3,488 thousand in 2021 and nil in 2020). |
Business combinations
Business combinations | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about business combination [abstract] | |
Business combinations | 42. Business combinations There were no business combinations for the years ended December 31, 2022 and 2020. On December 17, 2021, the Group completed the Business Combination between Zegna and IIAC. See Note 1 — General information for additional information. A summary of the Group’s other business combinations for the year ended December 31, 2021 is provided below. 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 were as follows: (€ thousands) At acquisition date Consideration paid 5,880 Contingent consideration 1,170 Total consideration 7,050 The cash consideration of approximately €7,050 thousand included a €1,170 thousand earn-out payment, subject to Tessitura Ubertino achieving certain predetermined operating performance targets for the years 2021 and 2022. The operating performance targets for 2021 were achieved and 50% portion of the earn-out payment, amounting to €585 thousand, was paid by Zegna in cash in 2022. The remaining earn-out payment of €585 thousand will be paid in 2023 if Tessitura Ubertino achieves the defined operating performance targets for 2022. (€ thousands) Fair value at 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 Goodwill arising from the acquisition of €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 interests at its proportionate share of the acquired net identifiable assets. The details of the net cash outflows related to the acquisition are shown below: (€ thousands) At acquisition date Consideration paid (5,880) Cash and cash equivalents acquired 2,366 Net cash outflow - Investing activities (3,514) Tessitura Ubertino was consolidated in Zegna’s consolidated financial statements starting on June 4, 2021, and contributed revenues of €5,625 thousand and profit of €561 thousand to the Group from that date until December 31, 2021 and revenues of €10,210 thousand and profit of €938 thousand in 2022. If the acquisition had occurred on January 1, 2021, the consolidated statement of profit and loss the year ended December 31, 2021 would have included additional revenues for €3,987 thousand and profit for the year of €674 thousand. Contingent consideration relating to the acquisition of Gruppo Dondi S.p.A. In 2021 the Group paid contingent consideration of €710 thousand relating to the acquisition of Dondi, which was completed in July 2019, based on the achievement of certain predetermined performance targets by Dondi. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent events | 43. Subsequent events The Group has evaluated subsequent events through April 5, 2023 which is the date the Consolidated Financial Statements were authorized for issuance, and identified the following events, all of which are non-adjusting as defined in IAS 10: On January 25, 2023, Zegna announced an agreement with Samsung C&T Corporation (“Samsung”), pursuant to which Zegna will acquire from Samsung the Thom Browne retail business in South Korea, which consists of a network of 17 Thom Browne retail stores currently managed by Samsung under franchising arrangements. Following the acquisition, Zegna will directly operate the retail stores in South Korea (through a newly formed subsidiary) and Samsung will continue to support the Group through an innovative retail management agreement. The acquisition is expected to be completed on July 1, 2023, when the current franchise agreements expire, at which point the retail management agreement will also commence. On February 28, 2023, Zegna completed the previously announced redemption of its outstanding public and private placement warrants to purchase ordinary shares of the Company that remained outstanding at 5:00 p.m. New York City time on February 27, 2023 (the “Redemption Date”), following which (i) 408,667 warrants were exercised by the warrant holders at an exercise price of $11.50 per ordinary share and Zegna received total cash proceeds of $4.7 million in exchange for 408,667 newly issued ordinary shares, and (ii) 19,322,846 warrants were exercised by the warrant holders on a cashless basis in exchange for 0.277 ordinary shares of the Company per warrant, with the Company issuing an aggregate of 5,761,067 newly issued ordinary shares. As a result of these transactions, approximately 98% of the outstanding warrants were exercised, of which approximately 2% were exercised for cash and approximately 96% were exercised on a cashless basis. The remaining 385,123 warrants remained unexercised on the Redemption Date and were redeemed by the Company for cash at a redemption price of $0.10 per warrant in accordance with the terms of the related warrant agreements, for a total of $38.5 thousand. Following the above transactions, there are no remaining public or private placement warrants outstanding. On March 14, 2023, the release conditions relating to 70% of the Escrow Shares, representing 3,521,875 ordinary shares of the Company, were satisfied. On March 31, 2023, Zegna completed the acquisition of a 25% minority stake interest in Canadian technical trail-running shoe company Norda Run for consideration of $7.1 million, with the option to gradually increase its stake over the next nine years. The luxury outdoor space continues to be an area of focus for the Group, and Norda Run, which uses the finest materials on the planet to produce the world’s best-performing all-weather footwear, aligns perfectly with Zegna’s values of creating the best products from the best materials. The agreement secures the possibility of accelerating the brand’s growth through a strong industrial and commercial partnership. The acquisition was executed through a newly incorporated, fully owned subsidiary of the Group in Canada. On April 5, 2023, the Board of Directors determined the level of achievement of the performance conditions applicable to the awards under the CEO 2022-2024 LTIP in relation to the 2022 performance period. As a result of such determination, 588,000 ordinary shares vested and will be delivered to the Chairman and CEO in due course. On April 5, 2023, the Board of Directors verified the achievement of the vesting conditions applicable to the first tranche of awards under the IPO Performance Bonus plan related to the execution of a public listing of the Company’s shares (which was completed in December 2021) and the achievement of predefined targets relating to the Company’s share price. As a result of such determination, 240,000 CEO IPO PSUs and 450,000 Management IPO PSUs vested and the same number of Ordinary Shares held in treasury will be delivered to the CEO and to members of management, respectively, in the second quarter of 2023. For additional information relating to the CEO IPO PSUs and the Management IPO PSUs, see Note 40 — Shared-based payments . On April 5, 2023, the Board of Directors of Zegna proposed to make a dividend distribution of €0.10 per share to holders of the Company's ordinary shares, corresponding to a total dividend distribution of approximately €25 million. The dividend proposal is subject to the finalization and adoption of the annual statutory accounts of the Company (provided that the distribution is permitted under Dutch law) and to the approval of the Company's shareholders at the 2023 annual general meeting, which is expected to be held on June 27, 2023. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [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 interests in the former subsidiary and recognizes the fair value of any consideration received from the transaction. Any retained interest in the former subsidiary is then remeasured to its fair value. The Group recognizes any non-controlling interests (“NCI”) in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interests’ share of the acquiree’s identifiable net assets. Net profit or loss and each component of other comprehensive income/(loss) are attributed to the owners of the parent and to the non-controlling interests. |
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 |
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) and accumulated in the currency translation reserve until the disposal of the investment, at which date the accumulated amount is reclassified to profit/(loss). 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 following table presents the principal foreign currency exchange rates used by the Group to translate other currencies into Euro: 2022 2021 2020 At December 31, Average At December 31, Average At December 31, Average U.S. Dollar 1.067 1.053 1.133 1.183 1.227 1.142 Swiss Franc 0.985 1.005 1.033 1.081 1.080 1.070 Chinese Renminbi 7.358 7.079 7.195 7.629 8.023 7.874 Pound Sterling 0.887 0.853 0.840 0.860 0.899 0.890 Hong Kong Dollar 8.316 8.245 8.833 9.193 9.514 8.857 Singapore Dollar 1.430 1.451 1.528 1.589 1.622 1.574 United Arab Emirates Dirham 3.917 3.867 4.160 4.344 4.507 4.194 Japanese Yen 140.660 138.027 130.380 129.877 126.490 121.832 |
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 |
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, 2022 and 2021: Company Registered office Share capital (functional currency) Held directly by % Group At December 31, 2022 2021 Companies consolidated on a line-by-line basis 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 % 100 % Ezi S.p.A. Milan 5,750,000 Ermenegildo Zegna N.V. 100 % 100 % EZ Service S.r.l. Valdilana (BI) 500,000 Ermenegildo Zegna N.V. 100 % 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 % 90 % Thom Browne Retail Italy S.r.l. Milan 10,000 Thom Browne Services Italy S.r.l. 90 % 90 % 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 % 60 % Foreign subsidiaries Investindustrial Acquisition Corp. (“IIAC”) Cayman Islands 5,614 Ermenegildo Zegna N.V. 100 % 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 (Japan) 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 % 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 % Company Registered office Share capital (functional currency) Held directly by % Group At December 31, 2022 2021 Ismaco Amsterdam B.V. Amsterdam (Netherlands) 226,890 Ermenegildo Zegna N.V. 100 % 100 % Ermenegildo Zegna Far-East Pte LTD Singapore 21,776,432 Consitex S.A. 100 % 100 % Ermenegildo Zegna Hong Kong LTD Hong Kong 538,240,000 Ermenegildo Zegna N.V. 100 % 100 % E.Z. Trading (Hong Kong) LTD Hong Kong 58,620,000 Ermenegildo Zegna N.V. 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 Pte LTD 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) 9,421,014 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 Pte LTD 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 Amsterdam B.V. 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 Pte LTD 100 % 100 % Ermenegildo Zegna Maroc S.A.R.L.A.U. Casablanca (Morocco) 530,000 Ermenegildo Zegna N.V. 100 % 100 % Ermenegildo Zegna Vietnam LLC Hanoi City (Vietnam) 132,294,900,000 Ermenegildo Zegna N.V. 90 % 77 % 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 Societé Anonyme Athens (Greece) 650,000 Ermenegildo Zegna N.V. 100 % 100 % Zegna for Retail of Readymade and Novelty Clothes W.L.L. Kuwait City (Kuwait) 125,000 Zegna Gulf Trading LLC 49 % — % Thom Browne Inc. Wilmington (U.S.A.) 5,510 Ermenegildo Zegna N.V. 90 % 90 % Thom Browne Japan Inc. Tokyo (Japan) 1,000,000 Thom Browne Inc. 90 % 90 % Thom Browne Trading SA Stabio (Switzerland) 100,000 Thom Browne Inc. 90 % 90 % Thom Browne France Services Paris (France) 50,000 Thom Browne Trading SA 90 % 90 % Thom Browne UK Limited Beckenham (UK) 1 Thom Browne Trading SA 90 % 90 % Thom Browne (China) Co., Ltd. (*) Shanghai (China) 900,000 Thom Browne Trading SA 90 % 90 % Thom Browne (Macau) Limited Hong Kong 500,000 Thom Browne Trading SA 90 % 90 % Thom Browne Canada Vancouver (Canada) 100 Thom Browne Trading SA 90 % 90 % Thom Browne Hong Kong Limited Hong Kong 500,000 Thom Browne Trading SA 90 % 90 % Thom Browne Eyewear (T.B.E.) SA Stabio (Switzerland) 1,000,000 Thom Browne Trading SA 90 % — % Thom Browne Eyewear France SAS Paris (France) 40,000 Thom Browne Eyewear SA 90 % — % Investments accounted for using the equity method 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.r.l. Montale (PT) 7,900,000 Ermenegildo Zegna N.V. 40 % 40 % Foreign associates and joint arrangements Tom Ford International LLC Delaware (U.S.A.) 82,366,000 EZ US Holding Inc. 15 % 15 % Other investments valued at fair value Company Registered office Share capital (functional currency) Held directly by % Group At December 31, 2022 2021 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 % 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. 29 % 29 % Consorzio Re.Crea Milan 660,000 Ermenegildo Zegna N.V. 17 % — % _________________ (*) Formerly known as Tailoring Luxury Co. Ltd. The following changes in the scope of consolidation of the Group occurred during the year ended December 31, 2022: • In March 2022, Thom Browne Eyewear (T.B.E.) SA, a limited liability company based in Switzerland and fully owned by Thom Browne Trading SA, was incorporated, primarily to manage the design, production, and sale of eyewear, jewelry and similar products. The Group held a 90% interest in the company at December 31, 2022. • In June 2022, the Group acquired an additional 13.9% interest in Ermenegildo Zegna Vietnam LLC through a capital increase of €2,232 thousand, following which the Group owns 90.5% of the company (76.6% at December 31, 2021). • In August 2022, Zegna for Retail of Readymade and Novelty Clothes W.L.L., a limited liability company fully owned by Zegna Gulf Trading LLC, was incorporated, primarily to manage the operating activities in Kuwait. The Group held a 49% interest in the company at December 31, 2022. • In August 2022, Consorzio Re. Crea was founded by the Group together with other leading companies and groups within the fashion industry in order to manage end-of-life of textile and fashion products and with a view to promote research and development of innovative recycling solutions. The Group held a 16.7% interest in the company at December 31, 2022. • In December 2022, Thom Browne Eyewear France SAS, a limited liability company based in France and fully owned by Thom Browne Eyewear SA, was incorporated, primarily to provide consultancy and management services in the business of sales of eyewear and accessories as well as to ensure the conformity of such products according to European regulations. The Group held a 90% interest in the company at December 31, 2022. |
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. Any gain or loss on disposal of property, plant and equipment is recognized in profit or loss. |
Brands with indefinite useful life | Intangible assets with an indefinite useful life Goodwill Goodwill on acquisitions of subsidiaries is initially recognized in accordance with IFRS 3 — Business Combinations , as further described below, and is recorded within intangible assets. In accordance with IAS 36 — Impairment of assets (“IAS 36”), goodwill is not amortized and is tested for impairment annually, or more frequently if facts or circumstances indicate that the asset may be impaired. Goodwill is allocated to each of the Group’s CGUs (or groups of CGUs) expected to benefit from the synergies of the combination. CGUs (or groups of CGUs) to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired, in order to verify that the recoverable amount of the CGU (or groups of CGUs) is not less than the carrying amount of the CGU (or groups of CGUs). 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 discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Brands with an indefinite useful lives Brands with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses. 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 asset without physical substance, controlled by the Group and capable of producing future economic benefits is recognized as intangible assets. 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 by the Group which meet the relevant criteria in IAS 38 — Intangible Assets (“IAS 38”) are capitalized and amortized on a straight-line basis over their useful lives. 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 in IAS 38 are met: (i) that development costs can be measured reliably and (ii) that the technical feasibility of the product, volumes and pricing support the view that the development expenditure will generate future economic benefits. Capitalized development costs include all direct and indirect costs that may be directly attributed to the development process. All other research and development costs are expensed as incurred. 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% - 25.0% 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. Right-of-use assets are depreciated on a straight-line basis over the lease term or, if shorter, the useful life of the asset. Right-of-use assets are measured at cost comprising the following: (i) the amount of the initial measurement of lease liability; (ii) any lease payments made at or before the commencement date less any lease incentives received; (iii) any initial direct costs and, if applicable, (iv) restoration costs. Payments associated with short- term leases (less than 12 months at inception) and leases of low-value assets are recognized as an expense in the statement of profit and loss on a straight-line basis. 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 components that may be included in the related contracts. Lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the Group’s incremental borrowing rate is used, being the rate that the Group would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. 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 period of a lease, together with the periods covered by (i) an option to extend if the lessee is reasonably certain to extend or periods after an optional termination date if the lessee is reasonably certain not to terminate early. Management evaluates the exercise of the option if it’s considered “reasonably certain” based on several factors and circumstances that create an incentive for the lessee to exercise, or not to exercise the option, including any expected changes in facts and circumstances from the commencement date until the exercise date of the option. The Group subleases certain spaces to third parties. The accounting for the right-of-use asset depends on the classification of the sublease, while the accounting for the head lease liability remains unchanged. For sublease classified as finance lease, the Group derecognizes the right-of-use asset (to the extent that it is subject to the sublease) and recognizes a lease receivable. If the sublease is classified as an operating lease, the Group continues to recognize the right-of-use asset. Operating income from the sublease is recognized on a straight-line basis over the term of the agreement |
Impairment of non-current assets | Impairment of non-current assets The Group continuously monitors its operations to assess whether there is any indication that its non-current assets are impaired, including goodwill, brands with an indefinite useful life, intangible assets with a definite useful life (including intangible assets in progress), property, plant and equipment and right-of-use assets. Goodwill, brands with an indefinite useful life and intangible assets in progress are tested for impairment annually or more frequently, if there is an indication that they may be impaired. If impairment indicators are present, the carrying amount of the asset is reduced to its recoverable amount, which is the higher of its (i) fair value less costs of disposal and (ii) value in use. The recoverable amount is determined for the individual asset, unless the asset does not generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets, in which case the asset is tested as part of the CGU to which the asset belongs. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. The Group identifies each DOS as a separate CGU. New DOS require a start-up period before they achieve the expected level of profitability, which generally extends for three years following the date of each store’s opening. When a DOS is in the start-up period, an operating loss is not necessarily considered to be an indicator of possible impairment. The Group considers an operating loss to be an indicator of possible impairment if the DOS cash flows for the start-up period are lower than the DOS cash flows of the approved operational plan. Strategic stores are considered separate CGUs when determining whether any impairment indicators are present. If an impairment indicator is identified, it is assessed whether other stores have benefited from the strategic store. If the strategic store is determined to benefit other stores, an impairment test for the strategic store is performed as a group of CGUs at the segment level. |
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 interests in the acquiree over the net fair value of the identifiable assets and liabilities acquired. If, after reassessment, it results in a negative difference, the excess is recognized immediately in the consolidated statement of profit and loss as a bargain purchase gain. 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. |
Put and call agreement on non-controlling interests | Put and call agreement on non-controlling interests In the case of put options granted to non-controlling interests, the Group recognizes a financial liability corresponding to the present value of the exercise price of the option. On initial recognition, if put option terms and conditions give the Group the access to the economic benefits of the non-controlling interests, the Group recognizes a financial liability and a reduction of equity attributable to non-controlling interests (as if the non-controlling interest had been acquired by the Group). If put option terms and conditions do not give the Group the access to the economic benefits of the non-controlling interests, the Group recognizes a financial liability and a reduction of the Group’s retained earnings. The liability is subsequently remeasured at the end of each period. The liability is subsequently accreted through financial expenses up to the redemption amount that is payable at the date at which the option first becomes exercisable. In the event that the option expires unexercised, the liability is derecognized with a corresponding adjustment to equity. |
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 (“IFRS 15”), which are measured at the transaction price (as defined in IFRS 15), all financial assets are initially measured at their fair value plus, in the case of financial assets not at fair value through profit and loss only, transaction costs that are directly attributable to the acquisition of the asset. 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/(loss), 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 financial assets. 2. Financial assets at fair value through other comprehensive income/(loss) (FVOCI) Financial assets at FVOCI are initially recognized at fair value and subsequent fair value changes are recognized within other comprehensive income/(loss). 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/(loss) is recycled to profit and loss. The Group’s financial assets at FVOCI primarily include derivative instruments (when they qualify for hedge accounting), as well as 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 FVPL 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/(loss) 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 |
Financial liabilities | Financial liabilitiesFinancial 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. |
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/(loss) 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 item, then the amount accumulated in the hedge reserve is removed directly from equity and included in the initial carrying amount of the recognized non-financial item. Furthermore, if the Group expects that some or all of the loss accumulated in the hedge reserve will not be recovered in the future, that amount is immediately reclassified to profit or loss. 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 the hedging instrument at fair value is recognized in the statement of profit and loss together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. Consistently, the hedged items are adjusted to consider changes in fair value of the hedged risk. The gain or loss relating to the effective portion of interest rate swaps hedging fixed rate borrowings is recognized in the statement of profit and loss. The gain or loss relating to the ineffective portion is recognized in the statement of profit and loss. Changes in the fair value of the hedged fixed rate borrowings attributable to interest rate risk are recognized in the statement of profit and loss. If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item for which the effective interest rate method is used is amortized to the statement of profit and loss over the period to maturity. |
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. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits held at call with banks and other short-term highly liquid investments. Cash and cash equivalents are primarily held for the purpose of meeting short-term cash commitments. To be classified as cash and cash equivalents, an asset must be readily convertible into cash, have an insignificant risk of changes in value and have a maturity period of three months or less at acquisition. |
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. |
Employee benefits | Employee benefits Pension plans Defined contribution plans - Costs arising from defined contribution plans are expensed as incurred. Defined benefit plans - The Group’s net obligations are determined separately for each plan by estimating the present value of future benefits that employees have earned in the current and prior periods, and deducting the fair value of any plan assets. 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/(loss). 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. |
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. |
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. |
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. Payment for retail sales is typically required at the time of purchase or within 30 days, or, on occasion, in advance. Payment terms for wholesale sales are generally longer and the Group may adopt various measures aimed at ensuring collectability of the related consideration, such as requiring customers to provide advanced payments or financial guarantees, as well as performing credit analysis of customers and obtaining insurance over receivables. |
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 date and at the settlement date, charging the related changes to the statement of profit and loss. 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 performance conditions, as well as for the Escrow Shares issued as part of the Business Combination (as described in Note 1 — General information ), is measured at the grant date fair value of the award using a Monte Carlo simulation model, which requires the input of assumptions, including the expected volatility of the Company’s shares, the dividend yield, interest rates and a correlation coefficient between the shares and the relevant market index. The fair value of equity awards which are conditional only on a recipient’s continued service to the Company is measured using the share price at the grant date adjusted for the present value of future distributions which employees will not receive during the vesting period. 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. The Group recognizes the effects of modifications that increase the total fair value of share-based payment arrangements or are otherwise beneficial to the employee. If the Group modifies the terms or conditions of the awards granted in a manner that reduces the total fair value of a share-based payment arrangement, or is not otherwise beneficial to the employee (e.g. by increasing the vesting period or adding a non-market performance), the Group continues to recognize the share-based payments as if that modification had not occurred. |
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 uncertain tax positions 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, in accordance with IFRIC 23 — “ Uncertainty over Income Tax Treatments. ” 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. |
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 Board of Directors, which has been identified as the chief operating decision-maker of the Group responsible for allocating resources and assessing performance of the operating segments. |
General information (Tables)
General information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
General Information [Abstract] | |
Summary of Breakdown of Net Cash Proceeds from Business Combination | The following table shows a breakdown of the net cash proceeds in 2021 from the Business Combination: (€ 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, 2022 | |
Accounting Policies [Abstract] | |
Summary of Principal Foreign Currency Exchange Rates | The following table presents the principal foreign currency exchange rates used by the Group to translate other currencies into Euro: 2022 2021 2020 At December 31, Average At December 31, Average At December 31, Average U.S. Dollar 1.067 1.053 1.133 1.183 1.227 1.142 Swiss Franc 0.985 1.005 1.033 1.081 1.080 1.070 Chinese Renminbi 7.358 7.079 7.195 7.629 8.023 7.874 Pound Sterling 0.887 0.853 0.840 0.860 0.899 0.890 Hong Kong Dollar 8.316 8.245 8.833 9.193 9.514 8.857 Singapore Dollar 1.430 1.451 1.528 1.589 1.622 1.574 United Arab Emirates Dirham 3.917 3.867 4.160 4.344 4.507 4.194 Japanese Yen 140.660 138.027 130.380 129.877 126.490 121.832 |
Summary of Scope of Consolidation | The following table presents the Zegna Group’s scope of consolidation at December 31, 2022 and 2021: Company Registered office Share capital (functional currency) Held directly by % Group At December 31, 2022 2021 Companies consolidated on a line-by-line basis 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 % 100 % Ezi S.p.A. Milan 5,750,000 Ermenegildo Zegna N.V. 100 % 100 % EZ Service S.r.l. Valdilana (BI) 500,000 Ermenegildo Zegna N.V. 100 % 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 % 90 % Thom Browne Retail Italy S.r.l. Milan 10,000 Thom Browne Services Italy S.r.l. 90 % 90 % 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 % 60 % Foreign subsidiaries Investindustrial Acquisition Corp. (“IIAC”) Cayman Islands 5,614 Ermenegildo Zegna N.V. 100 % 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 (Japan) 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 % 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 % Company Registered office Share capital (functional currency) Held directly by % Group At December 31, 2022 2021 Ismaco Amsterdam B.V. Amsterdam (Netherlands) 226,890 Ermenegildo Zegna N.V. 100 % 100 % Ermenegildo Zegna Far-East Pte LTD Singapore 21,776,432 Consitex S.A. 100 % 100 % Ermenegildo Zegna Hong Kong LTD Hong Kong 538,240,000 Ermenegildo Zegna N.V. 100 % 100 % E.Z. Trading (Hong Kong) LTD Hong Kong 58,620,000 Ermenegildo Zegna N.V. 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 Pte LTD 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) 9,421,014 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 Pte LTD 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 Amsterdam B.V. 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 Pte LTD 100 % 100 % Ermenegildo Zegna Maroc S.A.R.L.A.U. Casablanca (Morocco) 530,000 Ermenegildo Zegna N.V. 100 % 100 % Ermenegildo Zegna Vietnam LLC Hanoi City (Vietnam) 132,294,900,000 Ermenegildo Zegna N.V. 90 % 77 % 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 Societé Anonyme Athens (Greece) 650,000 Ermenegildo Zegna N.V. 100 % 100 % Zegna for Retail of Readymade and Novelty Clothes W.L.L. Kuwait City (Kuwait) 125,000 Zegna Gulf Trading LLC 49 % — % Thom Browne Inc. Wilmington (U.S.A.) 5,510 Ermenegildo Zegna N.V. 90 % 90 % Thom Browne Japan Inc. Tokyo (Japan) 1,000,000 Thom Browne Inc. 90 % 90 % Thom Browne Trading SA Stabio (Switzerland) 100,000 Thom Browne Inc. 90 % 90 % Thom Browne France Services Paris (France) 50,000 Thom Browne Trading SA 90 % 90 % Thom Browne UK Limited Beckenham (UK) 1 Thom Browne Trading SA 90 % 90 % Thom Browne (China) Co., Ltd. (*) Shanghai (China) 900,000 Thom Browne Trading SA 90 % 90 % Thom Browne (Macau) Limited Hong Kong 500,000 Thom Browne Trading SA 90 % 90 % Thom Browne Canada Vancouver (Canada) 100 Thom Browne Trading SA 90 % 90 % Thom Browne Hong Kong Limited Hong Kong 500,000 Thom Browne Trading SA 90 % 90 % Thom Browne Eyewear (T.B.E.) SA Stabio (Switzerland) 1,000,000 Thom Browne Trading SA 90 % — % Thom Browne Eyewear France SAS Paris (France) 40,000 Thom Browne Eyewear SA 90 % — % Investments accounted for using the equity method 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.r.l. Montale (PT) 7,900,000 Ermenegildo Zegna N.V. 40 % 40 % Foreign associates and joint arrangements Tom Ford International LLC Delaware (U.S.A.) 82,366,000 EZ US Holding Inc. 15 % 15 % Other investments valued at fair value Company Registered office Share capital (functional currency) Held directly by % Group At December 31, 2022 2021 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 % 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. 29 % 29 % Consorzio Re.Crea Milan 660,000 Ermenegildo Zegna N.V. 17 % — % _________________ (*) Formerly known as Tailoring Luxury Co. Ltd. The following changes in the scope of consolidation of the Group occurred during the year ended December 31, 2022: • In March 2022, Thom Browne Eyewear (T.B.E.) SA, a limited liability company based in Switzerland and fully owned by Thom Browne Trading SA, was incorporated, primarily to manage the design, production, and sale of eyewear, jewelry and similar products. The Group held a 90% interest in the company at December 31, 2022. • In June 2022, the Group acquired an additional 13.9% interest in Ermenegildo Zegna Vietnam LLC through a capital increase of €2,232 thousand, following which the Group owns 90.5% of the company (76.6% at December 31, 2021). • In August 2022, Zegna for Retail of Readymade and Novelty Clothes W.L.L., a limited liability company fully owned by Zegna Gulf Trading LLC, was incorporated, primarily to manage the operating activities in Kuwait. The Group held a 49% interest in the company at December 31, 2022. • In August 2022, Consorzio Re. Crea was founded by the Group together with other leading companies and groups within the fashion industry in order to manage end-of-life of textile and fashion products and with a view to promote research and development of innovative recycling solutions. The Group held a 16.7% interest in the company at December 31, 2022. • In December 2022, Thom Browne Eyewear France SAS, a limited liability company based in France and fully owned by Thom Browne Eyewear SA, was incorporated, primarily to provide consultancy and management services in the business of sales of eyewear and accessories as well as to ensure the conformity of such products according to European regulations. The Group held a 90% interest in the company at December 31, 2022. |
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% - 25.0% Software 10% - 33% Know how 20% Development costs and other intangibles 10% - 33% |
Segment reporting (Tables)
Segment reporting (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of operating segments [abstract] | |
Summary of Selected Financial Information by Segment | The following tables summarize selected financial information by segment for the years ended December 31, 2022, 2021 and 2020. For the year ended December 31, 2022 (€ thousands) Zegna Thom Browne Corporate Intercompany Eliminations Group Consolidated Revenues with third parties 1,162,826 330,014 — — 1,492,840 Inter-segment revenues 13,880 877 — (14,757) — Revenues 1,176,706 330,891 — (14,757) 1,492,840 Depreciation and amortization (148,747) (23,129) (6) — (171,882) Adjusted EBIT 141,513 48,077 (31,861) — 157,729 Legal costs for trademark disputes (1) (7,532) Transaction costs related to acquisitions (2) (2,289) Severance indemnities and provisions for severance expenses (3) (2,199) Costs related to the Business Combination (4) (2,137) Net impairment of leased and owned stores (5) (1,639) Special donation to the UNHCR (6) (1,000) Net income related to lease agreements (7) 6,844 Financial income 13,320 Financial expenses (54,346) Foreign exchange losses (7,869) Result from investments accounted for using the equity method 2,199 Profit before taxes 101,081 ______________ (1) Relates to legal costs of €7,532 thousand incurred in 2022 by the Thom Browne Segment in connection with a legal dispute between adidas and T hom Browne, primarily in relation to the use of trademarks. This amount is recorded within the line item “purchased, outsourced and other costs” in the consolidated statement of profit and loss. (2) Relates to transaction costs of €2,289 thousand incurred in 2022 in connection with acquisitions, primarily for consultancy and legal fees related to the TFI Acquisition. This amount is recorded within the line item “purchased, outsourced and other costs” in the consolidated statement of profit and loss and is related to Corporate. (3) Relates to severance indemnities incurred by the Zegna Segment of €2,199 thousand recorded within the line item “personnel costs” in the consolidated statement of profit and loss. (4) Costs related to the Business Combination of €2,137 thousand in 2022 relate to the grant of equity awards to management in 2021 with vesting subject to the public listing of the Company’s shares and certain other performance and/or service conditions. This amount is recorded within the line item “personnel costs” in the consolidated statement of profit and loss and relates to the Zegna Segment for €1,101 thousand, to the Thom Browne Segment for €98 thousand and to Corporate for €938 thousand. For additional information please refer to Note 40 — Shared-based payments . (5) Net impairment of leased and owned stores includes (i) impairment of €2,369 thousand related to right-of-use assets, (ii) reversals of impairment of €756 thousand related to property plant and equipment and (iii) impairment of €26 thousand related to intangible assets, all of which are recorded within the line item “depreciation, amortization and impairment of assets” in the consolidated statement of profit and loss and relate to the Zegna Segment for a net impairment of €819 thousand and to the Thom Browne Segment for impairment of €820 thousand. (6) Relates to a donation of €1,000 thousand in 2022 to the United Nations High Commissioner for Refugees (UNHCR) to support initiatives related to the humanitarian emergency in Ukraine. This amount is recorded within the line item “other operating costs” in the consolidated statement of profit and loss and is related to Corporate. (7) Net income related to lease agreements in 2022 relate entirely to the Zegna Segment and include (i) proceeds of €6,500 thousand received from new tenants in order for Zegna to withdraw from existing lease agreements of commercial properties (recorded within the line item “other income” in the consolidated statement of profit and loss) and (ii) €950 thousand for reversals of previously recognized provisions in respect of a legal claim related to a lease agreement in the United States (recorded within “write downs and other provisions” in the consolidated statement of profit and loss), partially offset by (ii) €606 thousand for costs related to a sublease agreement in the United States (recorded within “other operating costs” in the consolidated statement of profit and loss). For the year ended December 31, 2021 (€ thousands) Zegna Thom Browne Corporate Intercompany Eliminations 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 (137,500) (17,173) (2) — (154,675) Adjusted EBIT 131,929 38,097 (20,911) — 149,115 Costs related to the Business Combination (1) (205,059) Net costs related to lease agreements (2) (15,512) Severance indemnities and provisions for severance expenses (3) (8,996) Net impairment of leased and owned stores (4) (8,692) Other adjustments (5) (4,884) Financial income 45,889 Financial expenses (43,823) Foreign exchange 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 in 2021 include: a) €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) €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) €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) €10,916 thousand for the Zegna family’s grant of a €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) €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 40 — Shared-based payments. f) €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) €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) Net costs related to lease agreements in 2021 relate entirely to the Zegna Segment and include (i) €12,192 thousand of provisions relating to a lease agreement in the United States 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). (3) Relates to severance indemnities incurred by the Zegna Segment of €8,996 thousand recorded within the line item “personnel costs” in the consolidated statement of profit and loss. (4) Net impairment of leased and owned stores in 2021 includes impairment of (i) €6,486 thousand related to right-of-use assets, (ii) €2,167 thousand related to property plant and equipment and (iii) €39 thousand related to intangible assets, recorded within the line item “depreciation, amortization and impairment of assets” in the consolidated statement of profit and loss and related to the Zegna Segment. (5) 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 relate to Corporate (both amounts are recorded within the line item “write downs and other provisions” in the consolidated statement of profit and loss), partially offset by other income generated by the Zegna Segment 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). For the year ended December 31, 2020 (€ thousands) Zegna Thom Browne Corporate Intercompany Eliminations Group Consolidated 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 (7,243) 28,994 (1,738) — 20,013 Donations related to the COVID-19 pandemic (1) (4,482) Net costs related to lease agreements (2) (3,000) Net impairment of leased and owned stores (3) (19,725) Severance indemnities and provisions for severance expenses (4) (12,308) Impairment on held for sale assets (5) (3,053) Financial income 34,352 Financial expenses (48,072) Foreign exchange gains 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) ______________ (1) Relates to donations of €4,482 thousand in 2020 to charitable organizations in Italy and abroad to support initiatives related to the COVID-19 pandemic, of which €3,175 thousand relates to Corporate and €1,307 thousand relates to the Zegna Segment (this amount is recorded within the line item “other operating costs” in the consolidated statement of profit and loss). (2) Net costs related to lease agreements in 2020 relate entirely to the Zegna Segment and include €3,000 thousand for legal expenses relating to a lease agreement in the UK (recorded within the line item “write downs and other provisions” in the consolidated statement of profit and loss). (3) Net impairment of leased and owned stores in 2022 includes (i) impairment of €15,716 thousand related to right-of-use assets, (ii) impairment of €4,011 thousand related to property plant and equipment and (iii) reversals of impairment of €2 thousand related to intangible assets, all of which are recorded within the line item “depreciation, amortization and impairment of assets” in the consolidated statement of profit and loss and relate to the Zegna Segment (4) Relates to severance indemnities incurred by the Zegna Segment of €12,308 thousand recorded within the line item “personnel costs” in the consolidated statement of profit and loss. (5) Relates to impairment on assets held for sale of €3,053 thousand in 2020, of which €988 thousand relates to Corporate and is recorded within the line item “write downs and other provisions” and €2,065 thousand relates to the write down of inventories in the Zegna Segment and is recorded within the line item “cost of raw materials and consumables” in the consolidated statement of profit and loss. The following table summarizes non-current assets (other than financial instruments and deferred tax assets) by geography at December 31, 2022 and 2021. At December 31, (€ thousands) 2022 2021 EMEA (1) 281,749 273,926 of which Italy 178,714 166,467 North America (2) 549,634 507,379 of which United States (3) 546,362 503,496 Latin America (4) 5,147 4,690 APAC (5) 143,673 143,616 of which Greater China Region 103,621 70,828 of which Japan 21,339 22,387 Total non-current assets (other than financial instruments and deferred tax assets) 980,203 929,611 __________________ (1) EMEA includes Europe, the Middle East and Africa. (2) North America includes the United States of America and Canada. (3) Non-current assets in the United States at December 31, 2022 and 2021 included goodwill of €214,141 thousand and €201,662 thousand, respectively, and intangible assets with an indefinite useful life relating to the Thom Browne brand of €168,694 thousand and €158,864 thousand, respectively, which originated on acquisition of the Thom Browne Group in 2018. For additional information see Note 17 — Intangible assets. (4) Latin America includes Mexico, Brazil and other Central and South American countries. |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
Summary of a Breakdown of Revenues by Product Line | The following table provides a breakdown of revenues by product line: For the years ended December 31, (€ thousands) 2022 2021 2020 Zegna branded products (1) 923,942 847,311 636,478 Thom Browne 330,014 263,397 179,490 Textile 136,769 102,244 87,615 Third Party Brands 97,792 74,957 82,273 Other (2) 4,323 4,493 28,877 Total revenues 1,492,840 1,292,402 1,014,733 _________________ (1) Zegna branded products include apparel, bags, shoes and small and large leather goods, as well as licensed goods and royalties. (2) Other includes certain sales of products from previous seasons’ collections. Other for the year ended December 31, 2020 includes revenues of €12,389 thousand relating to the Agnona business, which was sold in January 2021. |
Summary of a Breakdown of Revenues by Sales Channel | The following table provides a breakdown of revenues by sales channel: For the years ended December 31, (€ thousands) 2022 2021 2020 Direct to Consumer (DTC) - Zegna branded products 772,505 712,862 527,972 Direct to Consumer (DTC) - Thom Browne branded products 145,702 138,567 85,268 Total Direct to Customer (DTC) 918,207 851,429 613,240 Wholesale Zegna branded products 151,437 134,449 108,506 Wholesale Thom Browne branded products 184,312 124,830 94,222 Wholesale Third Party Brands and Textile 234,561 177,201 169,888 Total Wholesale 570,310 436,480 372,616 Other (1) 4,323 4,493 28,877 Total revenues 1,492,840 1,292,402 1,014,733 _________________ (1) Other mainly includes certain sales of products from previous seasons’ collections. Other for the year ended December 31, 2020 includes revenues of €12,389 thousand relating to the Agnona business, which was sold in January 2021. |
Summary of Breakdown of Revenues by Geographic Area | The following table provides a breakdown of revenues by geographic area: For the years ended December 31, (€ thousands) 2022 2021 2020 EMEA (1) 520,226 380,325 315,879 of which Italy 224,342 158,722 121,202 of which UK 53,970 37,682 32,985 of which MEA (2) 69,046 44,236 24,268 North America (3) 294,686 191,283 131,049 of which United States 270,312 176,059 114,818 Latin America (4) 29,889 19,971 12,915 APAC (5) 644,802 696,344 551,650 of which Greater China Region 494,110 588,876 438,193 of which Japan 65,445 55,479 61,523 Other (6) 3,237 4,479 3,240 Total revenues 1,492,840 1,292,402 1,014,733 _______________ (1) EMEA includes Europe, the Middle East and Africa. (2) MEA includes the Middle East, Africa and Turkey. (3) North America includes the United States of America and Canada. (4) Latin America includes Mexico, Brazil and other Central and South American countries. (5) APAC includes the Greater China Region, Japan, South Korea, Thailand, Malaysia, Vietnam, Indonesia, Philippines, Australia, New Zealand, India and other Southeast Asian countries. (6) Other mainly includes royalties. |
Cost of raw materials and con_2
Cost of raw materials and consumables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Profit or loss [abstract] | |
Summary of Cost of Raw Materials and Consumables | The following table provides a breakdown for cost of raw materials and consumables: For the years ended December 31, (€ thousands) 2022 2021 2020 Raw materials (154,858) (108,442) (108,130) Finished goods (186,876) (161,731) (130,006) Consumables (8,362) (12,951) (10,909) Change in raw materials, consumables and finished goods 38,868 (24,822) 131 Other (92) (1,663) (1,655) Total cost of raw materials and consumables (311,320) (309,609) (250,569) |
Purchased, outsourced and oth_2
Purchased, outsourced and other costs (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Profit or loss [abstract] | |
Summary of Purchased, Outsourced and Other Costs | The following table provides a breakdown for purchased, outsourced and other costs: For the years ended December 31, (€ thousands) 2022 2021 2020 Outsourcing of production (85,763) (53,402) (59,411) Advertising and marketing expenses (76,618) (57,224) (47,467) Freight, insurance and selling expenses (74,161) (49,241) (55,905) Lease expenses (61,730) (56,345) (32,755) Consultancy fees and corporate bodies fees (60,633) (75,737) (33,706) Utilities (33,288) (26,710) (22,423) Maintenance costs (19,822) (14,610) (14,993) Royalties (4,158) (4,258) (5,982) Other services (21,755) (16,102) (14,284) Total purchased, outsourced and other costs (437,928) (353,629) (286,926) |
Summary of Lease Expenses | The following table provides a breakdown for lease expenses: For the years ended December 31, (€ thousands) 2022 2021 2020 Rent reductions 7,194 12,877 24,931 Variable lease payments (61,099) (63,421) (54,665) Expenses relating to short-term leases (7,715) (5,697) (2,260) Expenses relating to low value leases (110) (104) (761) Total lease expenses (61,730) (56,345) (32,755) |
Personnel costs (Tables)
Personnel costs (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Analysis of income and expense [abstract] | |
Summary of Personnel Costs | The following table provides a breakdown for personnel costs: For the years ended December 31, (€ thousands) 2022 2021 2020 Wages and salaries (279,508) (271,767) (209,965) Social contributions, pension plans and indemnities (59,054) (51,725) (50,750) Other long-term benefits (16,153) (8,702) — Share-based payments (13,579) (16,290) — Insurances and other benefits (13,111) (2,455) (3,142) Uniforms (4,185) (4,434) (5,013) Severance indemnities (2,199) (8,996) (12,308) Other payroll expenses (7,298) (3,393) (1,481) Total personnel costs (395,087) (367,762) (282,659) |
Depreciation, amortization an_2
Depreciation, amortization and impairment of assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Detailed Information About Depreciation Amortization And Impairment Of Assets [Abstract] | |
Summary of Breakdown for Depreciation, Amortization, and Impairment of Assets | The following table provides a breakdown for depreciation, amortization and impairment of assets: For the years ended December 31, (€ thousands) 2022 2021 2020 Depreciation and amortization (171,882) (154,195) (166,205) of which: Right-of-use assets (119,297) (105,779) (108,510) Property, plant and equipment and investment property (40,202) (37,919) (46,280) Intangible assets with a finite useful life (12,383) (10,497) (11,415) Impairment (1,639) (9,172) (19,725) of which: Right-of-use assets (2,369) (6,486) (15,716) Property, plant and equipment and investment property 756 (2,647) (4,011) Intangible assets with a finite useful life (26) (39) 2 Total depreciation, amortization and impairment of assets (173,521) (163,367) (185,930) |
Write downs and other provisi_2
Write downs and other provisions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Detailed Information About Writedowns And Other Provisions [Abstract] | |
Summary of Detailed Information About Write Downs And Other Provisions | The following table provides a breakdown for write downs and other provisions: For the years ended December 31, (€ thousands) 2022 2021 2020 Provision for legal expenses 895 (12,257) (2,484) Provision for Agnona disposal and write downs — (6,150) (988) Provision for restoration obligations for leased stores 374 (349) (1,992) Reversal/(Loss) allowance on trade receivables (30) 498 (3,636) Other provisions (1,253) (1,229) 2,922 Total write downs and other provisions (14) (19,487) (6,178) |
Other operating costs (Tables)
Other operating costs (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Detailed Information About Other Operating Costs [Abstract] | |
Summary of Detailed Information About Other Operating Costs | The following table provides a breakdown for other operating costs: For the years ended December 31, (€ thousands) 2022 2021 2020 Costs related to the Business Combination — (152,869) — Travel expenses (14,247) (7,919) (5,886) Bank fees (10,979) (8,939) (6,665) Indirect taxes (4,694) (3,327) (3,541) Gifts, associations and donations (3,255) (2,891) (10,834) Stationary and other materials (2,093) (1,766) (1,904) Gains/(Losses) on disposals of assets 1,124 (1,153) (1,091) Other operating costs (6,998) (1,972) (478) Total other operating costs (41,142) (180,836) (30,399) |
Financial income, financial e_2
Financial income, financial expenses and exchange gains/(losses) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Detailed Information About Financial Income Financial Expenses And Exchange Gains Or Losses Abstract [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): For the years ended December 31, (€ thousands) 2022 2021 2020 Financial income Options - Changes in fair value 470 20,675 17,743 Securities 8,154 17,845 10,812 Hedging operations 241 661 358 Interest on financial other assets 1,226 1,881 2,462 Interest on financial receivables/loans 501 583 1,391 Derivative financial instruments 1,022 2,760 — Other financial income 1,706 1,484 1,586 Total financial income 13,320 45,889 34,352 Financial expenses Options - Changes in fair value (11,426) (13,391) (15,729) Hedging operations (11,701) (7,044) (6,716) Interest and financial charges for lease liabilities (9,882) (8,982) (10,615) Warrants - Changes in fair value (1,171) (4,137) — Securities (13,426) (3,902) (8,272) Interest on bank loans and overdrafts (4,785) (2,845) (3,765) Interest expenses on interest rate swaps (1,356) (2,076) (2,002) Derivative financial instruments — — (380) Other financial expenses (599) (1,446) (593) Total financial expenses (54,346) (43,823) (48,072) Foreign exchange (losses)/gains (7,869) (7,791) 13,455 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Major components of tax expense (income) [abstract] | |
Summary of Breakdown For Income Taxes | The following table provides a breakdown for income taxes: For the years ended December 31, (€ thousands) 2022 2021 2020 Current taxes (47,355) (47,882) (24,928) Deferred taxes 11,553 17,180 9,945 Income taxes (35,802) (30,702) (14,983) |
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% for each of the years ended December 31, 2022, 2021 and 2020. For the years ended December 31, (€ thousands, except percentages) 2022 2021 2020 Profit/(Loss) before taxes 101,081 (96,959) (31,557) Theoretical income tax (expense)/benefit - tax rate 24% (24,259) 23,270 7,574 Tax effect on: Non-deductible costs (8,256) (23,863) (10,353) Patent box impact — — 1,497 Differences between foreign tax rates and the theoretical applicable tax rate 10,829 (2,849) 20,321 Taxes relating to prior years (96) (2,668) (197) Deferred tax assets not recognized 1,876 (14,978) (25,727) Tax on dividends and earnings (5,366) (9,027) (6,221) Other tax items (6,934) 449 (727) Total tax expense, excluding IRAP (32,206) (29,666) (13,833) Effective tax rate, excluding IRAP 31.9 % (30.6 %) (43.8 %) Italian regional income tax expense (IRAP) (3,596) (1,036) (1,150) Total income tax (35,802) (30,702) (14,983) Effective tax rate 35.4 % (31.7 %) (47.5 %) |
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: (€ thousands) At December 31, 2021 Recognized in profit and loss Recognized in comprehensive income/(loss) Exchange differences and other At December 31, 2022 Deferred tax assets arising on: Employee benefits 4,665 352 (85) (138) 4,794 Property plant and equipment 11,107 (1,668) — 439 9,878 Right-of-use assets 2,585 722 — (43) 3,264 Intangible assets 3,246 (85) — 68 3,229 Provision for obsolete inventory 42,772 11,095 — 2,227 56,094 Tax provisions 2,851 1,463 — (667) 3,647 Financial assets 1,533 (84) — 147 1,596 Tax losses 36,766 100 — 4,756 41,622 Other 2,685 688 (18) (2,852) 503 Total deferred tax assets 108,210 12,583 (103) 3,937 124,627 Deferred tax liabilities arising on: Property plant and equipment — 452 — (4) 448 Right-of-use assets 19 420 — 18 457 Intangible assets 45,420 (202) — 83 45,301 Financial assets fair value 2,461 (1,423) 1,158 186 2,382 Other 5,944 1,783 2,278 1,941 11,946 Total deferred tax liabilities 53,844 1,030 3,436 2,224 60,534 (€ thousands) At December 31, 2020 Recognized in profit and loss Recognized in comprehensive income/(loss) Exchange differences and other Disposition At December 31, 2021 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 assets 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 assets 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 |
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: At December 31, (€ thousands) 2022 2021 Expiry within 1 year 9,936 4,587 Expiry 1-5 years 35,927 33,108 Expiry over 5 years 86,433 73,856 No expiration 321,389 188,922 Total tax losses carried forward 453,685 300,473 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share [abstract] | |
Summary of Amounts Used to Calculate Basic and Diluted Earnings Per Share | The following table summarizes the amounts used to calculate basic and diluted earnings per share: For the years ended December 31, (€ thousands, except per share data ) 2022 2021 2020 Profit/(Loss) attributable to shareholders of the Parent Company 51,482 (136,001) (50,577) Weighted average number of shares for basic earnings per share 237,545,736 203,499,933 201,489,100 Adjustments for calculation of diluted earnings per share: CEO remuneration in shares (1) 1,081,513 — — CEO 2022-2024 PSUs (2) 1,031,673 — — Long-Term Incentive Awards 2022-2025 (3) 946,990 — — Non-executive directors remuneration in shares (4) 41,601 — — Weighted average number of shares for diluted earnings per share 240,647,513 203,499,933 201,489,100 Basic earnings per share in Euro 0.22 (0.67) (0.25) Diluted earnings per share in Euro 0.21 (0.67) (0.25) For the year ended December 31, 2022, the diluted weighted average number of shares outstanding was increased to take into consideration the theoretical effect of the potential ordinary shares relating to equity awards granted by the Group, to the extent to which they are dilutive. All potential ordinary shares are assumed converted into ordinary shares at the beginning of the period or, if later, at the date of grant of the potential ordinary shares. The adjustments for the calculation of the weighted average number of shares for diluted earnings per share are further explained below. For additional information see also Note 40 — Shared-based payments . (1) CEO remuneration in shares - Potential ordinary shares from the conversion of all or part of the CEO’s fixed remuneration in ordinary shares of the Company. (2) CEO 2022-2024 PSUs - Performance share units (PSUs) granted to the CEO, which are considered to be potential ordinary shares if the performance conditions relating to Adjusted EBIT and adjusted net financial indebtedness/(cash surplus) targets would have been met based on the Group’s performance up to the reporting date. (3) Long-Term Incentive Awards 2022-2025 - Performance share units (PSUs) and retention restricted share units (RSUs) granted to the senior management (excluding the CEO), which in the case of the PSUs are considered to be potential ordinary shares if the performance conditions relating to Adjusted EBIT and adjusted net financial indebtedness/(cash surplus) targets would have been met based on the Group’s performance up to the reporting date, and in the case of the RSUs are considered to be potential ordinary shares if the recipient was still employed by the Group at the reporting date. (4) Non-executive directors remuneration in shares - Potential ordinary shares of the Company granted to the non-executive directors for 50% of their annual base remuneration for services provided in 2022 and that will be assigned to the recipients in June 2024. |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about intangible assets [abstract] | |
Summary of Breakdown For Intangible Assets | The following table provides a breakdown for intangible assets: (€ thousands) Goodwill Brands with an indefinite useful life Concessions, licenses, trademarks and patents Other intangible assets Intangible assets in progress Total Historical cost at January 1, 2021 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 Additions — — 1,620 23,474 164 25,258 Disposals — — (3,164) (4,651) (3,199) (11,014) Exchange differences 12,479 9,830 82 518 — 22,909 Other movements and reclassifications — — (1,202) 1,202 — — Balance at December 31, 2022 239,709 168,694 42,339 147,204 1,146 599,092 Accumulated amortization at January 1, 2021 — — (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) Amortization — — (1,457) (10,926) — (12,383) Disposals — — 2,761 4,122 — 6,883 Impairment — — 1 (27) — (26) Exchange differences — — 838 (1,777) — (939) Balance at December 31, 2022 — — (36,989) (106,195) — (143,184) Carrying amount at: January 1, 2021 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 December 31, 2022 239,709 168,694 5,350 41,009 1,146 455,908 |
Summary of Goodwill Originated On Acquisitions Made By The Group | Goodwill originated on acquisitions made by the Group and it is attributable to the following operating segments: At December 31, (€ thousands) 2022 2021 Zegna 25,568 25,568 Thom Browne 214,141 201,662 Total goodwill 239,709 227,230 |
Summary of Sensitivity Of The Impairment Testing To Reasonably Possible Changes In Both Assumptions | The following tables detail the sensitivity of the impairment testing to reasonably possible changes in both assumptions, for those CGUs that have significant goodwill allocated to them. 2022 Existing assumption Sensitivity effects on headroom (€ millions, except percentages and basis points) Headroom Discount rate Growth rate EBITDA CAGR (%) vs. 2022 WACC Growth rate EBITDA CGU Thom Browne Group 454 841 300 +20.8% 362 / 563 552 / 372 526 / 381 CGU Gruppo Dondi S.p.A. 66 878 300 +7.0% 52 /87 75 / 59 72 / 61 CGU Bonotto S.p.A. 3 878 300 -1.0% 0 / 8 5 / 2 5 / 2 CGU In.Co. S.p.A. 110 878 300 +2.2% 85 / 147 125 / 98 123 / 98 CGU Tessitura Ubertino S.r.l. 22 878 300 +6.6% 18 / 29 25 / 20 24 / 21 2021 Existing assumption Sensitivity effects on headroom (€ millions, except percentages and basis points) Headroom Discount rate Growth rate EBITDA CAGR (%) vs. 2021 WACC Growth rate EBITDA CGU Thom Browne Group 327 773 200 +15.3% 211 / 493 395 / 270 379 / 276 CGU Gruppo Dondi S.p.A. 62 640 150 +18.6% 47 / 84 71 / 54 67 / 57 CGU Bonotto S.p.A. 5 640 150 +65.8% 1 / 11 8 / 3 7 / 3 CGU In.Co. S.p.A. 78 640 150 +57.6% 58 / 107 90 / 68 87 / 69 CGU 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, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Summary of Property Plant and Equipment | The following table provides a breakdown for property, plant and equipment: (€ thousands) Land and buildings Plant and machinery Industrial and commercial equipment Leasehold improvements Other tangible assets Tangible assets under construction and advances Total Historical cost at January 1, 2021 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 Additions 11 6,171 11,121 27,081 153 3,637 48,174 Disposals — (17,130) (12,341) (18,874) (200) — (48,545) Exchange differences — (37) 5,117 (2,353) 24 (30) 2,721 Reclassifications — 320 (769) 3,432 (947) (2,036) — Balance at December 31, 2022 8,548 153,863 147,959 238,190 7,740 4,999 561,299 Accumulated depreciation at January 1, 2021 (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) Depreciation (296) (6,879) (11,504) (20,356) (1,167) — (40,202) Disposals — 17,048 12,262 18,747 193 — 48,250 Impairment — (23) (438) 1,217 — — 756 Exchange differences — (71) (1,437) 4,139 880 — 3,511 Reclassifications 6 71 (1,443) 17 869 480 — Balance at December 31, 2022 (4,025) (132,323) (123,159) (169,587) (6,066) — (435,160) Carrying amount at: January 1, 2021 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 December 31, 2022 4,523 21,540 24,800 68,603 1,674 4,999 126,139 |
Summary of Impairment Testing in Respect of Property Plant and Equipment | The following tables present the sensitivity of the 2022 and 2021 Zegna Segment DOS impairment test to reasonably possible changes in the aforementioned assumptions: 2022 Existing assumption Sensitivity effects on impairment (€ thousands, except percentages) Impairment (1) WACC (%) Growth rate (%) Revenues CAGR (%) vs. 2022 WACC Growth rate Revenues Zegna Segment DOS (2,231) 8.84% - 17.20% 1.50%/ 5.00% 7.6% (2,413) / (2,038) (2,203) / (2,258) (1,864) / (2,714) _________________ (1) Gross of reversals related to the reduction of right-of-use assets of €1,412 thousand. 2021 Existing assumption Sensitivity effects on impairment (€ thousands, except percentages) Impairment WACC (%) Growth rate (%) Revenues CAGR (%) vs. 2021 WACC Growth rate Revenues 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 tables present the sensitivity of the 2022 and 2021 Thom Browne Segment DOS impairment test to reasonably possible changes in the aforementioned assumptions: 2022 Existing assumption Sensitivity effects on impairment (€ thousands, except percentages) Impairment WACC (%) Growth rate (%) Revenues CAGR (%) vs. 2022 WACC Growth rate Revenues Thom Browne Segment DOS (820) 8.84% / 11.59% 1.50% / 3.00% 9.5% (1,003) / (700) (800) / (848) (641) / (1,120) 2021 Existing assumption Sensitivity effects on impairment (€ thousands, except percentages) Impairment WACC (%) Growth rate (%) Revenues CAGR (%) vs. 2021 WACC Growth rate Revenues Thom Browne Segment DOS — 7.13% / 10.33% 2.00% +6.9% (95) / — — / (58) — / — |
Summary of Impairment Testing to Reasonably Possible Changes in Assumptions | The following tables present the sensitivity analysis of the 2022 and 2021 impairment test of corporate assets to reasonably possible changes in aforementioned assumptions: 2022 Existing assumption Sensitivity effects on headroom (€ millions, except percentages and basis points) Headroom Discount rate Growth rate EBITDA CAGR (%) WACC Growth rate EBITDA CGU Zegna Segment 1,590 855 300 +16.3% 1,196 / 2,158 1,818 / 1,399 1,843 / 1,337 CGU Thom Browne Segment 454 841 300 +20.8% 362 / 563 552 / 372 526 / 381 2021 Existing assumption Sensitivity effects on headroom (€ millions, except percentages and basis points) Headroom Discount rate Growth rate EBITDA CAGR (%) WACC Growth rate EBITDA CGU Zegna Segment 1,277 669 150 +13.2% 931 / 1,790 1,485 / 1,106 1,506 / 1,048 CGU Thom Browne Segment 325 773 200 +15.3% 209 / 491 393 / 269 376 / 274 |
Right-of-use assets (Tables)
Right-of-use assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 assets: (€ thousands) Land and buildings Industrial and commercial equipment Plant and machinery Other right-of-use assets Total Historical cost at January 1, 2021 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 Additions 135,933 32 — 1,816 137,781 Disposals (101,692) (80) — (1,789) (103,561) Exchange differences 9,357 — — (18) 9,339 Balance at December 31, 2022 758,923 524 168 5,793 765,408 Accumulated amortization at January 1, 2021 (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) Amortization (117,488) (117) (34) (1,658) (119,297) Impairments (2,369) — — — (2,369) Disposals 82,858 80 — 1,694 84,632 Exchange differences (1,494) — — 7 (1,487) Balance at December 31, 2022 (385,896) (486) (115) (3,403) (389,900) Carrying amount at: January 1, 2021 347,877 268 164 3,337 351,646 December 31, 2021 367,922 123 87 2,338 370,470 December 31, 2022 373,027 38 53 2,390 375,508 |
Investments at equity method (T
Investments at equity method (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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: (€ thousands, except percentages) Tom Ford International LLC Pelletteria Tizeta S.r.l. Filati Biagioli Modesto S.p.A. Achill Station Pty Ltd Total investments accounted for using the equity method Group’s percentage interest at December 31, 2022 15 % 50 % 40 % — Group’s percentage interest at December 31, 2021 15 % 50 % 40 % — At January 1, 2021 18,000 2,888 — 472 21,360 Additions — — 313 — 313 Disposition — — — (472) (472) Net income 1,893 528 373 — 2,794 Translation differences (1,548) — — — (1,548) At December 31, 2021 18,345 3,416 686 — 22,447 Disposal — — (2) — (2) Net income 76 1,292 831 — 2,199 Translation differences (1,996) — — — (1,996) At December 31, 2022 16,425 4,708 1,515 — 22,648 |
Disclosure Of Summary Financial Information Of 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, 2022, as required by IFRS 12— Disclosure of Interest in Other Entities (“IFRS 12”). (€ thousands) Pelletteria Tizeta S.r.l. Tom Ford International LLC Filati Biagioli Modesto S.p.A. Total assets 33,267 355,183 45,544 Total liabilities 9,415 492,184 41,729 Total equity 23,852 (137,001) 3,815 Net revenues 44,436 311,720 49,496 Net income/(loss) 2,330 509 1,837 |
Other non-current financial a_2
Other non-current financial assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Categories of non-current financial assets [abstract] | |
Disclosure Of Other Noncurrent Financial Assets | The following table provides a breakdown for other non-current financial assets: At December 31, (€ thousands) 2022 2021 Guarantee deposits 26,814 29,399 Financial loans to related parties 2,240 2,219 Financial loans to TFI 1,862 1,497 Lease receivables from sublease 1,366 — Other 3,958 2,257 Total other non-current financial assets 36,240 35,372 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Measuring inventories [Abstract] | |
Summary of Breakdown of Inventories | The following table provides a breakdown for inventories (net of the provision for slow moving and obsolete inventories): At December 31, (€ thousands) 2022 2021 Raw materials, ancillary materials and consumables 61,822 42,255 Work-in-progress and semi-finished products 63,019 50,703 Finished goods 286,010 245,517 Total inventories 410,851 338,475 |
Schedule of Changes in Provision for Slow Moving and Obsolete Inventories | The following table provides the changes in the total provision for slow moving and obsolete inventories for the years ended December 31, 2022 and 2021. 2022 2021 At January 1, (136,822) (120,098) Provisions (28,561) (29,600) Utilizations and releases 22,707 17,618 Exchange differences and other changes (5,143) (4,742) At December 31, (147,819) (136,822) |
Trade receivables (Tables)
Trade receivables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Trade Receivable [Abstract] | |
Summary of Breakdown for Trade Receivables | The following table provides a breakdown for trade receivables: At December 31, (€ thousands) 2022 2021 Trade receivables 183,725 167,003 Loss allowance (6,512) (6,643) Total trade receivables 177,213 160,360 The following table provides a breakdown for the loss allowance relating to trade receivables: Loss allowance (€ thousands) 2022 2021 At January 1, (6,643) (8,717) Provisions (806) (496) Utilizations 131 71 Releases 645 923 Disposition — 207 Exchange differences and other 161 1,369 At December 31, (6,512) (6,643) |
Disclosure of Trade Receivable by Geographic Area | The following table presents trade receivables by geographic area: At December 31, (€ thousands) 2022 2021 EMEA (1) 77,817 62,412 of which Italy 50,897 32,089 North America (2) 24,523 18,061 of which United States 20,669 16,883 Latin America (3) 5,770 4,437 APAC (4) 69,103 75,450 of which Greater China Region 47,924 54,978 Total trade receivables 177,213 160,360 _________________ (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, 2022 | |
Derivative Financial Instruments [Abstract] | |
Summary of Outstanding Hedges | At the reporting date, the Group had outstanding hedges as detailed in the tables below: At December 31, 2022 At December 31, 2021 (€ thousands) Notional Amount Positive Fair Value Negative Fair Value Notional Amount Positive Fair Value Negative Fair Value Foreign currency exchange risk Forward contracts 481,110 13,075 (2,362) 550,734 1,786 (11,726) Deal-Contingent Option — — — 109,244 — — Interest rate risk Interest rate swaps 320,000 9,379 — 323,816 — (2,412) Total derivatives – Hedging 801,110 22,454 (2,362) 983,794 1,786 (14,138) Total derivatives instruments - Asset/(Liabilities) 801,110 22,454 (2,362) 983,794 1,786 (14,138) |
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: For the years ended December 31, (€ thousands) 2022 2021 USD 203,611 194,097 CHF 8,145 4,792 CNY 94,203 191,936 GBP 36,984 25,012 HKD 59,160 46,883 JPY 35,119 51,075 Other 43,888 36,939 Total notional amount 481,110 550,734 |
Summary of Interest Rate Swap (IRS) Agreements | The key features of the interest rate swap (IRS) agreements are summarized as follows: (€ thousands, except percentages) Notional amount at December 31, Fair value at December 31, Contract Maturity date Fixed interest rate 2022 2021 2022 2021 IRS 1 1/27/2023 0.27% 20,000 20,000 67 (192) IRS 2 2/8/2023 0.17% 20,000 20,000 45 (144) IRS 3 4/27/2023 0.26% 50,000 50,000 428 (523) IRS 4 8/3/2023 0.28% 40,000 40,000 676 (483) IRS 5 11/17/2023 0.34% 60,000 60,000 1,564 (801) IRS 6 4/15/2024 (0.24%) 80,000 80,000 3,775 (109) IRS 7 12/20/2024 0.01% 50,000 50,000 2,824 72 IRS 8 (*) 7/29/2027 0.80% — 1,996 — (57) IRS 9 (*) 12/18/2031 1.94% — 1,820 — (175) Total 320,000 323,816 9,379 (2,412) _________________ * These agreements were disposed of prior to their original maturity dates. |
Other current financial assets
Other current financial assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Other current Financial Assets [Abstract] | |
Summary of Breakdown for Other Current Financial Assets | The following table provides a breakdown for other current financial assets (see Note 37 — Fair value measurement for a breakdown of other current financial assets by fair value level): At December 31, (€ thousands) 2022 2021 Securities 316,595 334,244 Guarantee deposits 2,075 6,136 Financial receivables 2,224 — Total other current financial assets 320,894 340,380 The following table provides a breakdown for securities: (€ thousands) At December 31, 2021 Investments Disposals Fair value adjustments Realized gains/(losses) Exchange rate gains/(losses) At December 31, 2022 FVPL Insurance contracts 113,919 — — 1,056 — — 114,975 Fixed income 68,947 — — (4,930) — — 64,017 Hedge funds 41,483 7,304 — (2,631) — 605 46,761 Private equity 15,925 6,230 (7,533) 3,282 17 390 18,311 Equity 25,408 — (7,101) (3,354) (590) 229 14,592 Private debt 7,945 5,201 — 498 — — 13,644 Real estate funds 32,898 2,496 (24,633) 248 800 320 12,129 Commodities — 2,991 — (264) — — 2,727 Money market funds 2,007 966 (370) 77 — (93) 2,587 Total FVPL 308,532 25,188 (39,637) (6,018) 227 1,451 289,743 FVOCI Floating income 20,687 — (2,500) (445) — — 17,742 Fixed income 5,025 5,000 — (915) — — 9,110 Total FVOCI 25,712 5,000 (2,500) (1,360) — — 26,852 Total securities 334,244 30,188 (42,137) (7,378) 227 1,451 316,595 (€ thousands) At December 31, 2020 Investments Disposals Fair value adjustments Realized gains/(losses) Exchange rate gains/(losses) At December 31, 2021 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 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash and cash equivalents [abstract] | |
Breakdown of Cash and Cash Equivalents | The following table provides a breakdown for cash and cash equivalents: At December 31, (€ thousands) 2022 2021 Cash on hand 2,322 1,651 Bank balances 251,999 458,140 Total cash and cash equivalents 254,321 459,791 |
Shareholder' equity (Tables)
Shareholder' equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of reserves within equity [abstract] | |
Summary of Other Reserves Including Other Comprehensive Income | Other reserves (including other comprehensive income/(loss)) are detailed as follows: At December 31, (€ thousands) 2022 2021 Legal and statutory reserves 8,056 860 Share premium 721,187 721,187 Reserve for treasury shares (451,174) (455,000) Other comprehensive income/(loss) reserve (OCI) 19,131 (12,295) Share-based payments reserve 88,557 74,978 Non-controlling interests options reserve (183,525) (196,691) Other reserves (57,542) (36,360) Other reserves, including OCI 144,690 96,679 |
Non-controlling interests (Tabl
Non-controlling interests (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of subsidiaries [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 year ended December 31, 2022 and 2021. At and for the year ended December 31, 2022 (Functional currency thousands) Country Group’s Non- Functional Total Total Net Net income / Dividends Company Thom Browne Inc. U.S.A. 90 % 10 % USD 298,901 146,879 348,445 43,277 (2,000) Ermenegildo Zegna Vietnam LLC Vietnam 90 % 10 % VTD 59,373,311 21,638,614 45,647,540 7,913,295 — Ermenegildo Zegna Madrid S.A. Spain 70 % 30 % EUR 3,718 1,741 3,838 120 (90) Gruppo Dondi S.p.A. Italy 65 % 35 % EUR 39,469 20,507 47,655 4,901 (1,113) E. Z. Thai Holding Ltd Thailand 49 % 51 % THB 12,669 19 — (309) — Bonotto S.p.A. Italy 60 % 40 % EUR 23,739 9,431 24,552 2,075 (797) Tessitura Ubertino S.r.l. Italy 60 % 40 % EUR 8,351 4,921 10,245 983 (312) Cappellificio Cervo S.r.l. Italy 51 % 49 % EUR 1,630 864 2,371 85 — Zegna South Asia Private LTD India 51 % 49 % INR 590,989 199,864 395,827 76,155 — Zegna Gulf Trading LLC UAE 49 % 51 % AED 140,841 53,895 191,749 52,806 — The Italian Fashion Co. LTD Thailand 65 % 35 % THB 198,556 (16,584) 190,048 11,015 — At and for the year ended December 31, 2021 (Functional currency thousands) Country Group’s Non- Functional Total Total Net Net income / Dividends Company Thom Browne Inc. U.S.A. 90 % 10 % USD 233,472 129,244 312,311 35,703 — Ermenegildo Zegna Vietnam LLC Vietnam 77 % 23 % VTD 59,619,650 (65,153,441) 34,267,609 (3,987,259) — Ermenegildo Zegna Madrid S.A. Spain 70 % 30 % EUR 3,627 1,925 2,241 (96) — Gruppo Dondi S.p.A. Italy 65 % 35 % EUR 33,459 18,475 37,617 4,783 (182) E. Z. Thai Holding Ltd Thailand 49 % 51 % THB 12,979 328 — (121) — Bonotto S.p.A. Italy 60 % 40 % EUR 21,482 9,030 17,674 1,840 — Tessitura Ubertino S.r.l. Italy 60 % 40 % EUR 12,221 8,786 5,625 561 — Cappellificio Cervo S.r.l. Italy 51 % 49 % EUR 1,498 757 1,315 (35) — Zegna South Asia Private LTD India 51 % 49 % INR 871,210 123,709 281,592 21,891 — Zegna Gulf Trading LLC UAE 49 % 51 % AED 125,086 921 137,355 30,783 — The Italian Fashion Co. LTD Thailand 65 % 35 % THB 171,771 (28,094) 91,848 (51,149) — |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about borrowings [abstract] | |
Summary of Non-current and Current Borrowings | The following table provides a breakdown for non-current and current borrowings: 2022 2021 (€ thousands) Committed Loans Other financial loans Total borrowings Committed Loans Other financial loans Total borrowings At January 1, 578,213 50,725 628,938 613,415 51,336 664,751 Repayments (109,422) (50,297) (159,719) (56,029) (104,181) (160,210) Proceeds — — — 20,000 103,570 123,570 Other 1,836 — 1,836 827 — 827 At December 31, 470,627 428 471,055 578,213 50,725 628,938 Of which: Non-current 184,661 219 184,880 470,934 712 471,646 Current 285,966 209 286,175 107,279 50,013 157,292 |
Disclosure In Tabular Form Of Repayment Schedule For Borrowings | The repayment schedule for borrowings is summarized below: (€ thousands) At December 31, 2022 Year 1 Year 2 Year 3 Year 4 Year 5 and beyond Committed loans 470,627 285,966 137,206 35,387 3,994 8,074 Other financial liabilities 428 209 211 8 — — Total borrowings 471,055 286,175 137,417 35,395 3,994 8,074 (€ thousands) At December 31, 2021 Year 1 Year 2 Year 3 Year 4 Year 5 and beyond 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 |
Summary of Details of Borrowings | The following tables provide details relating to the Group’s individual borrowings. At December 31, 2022 Borrower Interest rate Interest rate terms Expiry date of which current portion of which non-current portion (€ thousands) Ermenegildo Zegna N.V. Variable IRS + 1.48% January 2023 20,099 — 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 50,042 — Ermenegildo Zegna N.V. Variable Euribor 6m + 0.75% May 2023 45,139 — Ermenegildo Zegna N.V. Variable Euribor 6m + 0.86% June 2023 6,250 — Ermenegildo Zegna N.V. Variable IRS + 1.05% August 2023 40,168 — Ermenegildo Zegna N.V. Variable IRS + 0.78% November 2023 60,139 — Ermenegildo Zegna N.V. Variable Euribor 6m + 0.78% November 2023 5,000 — Ermenegildo Zegna N.V. Fixed 1.22% November 2023 20,000 — Ermenegildo Zegna N.V. Variable IRS + 0.81% April 2024 409 79,986 Lanificio Ermenegildo Zegna e Figli S.p.A. Fixed 1.35% June 2024 194 195 Ermenegildo Zegna N.V. Variable IRS + 0.60% December 2024 200 49,951 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 + 0.77% May 2025 3,324 4,750 Ermenegildo Zegna N.V. Fixed 0.73% September 2028 33 19,973 Other borrowings Fixed 0.05% - 0.49% Up to 2029 178 25 Total 286,175 184,880 of which fixed 85,447 50,193 of which variable 200,728 134,687 At December 31, 2021 Borrower Interest rate Interest rate terms Expiry date of which current portion of which non-current portion (€ 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 |
Other current and non-current_2
Other current and non-current financial liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of financial liabilities [abstract] | |
Summary of Breakdown for Other Non-Current Financial Liabilities | The following table provides a breakdown for other current and non-current financial liabilities: At December 31, (€ thousands) 2022 2021 Written put options on non-controlling interests 178,766 159,411 of which Thom Browne option 155,551 135,726 of which Dondi option 23,215 23,685 Other 27 7,976 Other non-current financial liabilities 178,793 167,387 Warrant liabilities 37,258 33,984 Other current financial liabilities 37,258 33,984 Total 216,051 201,371 |
Lease liabilities (Tables)
Lease liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Lease liabilities [abstract] | |
Summary of Breakdown for Lease Liabilities | The following table provides a breakdown for lease liabilities. (€ thousands) 2022 2021 At January 1, 438,052 407,687 Interest expense 9,882 9,351 Repayment of lease liabilities (including interest expense) (124,321) (109,962) IFRS 16 lease amendment: lease renegotiation (7,194) (12,416) Additions due to new leases and store renewals 140,875 150,648 Decrease of lease liabilities due to store closures (21,726) (16,485) Disposition — (11,508) Translation differences 7,939 20,737 At December 31, 443,507 438,052 Of which: Non-current 332,050 331,409 Current 111,457 106,643 |
Summary of Lease Liabilities by Maturity Date | The following table summarizes the lease liabilities by maturity date: (€ thousands) At December 31, Year 1 Year 2 Year 3 Year 4 Beyond 2022 443,507 111,457 91,081 62,502 46,528 131,939 2021 438,052 106,643 92,344 65,610 38,898 134,557 |
Provisions for risks and char_2
Provisions for risks and charges (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 2022 and 2021: (€ thousands) Legal and fiscal risks Leased store restoration Refund liability returns Other provision Total provisions At January 1, 2022 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 Provisions 91 2,770 2,240 2,425 7,526 Releases (986) (3,144) (174) (1,172) (5,476) Utilizations (26,780) (116) (1,578) (628) (29,102) Exchange differences 2,088 (58) (94) (44) 1,892 Reclassifications and other (2,405) 1,063 (897) 2,301 62 At December 31, 2022 664 14,808 9,546 8,532 33,550 of which current — 909 9,546 3,514 13,969 of which non-current 664 13,899 — 5,018 19,581 |
Employee benefits (Tables)
Employee benefits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Employee Benefits [Abstract] | |
Summary of Breakdown of Employee Benefits | The following table presents a breakdown of employee benefits. At December 31, (€ thousands) 2022 2021 Italian leaving indemnities (TFR) 7,613 9,784 Other leaving indemnities 10,486 15,237 Post-employment benefits 5,675 5,280 Other long-term employee benefits 1,469 1,362 Termination benefits 311 366 Total defined benefit obligations 25,554 32,029 Other long-term payables to employees 26,030 10,234 Total employee benefits 51,584 42,263 |
Summary of Changes in Defined Benefit Obligations | The following table shows the changes in defined benefit obligations. (€ thousands) 2022 2021 At January 1, 32,029 29,216 Changes through statement of profit and loss 3,280 14,365 - of which: Service cost 3,018 14,169 - of which: Financial charges 262 196 Changes through statement of comprehensive income and loss (755) 1,562 - of which: Actuarial (gain)/loss (1,220) 563 - of which: Translation differences 465 999 Benefits paid (8,676) (13,456) Change in scope of consolidation and reclassifications (324) 342 At December 31, 25,554 32,029 |
Summary of Main Financial Assumptions Used in Determining the Prevent Value of the TFR and Other Leaving Indemnities | The following table summarizes the main financial assumptions used in determining the present value of the TFR and other leaving indemnities. At December 31, 2022 At December 31, 2021 Italy Spain China Italy Spain China Discount rate 3.60% / 3.80% 3.70% / 3.80% 2.80% / 2.90% 0.183% / 0.757% 0.60% / 0.70% 2.80% Inflation rate 2.00% / 3.00% 1.00% 5.50% / 8.00% 1.50% 1.00% 5.50% Turn-over rate 0.50% / 7.90% 2.50% / 4.00% 3.50% / 5.50% 0.50% / 7.90% 2.50% / 4.00% 3.50% / 5.50% |
Summary of Main Assumptions for Quantitative Sensitivity Analysis | The following table presents a quantitative sensitivity analysis for the main assumptions relating to the Group’s main employee benefit obligations and service costs. At December 31, 2022 At December 31, 2021 +50 bps -50 bps +50 bps -50 bps +50 bps -50 bps +50 bps -50 bps (€ thousands) Employee benefit obligations Service costs Employee benefit obligations Service costs Discount rate (720) 770 (109) 60 (714) 765 (39) 42 Inflation rate 680 (645) 61 (111) 601 (572) 38 (36) Turn-over rate 2,511 (3,708) 372 (582) 1,155 (1,864) 92 (156) |
Trade payables and customer a_2
Trade payables and customer advances (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade Payables and Customer Advances [Abstract] | |
Summary of Breakdown for Trade Payables and Customer Advances | The following table provides a breakdown for trade payables and customer advances: At December 31, (€ thousands) 2022 2021 Trade payables 220,789 177,801 Customer advances 50,147 45,236 Total trade payables including customer advances 270,936 223,037 |
Other current liabilities (Tabl
Other current liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Current Liabilities [Abstract] | |
Schedule of Breakdown for Other Current Liabilities | The following table provides a breakdown for other current liabilities: At December 31, (€ thousands) 2022 2021 Due to employees 44,705 51,847 VAT and other taxes 15,102 28,609 Accrued expenses 23,162 15,319 Social security institutions 11,660 8,683 Deferred income 7,650 3,591 Other current liabilities 16,549 16,307 Total other current liabilities 118,828 124,356 |
Fair value measurement (Tables)
Fair value measurement (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of financial assets [abstract] | |
Summary of Financial Assets | The following tables provide a breakdown for financial assets by category at December 31, 2022: At December 31, 2022 Financial assets Fair value Level (€ thousands) FVPL FVOCI Amortized cost Total Note 1 2 3 Derivative financial instruments — 22,454 — 22,454 24 — 22,454 — Cash and cash equivalents — — 254,321 254,321 27 — 254,321 — Trade receivables — — 177,213 177,213 23 — 177,213 — Other non-current financial assets 3,958 — 32,282 36,240 21 — 32,861 3,379 Other current financial assets 289,743 26,852 4,299 320,894 25 30,076 78,470 212,348 Financial assets 293,701 49,306 468,115 811,122 30,076 565,319 215,727 The following table provides an additional breakdown for other current financial assets at December 31, 2022: At December 31, 2022 Financial assets Fair value Level (€ thousands) FVPL FVOCI Amortized cost Total 1 2 3 Insurance contracts 114,975 — — 114,975 — — 114,975 Fixed income 64,017 9,110 — 73,127 9,110 47,114 16,903 Hedge funds 46,761 — — 46,761 — 10,116 36,645 Equity 14,592 — — 14,592 497 14,095 — Money market funds and floating income 2,587 17,742 — 20,329 17,742 2,587 — Private equity 18,311 — — 18,311 — — 18,311 Real estate funds 12,129 — — 12,129 — — 12,129 Private debt 13,644 — — 13,644 — 259 13,385 Commodities 2,727 — — 2,727 2,727 — — Guarantee deposits — — 2,075 2,075 — 2,075 — Financial receivables — — 2,224 2,224 — 2,224 — Total other current financial assets 289,743 26,852 4,299 320,894 30,076 78,470 212,348 The following table presents the changes in level 3 items for the years ended December 31, 2022 and 2021: (€ thousands) Fair value 2022 2021 At January 1 201,290 197,840 Investments 21,343 19,516 Disposals (12,529) (24,211) Fair value adjustments 4,355 6,673 Realized gains 254 69 Exchange rate gains 1,014 1,403 At December 31 215,727 201,290 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). At December 31, 2021 Financial assets Fair value Level (€ thousands) FVPL FVOCI Amortized cost Total Note 1 2 3 Derivative financial instruments — 1,786 — 1,786 24 — 1,786 — Cash and cash equivalents — — 459,791 459,791 27 — 459,791 — Trade receivables — — 160,360 160,360 23 — 160,360 — Other non-current financial assets 2,257 — 33,115 35,372 21 — 33,115 2,257 Other current financial assets 308,532 25,712 6,136 340,380 25 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: At December 31, 2021 Financial assets Fair value Level (€ thousands) FVPL FVOCI Amortized cost 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 |
Summary of Financial Liabilities | The following tables provide a breakdown for financial liabilities by category: At December 31, 2022 Financial liabilities Fair value Level (€ thousands) FVPL FVOCI Amortized cost Total Note 1 2 3 Derivative financial instruments — 2,362 — 2,362 24 — 2,362 — Non-current borrowings — — 184,880 184,880 30 — 184,880 — Current borrowings — — 286,175 286,175 30 — 286,175 — Other non-current financial liabilities 178,766 — 27 178,793 31 — 178,766 27 Other current financial liabilities 37,258 — — 37,258 31 — 37,258 — Trade payables and customer advances — — 270,936 270,936 35 — 270,936 — Lease liabilities – Current / Non-current — — 443,507 443,507 32 — — 443,507 Financial liabilities 216,024 2,362 1,185,525 1,403,911 — 960,377 443,534 At December 31, 2021 Financial liabilities Fair value Level (€ thousands) FVPL FVOCI Amortized cost Total Note 1 2 3 Derivative financial instruments — 14,138 — 14,138 24 — 14,138 — Non-current borrowings — — 471,646 471,646 30 — 471,646 — Current borrowings — — 157,292 157,292 30 — 157,292 — Other non-current financial liabilities 159,411 — 7,976 167,387 31 — 159,411 7,976 Other current financial liabilities 33,984 — — 33,984 31 23,810 10,174 — Trade payables and customer advances — — 223,037 223,037 35 — 223,037 — Lease liabilities – Current / Non-current — — 438,052 438,052 32 — — 438,052 Financial liabilities 193,395 14,138 1,298,003 1,505,536 23,810 1,035,698 446,028 |
Qualitative and quantitative _2
Qualitative and quantitative information on financial risks (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
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 exchange-rates, applied to the Group’s net balances of trade receivables and trade payables in foreign currencies. At December 31, 2022 At December 31, 2021 (€ thousands) Trade receivables and trade payables +500 bps -500 bps Trade receivables and trade payables +500 bps -500 bps Currency Impact on profit before tax Impact on profit before tax USD 59,523 (2,834) 3,133 96,885 (4,614) 5,099 JPY 17,055 (812) 898 20,481 (975) 1,078 CNY 43,398 (2,067) 2,284 21,084 (1,004) 1,110 HKD 19,139 (911) 1,007 27,452 (1,307) 1,445 GBP (2,227) 106 (117) (5,974) 284 (314) SGD 9,496 (452) 500 8,220 (391) 433 CHF (9,285) 442 (489) (18,158) 865 (956) Total 137,099 (6,528) 7,216 149,990 (7,142) 7,895 The following table presents the potential impact on profit before tax of a hypothetical change of +/- 500 bps in year-end exchange-rates, applied to the Group’s hedged positions on the main currencies to which the Group is exposed. At December 31, 2022 At December 31, 2021 (€ thousands) Notional amount +500 bps -500 bps Notional amount +500 bps -500 bps Currency Impact on profit before tax Impact on profit before tax USD 53,320 2,539 (2,806) 81,725 3,892 (4,301) JPY 15,979 761 (841) 20,692 985 (1,089) CNY 42,817 2,039 (2,254) 11,464 546 (603) GBP (816) (39) 43 (12,660) (603) 666 HKD 19,940 950 (1,049) 28,054 1,336 (1,477) CHF — — — — — — SGD 9,463 451 (498) 8,158 388 (429) Total 140,703 6,701 (7,405) 137,433 6,544 (7,233) The following table presents the potential change in equity gross of tax of a hypothetical change of +/- 500 bps in year-end exchange-rates, applied to the Group’s foreign currency hedging instruments on highly probable transactions. At December 31, 2022 At December 31, 2021 (€ thousands) Notional amount +500 bps -500 bps Notional amount +500 bps -500 bps Currency Impact on hedge reserve Impact on hedge reserve USD 61,821 2,944 (3,254) 80,155 3,817 (4,219) CHF (8,272) (394) 435 (4,792) (228) 252 JPY 10,433 497 (549) 10,360 493 (545) HKD 6,153 293 (324) 16,097 767 (847) GBP 8,280 394 (436) 12,659 603 (666) CNY 48,918 2,329 (2,575) 178,537 8,502 (9,397) SGD 5,206 248 (274) 1,947 93 (102) Total 132,539 6,311 (6,977) 294,963 14,047 (15,524) The following table presents the potential impact on profit before tax of a hypothetical change of +/- 500 bps in the EUR/USD year-end exchange-rate, applied to the Thom Browne put option in U.S. Dollars on non-controlling interests (recorded within other non-current financial liabilities). At December 31, 2022 At December 31, 2021 (€ thousands) Notional amount +500 bps -500 bps Notional amount +500 bps -500 bps Currency Impact on profit before tax Impact on profit before tax USD (155,551) 7,407 (8,187) (135,726) 6,463 (7,143) Total (155,551) 7,407 (8,187) (135,726) 6,463 (7,143) |
Summary of Sensitivity on Floating Rate Borrowings | The following table presents the sensitivity on floating rate borrowings not covered by interest rate swaps. At December 31, 2022 Amount Total interest rate (*) Interest expense -20% Impact on profit before tax +20% Impact on profit before tax (€ thousands, except percentages) 5,000 3.091% 155 2.629% 131 3.553% 178 6,250 3.620% 226 2.760% 173 3.928% 246 8,080 2.690% 217 2.304% 186 3.064% 248 45,000 3.090% 1,391 2.622% 1,180 3.558% 1,601 64,330 1,989 1,670 2,273 _________________ * The overall rate indicated is compounded of the fixed spread plus the variable rate (+-20% is on the variable rate). At December 31, 2021 Amount Total interest rate (*) Interest expense -20% Impact on profit before tax +20% Impact on profit before tax (€ thousands, except percentages) 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 —% — —% — 0.100% 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 _________________ |
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: Contractual cash flows (€ thousands) Carrying amount at December 31, 2022 Within Within Within Beyond Derivative financial instruments 2,362 2,362 — — — Trade payables and customer advances 270,936 270,936 — — — Borrowings 471,055 290,470 139,257 36,536 16,650 Lease liabilities 443,507 119,287 97,148 66,812 193,368 Other current and non-current financial liabilities 216,051 37,258 23,632 — 155,161 Total 1,403,911 720,313 260,037 103,348 365,179 Contractual cash flows (€ thousands) Carrying amount at December 31, 2021 Within Within Within 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 financial liabilities 201,371 33,984 29,816 — 137,571 Total 1,505,536 545,422 411,653 205,368 380,936 |
Summary of Aging of Trade Receivables | The following table provides the aging of trade receivables: (€ thousands) Not yet due 0-90 days overdue 90-180 days overdue >180 days overdue Total Trade receivables, gross 146,486 29,372 2,277 5,590 183,725 Loss allowance (894) (1,210) (355) (4,053) (6,512) Total trade receivables at December 31, 2022 145,592 28,162 1,922 1,537 177,213 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 |
Related party transactions (Tab
Related party transactions (Table) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of transactions between related parties [abstract] | |
Summary of Transactions with Related Parties | The following table summarizes transactions with related parties for the years ended December 31, 2022, 2021 and 2020. For the year ended December 31, 2022 2021 2020 (€ thousands) Revenues Other income Costs (1) (2) Personnel Other operating costs Depreciation, amortization and impairment of assets Financial income Revenues Costs (1) (2) Personnel Write downs and other provisions (3) Depreciation, amortization and impairment of assets Financial income Revenues Costs (1) (2) Personnel Financial income Associates TFI Group 35,525 46 6,194 5 243 — 136 23,047 7,730 — — — 596 25,088 7,673 — 471 Filati Biagioli Modesto S.p.A. — — 3,365 — — — — 49 177 — — — — — — — — Pelletteria Tizeta S.r.l. 1 — — — — — — — — — — — — 4 2 — — Total associates 35,526 46 9,559 5 243 — 136 23,096 7,907 — — — 596 25,092 7,675 — 471 Companies controlled by Monterubello or its shareholders, Zegna directors or senior management EZ Real Estate (4) 8 — 50 (1) 24 6,110 (490) 58 1,178 — — 1,395 — — — — — Schneider Group 23 — 14,837 — — — — 20 5,623 — — — — 217 6,683 — — Alan Real Estate S.A. (4) — — (30) 35 580 2,522 (13) — 402 — — 392 — — — — — Agnona S.r.l. 195 14 228 109 20 — — 373 (485) — 6,150 — — — — — — 61 West 23rd Street LLC (4) — — (16) — — — — — (14) — — — — — — — — Other companies controlled by Monterubello or its shareholders, Zegna directors or senior management (5) 1 97 6,205 (1) 12 — (8) 9 491 — — — (40) 13 450 — (44) Other related parties connected to directors and shareholders — — — 2,563 — — — — — 1,284 — — (20,675) — 33 860 — Total transactions with related parties 35,753 157 30,833 2,710 879 8,632 (375) 23,556 15,102 1,284 6,150 1,787 (20,119) 25,322 14,841 860 427 Total for Zegna Group 1,492,840 13,949 749,248 395,087 41,142 173,521 (41,026) 1,292,402 663,238 367,762 19,487 163,367 2,066 1,014,733 537,495 282,659 (13,720) _________________ (1) Costs with Tom Ford include royalties amounting to €3,956 thousand, €4,081 thousand and €4,095 thousand for the years ended December 31, 2022, 2021 and 2020, respectively. (2) Includes cost for raw materials and consumables, purchased, outsourced and other costs. (3) Includes €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 (which was subsequently disposed of as part of the Disposition). (4) Entities disposed of as part of the Disposition, which was completed on November 1, 2021. |
Summary of Balances with Related Parties | The following table summarizes assets and liabilities with related parties at December 31, 2022 and 2021. At December 31, 2022 At December 31, 2021 (€ thousands) Trade Other financial Other current assets Right of use assets Other liabilities (1) Lease liabilities Trade Other financial Other current assets (2) Right of use assets Financial liabilities (3) Other liabilities (1) Lease liabilities Associates TFI Group 9,946 — 1,862 — 366 — 20,939 1,497 — — — 344 — Filati Biagioli Modesto S.p.A. — 2,200 — — 2,830 — 59 — — — — 63 — Pelletteria Tizeta S.r.l. 1 — — — — — — — — — — — — Total associates 9,947 2,200 1,862 — 3,196 — 20,998 1,497 — — — 407 — Monterubello and Companies controlled by Monterubello or its shareholders, Zegna directors or senior management Monterubello — — — — — — — — 10,923 — — — — Agnona S.r.l. 32 — — — 67 — 642 — — — — 122 — Schneider Group 4 — — — 4,102 — 12 — — — — 516 — EZ Real Estate (4) 69 — — 41,671 617 41,635 238 — — 44,499 — 1,248 44,039 61 West 23rd Street LLC (4) 24 — — — — — 7 — — — — — — Alan Real Estate S.A. (4) — — — 9,875 27 10,009 3 — — 4,917 — — 4,760 Other companies controlled by Monterubello or its shareholders, Zegna directors or senior management (5) 22 — 218 — 2,204 — 13 — — — 5,000 242 — Other related parties connected to directors and shareholders — — — — 384 — 500 — — — — 171 — Total transactions with related parties 10,098 2,200 2,080 51,546 10,597 51,644 22,413 1,497 10,923 49,416 5,000 2,706 48,799 Total for Zegna Group 177,213 357,134 84,574 375,508 441,348 443,507 160,360 375,752 68,773 370,470 639,033 389,656 438,052 _________________ (1) Includes trade payables and customer advances, employee benefits and other current liabilities. (2) On December 20, 2021, the Group announced that the Zegna family decided to grant a €1,500 special gift to each employee of the Zegna Group, amounting to a total of €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. (3) Includes non-current borrowings and other non-current financial liabilities. (4) Entities disposed of as part of the Disposition, which was completed on November 1, 2021. (5) Includes transactions with Fondazione Zegna, Finissaggio e Tintoria Ferraris S.p.A., PKB Privatbank AG, Achill Station Pty Ltd., and Pettinatura di Verrone S.r.l. |
Disclosure Of Remuneration Of And Outstanding Balances With Key Management Personnel Explanatory | The following table summarizes remuneration of and outstanding balances with Zegna directors and key executives with strategic responsibilities: Key Management Personnel Outstanding Balance (Euro thousands) Short-term employee benefits (1) Post- employment benefits Other long-term benefits Share-based payments Dividends Financial Income Employee benefits Other non-current financial liabilities (2) Other current liabilities Non-current financial assets 2022 17,337 1,015 13,623 9,358 — (24) 28,648 156,782 6,861 2,240 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 — __________________ (1) Includes corporate bodies fees, consultancy fees and personnel compensation. (2) Primarily relates to liabilities on put contracts entered into as part of the Group’s investments in Thom Browne and Lanificio. |
Share-based payments (Tables)
Share-based payments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-based payment arrangements [Abstract] | |
Summary Of Key Assumptions Used In Valuation | The following table summarizes the fair value for accounting purposes at grant dates and the key assumptions used in the valuation: 2022-2024 PSUs 2022-2025 RSUs Fair value €8.68 - €9.69 €8.62 - €9.56 Grant date share price €9.71 - €10.47 Expected volatility based on the historical and implied volatility of a group of comparable companies 35.0% - 37.5% Dividend yield 0.90% - 0.98% Risk-free rate 1.96% - 4.13% 2.07% - 4.05% |
Summary Of Changes In Number Of Outstanding Awards | The following table summarizes the changes in the number of the outstanding number awards under the Long-Term Incentive Awards 2022-2025, all of which were unvested: 2022-2024 PSUs 2022-2025 RSUs Total Awards Outstanding at December 31, 2021 — — — Granted 1,461,950 626,550 2,088,500 Forfeited (95,900) (41,100) (137,000) Outstanding at December 31, 2022 1,366,050 585,450 1,951,500 The following table summarizes the changes in the number of the outstanding number awards under the Management IPO equity-settled share-based payments, all of which were unvested: Management IPO PSUs Outstanding at December 31, 2020 — Granted 900,000 Outstanding at December 31, 2021 900,000 Forfeited (20,000) Outstanding at December 31, 2022 880,000 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about business combination [abstract] | |
Summary of Purchase Consideration, Net Assets Acquired and Goodwill | Details of the purchase consideration, the net assets acquired and goodwill were as follows: (€ 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 | (€ thousands) Fair value at 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 |
Summary of Net Cash Outflows Related To The Acquisition | The details of the net cash outflows related to the acquisition are shown below: (€ thousands) At acquisition date Consideration paid (5,880) Cash and cash equivalents acquired 2,366 Net cash outflow - Investing activities (3,514) |
General information - Narrative
General information - Narrative (Details) € / shares in Units, € in Thousands | 12 Months Ended | ||||
Dec. 17, 2021 EUR (€) shares | Dec. 31, 2022 EUR (€) € / shares shares | Dec. 31, 2021 EUR (€) € / shares shares | Dec. 17, 2021 $ / shares shares | Nov. 01, 2021 employee | |
General Information [Line Items] | |||||
Issue of equity | € 397,800 | ||||
Closing price per share (in USD per share) | € / shares | € 0.02 | € 0.02 | |||
Transaction costs | € 51,400 | € 2,900 | |||
Share-based payments | € 13,579 | € 74,978 | |||
PIPE Investors | |||||
General Information [Line Items] | |||||
Stock issued (in shares) | shares | 37,500,000 | ||||
Stock issued | € 331,400 | ||||
Monterubello | |||||
General Information [Line Items] | |||||
Stock repurchased (in shares) | shares | 54,600,000 | ||||
Stock repurchased | € 455,000 | ||||
Zegna Private Placement Warrants | |||||
General Information [Line Items] | |||||
Class of warrants outstanding | € 10,349 | ||||
Zegna Public Warrants | |||||
General Information [Line Items] | |||||
Warrants exchanged for ordinary shares (in shares) | shares | 13,416,637 | ||||
Class of warrants outstanding | € 20,723 | ||||
Bottom of range | |||||
General Information [Line Items] | |||||
Transaction costs | € 17,300 | ||||
Bottom of range | Zegna Private Placement Warrants | Strategic Holding Group S. r.l | |||||
General Information [Line Items] | |||||
Number of warrants converted into ordinary shares (in shares) | shares | 800,000 | ||||
Top of range | |||||
General Information [Line Items] | |||||
Transaction costs | € 34,100 | ||||
Top of range | Zegna Private Placement Warrants | |||||
General Information [Line Items] | |||||
Number of warrants converted into ordinary shares (in shares) | shares | 5,900,000 | ||||
Ordinary shares | |||||
General Information [Line Items] | |||||
Number of shares issued (in shares) | shares | 296,943,659 | 296,943,659 | |||
Ordinary shares | Bottom of range | |||||
General Information [Line Items] | |||||
Share split (in shares) | shares | 4,300,000 | ||||
Ordinary shares | Top of range | |||||
General Information [Line Items] | |||||
Share split (in shares) | shares | 215,000,000 | ||||
IIAC Class B Shares | |||||
General Information [Line Items] | |||||
Number of shares issued (in shares) | shares | 5,031,250 | 44,443,659 | |||
Issue of equity | € 37,906 | ||||
IIAC class A Shares | |||||
General Information [Line Items] | |||||
Number of shares issued (in shares) | shares | 44,443,659 | ||||
IIAC's shares | |||||
General Information [Line Items] | |||||
Closing price per share (in USD per share) | $ / shares | $ 10.14 | ||||
Share-based payments | € 114,963 | ||||
Ermenegildo Zegna N.V. | |||||
General Information [Line Items] | |||||
Number of employees transferred | employee | 197 | ||||
Number of employees | employee | 212 | ||||
Ermenegildo Zegna N.V. | Elah Dufour S.p.a | |||||
General Information [Line Items] | |||||
Proportion of ownership interests held by non-controlling interests | 10% |
General information - Net Cash
General information - Net Cash Proceeds (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 17, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
General Information [Line Items] | ||||
Purchase of own shares from Monterubello | € (455,000) | € 0 | € (455,000) | € 0 |
Payments of transaction costs related to the Business Combination | (48,475) | € 0 | € (48,475) | € 0 |
Net cash proceeds from the Business Combination | 138,649 | |||
Business Combination | ||||
General Information [Line Items] | ||||
Proceeds from issue of ordinary shares | 310,739 | |||
PIPE Investors | ||||
General Information [Line Items] | ||||
Proceeds from issue of ordinary shares | € 331,385 |
Summary of significant accoun_4
Summary of significant accounting policies - Scope of consolidation (Detail) € in Thousands | 12 Months Ended |
Dec. 31, 2021 EUR (€) | |
Disclosure of information about consolidated structured entities [line items] | |
Capital increase related to additional interest acquisition | € 711,903 |
Summary of significant accoun_5
Summary of significant accounting policies - Schedule of Exchange Rates (Detail) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
U.S. Dollar | |||
Disclosure In Tabular Form Of Foreign Exchange Rates Used For Translation [Line Items] | |||
Closing foreign exchange rate | 1.067 | 1.133 | 1.227 |
Average foreign exchange rate | 1.053 | 1.183 | 1.142 |
Swiss Franc | |||
Disclosure In Tabular Form Of Foreign Exchange Rates Used For Translation [Line Items] | |||
Closing foreign exchange rate | 0.985 | 1.033 | 1.080 |
Average foreign exchange rate | 1.005 | 1.081 | 1.070 |
Chinese Renminbi | |||
Disclosure In Tabular Form Of Foreign Exchange Rates Used For Translation [Line Items] | |||
Closing foreign exchange rate | 7.358 | 7.195 | 8.023 |
Average foreign exchange rate | 7.079 | 7.629 | 7.874 |
Pound Sterling | |||
Disclosure In Tabular Form Of Foreign Exchange Rates Used For Translation [Line Items] | |||
Closing foreign exchange rate | 0.887 | 0.840 | 0.899 |
Average foreign exchange rate | 0.853 | 0.860 | 0.890 |
Hong Kong Dollar | |||
Disclosure In Tabular Form Of Foreign Exchange Rates Used For Translation [Line Items] | |||
Closing foreign exchange rate | 8.316 | 8.833 | 9.514 |
Average foreign exchange rate | 8.245 | 9.193 | 8.857 |
Singapore Dollar | |||
Disclosure In Tabular Form Of Foreign Exchange Rates Used For Translation [Line Items] | |||
Closing foreign exchange rate | 1.430 | 1.528 | 1.622 |
Average foreign exchange rate | 1.451 | 1.589 | 1.574 |
United Arab Emirates Dirham | |||
Disclosure In Tabular Form Of Foreign Exchange Rates Used For Translation [Line Items] | |||
Closing foreign exchange rate | 3.917 | 4.160 | 4.507 |
Average foreign exchange rate | 3.867 | 4.344 | 4.194 |
Japanese Yen | |||
Disclosure In Tabular Form Of Foreign Exchange Rates Used For Translation [Line Items] | |||
Closing foreign exchange rate | 140.660 | 130.380 | 126.490 |
Average foreign exchange rate | 138.027 | 129.877 | 121.832 |
Summary of significant accoun_6
Summary of significant accounting policies - Summary of Scope of Consolidation (Detail) - EUR (€) € in Thousands | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Line Items] | ||||
Share capital | € 5,939 | € 5,939 | ||
Cash flows used in obtaining control of subsidiaries or other businesses, classified as investing activities | € 585 | € 4,224 | € 2,245 | |
Tom Ford International LLC | ||||
Accounting Policies [Line Items] | ||||
Proportion of ownership interest in associate | 15% | 15% | ||
Zegna South Asia Private LTD | ||||
Accounting Policies [Line Items] | ||||
Company | Ermenegildo Zegna N.V. | |||
Name of subsidiary | Zegna South Asia Private LTD | |||
Registered office | Mumbai (India) | |||
Share capital | € 902,316,770 | |||
Group’s percentage interest | 51% | 51% | ||
Ermenegildo Zegna N.V. | ||||
Accounting Policies [Line Items] | ||||
Company | Ermenegildo Zegna N.V. | |||
Registered office | Amsterdam (Netherlands) | |||
Share capital | € 5,938,873 | |||
Ermenegildo Zegna N.V. | Pelletteria Tizeta S.r.l. | ||||
Accounting Policies [Line Items] | ||||
Share 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% | 50% | ||
Ermenegildo Zegna N.V. | Filati Biagioli Modesto S.r.l. | ||||
Accounting Policies [Line Items] | ||||
Share capital | € 7,900,000 | |||
Name of associate | Filati Biagioli Modesto S.r.l. | |||
Principal place of business of associate | Montale (PT) | |||
Name of the Investor | Ermenegildo Zegna N.V. | |||
Proportion of ownership interest in associate | 40% | 40% | ||
Ermenegildo Zegna N.V. | Sharmoon.EZ.Garments Co. Ltd | ||||
Accounting Policies [Line Items] | ||||
Share capital | € 100,000,000 | |||
Group’s percentage interest | 50% | 50% | ||
Name of the Investor | Ermenegildo Zegna N.V. | |||
Name of foreign associates, joint arrangements and other investments | Sharmoon.EZ.Garments Co. Ltd | |||
Principal place of business of other investments | Wenzhou (China) | |||
Ermenegildo Zegna N.V. | In.co. S.p.A. | ||||
Accounting Policies [Line Items] | ||||
Company | Ermenegildo Zegna N.V. | |||
Name of subsidiary | In.co. S.p.A. | |||
Registered office | Biella | |||
Share capital | € 4,050,000 | |||
Group’s percentage interest | 100% | 100% | ||
Ermenegildo Zegna N.V. | Lanificio Ermenegildo Zegna e Figli S.p.A. | ||||
Accounting Policies [Line Items] | ||||
Company | Ermenegildo Zegna N.V. | |||
Name of subsidiary | Lanificio Ermenegildo Zegna e Figli S.p.A. | |||
Registered office | Valdilana (BI) | |||
Share capital | € 3,100,000 | |||
Group’s percentage interest | 100% | 100% | ||
Ermenegildo Zegna N.V. | Ezi S.p.A. | ||||
Accounting Policies [Line Items] | ||||
Company | Ermenegildo Zegna N.V. | |||
Name of subsidiary | Ezi S.p.A. | |||
Registered office | Milan | |||
Share capital | € 5,750,000 | |||
Group’s percentage interest | 100% | 100% | ||
Ermenegildo Zegna N.V. | EZ Service S.r.l. | ||||
Accounting Policies [Line Items] | ||||
Company | Ermenegildo Zegna N.V. | |||
Name of subsidiary | EZ Service S.r.l. | |||
Registered office | Valdilana (BI) | |||
Share capital | € 500,000 | |||
Group’s percentage interest | 100% | 100% | ||
Ermenegildo Zegna N.V. | Bonotto S.p.A. | ||||
Accounting Policies [Line Items] | ||||
Company | Ermenegildo Zegna N.V. | |||
Name of subsidiary | Bonotto S.p.A. | |||
Registered office | Colceresa (VI) | |||
Share capital | € 1,239,600 | |||
Group’s percentage interest | 60% | 60% | ||
Ermenegildo Zegna N.V. | Cappellificio Cervo S.r.l. | ||||
Accounting Policies [Line Items] | ||||
Company | Ermenegildo Zegna N.V. | |||
Name of subsidiary | Cappellificio Cervo S.r.l. | |||
Registered office | Biella | |||
Share capital | € 300,000 | |||
Group’s percentage interest | 51% | 51% | ||
Ermenegildo Zegna N.V. | Gruppo Dondi S.p.A. | ||||
Accounting Policies [Line Items] | ||||
Company | Ermenegildo Zegna N.V. | |||
Name of subsidiary | Gruppo Dondi S.p.A. | |||
Registered office | Carpi (MO) | |||
Share capital | € 1,502,800 | |||
Group’s percentage interest | 65% | 65% | ||
Ermenegildo Zegna N.V. | Tessitura Ubertino S.r.l. | ||||
Accounting Policies [Line Items] | ||||
Company | Ermenegildo Zegna N.V. | |||
Name of subsidiary | Tessitura Ubertino S.r.l. | |||
Registered office | Valdilana (BI) | |||
Share capital | € 100,000 | |||
Group’s percentage interest | 60% | 60% | ||
Ermenegildo Zegna N.V. | Investindustrial Acquisition Corp. (“IIAC”) | ||||
Accounting Policies [Line Items] | ||||
Company | Ermenegildo Zegna N.V. | |||
Name of subsidiary | Investindustrial Acquisition Corp. (“IIAC”) | |||
Registered office | Cayman Islands | |||
Share capital | € 5,614 | |||
Group’s percentage interest | 100% | 100% | ||
Ermenegildo Zegna N.V. | Ermenegildo Zegna Giyim Sanayi ve Tic. A. S. | ||||
Accounting Policies [Line Items] | ||||
Company | Ermenegildo Zegna N.V. | |||
Name of subsidiary | Ermenegildo Zegna Giyim Sanayi ve Tic. A. S. | |||
Registered office | Istanbul (Turkey) | |||
Share capital | € 32,291,439 | |||
Group’s percentage interest | 100% | 100% | ||
Ermenegildo Zegna N.V. | Ermenegildo Zegna H.m.b.H. | ||||
Accounting Policies [Line Items] | ||||
Company | Ermenegildo Zegna N.V. | |||
Name of subsidiary | Ermenegildo Zegna H.m.b.H. | |||
Registered office | Wien (Austria) | |||
Share capital | € 610,000 | |||
Group’s percentage interest | 100% | 100% | ||
Ermenegildo Zegna N.V. | Société de Textiles Astrum France S.à.r.l. | ||||
Accounting Policies [Line Items] | ||||
Company | Ermenegildo Zegna N.V. | |||
Name of subsidiary | Société de Textiles Astrum France S.à.r.l. | |||
Registered office | Paris (France) | |||
Share capital | € 500,000 | |||
Group’s percentage interest | 100% | 100% | ||
Ermenegildo Zegna N.V. | Ermenegildo Zegna GmbH | ||||
Accounting Policies [Line Items] | ||||
Company | Ermenegildo Zegna N.V. | |||
Name of subsidiary | Ermenegildo Zegna GmbH | |||
Registered office | Munich (Germany) | |||
Share capital | € 6,577,421 | |||
Group’s percentage interest | 100% | 100% | ||
Ermenegildo Zegna N.V. | Zegna Japan Co., LTD | ||||
Accounting Policies [Line Items] | ||||
Company | Ermenegildo Zegna N.V. | |||
Name of subsidiary | Zegna Japan Co., LTD | |||
Registered office | Minato-Ku-Tokyo (Japan) | |||
Share capital | € 100,000,000 | |||
Group’s percentage interest | 100% | 100% | ||
Ermenegildo Zegna N.V. | Fantasia (London) Limited | ||||
Accounting Policies [Line Items] | ||||
Company | Ermenegildo Zegna N.V. | |||
Name of subsidiary | Fantasia (London) Limited | |||
Registered office | London (UK) | |||
Share capital | € 7,000,000 | |||
Group’s percentage interest | 100% | 100% | ||
Ermenegildo Zegna N.V. | Ermenegildo Zegna S.A. de C.V. | ||||
Accounting Policies [Line Items] | ||||
Company | Ermenegildo Zegna N.V. | |||
Name of subsidiary | Ermenegildo Zegna S.A. de C.V. | |||
Registered office | Ciudad de Mexico (Mexico) | |||
Share capital | € 459,600,000 | |||
Group’s percentage interest | 100% | 100% | ||
Ermenegildo Zegna N.V. | Ezeti Portugal. S.A. | ||||
Accounting Policies [Line Items] | ||||
Company | Ermenegildo Zegna N.V. | |||
Name of subsidiary | Ezeti Portugal. S.A. | |||
Registered office | Lisbon (Portugal) | |||
Share capital | € 800,000 | |||
Group’s percentage interest | 100% | 100% | ||
Ermenegildo Zegna N.V. | Italco S.A. | ||||
Accounting Policies [Line Items] | ||||
Company | Ermenegildo Zegna N.V. | |||
Name of subsidiary | Italco S.A. | |||
Registered office | Sant Quirze (Spain) | |||
Share capital | € 1,911,300 | |||
Group’s percentage interest | 100% | 100% | ||
Ermenegildo Zegna N.V. | Ermenegildo Zegna Czech s.r.o | ||||
Accounting Policies [Line Items] | ||||
Company | Ermenegildo Zegna N.V. | |||
Name of subsidiary | Ermenegildo Zegna Czech s.r.o | |||
Registered office | Prague (Czech Republic) | |||
Share capital | € 1,350,000 | |||
Group’s percentage interest | 100% | 100% | ||
Ermenegildo Zegna N.V. | Co.Ti. Service S.A. | ||||
Accounting Policies [Line Items] | ||||
Company | Ermenegildo Zegna N.V. | |||
Name of subsidiary | Co.Ti. Service S.A. | |||
Registered office | Stabio (Switzerland) | |||
Share capital | € 27,940,000 | |||
Group’s percentage interest | 100% | 100% | ||
Ermenegildo Zegna N.V. | Consitex S.A. | ||||
Accounting Policies [Line Items] | ||||
Company | Ermenegildo Zegna N.V. | |||
Name of subsidiary | Consitex S.A. | |||
Registered office | Stabio (Switzerland) | |||
Share capital | € 15,000,000 | |||
Group’s percentage interest | 100% | 100% | ||
Ermenegildo Zegna N.V. | Ermenegildo Zegna Corporation | ||||
Accounting Policies [Line Items] | ||||
Company | Ermenegildo Zegna N.V. | |||
Name of subsidiary | Ermenegildo Zegna Corporation | |||
Registered office | New York, NY | |||
Share capital | € 500,000 | |||
Group’s percentage interest | 100% | 100% | ||
Ermenegildo Zegna N.V. | Zegna (China) Enterprise Management Co., Ltd. | ||||
Accounting Policies [Line Items] | ||||
Company | Ermenegildo Zegna N.V. | |||
Name of subsidiary | Zegna (China) Enterprise Management Co., Ltd. | |||
Registered office | Shanghai (China) | |||
Share capital | € 58,309,140 | |||
Group’s percentage interest | 100% | 100% | ||
Ermenegildo Zegna N.V. | Ermenegildo Zegna (China) Co., LTD | ||||
Accounting Policies [Line Items] | ||||
Company | Ermenegildo Zegna N.V. | |||
Name of subsidiary | Ermenegildo Zegna (China) Co., LTD | |||
Registered office | Shanghai (China) | |||
Share capital | € 50,000,000 | |||
Group’s percentage interest | 100% | 100% | ||
Ermenegildo Zegna N.V. | Ismaco Amsterdam B.V. | ||||
Accounting Policies [Line Items] | ||||
Company | Ermenegildo Zegna N.V. | |||
Name of subsidiary | Ismaco Amsterdam B.V. | |||
Registered office | Amsterdam (Netherlands) | |||
Share capital | € 226,890 | |||
Group’s percentage interest | 100% | 100% | ||
Ermenegildo Zegna N.V. | Ermenegildo Zegna Hong Kong LTD | ||||
Accounting Policies [Line Items] | ||||
Company | Ermenegildo Zegna N.V. | |||
Name of subsidiary | Ermenegildo Zegna Hong Kong LTD | |||
Registered office | Hong Kong | |||
Share capital | € 538,240,000 | |||
Group’s percentage interest | 100% | 100% | ||
Ermenegildo Zegna N.V. | E.Z. Trading (Hong Kong) LTD | ||||
Accounting Policies [Line Items] | ||||
Company | Ermenegildo Zegna N.V. | |||
Name of subsidiary | E.Z. Trading (Hong Kong) LTD | |||
Registered office | Hong Kong | |||
Share capital | € 58,620,000 | |||
Group’s percentage interest | 100% | 100% | ||
Ermenegildo Zegna N.V. | E. Z. New Zealand LTD | ||||
Accounting Policies [Line Items] | ||||
Company | Ermenegildo Zegna N.V. | |||
Name of subsidiary | E. Z. New Zealand LTD | |||
Registered office | Auckland (New Zealand) | |||
Share capital | € 3,300,000 | |||
Group’s percentage interest | 100% | 100% | ||
Ermenegildo Zegna N.V. | E. Z. Thai Holding Ltd | ||||
Accounting Policies [Line Items] | ||||
Company | Ermenegildo Zegna N.V. | |||
Name of subsidiary | E. Z. Thai Holding Ltd | |||
Registered office | Bangkok (Thailand) | |||
Share capital | € 3,000,000 | |||
Proportion of ownership interests held by non-controlling interests | 49% | 49% | ||
Ermenegildo Zegna N.V. | Ezesa Brasil Participacoes LTDA | ||||
Accounting Policies [Line Items] | ||||
Company | Ermenegildo Zegna N.V. | |||
Name of subsidiary | Ezesa Brasil Participacoes LTDA | |||
Registered office | San Paolo (Brazil) | |||
Share capital | € 77,481,487 | |||
Group’s percentage interest | 100% | 100% | ||
Ermenegildo Zegna N.V. | Ermenegildo Zegna Maroc S.A.R.L.A.U. | ||||
Accounting Policies [Line Items] | ||||
Company | Ermenegildo Zegna N.V. | |||
Name of subsidiary | Ermenegildo Zegna Maroc S.A.R.L.A.U. | |||
Registered office | Casablanca (Morocco) | |||
Share capital | € 530,000 | |||
Group’s percentage interest | 100% | 100% | ||
Ermenegildo Zegna N.V. | Ermenegildo Zegna Vietnam LLC | ||||
Accounting Policies [Line Items] | ||||
Company | Ermenegildo Zegna N.V. | |||
Name of subsidiary | Ermenegildo Zegna Vietnam LLC | |||
Registered office | Hanoi City (Vietnam) | |||
Share capital | € 132,294,900,000 | |||
Group’s percentage interest | 90.50% | 90% | 76.60% | |
Percentage of additional interest acquired in subsidiary | 13.90% | |||
Cash flows used in obtaining control of subsidiaries or other businesses, classified as investing activities | € 2,232 | |||
Ermenegildo Zegna N.V. | E.Zegna Attica Single Member Societé Anonyme | ||||
Accounting Policies [Line Items] | ||||
Company | Ermenegildo Zegna N.V. | |||
Name of subsidiary | E.Zegna Attica Single Member Societé Anonyme | |||
Registered office | Athens (Greece) | |||
Share capital | € 650,000 | |||
Group’s percentage interest | 100% | 100% | ||
Ermenegildo Zegna N.V. | Thom Browne Inc. | ||||
Accounting Policies [Line Items] | ||||
Company | Ermenegildo Zegna N.V. | |||
Name of subsidiary | Thom Browne Inc. | |||
Registered office | Wilmington (U.S.A.) | |||
Share capital | € 5,510 | |||
Group’s percentage interest | 90% | 90% | ||
Thom Browne Trading SA | Thom Browne Services Italy S.r.l. | ||||
Accounting Policies [Line Items] | ||||
Company | Thom Browne Trading SA | |||
Name of subsidiary | Thom Browne Services Italy S.r.l. | |||
Registered office | Milan | |||
Share capital | € 10,000 | |||
Group’s percentage interest | 90% | 90% | ||
Thom Browne Trading SA | Thom Browne France Services | ||||
Accounting Policies [Line Items] | ||||
Company | Thom Browne Trading SA | |||
Name of subsidiary | Thom Browne France Services | |||
Registered office | Paris (France) | |||
Share capital | € 50,000 | |||
Group’s percentage interest | 90% | 90% | ||
Thom Browne Trading SA | Thom Browne UK Limited | ||||
Accounting Policies [Line Items] | ||||
Company | Thom Browne Trading SA | |||
Name of subsidiary | Thom Browne UK Limited | |||
Registered office | Beckenham (UK) | |||
Share capital | € 1 | |||
Group’s percentage interest | 90% | 90% | ||
Thom Browne Trading SA | Thom Browne (China) Co., Ltd.(*) | ||||
Accounting Policies [Line Items] | ||||
Company | Thom Browne Trading SA | |||
Name of subsidiary | Thom Browne (China) Co., Ltd.(*) | |||
Registered office | Shanghai (China) | |||
Share capital | € 900,000 | |||
Group’s percentage interest | 90% | 90% | ||
Thom Browne Trading SA | Thom Browne (Macau) Limited | ||||
Accounting Policies [Line Items] | ||||
Company | Thom Browne Trading SA | |||
Name of subsidiary | Thom Browne (Macau) Limited | |||
Registered office | Hong Kong | |||
Share capital | € 500,000 | |||
Group’s percentage interest | 90% | 90% | ||
Thom Browne Trading SA | Thom Browne Canada | ||||
Accounting Policies [Line Items] | ||||
Company | Thom Browne Trading SA | |||
Name of subsidiary | Thom Browne Canada | |||
Registered office | Vancouver (Canada) | |||
Share capital | € 100 | |||
Group’s percentage interest | 90% | 90% | ||
Thom Browne Trading SA | Thom Browne Hong Kong Limited | ||||
Accounting Policies [Line Items] | ||||
Company | Thom Browne Trading SA | |||
Name of subsidiary | Thom Browne Hong Kong Limited | |||
Registered office | Hong Kong | |||
Share capital | € 500,000 | |||
Group’s percentage interest | 90% | 90% | ||
Thom Browne Trading SA | Thom Browne Eyewear (T.B.E.) SA | ||||
Accounting Policies [Line Items] | ||||
Company | Thom Browne Trading SA | |||
Name of subsidiary | Thom Browne Eyewear (T.B.E.) SA | |||
Registered office | Stabio (Switzerland) | |||
Share capital | € 1,000,000 | |||
Group’s percentage interest | 90% | 0% | ||
Thom Browne Retail Italy S.r.l. | Thom Browne Retail Italy S.r.l. | ||||
Accounting Policies [Line Items] | ||||
Company | Thom Browne Services Italy S.r.l. | |||
Name of subsidiary | Thom Browne Retail Italy S.r.l. | |||
Registered office | Milan | |||
Share capital | € 10,000 | |||
Group’s percentage interest | 90% | 90% | ||
Ezeti S.L. | Ermenegildo Zegna Madrid S.A. | ||||
Accounting Policies [Line Items] | ||||
Company | Ezeti S.L. | |||
Name of subsidiary | Ermenegildo Zegna Madrid S.A. | |||
Registered office | Barcelona (Spain) | |||
Share capital | € 901,500 | |||
Group’s percentage interest | 70% | 70% | ||
Italco S.A. | Ezeti S.L. | ||||
Accounting Policies [Line Items] | ||||
Company | Italco S.A. | |||
Name of subsidiary | Ezeti S.L. | |||
Registered office | Barcelona (Spain) | |||
Share capital | € 500,032 | |||
Group’s percentage interest | 100% | 100% | ||
Consitex S.A. | Ermenegildo Zegna Far-East Pte LTD | ||||
Accounting Policies [Line Items] | ||||
Company | Consitex S.A. | |||
Name of subsidiary | Ermenegildo Zegna Far-East Pte LTD | |||
Registered office | Singapore | |||
Share capital | € 21,776,432 | |||
Group’s percentage interest | 100% | 100% | ||
Consitex S.A. | Ermenegildo Zegna Canada Inc. | ||||
Accounting Policies [Line Items] | ||||
Company | Consitex S.A. | |||
Name of subsidiary | Ermenegildo Zegna Canada Inc. | |||
Registered office | Toronto (Canada) | |||
Share capital | € 700,000 | |||
Group’s percentage interest | 100% | 100% | ||
Consitex S.A. | Ermenegildo Zegna (Macau) LTD | ||||
Accounting Policies [Line Items] | ||||
Company | Consitex S.A. | |||
Name of subsidiary | Ermenegildo Zegna (Macau) LTD | |||
Registered office | Kowloon Bay (Hong Kong) | |||
Share capital | € 4,650,000 | |||
Group’s percentage interest | 100% | 100% | ||
Consitex S.A. | Zegna Gulf Trading LLC | ||||
Accounting Policies [Line Items] | ||||
Company | Consitex S.A. | |||
Name of subsidiary | Zegna Gulf Trading LLC | |||
Registered office | Dubai (UAE) | |||
Share capital | € 300,000 | |||
Group’s percentage interest | 49% | 49% | ||
Consitex S.A. | EZ US Holding Inc. | ||||
Accounting Policies [Line Items] | ||||
Company | Consitex S.A. | |||
Name of subsidiary | EZ US Holding Inc. | |||
Registered office | Wilmington (U.S.A.) | |||
Share capital | € 1,000,099 | |||
Group’s percentage interest | 100% | 100% | ||
Ermenegildo Zegna Far-East Pte LTD | Ermenegildo Zegna Australia PTY LTD | ||||
Accounting Policies [Line Items] | ||||
Company | Ermenegildo Zegna Far-East Pte LTD | |||
Name of subsidiary | Ermenegildo Zegna Australia PTY LTD | |||
Registered office | Sydney (Australia) | |||
Share capital | € 18,000,000 | |||
Group’s percentage interest | 100% | 100% | ||
Ermenegildo Zegna Far-East Pte LTD | Ermenegildo Zegna Malaysia Sdn. Bhd. | ||||
Accounting Policies [Line Items] | ||||
Company | Ermenegildo Zegna Far-East Pte LTD | |||
Name of subsidiary | Ermenegildo Zegna Malaysia Sdn. Bhd. | |||
Registered office | Kuala Lumpur (Malaysia) | |||
Share capital | € 3,000,000 | |||
Group’s percentage interest | 100% | 100% | ||
Ermenegildo Zegna N.V. / Italco S.A. | Ezesa Argentina S.A. | ||||
Accounting Policies [Line Items] | ||||
Company | Ermenegildo Zegna N.V. / Italco S.A. | |||
Name of subsidiary | Ezesa Argentina S.A. | |||
Registered office | Buenos Aires (Argentina) | |||
Share capital | € 9,421,014 | |||
Group’s percentage interest | 100% | 100% | ||
E. Z. Thai Holding Ltd / Ermenegildo Zegna Far-East Pte LTD | The Italian Fashion Co. LTD | ||||
Accounting Policies [Line Items] | ||||
Company | E. Z. Thai Holding Ltd / Ermenegildo Zegna Far-East Pte LTD | |||
Name of subsidiary | The Italian Fashion Co. LTD | |||
Registered office | Bangkok (Thailand) | |||
Share capital | € 16,000,000 | |||
Group’s percentage interest | 65% | 65% | ||
Ermenegildo Zegna N.V. / Ismaco Amsterdam B.V. | ISMACO TEKSTİL LİMİTED ŞİRKETİ | ||||
Accounting Policies [Line Items] | ||||
Company | Ermenegildo Zegna N.V. / Ismaco Amsterdam B.V. | |||
Name of subsidiary | ISMACO TEKSTİL LİMİTED ŞİRKETİ | |||
Registered office | Istanbul (Turkey) | |||
Share capital | € 10,000,000 | |||
Group’s percentage interest | 100% | 100% | ||
Thom Browne Inc. | Thom Browne Japan Inc. | ||||
Accounting Policies [Line Items] | ||||
Company | Thom Browne Inc. | |||
Name of subsidiary | Thom Browne Japan Inc. | |||
Registered office | Tokyo (Japan) | |||
Share capital | € 1,000,000 | |||
Group’s percentage interest | 90% | 90% | ||
Thom Browne Inc. | Thom Browne Trading SA | ||||
Accounting Policies [Line Items] | ||||
Company | Thom Browne Inc. | |||
Name of subsidiary | Thom Browne Trading SA | |||
Registered office | Stabio (Switzerland) | |||
Share capital | € 100,000 | |||
Group’s percentage interest | 90% | 90% | ||
EZ US Holding Inc. | Tom Ford International LLC | ||||
Accounting Policies [Line Items] | ||||
Share 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% | 15% | ||
Name of foreign associates, joint arrangements and other investments | Tom Ford International LLC | |||
Lanificio Ermenegildo Zegna e Figli S.p.A. | Acquedotto Piancone S.r.l. | ||||
Accounting Policies [Line Items] | ||||
Share capital | € 42,000 | |||
Group’s percentage interest | 67% | 67% | ||
Name of the Investor | Lanificio Ermenegildo Zegna e Figli S.p.A. | |||
Name of foreign associates, joint arrangements and other investments | Acquedotto Piancone S.r.l. | |||
Principal place of business of other investments | Valdilana (BI) | |||
Lanificio Ermenegildo Zegna e Figli S.p.A. | Pettinatura di Verrone S.r.l. | ||||
Accounting Policies [Line Items] | ||||
Share capital | € 3,000,000 | |||
Proportion of ownership interests held by non-controlling interests | 15% | 15% | ||
Name of the Investor | Lanificio Ermenegildo Zegna e Figli S.p.A. | |||
Name of foreign associates, joint arrangements and other investments | Pettinatura di Verrone S.r.l. | |||
Principal place of business of other investments | Verrone (BI) | |||
Bonotto S.p.A. | F2 S.r.l. | ||||
Accounting Policies [Line Items] | ||||
Share capital | € 90,000 | |||
Proportion of ownership interests held by non-controlling interests | 29% | 29% | ||
Name of the Investor | Bonotto S.p.A. | |||
Name of foreign associates, joint arrangements and other investments | F2 S.r.l. | |||
Principal place of business of other investments | Schio (VI) | |||
Ermenegildo Zegna N.V. | Consorzio Re.Crea | ||||
Accounting Policies [Line Items] | ||||
Share capital | € 660,000 | |||
Proportion of ownership interests held by non-controlling interests | 16.70% | 0% | ||
Name of the Investor | Ermenegildo Zegna N.V. | |||
Name of foreign associates, joint arrangements and other investments | Consorzio Re.Crea | |||
Principal place of business of other investments | Milan | |||
Zegna Gulf Trading LLC | Zegna for Retail of Readymade and Novelty Clothes W.L.L. | ||||
Accounting Policies [Line Items] | ||||
Company | Zegna Gulf Trading LLC | |||
Name of subsidiary | Zegna for Retail of Readymade and Novelty Clothes W.L.L. | |||
Registered office | Kuwait City (Kuwait) | |||
Share capital | € 125,000 | |||
Group’s percentage interest | 49% | 0% | ||
Thom Browne Eyewear SA | Thom Browne Eyewear France SAS | ||||
Accounting Policies [Line Items] | ||||
Company | Thom Browne Eyewear SA | |||
Name of subsidiary | Thom Browne Eyewear France SAS | |||
Registered office | Paris (France) | |||
Share capital | € 40,000 | |||
Group’s percentage interest | 90% | 0% |
Summary of significant accoun_7
Summary of significant accounting policies - Summary of Estimated Useful Lives of the Assets (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Bottom of range | Buildings | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rate | 3% |
Bottom of range | Plants and machinery | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rate | 12.50% |
Bottom of range | Industrial and commercial equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rate | 20% |
Bottom of range | Other tangible assets | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rate | 12% |
Top of range | Buildings | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rate | 10% |
Top of range | Plants and machinery | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rate | 17.50% |
Top of range | Industrial and commercial equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rate | 25% |
Top of range | Other tangible assets | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rate | 25% |
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, 2022 | |
Know how | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life of intangible asset | 5 years |
Depreciation Rate | 20% |
Bottom of range | Concessions, licenses, trademarks and patents | |
Disclosure of detailed information about intangible assets [line items] | |
Depreciation Rate | 2.50% |
Bottom of range | Software | |
Disclosure of detailed information about intangible assets [line items] | |
Depreciation Rate | 10% |
Bottom of range | Development costs and other intangibles | |
Disclosure of detailed information about intangible assets [line items] | |
Depreciation Rate | 10% |
Top of range | Concessions, licenses, trademarks and patents | |
Disclosure of detailed information about intangible assets [line items] | |
Depreciation Rate | 25% |
Top of range | Software | |
Disclosure of detailed information about intangible assets [line items] | |
Depreciation Rate | 33% |
Top of range | Development costs and other intangibles | |
Disclosure of detailed information about intangible assets [line items] | |
Depreciation Rate | 33% |
Key sources of estimation unc_2
Key sources of estimation uncertainty, use of estimates and critical accounting judgments (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Tom Ford International LLC | ||
Disclosure Of Subsidiaries Line Items [Abstract] | ||
Proportion of ownership interest in associate | 15% | 15% |
Segment reporting - Summary of
Segment reporting - Summary of Selected Financial Information by Segment (Detail) | 12 Months Ended | |||
Dec. 20, 2021 EUR (€) | Dec. 31, 2022 EUR (€) segment | Dec. 31, 2021 EUR (€) shares | Dec. 31, 2020 EUR (€) | |
Disclosure of operating segments [line items] | ||||
Number of operating segments | segment | 2 | |||
Number of reportable segments | segment | 2 | |||
Total revenues | € 1,492,840,000 | € 1,292,402,000 | € 1,014,733,000 | |
Depreciation and amortization | (171,882,000) | (154,195,000) | (166,205,000) | |
Adjusted EBIT | 157,729,000 | 149,115,000 | 20,013,000 | |
Legal costs for trademarks protection | (7,532,000) | |||
Transaction costs related to business acquisitions | 2,289,000 | |||
Severance indemnities and provision for severance expenses | (2,199,000) | (8,996,000) | (12,308,000) | |
Costs related to the Business Combination | (2,137,000) | (205,059,000) | ||
Net impairment of leased and owned stores | (1,639,000) | (8,692,000) | (19,725,000) | |
Donations | (1,000,000) | (4,482,000) | ||
Impairment on held for sale assets | (3,053,000) | |||
Impairments of investments accounted for using the equity method | (4,532,000) | |||
Other adjustments | (4,884,000) | |||
Net releases/costs related to lease agreements | (15,512,000) | (3,000,000) | ||
Net releases/costs related to lease agreements | 6,844,000 | |||
Agnona disposal | 0 | (6,150,000) | (988,000) | |
Financial income | 13,320,000 | 45,889,000 | 34,352,000 | |
Financial expenses | (54,346,000) | (43,823,000) | (48,072,000) | |
Foreign exchange losses | (7,869,000) | (7,791,000) | 13,455,000 | |
Result from investments accounted for using the equity method | 2,199,000 | 2,794,000 | (4,205,000) | |
Profit (loss) before tax | 101,081,000 | (96,959,000) | (31,557,000) | |
Other wages and salaries | 10,916,000 | |||
Employee gift expenses | € 10,916,000 | 1,500 | ||
Zegna non-executive directors | ||||
Disclosure of operating segments [line items] | ||||
Shares granted value under share based arrangement | € 791,000 | 0 | 0 | |
Private warrants | Zegna non-executive directors | ||||
Disclosure of operating segments [line items] | ||||
Private warrants issued | 1,236,000 | |||
Performance share units | ||||
Disclosure of operating segments [line items] | ||||
Shares granted value under share based arrangement | 5,380,000 | |||
Write downs and disposal | Agnona | ||||
Disclosure of operating segments [line items] | ||||
Loss incurred before sale of business | 6,006,000 | |||
Write down of stake | € 144,000 | |||
Percentage of voting interests acquired | 30% | 30% | ||
Write downs and disposal | Agnona | United States | ||||
Disclosure of operating segments [line items] | ||||
Income from sale of right of use of asset | € 1,266,000 | |||
Costs related to the business combination | ||||
Disclosure of operating segments [line items] | ||||
Costs related to the Business Combination | (34,092,000) | |||
Write-off of non-refundable prepaid premiums | 566,000 | |||
Costs related to the business combination | Zegna | ||||
Disclosure of operating segments [line items] | ||||
Share issue related cost | 114,963,000 | |||
Costs related to the business combination | IIAC | ||||
Disclosure of operating segments [line items] | ||||
Share issue related cost | € 37,906,000 | |||
Stock issued during period (in shares) | shares | 5,031,250 | |||
Costs related to lease agreements | United States | ||||
Disclosure of operating segments [line items] | ||||
Provisions related to lease agreement | € (950,000) | € 12,192,000 | ||
Loss related to sublease agreement | 606,000 | |||
Costs related to lease agreements | Italy | ||||
Disclosure of operating segments [line items] | ||||
Legal expenses related to lease agreement | 1,492,000 | |||
Costs related to lease agreements | GB | ||||
Disclosure of operating segments [line items] | ||||
Accrued property taxes related to lease agreement | 1,829,000 | |||
Right-of-use assets | ||||
Disclosure of operating segments [line items] | ||||
Depreciation and amortization | (119,297,000) | (105,779,000) | (108,510,000) | |
Net impairment of leased and owned stores | (2,369,000) | (6,486,000) | (15,716,000) | |
Property, plant and equipment and investment property | ||||
Disclosure of operating segments [line items] | ||||
Depreciation and amortization | (40,202,000) | (37,919,000) | (46,280,000) | |
Net impairment of leased and owned stores | (756,000) | (2,167,000) | (4,011,000) | |
Intangible assets with a finite useful life | ||||
Disclosure of operating segments [line items] | ||||
Depreciation and amortization | (12,383,000) | (10,497,000) | (11,415,000) | |
Net impairment of leased and owned stores | (26,000) | (39,000) | 2,000 | |
From Third Parties | ||||
Disclosure of operating segments [line items] | ||||
Total revenues | 1,492,840,000 | 1,292,402,000 | 1,014,733,000 | |
Depreciation and amortization | (171,882,000) | (154,675,000) | ||
Inter Segment Revenue | ||||
Disclosure of operating segments [line items] | ||||
Total revenues | 0 | 0 | 0 | |
Depreciation and amortization | 0 | 0 | ||
Adjusted EBIT | 0 | 0 | 0 | |
Zegna | ||||
Disclosure of operating segments [line items] | ||||
Severance indemnities and provision for severance expenses | (2,199,000) | |||
Costs related to the Business Combination | (1,101,000) | |||
Net impairment of leased and owned stores | (819,000) | |||
Donations | (1,307,000) | |||
Impairment on held for sale assets | (2,065,000) | |||
Proceeds to exit lease (key money) | 6,500,000 | |||
Thom Browne | ||||
Disclosure of operating segments [line items] | ||||
Costs related to the Business Combination | (98,000) | |||
Net impairment of leased and owned stores | (820,000) | |||
Corporate | ||||
Disclosure of operating segments [line items] | ||||
Costs related to the Business Combination | (938,000) | |||
Donations | (3,175,000) | |||
Impairment on held for sale assets | (988,000) | |||
Operating segments | ||||
Disclosure of operating segments [line items] | ||||
Total revenues | 1,492,840,000 | 1,292,402,000 | 1,014,733,000 | |
Operating segments | Zegna | ||||
Disclosure of operating segments [line items] | ||||
Total revenues | 1,176,706,000 | 1,035,175,000 | 843,318,000 | |
Depreciation and amortization | (153,962,000) | |||
Adjusted EBIT | 141,513,000 | 131,929,000 | (7,243,000) | |
Operating segments | Zegna | From Third Parties | ||||
Disclosure of operating segments [line items] | ||||
Total revenues | 1,162,826,000 | 1,029,005,000 | 835,244,000 | |
Depreciation and amortization | (148,747,000) | (137,500,000) | ||
Operating segments | Zegna | Inter Segment Revenue | ||||
Disclosure of operating segments [line items] | ||||
Total revenues | 13,880,000 | 6,170,000 | 8,074,000 | |
Operating segments | Thom Browne | ||||
Disclosure of operating segments [line items] | ||||
Total revenues | 330,891,000 | 264,066,000 | 179,794,000 | |
Depreciation and amortization | (12,243,000) | |||
Adjusted EBIT | 48,077,000 | 38,097,000 | 28,994,000 | |
Operating segments | Thom Browne | From Third Parties | ||||
Disclosure of operating segments [line items] | ||||
Total revenues | 330,014,000 | 263,397,000 | 179,489,000 | |
Depreciation and amortization | (23,129,000) | (17,173,000) | ||
Operating segments | Thom Browne | Inter Segment Revenue | ||||
Disclosure of operating segments [line items] | ||||
Total revenues | 877,000 | 669,000 | 305,000 | |
Operating segments | Corporate | ||||
Disclosure of operating segments [line items] | ||||
Total revenues | 0 | 0 | 0 | |
Adjusted EBIT | (31,861,000) | (20,911,000) | (1,738,000) | |
Operating segments | Corporate | From Third Parties | ||||
Disclosure of operating segments [line items] | ||||
Total revenues | 0 | 0 | 0 | |
Depreciation and amortization | (6,000) | (2,000) | 0 | |
Operating segments | Corporate | Inter Segment Revenue | ||||
Disclosure of operating segments [line items] | ||||
Total revenues | 0 | 0 | 0 | |
Elimination of intersegment amounts | ||||
Disclosure of operating segments [line items] | ||||
Total revenues | (14,757,000) | (6,839,000) | (8,379,000) | |
Elimination of intersegment amounts | Inter Segment Revenue | ||||
Disclosure of operating segments [line items] | ||||
Total revenues | € (14,757,000) | € (6,839,000) | € (8,379,000) |
Segment reporting - Summary o_2
Segment reporting - Summary of non-current assets by geography (Detail) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of operating segments [line items] | |||
Total non-current assets (other than financial instruments and deferred tax assets) | € 980,203 | € 929,611 | |
Goodwill | 455,908 | 425,220 | € 387,847 |
Goodwill | |||
Disclosure of operating segments [line items] | |||
Goodwill | 239,709 | 227,230 | 208,881 |
Goodwill | Thom Browne | |||
Disclosure of operating segments [line items] | |||
Goodwill | 214,141 | 201,662 | |
Brands with an indefinite useful life | |||
Disclosure of operating segments [line items] | |||
Goodwill | 168,694 | 158,864 | € 146,633 |
Brands with an indefinite useful life | Thom Browne | |||
Disclosure of operating segments [line items] | |||
Goodwill | 158,864 | ||
EMEA | |||
Disclosure of operating segments [line items] | |||
Total non-current assets (other than financial instruments and deferred tax assets) | 281,749 | 273,926 | |
EMEA | Italy | |||
Disclosure of operating segments [line items] | |||
Total non-current assets (other than financial instruments and deferred tax assets) | 178,714 | 166,467 | |
EMEA | Netherlands | |||
Disclosure of operating segments [line items] | |||
Total non-current assets (other than financial instruments and deferred tax assets) | 1,909 | 2,620 | |
North America | |||
Disclosure of operating segments [line items] | |||
Total non-current assets (other than financial instruments and deferred tax assets) | 549,634 | 507,379 | |
North America | United States | |||
Disclosure of operating segments [line items] | |||
Total non-current assets (other than financial instruments and deferred tax assets) | 546,362 | 503,496 | |
Latin America | |||
Disclosure of operating segments [line items] | |||
Total non-current assets (other than financial instruments and deferred tax assets) | 5,147 | 4,690 | |
APAC | |||
Disclosure of operating segments [line items] | |||
Total non-current assets (other than financial instruments and deferred tax assets) | 143,673 | 143,616 | |
APAC | Greater China Region | |||
Disclosure of operating segments [line items] | |||
Total non-current assets (other than financial instruments and deferred tax assets) | 103,621 | 70,828 | |
APAC | Japan | |||
Disclosure of operating segments [line items] | |||
Total non-current assets (other than financial instruments and deferred tax assets) | € 21,339 | € 22,387 |
Revenues - Summary of Breakdown
Revenues - Summary of Breakdown of Revenues by Product Line (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenues | € 1,492,840 | € 1,292,402 | € 1,014,733 |
Zegna branded products | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenues | 923,942 | 847,311 | 636,478 |
Thom Browne | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenues | 330,014 | 263,397 | 179,490 |
Textile | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenues | 136,769 | 102,244 | 87,615 |
Third Party Brands | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenues | 97,792 | 74,957 | 82,273 |
Other | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenues | € 4,323 | € 4,493 | € 28,877 |
Revenues - Summary of Breakdo_2
Revenues - Summary of Breakdown of Revenues by Sales Channel (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenues | € 1,492,840 | € 1,292,402 | € 1,014,733 |
Total Direct to Customer (DTC) | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenues | 918,207 | 851,429 | 613,240 |
Direct to Consumer (DTC) - Zegna branded products | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenues | 772,505 | 712,862 | 527,972 |
Direct to Consumer (DTC) - Thom Browne branded products | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenues | 145,702 | 138,567 | 85,268 |
Total Wholesale | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenues | 570,310 | 436,480 | 372,616 |
Wholesale Zegna branded products | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenues | 151,437 | 134,449 | 108,506 |
Wholesale Thom Browne branded products | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenues | 184,312 | 124,830 | 94,222 |
Wholesale Third Party Brands and Textile | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenues | 234,561 | 177,201 | 169,888 |
Wholesale Agnona | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenues | 12,389 | ||
Other | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenues | € 4,323 | € 4,493 | € 28,877 |
Revenues - Summary of Breakdo_3
Revenues - Summary of Breakdown of Revenues by Geographic Area (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenues | € 1,492,840 | € 1,292,402 | € 1,014,733 |
EMEA | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenues | 520,226 | 380,325 | 315,879 |
EMEA | Italy | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenues | 224,342 | 158,722 | 121,202 |
EMEA | UK | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenues | 53,970 | 37,682 | 32,985 |
EMEA | Middle East, Africa, and Turkey | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenues | 69,046 | 44,236 | 24,268 |
EMEA | Netherlands | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenues | 8,701 | 6,320 | 5,248 |
North America | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenues | 294,686 | 191,283 | 131,049 |
North America | United States | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenues | 270,312 | 176,059 | 114,818 |
Latin America | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenues | 29,889 | 19,971 | 12,915 |
APAC | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenues | 644,802 | 696,344 | 551,650 |
APAC | Greater China Region | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenues | 494,110 | 588,876 | 438,193 |
APAC | Japan | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenues | 65,445 | 55,479 | 61,523 |
Other | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenues | € 3,237 | € 4,479 | € 3,240 |
Other income - Additional Infor
Other income - Additional Information (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Zegna | ||
Disclosure Of Other income [Line Items] | ||
Proceeds to exit lease (key money) | € 6,500 | |
United States | Write downs and disposal | Agnona | ||
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of Cost of Raw Materials and Consumables [Line Items] | |||
Raw materials | € (154,858) | € (108,442) | € (108,130) |
Finished goods | (186,876) | (161,731) | (130,006) |
Consumables | (8,362) | (12,951) | (10,909) |
Change in raw materials, consumables and finished goods | 38,868 | (24,822) | 131 |
Other | (92) | (1,663) | (1,655) |
Total cost of raw materials and consumables | € (311,320) | € (309,609) | € (250,569) |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Profit or loss [abstract] | |||
Outsourcing of production | € (85,763) | € (53,402) | € (59,411) |
Advertising and marketing expenses | (76,618) | (57,224) | (47,467) |
Freight, insurance and selling expenses | (74,161) | (49,241) | (55,905) |
Lease expenses | (61,730) | (56,345) | (32,755) |
Consultancy fees and corporate bodies fees | (60,633) | (75,737) | (33,706) |
Utilities | (33,288) | (26,710) | (22,423) |
Maintenance costs | (19,822) | (14,610) | (14,993) |
Royalties | (4,158) | (4,258) | (5,982) |
Other services | (21,755) | (16,102) | (14,284) |
Total purchased, outsourced and other costs | € (437,928) | € (353,629) | € (286,926) |
Purchased, outsourced and oth_4
Purchased, outsourced and other costs - Additional Information (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of Purchased, Outsourced and Other Costs [Line Items] | |||
Legal costs | € 7,532 | ||
Transaction costs related to the Business Combination | 2,137 | € 205,059 | |
Rent reductions | € 7,194 | 12,877 | € 24,931 |
Costs related to the business combination | |||
Disclosure of Purchased, Outsourced and Other Costs [Line Items] | |||
Transaction costs related to the Business Combination | € 34,092 |
Purchased, outsourced and oth_5
Purchased, outsourced and other costs - Summary of Lease Expenses (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Profit or loss [abstract] | |||
Rent reductions | € 7,194 | € 12,877 | € 24,931 |
Variable lease payments | (61,099) | (63,421) | (54,665) |
Expenses relating to short-term leases | (7,715) | (5,697) | (2,260) |
Expenses relating to low value leases | (110) | (104) | (761) |
Total lease expenses | € (61,730) | € (56,345) | € (32,755) |
Personnel costs - Summary of Pe
Personnel costs - Summary of Personnel Costs (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Analysis of income and expense [abstract] | |||
Wages and salaries | € (279,508) | € (271,767) | € (209,965) |
Social contributions, pension plans and indemnities | (59,054) | (51,725) | (50,750) |
Other long-term benefits | (16,153) | (8,702) | 0 |
Share-based payments | (13,579) | (16,290) | 0 |
Insurances and other benefits | (13,111) | (2,455) | (3,142) |
Uniforms | (4,185) | (4,434) | (5,013) |
Severance indemnities | (2,199) | (8,996) | (12,308) |
Other payroll expenses | (7,298) | (3,393) | (1,481) |
Total personnel costs | € (395,087) | € (367,762) | € (282,659) |
Personnel Costs - Additional In
Personnel Costs - Additional Information (Detail) - EUR (€) | 12 Months Ended | |||
Dec. 20, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Other wages and salaries | € 10,916,000 | |||
Employee gift expenses | € 10,916,000 | 1,500 | ||
Share based payments related to long-term incentives granted | € 13,579,000 | 16,290,000 | € 0 | |
Other equity incentives to key management | 3,536,000 | |||
Severance indemnities | 2,199,000 | 8,996,000 | 12,308,000 | |
Supply chain | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Severance indemnities | 1,611,000 | 7,828,000 | 1,599,000 | |
Headquarter functions | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Severance indemnities | 588,000 | 1,168,000 | 5,371,000 | |
Woman division business | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Severance indemnities | 0 | 0 | 3,407,000 | |
Provision for severance indemnities | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Severance indemnities | 0 | 0 | 1,931,000 | |
Performance share units | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Shares granted value under share based arrangement | 5,380,000 | |||
Senior Management and Certain Other Employees | Performance share units | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Share based payments related to long-term incentives granted | 3,862,000 | 0 | 0 | |
Zegna directors | Performance share units | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Shares granted value under share based arrangement | 2,137,000 | 5,380,000 | 0 | |
Zegna non-executive directors | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Shares granted value under share based arrangement | € 791,000 | 0 | 0 | |
Zegna non-executive directors | Private warrants | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Private warrants issued | 1,236,000 | |||
Warrants issued (in shares) | 800,000 | |||
2022 | Chief Executive Officer (CEO) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Share based payments related to long-term incentives granted | € 6,789,000 | 6,138,000 | 0 | |
2023 | Chief Executive Officer (CEO) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Share based payments related to long-term incentives granted | 6,789,000 | 6,138,000 | 0 | |
2024 | Chief Executive Officer (CEO) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Share based payments related to long-term incentives granted | 6,789,000 | 6,138,000 | 0 | |
LTI Plan | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Share based payments related to long-term incentives granted | € 6,789,000 | € 6,138,000 | € 0 |
Depreciation, amortization an_3
Depreciation, amortization and impairment of assets - Summary of Breakdown for Depreciation, Amortization, and Impairment of Assets (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Detailed Information About Depreciation Amortization And Impairnent Of Assets [Line Items] | |||
Depreciation and amortization | € (171,882) | € (154,195) | € (166,205) |
Impairment | (1,639) | (9,172) | (19,725) |
Total depreciation, amortization and impairment of assets | (173,521) | (163,367) | (185,930) |
Right-of-use assets | |||
Detailed Information About Depreciation Amortization And Impairnent Of Assets [Line Items] | |||
Depreciation and amortization | (119,297) | (105,779) | (108,510) |
Impairment | (2,369) | (6,486) | (15,716) |
Property, plant and equipment and investment property | |||
Detailed Information About Depreciation Amortization And Impairnent Of Assets [Line Items] | |||
Depreciation and amortization | (40,202) | (37,919) | (46,280) |
Impairment | (2,647) | (4,011) | |
Impairment | 756 | ||
Intangible assets with a finite useful life | |||
Detailed Information About Depreciation Amortization And Impairnent Of Assets [Line Items] | |||
Depreciation and amortization | (12,383) | (10,497) | (11,415) |
Impairment | € (26) | € (39) | |
Impairment | € 2 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Detailed Information About Writedowns And Other Provisions [Abstract] | |||
Provision for legal expenses | € 895 | € (12,257) | € (2,484) |
Provision for Agnona disposal and write downs | 0 | (6,150) | (988) |
Provision for restoration obligations for leased stores | 374 | (349) | (1,992) |
Reversal/(Loss) allowance on trade receivables | (30) | 498 | (3,636) |
Other provisions | (1,253) | (1,229) | 2,922 |
Total write downs and other provisions | € (14) | € (19,487) | € (6,178) |
Write downs and other provisi_4
Write downs and other provisions - Additional Information (Detail) € in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2022 EUR (€) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 31, 2021 USD ($) | |
Details Of Write Downs And Other Provisions [Line Items] | ||||
Provisions | € 7,526 | |||
Lease Agreement, United States | ||||
Details Of Write Downs And Other Provisions [Line Items] | ||||
Payment related to legal agreement | € 25,698 | |||
Provision for the legal claim | $ | $ 28,254 | |||
Write downs and disposal | Agnona | ||||
Details Of Write Downs And Other Provisions [Line Items] | ||||
Loss incurred before sale of business | € 6,006 | |||
Write down of stake | € 144 | |||
Percentage of stake in Agnona | 30% | 30% |
Other operating costs - Summary
Other operating costs - Summary of Detailed Information About Other Operating Costs (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Details Of Other Operating Costs [Line Items] | |||
Costs related to the Business Combination | € (2,289) | ||
Travel expenses | (14,247) | € (7,919) | € (5,886) |
Bank fees | (10,979) | (8,939) | (6,665) |
Indirect taxes | (4,694) | (3,327) | (3,541) |
Gifts, associations and donations | (3,255) | (2,891) | (10,834) |
Stationary and other materials | (2,093) | (1,766) | (1,904) |
Gains/(Losses) on disposals of assets | 1,124 | (1,153) | (1,091) |
Other operating costs | (6,998) | (1,972) | (478) |
Total other operating costs | (41,142) | (180,836) | (30,399) |
2021 Acquisitions | |||
Details Of Other Operating Costs [Line Items] | |||
Costs related to the Business Combination | € 0 | € (152,869) | € 0 |
Other operating costs - Additio
Other operating costs - Additional Information (Detail) € / shares in Units, € in Thousands | 12 Months Ended | |||
Dec. 31, 2022 EUR (€) € / shares | Dec. 31, 2021 EUR (€) € / shares shares | Dec. 31, 2020 EUR (€) | Dec. 17, 2021 $ / shares | |
Details Of Other Operating Costs [Line Items] | ||||
Closing price per share (in USD per share) | € / shares | € 0.02 | € 0.02 | ||
Donations | € 1,000 | € 4,482 | ||
IIAC's shares | ||||
Details Of Other Operating Costs [Line Items] | ||||
Closing price per share (in USD per share) | $ / shares | $ 10.14 | |||
Costs related to the business combination | IIAC | ||||
Details Of Other Operating Costs [Line Items] | ||||
Share issue related cost | € 37,906 | |||
Stock issued during period (in shares) | shares | 5,031,250 | |||
Costs related to the business combination | Zegna | ||||
Details Of Other Operating Costs [Line Items] | ||||
Share issue related cost | € 114,963 | |||
Gifts, associations, and donations | Zegna | ||||
Details Of Other Operating Costs [Line Items] | ||||
Donations related to other initiatives | 4,482 | |||
Contribution to associates and donations | € 200 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financial income | |||
Securities | € 8,154 | € 17,845 | € 10,812 |
Hedging operations | 241 | 661 | 358 |
Interest on financial other assets | 1,226 | 1,881 | 2,462 |
Interest on financial receivables/loans | 501 | 583 | 1,391 |
Derivative financial instruments | 1,022 | 2,760 | 0 |
Other financial income | 1,706 | 1,484 | 1,586 |
Total financial income | 13,320 | 45,889 | 34,352 |
Financial expenses | |||
Options - Changes in fair value | (11,426) | (13,391) | (15,729) |
Hedging operations | (11,701) | (7,044) | (6,716) |
Interest and financial charges for lease liabilities | (9,882) | (8,982) | (10,615) |
Warrants - Changes in fair value | (1,171) | (4,137) | 0 |
Securities | (13,426) | (3,902) | (8,272) |
Interest on bank loans and overdrafts | (4,785) | (2,845) | (3,765) |
Interest expenses on interest rate swaps | (1,356) | (2,076) | (2,002) |
Derivative financial instruments | 0 | 0 | (380) |
Other financial expenses | (599) | (1,446) | (593) |
Total financial expenses | (54,346) | (43,823) | (48,072) |
Foreign exchange (losses)/gains | (7,869) | (7,791) | 13,455 |
Options | |||
Financial income | |||
Changes in fair value | € 470 | € 20,675 | € 17,743 |
Financial income, financial e_4
Financial income, financial expenses and exchange gains/(losses) - Additional Information (Detail) - EUR (€) € in Thousands | 1 Months Ended | 12 Months Ended | |||
Jun. 01, 2021 | Jul. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Details Of Financial Income Financial Expenses And Exchange Gains Or Losses [Line Items] | |||||
Cash flows used in obtaining control of subsidiaries or other businesses, classified as investing activities | € 585 | € 4,224 | € 2,245 | ||
Foreign exchange losses | (7,869) | (7,791) | 13,455 | ||
Lanificio | Subsidiaries | |||||
Details Of Financial Income Financial Expenses And Exchange Gains Or Losses [Line Items] | |||||
Percentage of additional interest acquired in subsidiary | 10% | ||||
Cash flows used in obtaining control of subsidiaries or other businesses, classified as investing activities | € 9,600 | ||||
Group’s percentage interest | 100% | ||||
Other Financial Income | Dondi | |||||
Details Of Financial Income Financial Expenses And Exchange Gains Or Losses [Line Items] | |||||
Gain derived from contingent consideration | 1,000 | ||||
Options | |||||
Details Of Financial Income Financial Expenses And Exchange Gains Or Losses [Line Items] | |||||
Gains related to options | 470 | € 20,675 | € 17,743 | ||
Put options | |||||
Details Of Financial Income Financial Expenses And Exchange Gains Or Losses [Line Items] | |||||
Additional purchase of options, percent | 5% | ||||
Put option, noncontrolling interest, percent | 10% | ||||
Increase (decrease) in fair value of financial liability | € 11,426 | ||||
Lanificio put option | |||||
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 options | |||||
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Major components of tax expense (income) [abstract] | |||
Current taxes | € (47,355) | € (47,882) | € (24,928) |
Deferred taxes | 11,553 | 17,180 | 9,945 |
Income taxes | € (35,802) | € (30,702) | € (14,983) |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Major components of tax expense (income) [abstract] | |||
Applicable tax rate | 24% | 24% | 24% |
Profit/(Loss) before taxes | € 101,081 | € (96,959) | € (31,557) |
Theoretical income tax (expense)/benefit - tax rate 24% | (24,259) | 23,270 | 7,574 |
Non-deductible costs | (8,256) | (23,863) | (10,353) |
Patent box impact | 0 | 0 | 1,497 |
Differences between foreign tax rates and the theoretical applicable tax rate | 10,829 | (2,849) | 20,321 |
Taxes relating to prior years | (96) | (2,668) | (197) |
Deferred tax assets not recognized | 1,876 | (14,978) | (25,727) |
Tax on dividends and earnings | (5,366) | (9,027) | (6,221) |
Other tax items | (6,934) | 449 | (727) |
Total tax expense, excluding IRAP | € (32,206) | € (29,666) | € (13,833) |
Effective tax rate, excluding IRAP | 31.90% | (30.60%) | (43.80%) |
Italian regional income tax expense (IRAP) | € (3,596) | € (1,036) | € (1,150) |
Total income tax | € (35,802) | € (30,702) | € (14,983) |
Effective tax rate | (35.40%) | 31.70% | 47.50% |
Income taxes - Additional Infor
Income taxes - Additional Information (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statements [Line Items] | |||
Percent Of Qualifying Expense Under Patent Box Regime | 110% | ||
Patent box impact | € 0 | € 0 | € 1,497 |
Uncertain tax items | |||
Statements [Line Items] | |||
Provisions | € 5,000 | ||
Parent Company | |||
Statements [Line Items] | |||
Applicable Italian regional income tax rate | 5.57% | 5.57% | 5.57% |
Other borrowings | |||
Statements [Line Items] | |||
Applicable Italian regional income tax 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, 2022 | Dec. 31, 2021 | |
Deferred tax assets | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at the Begining | € 108,210 | € 71,901 |
Recognized in profit and loss | 12,583 | 33,263 |
Recognized in comprehensive income/(loss) | (103) | 0 |
Exchange differences and other | 3,937 | 3,311 |
Disposition | (265) | |
Balance at the ending | 124,627 | 108,210 |
Deferred tax assets | Employee benefits | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at the Begining | 4,665 | 3,900 |
Recognized in profit and loss | 352 | 626 |
Recognized in comprehensive income/(loss) | (85) | 0 |
Exchange differences and other | (138) | 142 |
Disposition | (3) | |
Balance at the ending | 4,794 | 4,665 |
Deferred tax assets | Property plant and equipment | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at the Begining | 11,107 | 10,124 |
Recognized in profit and loss | (1,668) | 1,245 |
Recognized in comprehensive income/(loss) | 0 | 0 |
Exchange differences and other | 439 | 0 |
Disposition | (262) | |
Balance at the ending | 9,878 | 11,107 |
Deferred tax assets | Right-of-use assets | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at the Begining | 2,585 | 2,289 |
Recognized in profit and loss | 722 | 121 |
Recognized in comprehensive income/(loss) | 0 | 0 |
Exchange differences and other | (43) | 175 |
Disposition | 0 | |
Balance at the ending | 3,264 | 2,585 |
Deferred tax assets | Intangible assets | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at the Begining | 3,246 | 3,297 |
Recognized in profit and loss | (85) | (51) |
Recognized in comprehensive income/(loss) | 0 | 0 |
Exchange differences and other | 68 | 0 |
Disposition | 0 | |
Balance at the ending | 3,229 | 3,246 |
Deferred tax assets | Provision for obsolete inventory | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at the Begining | 42,772 | 33,793 |
Recognized in profit and loss | 11,095 | 6,082 |
Recognized in comprehensive income/(loss) | 0 | 0 |
Exchange differences and other | 2,227 | 2,897 |
Disposition | 0 | |
Balance at the ending | 56,094 | 42,772 |
Deferred tax assets | Tax provisions | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at the Begining | 2,851 | 4,114 |
Recognized in profit and loss | 1,463 | (1,360) |
Recognized in comprehensive income/(loss) | 0 | 0 |
Exchange differences and other | (667) | 97 |
Disposition | 0 | |
Balance at the ending | 3,647 | 2,851 |
Deferred tax assets | Financial assets | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at the Begining | 1,533 | 1,477 |
Recognized in profit and loss | (84) | 56 |
Recognized in comprehensive income/(loss) | 0 | 0 |
Exchange differences and other | 147 | 0 |
Disposition | 0 | |
Balance at the ending | 1,596 | 1,533 |
Deferred tax assets | Tax losses | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at the Begining | 36,766 | 9,794 |
Recognized in profit and loss | 100 | 26,972 |
Recognized in comprehensive income/(loss) | 0 | 0 |
Exchange differences and other | 4,756 | 0 |
Disposition | 0 | |
Balance at the ending | 41,622 | 36,766 |
Deferred tax assets | Other | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at the Begining | 2,685 | 3,113 |
Recognized in profit and loss | 688 | (428) |
Recognized in comprehensive income/(loss) | (18) | 0 |
Exchange differences and other | (2,852) | 0 |
Disposition | 0 | |
Balance at the ending | 503 | 2,685 |
Deferred tax liabilities | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at the Begining | 53,844 | 70,728 |
Recognized in profit and loss | 1,030 | 16,083 |
Recognized in comprehensive income/(loss) | 3,436 | (64) |
Exchange differences and other | 2,224 | 2,979 |
Disposition | (35,882) | |
Balance at the ending | 60,534 | 53,844 |
Deferred tax liabilities | Other | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at the Begining | 5,944 | 4,327 |
Recognized in profit and loss | 1,783 | 1,683 |
Recognized in comprehensive income/(loss) | 2,278 | (66) |
Exchange differences and other | 1,941 | 0 |
Disposition | 0 | |
Balance at the ending | 11,946 | 5,944 |
Deferred tax liabilities | Property plant and equipment | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at the Begining | 0 | 23,391 |
Recognized in profit and loss | 452 | 9,288 |
Recognized in comprehensive income/(loss) | 0 | 0 |
Exchange differences and other | (4) | 1,844 |
Disposition | (34,523) | |
Balance at the ending | 448 | 0 |
Deferred tax liabilities | Right-of-use assets | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at the Begining | 19 | 1,195 |
Recognized in profit and loss | 420 | 183 |
Recognized in comprehensive income/(loss) | 0 | 0 |
Exchange differences and other | 18 | 0 |
Disposition | (1,359) | |
Balance at the ending | 457 | 19 |
Deferred tax liabilities | Intangible assets | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at the Begining | 45,420 | 40,039 |
Recognized in profit and loss | (202) | 4,246 |
Recognized in comprehensive income/(loss) | 0 | 0 |
Exchange differences and other | 83 | 1,135 |
Disposition | 0 | |
Balance at the ending | 45,301 | 45,420 |
Deferred tax liabilities | Financial assets fair value | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance at the Begining | 2,461 | 1,776 |
Recognized in profit and loss | (1,423) | 683 |
Recognized in comprehensive income/(loss) | 1,158 | 2 |
Exchange differences and other | 186 | 0 |
Disposition | 0 | |
Balance at the ending | € 2,382 | € 2,461 |
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, 2022 | Dec. 31, 2021 |
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 | € 453,685 | € 300,473 |
Expiry within 1 year | ||
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 | 9,936 | 4,587 |
Expiry 1-5 years | ||
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 | 35,927 | 33,108 |
Expiry over 5 years | ||
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 | 86,433 | 73,856 |
No expiration | ||
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 | € 321,389 | € 188,922 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Amounts Used to Calculate Basic and Diluted Earnings Per Share (Detail) - EUR (€) € / shares in Units, € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per share [line items] | |||
Profit/(Loss) attributable to shareholders of the Parent Company | € 51,482 | € (136,001) | € (50,577) |
Weighted average number of shares for basic earnings per share (in shares) | 237,545,736 | 203,499,933 | 201,489,100 |
Weighted average number of shares for diluted earnings per share (in shares) | 240,647,513 | 203,499,933 | 201,489,100 |
Basic earnings per share in Euro (in EUR per share) | € 0.22 | € (0.67) | € (0.25) |
Diluted earnings per share in Euro (in EUR per share) | € 0.21 | € (0.67) | € (0.25) |
CEO Remuneration | |||
Earnings per share [line items] | |||
Adjustments for calculation of diluted earnings per share (in shares) | 1,081,513 | 0 | 0 |
Performance share units | |||
Earnings per share [line items] | |||
Adjustments for calculation of diluted earnings per share (in shares) | 1,031,673 | 0 | 0 |
Long Term Incentive Awards | |||
Earnings per share [line items] | |||
Adjustments for calculation of diluted earnings per share (in shares) | 946,990 | 0 | 0 |
Non-Executive Directors Remuneration | |||
Earnings per share [line items] | |||
Adjustments for calculation of diluted earnings per share (in shares) | 41,601 | 0 | 0 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings per share [abstract] | ||
Non-executive director remuneration, percentage received in equity | 50% | |
Weighted average potentially diluted shares | 1,417,947 |
Intangible assets - Summary of
Intangible assets - Summary of Breakdown For Intangible Assets (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | € 425,220 | € 387,847 |
Ending balance | 455,908 | 425,220 |
Goodwill | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 227,230 | 208,881 |
Ending balance | 239,709 | 227,230 |
Brands with an indefinite useful life | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 158,864 | 146,633 |
Ending balance | 168,694 | 158,864 |
Concessions, licenses, trademarks and patents | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 5,871 | 7,637 |
Ending balance | 5,350 | 5,871 |
Other intangible assets | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 29,074 | 22,150 |
Ending balance | 41,009 | 29,074 |
Intangible assets in progress | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 4,181 | 2,546 |
Ending balance | 1,146 | 4,181 |
Gross carrying amount | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 561,939 | 523,528 |
Additions | 25,258 | 18,115 |
Disposals | (11,014) | (13,147) |
Exchange differences | 22,909 | 30,012 |
Business combinations | 7,020 | |
Disposition | (3,589) | |
Other movements and reclassifications | 0 | 0 |
Ending balance | 599,092 | 561,939 |
Gross carrying amount | Goodwill | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 227,230 | 208,881 |
Additions | 0 | 0 |
Disposals | 0 | 0 |
Exchange differences | 12,479 | 15,529 |
Business combinations | 2,820 | |
Disposition | 0 | |
Other movements and reclassifications | 0 | 0 |
Ending balance | 239,709 | 227,230 |
Gross carrying amount | Brands with an indefinite useful life | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 158,864 | 146,633 |
Additions | 0 | 0 |
Disposals | 0 | 0 |
Exchange differences | 9,830 | 12,231 |
Business combinations | 0 | |
Disposition | 0 | |
Other movements and reclassifications | 0 | 0 |
Ending balance | 168,694 | 158,864 |
Gross carrying amount | Concessions, licenses, trademarks and patents | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 45,003 | 46,815 |
Additions | 1,620 | 2,895 |
Disposals | (3,164) | (6,572) |
Exchange differences | 82 | 476 |
Business combinations | 0 | |
Disposition | (18) | |
Other movements and reclassifications | (1,202) | 1,407 |
Ending balance | 42,339 | 45,003 |
Gross carrying amount | Other intangible assets | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 126,661 | 118,653 |
Additions | 23,474 | 10,712 |
Disposals | (4,651) | (6,556) |
Exchange differences | 518 | 1,715 |
Business combinations | 4,200 | |
Disposition | (2,656) | |
Other movements and reclassifications | 1,202 | 593 |
Ending balance | 147,204 | 126,661 |
Gross carrying amount | Intangible assets in progress | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 4,181 | 2,546 |
Additions | 164 | 4,508 |
Disposals | (3,199) | (19) |
Exchange differences | 0 | 61 |
Business combinations | 0 | |
Disposition | (915) | |
Other movements and reclassifications | 0 | (2,000) |
Ending balance | 1,146 | 4,181 |
Accumulated amortization | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 136,719 | 135,681 |
Amortization | (12,383) | (10,497) |
Disposals | (6,883) | (9,861) |
Exchange differences | (939) | (1,574) |
Impairment | (26) | (39) |
Disposition | (1,211) | |
Ending balance | 143,184 | 136,719 |
Accumulated amortization | Concessions, licenses, trademarks and patents | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 39,132 | 39,178 |
Amortization | (1,457) | (2,045) |
Disposals | (2,761) | (2,314) |
Exchange differences | 838 | (228) |
Impairment | 1 | (3) |
Disposition | (8) | |
Ending balance | 36,989 | 39,132 |
Accumulated amortization | Other intangible assets | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 97,587 | 96,503 |
Amortization | (10,926) | (8,452) |
Disposals | (4,122) | (7,547) |
Exchange differences | (1,777) | (1,346) |
Impairment | (27) | (36) |
Disposition | (1,203) | |
Ending balance | 106,195 | 97,587 |
Accumulated amortization | Intangible assets in progress | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 0 | 0 |
Amortization | 0 | 0 |
Disposals | 0 | 0 |
Exchange differences | 0 | 0 |
Impairment | 0 | 0 |
Disposition | 0 | |
Ending balance | € 0 | € 0 |
Intangible assets - Summary O_2
Intangible assets - Summary Of Goodwill Originated On Acquisitions Made By The Group (Detail) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill | € 455,908 | € 425,220 | € 387,847 |
Goodwill | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill | 239,709 | 227,230 | € 208,881 |
Goodwill | Zegna | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill | 25,568 | 25,568 | |
Goodwill | Thom Browne | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill | € 214,141 | € 201,662 |
Intangible assets - Additional
Intangible assets - Additional Information (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill | € 455,908 | € 425,220 | € 387,847 |
Royalty rates of the comparable companies | 9.10% | ||
Impairment loss | € 1,639 | 9,172 | 19,725 |
Brands with an indefinite useful life | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill | € 168,694 | € 158,864 | 146,633 |
Bottom of range | |||
Disclosure of detailed information about intangible assets [line items] | |||
Percentage of discount rate applied to cash flow weighted average cost of capital | 8.41% | 6.40% | |
Top of range | |||
Disclosure of detailed information about intangible assets [line items] | |||
Percentage of discount rate applied to cash flow weighted average cost of capital | 12.04% | 10.65% | |
Zegna | |||
Disclosure of detailed information about intangible assets [line items] | |||
Impairment loss | € 1,639 | ||
Zegna | Bottom of range | |||
Disclosure of detailed information about intangible assets [line items] | |||
Growth rate (bps) | 3% | ||
Zegna | Top of range | |||
Disclosure of detailed information about intangible assets [line items] | |||
Growth rate (bps) | 5% | ||
Thom Browne | |||
Disclosure of detailed information about intangible assets [line items] | |||
Growth rate (bps) | 3% | ||
Percentage of discount rate weighted average cost of capital | 9.41% | ||
Impairment loss | € 0 | € 0 | € 0 |
Thom Browne | Brands with an indefinite useful life | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill | € 158,864 | ||
Thom Browne | Bottom of range | |||
Disclosure of detailed information about intangible assets [line items] | |||
Percentage of discount rate weighted average cost of capital | 1% | ||
Thom Browne | Top of range | |||
Disclosure of detailed information about intangible assets [line items] | |||
Percentage of discount rate weighted average cost of capital | 8.41% |
Intangible assets - Summary o_3
Intangible assets - Summary of Sensitivity Of The Impairment Testing To Reasonably Possible Changes In Both Assumptions (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Thom Browne | ||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||
Headroom | € 454 | € 327 |
Discount rate (bps) | 84,100% | 77,300% |
Growth rate (bps) | 30,000% | 20,000% |
EBITDA CAGR (%) vs. 2022 | 20.80% | 15.30% |
WACC +100 bps | 362 | 211 |
WACC -100 bps | 563 | 493 |
Growth rate +50 bps | 552 | 395 |
Growth rate -50 bps | 372 | 270 |
EBITDA +500 bps | 526 | 379 |
EBITDA -500 bps | 381 | 276 |
CGU Gruppo Dondi S.p.A. | ||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||
Headroom | € 66 | € 62 |
Discount rate (bps) | 87,800% | 64,000% |
Growth rate (bps) | 30,000% | 15,000% |
EBITDA CAGR (%) vs. 2022 | 7% | 18.60% |
WACC +100 bps | 52 | 47 |
WACC -100 bps | 87 | 84 |
Growth rate +50 bps | 75 | 71 |
Growth rate -50 bps | 59 | 54 |
EBITDA +500 bps | 72 | 67 |
EBITDA -500 bps | 61 | 57 |
Bonotto S.p.A. | ||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||
Headroom | € 3 | € 5 |
Discount rate (bps) | 87,800% | 64,000% |
Growth rate (bps) | 30,000% | 15,000% |
EBITDA CAGR (%) vs. 2022 | (1.00%) | 65.80% |
WACC +100 bps | 0 | 1 |
WACC -100 bps | 8 | 11 |
Growth rate +50 bps | 5 | 8 |
Growth rate -50 bps | 2 | 3 |
EBITDA +500 bps | 5 | 7 |
EBITDA -500 bps | 2 | 3 |
CGU In.Co. S.p.A. | ||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||
Headroom | € 110 | € 78 |
Discount rate (bps) | 87,800% | 64,000% |
Growth rate (bps) | 30,000% | 15,000% |
EBITDA CAGR (%) vs. 2022 | 2.20% | 57.60% |
WACC +100 bps | 85 | 58 |
WACC -100 bps | 147 | 107 |
Growth rate +50 bps | 125 | 90 |
Growth rate -50 bps | 98 | 68 |
EBITDA +500 bps | 123 | 87 |
EBITDA -500 bps | 98 | 69 |
Tessitura Ubertino S.r.l. | ||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||
Headroom | € 22 | € 24 |
Discount rate (bps) | 87,800% | 64,000% |
Growth rate (bps) | 30,000% | 15,000% |
EBITDA CAGR (%) vs. 2022 | 6.60% | 21.40% |
WACC +100 bps | 18 | 19 |
WACC -100 bps | 29 | 33 |
Growth rate +50 bps | 25 | 28 |
Growth rate -50 bps | 20 | 22 |
EBITDA +500 bps | 24 | 36 |
EBITDA -500 bps | 21 | 23 |
Property plant and equipment -
Property plant and equipment - Summary of Property Plant and Equipment (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | € 111,474 | € 244,127 | |
Business combinations | 5,891 | 16,507 | € 0 |
Ending balance | 126,139 | 111,474 | 244,127 |
Land and buildings | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 4,802 | 122,534 | |
Ending balance | 4,523 | 4,802 | 122,534 |
Plants and machinery | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 22,070 | 30,613 | |
Ending balance | 21,540 | 22,070 | 30,613 |
Industrial and commercial equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 24,232 | 27,611 | |
Ending balance | 24,800 | 24,232 | 27,611 |
Leasehold improvements | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 55,553 | 47,844 | |
Ending balance | 68,603 | 55,553 | 47,844 |
Other tangible assets | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 1,869 | 2,195 | |
Ending balance | 1,674 | 1,869 | 2,195 |
Tangible assets under construction and advances | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 2,948 | 13,330 | |
Ending balance | 4,999 | 2,948 | 13,330 |
Gross carrying amount | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 558,949 | 753,241 | |
Additions | 48,174 | 96,206 | |
Disposals | (48,545) | (38,227) | |
Exchange differences | 2,721 | 24,678 | |
Disposition | (277,590) | ||
Business combinations | 641 | ||
Reclassifications | 0 | 0 | |
Ending balance | 561,299 | 558,949 | 753,241 |
Gross carrying amount | Land and buildings | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 8,537 | 185,611 | |
Additions | 11 | 51,296 | |
Disposals | 0 | (720) | |
Exchange differences | 0 | 4,483 | |
Disposition | (232,705) | ||
Business combinations | 245 | ||
Reclassifications | 0 | 327 | |
Ending balance | 8,548 | 8,537 | 185,611 |
Gross carrying amount | Plants and machinery | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 164,539 | 191,911 | |
Additions | 6,171 | 4,571 | |
Disposals | (17,130) | (2,150) | |
Exchange differences | (37) | 222 | |
Disposition | (30,448) | ||
Business combinations | 315 | ||
Reclassifications | 320 | 118 | |
Ending balance | 153,863 | 164,539 | 191,911 |
Gross carrying amount | Industrial and commercial equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 144,831 | 146,260 | |
Additions | 11,121 | 10,252 | |
Disposals | (12,341) | (12,630) | |
Exchange differences | 5,117 | 4,756 | |
Disposition | (4,384) | ||
Business combinations | 6 | ||
Reclassifications | (769) | 571 | |
Ending balance | 147,959 | 144,831 | 146,260 |
Gross carrying amount | Leasehold improvements | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 228,904 | 206,642 | |
Additions | 27,081 | 24,506 | |
Disposals | (18,874) | (21,812) | |
Exchange differences | (2,353) | 14,516 | |
Disposition | (34) | ||
Business combinations | 0 | ||
Reclassifications | 3,432 | 5,086 | |
Ending balance | 238,190 | 228,904 | 206,642 |
Gross carrying amount | Other tangible assets | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 8,710 | 9,487 | |
Additions | 153 | 360 | |
Disposals | (200) | (403) | |
Exchange differences | 24 | 51 | |
Disposition | (860) | ||
Business combinations | 75 | ||
Reclassifications | (947) | 0 | |
Ending balance | 7,740 | 8,710 | 9,487 |
Gross carrying amount | Tangible assets under construction and advances | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 3,428 | 13,330 | |
Additions | 3,637 | 5,221 | |
Disposals | 0 | (512) | |
Exchange differences | (30) | 650 | |
Disposition | (9,159) | ||
Business combinations | 0 | ||
Reclassifications | (2,036) | (6,102) | |
Ending balance | 4,999 | 3,428 | 13,330 |
Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (447,475) | (509,114) | |
Depreciation | (40,202) | (37,655) | |
Disposals | (48,250) | (33,283) | |
Impairment | 756 | (2,647) | |
Exchange differences | 3,511 | (20,524) | |
Disposition | (89,182) | ||
Reclassifications | 0 | 0 | |
Ending balance | (435,160) | (447,475) | (509,114) |
Accumulated depreciation | Land and buildings | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (3,735) | (63,077) | |
Depreciation | (296) | (478) | |
Disposals | 0 | 0 | |
Impairment | 0 | 0 | |
Exchange differences | 0 | (1,816) | |
Disposition | (61,473) | ||
Reclassifications | 6 | 163 | |
Ending balance | (4,025) | (3,735) | (63,077) |
Accumulated depreciation | Plants and machinery | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (142,469) | (161,298) | |
Depreciation | (6,879) | (7,827) | |
Disposals | (17,048) | (2,164) | |
Impairment | (23) | (84) | |
Exchange differences | (71) | (267) | |
Disposition | (24,798) | ||
Reclassifications | 71 | 45 | |
Ending balance | (132,323) | (142,469) | (161,298) |
Accumulated depreciation | Industrial and commercial equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (120,599) | (118,649) | |
Depreciation | (11,504) | (11,693) | |
Disposals | (12,262) | (11,522) | |
Impairment | (438) | (595) | |
Exchange differences | (1,437) | (6,066) | |
Disposition | (2,307) | ||
Reclassifications | (1,443) | 2,575 | |
Ending balance | (123,159) | (120,599) | (118,649) |
Accumulated depreciation | Leasehold improvements | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (173,351) | (158,798) | |
Depreciation | (20,356) | (16,490) | |
Disposals | (18,747) | (19,305) | |
Impairment | 1,217 | (1,488) | |
Exchange differences | 4,139 | (12,362) | |
Disposition | (7) | ||
Reclassifications | 17 | (3,525) | |
Ending balance | (169,587) | (173,351) | (158,798) |
Accumulated depreciation | Other tangible assets | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (6,841) | (7,292) | |
Depreciation | (1,167) | (1,167) | |
Disposals | (193) | (292) | |
Impairment | 0 | 0 | |
Exchange differences | 880 | (13) | |
Disposition | (597) | ||
Reclassifications | 869 | 742 | |
Ending balance | (6,066) | (6,841) | (7,292) |
Accumulated depreciation | Tangible assets under construction and advances | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (480) | 0 | |
Depreciation | 0 | 0 | |
Disposals | 0 | 0 | |
Impairment | 0 | (480) | |
Exchange differences | 0 | 0 | |
Disposition | 0 | ||
Reclassifications | 480 | 0 | |
Ending balance | € 0 | € (480) | € 0 |
Property plant and equipment _2
Property plant and equipment - Additional Information (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Impairment loss | € 1,639 | € 9,172 | € 19,725 |
Impairment loss related to property, plant and equipment | 623 | ||
Reversal of impairment loss related to property, plant and equipment | 1,379 | ||
Reversal of impairment loss recognized in right of use asset | 1,564 | ||
Reversal of impairment loss recognised in profit or loss, intangible assets other than goodwill | 2 | ||
Thom Browne | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Impairment loss | 820 | ||
Zegna | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Impairment loss related to right-of-use assets | 3,432 | ||
Reversal of impairment loss recognized in right of use asset | 1,201 | ||
Disposals | 1,412 | ||
Zegna | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Impairment loss | 1,639 | ||
Impairment loss related to right-of-use assets | 3,933 | ||
Impairment loss related to intangible assets | 28 | ||
Thom Browne | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Impairment loss | € 0 | € 0 | € 0 |
Bottom of range | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Discount rate (bps) | 8.84% | 4.99% | |
Bottom of range | Zegna | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Discount rate (bps) | 1.50% | ||
Bottom of range | Thom Browne | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Discount rate (bps) | 1.50% | ||
Top of range | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Discount rate (bps) | 17.20% | 21.63% | |
Top of range | Zegna | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Discount rate (bps) | 5% | ||
Top of range | Thom Browne | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Discount rate (bps) | 3% |
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, 2022 | Dec. 31, 2021 | |
Disclosure of information for cash-generating units [line items] | ||
Reversal of impairment loss related to property, plant and equipment | € 1,379 | |
Bottom of range | ||
Disclosure of information for cash-generating units [line items] | ||
Discount rate (bps) | 8.84% | 4.99% |
Top of range | ||
Disclosure of information for cash-generating units [line items] | ||
Discount rate (bps) | 17.20% | 21.63% |
Zegna Segment DOS | ||
Disclosure of information for cash-generating units [line items] | ||
Headroom | € (2,231) | € (8,692) |
Percentage of WACC Rate | 1.50% | |
Revenues CAGR (%) | 7.60% | 9.70% |
WACC +100 bps | 2,413 | 8,994 |
WACC -100 bps | (2,038) | (8,344) |
Growth rate +50 bps | 2,203 | 8,692 |
Growth rate -50 bps | (2,258) | (8,692) |
EBITDA +500 bps | 1,864 | 8,320 |
EBITDA -500 bps | (2,714) | (9,048) |
Reversal of impairment loss related to property, plant and equipment | € 1,412 | |
Zegna Segment DOS | Bottom of range | ||
Disclosure of information for cash-generating units [line items] | ||
Percentage of WACC Rate | 8.84% | 4.99% |
Growth rate (bps) | 1.50% | |
Zegna Segment DOS | Top of range | ||
Disclosure of information for cash-generating units [line items] | ||
Percentage of WACC Rate | 17.20% | 21.63% |
Growth rate (bps) | 5% | |
Thom Browne Segment DOS | ||
Disclosure of information for cash-generating units [line items] | ||
Headroom | € (820) | € 0 |
Growth rate (bps) | 2% | |
Revenues CAGR (%) | 9.50% | 6.90% |
WACC +100 bps | (1,003) | (95) |
WACC -100 bps | (700) | 0 |
Growth rate +50 bps | (800) | 0 |
Growth rate -50 bps | (848) | (58) |
Revenues =/- 250 bps (Increase) | (641) | 0 |
Revenues +/-250 bps (Decrease) | (1,120) | 0 |
Thom Browne Segment DOS | Bottom of range | ||
Disclosure of information for cash-generating units [line items] | ||
Percentage of WACC Rate | 8.84% | 7.13% |
Growth rate (bps) | 1.50% | |
Thom Browne Segment DOS | Top of range | ||
Disclosure of information for cash-generating units [line items] | ||
Percentage of WACC Rate | 11.59% | 10.33% |
Growth rate (bps) | 3% | |
CGU Zegna Segment | ||
Disclosure of information for cash-generating units [line items] | ||
Headroom | € 1,590,000 | € 1,277,000 |
Growth rate (bps) | 30,000% | 15,000% |
Discount rate (bps) | 85,500% | 66,900% |
EBITDA CAGR (%) vs. 2022 | 16.30% | 1,320% |
WACC +100 bps | 1,196 | 931 |
WACC -100 bps | 2,158 | 1,790 |
Growth rate +50 bps | 1,818 | 1,485 |
Growth rate -50 bps | 1,399 | 1,106 |
EBITDA +500 bps | 1,843 | 1,506 |
EBITDA -500 bps | 1,337 | 1,048 |
CGU Thom Browne Segment | ||
Disclosure of information for cash-generating units [line items] | ||
Headroom | € 454,000 | € 325,000 |
Growth rate (bps) | 30,000% | 20,000% |
Discount rate (bps) | 84,100% | 77,300% |
EBITDA CAGR (%) vs. 2022 | 20.80% | 1,530% |
WACC +100 bps | 362 | 209 |
WACC -100 bps | 563 | 491 |
Growth rate +50 bps | 552 | 393 |
Growth rate -50 bps | 372 | 269 |
EBITDA +500 bps | 526 | 376 |
EBITDA -500 bps | 381 | 274 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at beginning of period | € 370,470 | € 351,646 | |
Balance at end of period | 375,508 | 370,470 | € 351,646 |
Gross carrying amount | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at beginning of period | 721,849 | 643,762 | |
Additions | 137,781 | 148,299 | 53,784 |
Disposals | (103,561) | (88,302) | |
Exchange differences | 9,339 | 36,928 | |
Disposition | (18,838) | ||
Balance at end of period | 765,408 | 721,849 | 643,762 |
Accumulated amortisation | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at beginning of period | (351,379) | (292,116) | |
Amortization | (119,297) | (105,779) | |
Impairments | (2,369) | (6,486) | |
Disposals | (84,632) | (75,147) | |
Exchange differences | (1,487) | (21,168) | |
Disposition | (2,233) | ||
Reclassifications and other | (3,210) | ||
Balance at end of period | (389,900) | (351,379) | (292,116) |
Land and buildings | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at beginning of period | 367,922 | 347,877 | |
Balance at end of period | 373,027 | 367,922 | 347,877 |
Land and buildings | Gross carrying amount | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at beginning of period | 715,325 | 636,332 | |
Additions | 135,933 | 147,372 | |
Disposals | (101,692) | (86,612) | |
Exchange differences | 9,357 | 37,071 | |
Disposition | (18,838) | ||
Balance at end of period | 758,923 | 715,325 | 636,332 |
Land and buildings | Accumulated amortisation | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at beginning of period | (347,403) | (288,455) | |
Amortization | (117,488) | (103,908) | |
Impairments | (2,369) | (6,486) | |
Disposals | (82,858) | (73,546) | |
Exchange differences | (1,494) | (21,123) | |
Disposition | (2,233) | ||
Reclassifications and other | (3,210) | ||
Balance at end of period | (385,896) | (347,403) | (288,455) |
Industrial and commercial equipment | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at beginning of period | 123 | 268 | |
Balance at end of period | 38 | 123 | 268 |
Industrial and commercial equipment | Gross carrying amount | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at beginning of period | 572 | 705 | |
Additions | 32 | 18 | |
Disposals | (80) | (151) | |
Exchange differences | 0 | 0 | |
Disposition | 0 | ||
Balance at end of period | 524 | 572 | 705 |
Industrial and commercial equipment | Accumulated amortisation | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at beginning of period | (449) | (437) | |
Amortization | (117) | (132) | |
Impairments | 0 | 0 | |
Disposals | (80) | (151) | |
Exchange differences | 0 | (31) | |
Disposition | 0 | ||
Reclassifications and other | 0 | ||
Balance at end of period | (486) | (449) | (437) |
Plant and machinery | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at beginning of period | 87 | 164 | |
Balance at end of period | 53 | 87 | 164 |
Plant and machinery | Gross carrying amount | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at beginning of period | 168 | 326 | |
Additions | 0 | 0 | |
Disposals | 0 | (158) | |
Exchange differences | 0 | 0 | |
Disposition | 0 | ||
Balance at end of period | 168 | 168 | 326 |
Plant and machinery | Accumulated amortisation | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at beginning of period | (81) | (162) | |
Amortization | (34) | (73) | |
Impairments | 0 | 0 | |
Disposals | 0 | (155) | |
Exchange differences | 0 | (1) | |
Disposition | 0 | ||
Reclassifications and other | 0 | ||
Balance at end of period | (115) | (81) | (162) |
Other right-of-use assets | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at beginning of period | 2,338 | 3,337 | |
Balance at end of period | 2,390 | 2,338 | 3,337 |
Other right-of-use assets | Gross carrying amount | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at beginning of period | 5,784 | 6,399 | |
Additions | 1,816 | 909 | |
Disposals | (1,789) | (1,381) | |
Exchange differences | (18) | (143) | |
Disposition | 0 | ||
Balance at end of period | 5,793 | 5,784 | 6,399 |
Other right-of-use assets | Accumulated amortisation | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at beginning of period | (3,446) | (3,062) | |
Amortization | (1,658) | (1,666) | |
Impairments | 0 | 0 | |
Disposals | (1,694) | (1,295) | |
Exchange differences | 7 | (13) | |
Disposition | 0 | ||
Reclassifications and other | 0 | ||
Balance at end of period | € (3,403) | € (3,446) | € (3,062) |
Right-of-use assets - Additiona
Right-of-use assets - Additional Information (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Impairment loss | € 1,639 | € 9,172 | € 19,725 |
Right-of-use assets | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Impairment loss | € 2,369 | € 6,486 | € 15,716 |
Bottom of range | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Rental contracts term | 1 year | ||
Extension options term | 1 year | ||
Top of range | |||
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 | ||
Jul. 14, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of associates [line items] | |||
At beginning of period | € 22,447 | € 21,360 | |
Additions | 313 | ||
Disposition | (2) | (472) | |
Net income | 2,199 | 2,794 | |
Translation differences | (1,996) | (1,548) | |
At end of period | € 22,648 | € 22,447 | |
Tom Ford International LLC | |||
Disclosure of associates [line items] | |||
Proportion of ownership interest in associate | 15% | 15% | |
At beginning of period | € 18,345 | € 18,000 | |
Additions | 0 | ||
Disposition | 0 | 0 | |
Net income | 76 | 1,893 | |
Translation differences | (1,996) | (1,548) | |
At end of period | € 16,425 | € 18,345 | |
Pelletteria Tizeta S.r.l. | |||
Disclosure of associates [line items] | |||
Proportion of ownership interest in associate | 50% | 50% | |
At beginning of period | € 3,416 | € 2,888 | |
Additions | 0 | ||
Disposition | 0 | 0 | |
Net income | 1,292 | 528 | |
Translation differences | 0 | 0 | |
At end of period | € 4,708 | € 3,416 | |
Filati Biagioli Modesto S.p.A. | |||
Disclosure of associates [line items] | |||
Proportion of ownership interest in associate | 40% | 40% | |
At beginning of period | € 686 | € 0 | |
Additions | € 313 | 313 | |
Disposition | (2) | 0 | |
Net income | 831 | 373 | |
Translation differences | 0 | 0 | |
At end of period | € 1,515 | € 686 | |
Achill Station Pty Ltd | |||
Disclosure of associates [line items] | |||
Proportion of ownership interest in associate | 0% | 0% | |
At beginning of period | € 0 | € 472 | |
Additions | 0 | ||
Disposition | 0 | (472) | |
Net income | 0 | 0 | |
Translation differences | 0 | 0 | |
At end of period | € 0 | € 0 |
Investments at equity method _2
Investments at equity method - Additional Information (Detail) - EUR (€) € in Thousands | 12 Months Ended | |||
Jul. 14, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Tom Ford International LLC | ||||
Disclosure of associates [line items] | ||||
Proportion of ownership interest in associate | 15% | 15% | ||
Impairment loss | € 0 | € 0 | € 4,532 | |
Percentage of additional interest acquired in associates | 85% | |||
Filati Biagioli Modesto S.p.A. | ||||
Disclosure of associates [line items] | ||||
Proportion of ownership interest in associate | 40% | 40% | ||
Percentage of interest acquired in associates | 40% |
Investments at equity method _3
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of associates [line items] | ||||
Total assets | € 2,426,727 | € 2,457,724 | ||
Total equity | 732,321 | 644,304 | € 645,034 | € 729,754 |
Net revenues | 1,492,840 | 1,292,402 | 1,014,733 | |
Net income / (loss) | 65,279 | € (127,661) | € (46,540) | |
Pelletteria Tizeta S.r.l. | ||||
Disclosure of associates [line items] | ||||
Total assets | 33,267 | |||
Total liabilities | 9,415 | |||
Total equity | 23,852 | |||
Net revenues | 44,436 | |||
Net income / (loss) | 2,330 | |||
Tom Ford International LLC | ||||
Disclosure of associates [line items] | ||||
Total assets | 355,183 | |||
Total liabilities | 492,184 | |||
Total equity | (137,001) | |||
Net revenues | 311,720 | |||
Net income / (loss) | 509 | |||
Filati Biagioli Modesto S.p.A. | ||||
Disclosure of associates [line items] | ||||
Total assets | 45,544 | |||
Total liabilities | 41,729 | |||
Total equity | 3,815 | |||
Net revenues | 49,496 | |||
Net income / (loss) | € 1,837 |
Other non-current financial a_3
Other non-current financial assets - Disclosure Of Other Noncurrent Financial Assets (Detail) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Categories of non-current financial assets [abstract] | ||
Guarantee deposits | € 26,814 | € 29,399 |
Financial loans to related parties | 2,240 | 2,219 |
Financial loans to TFI | 1,862 | 1,497 |
Lease receivables from sublease | 1,366 | 0 |
Other | 3,958 | 2,257 |
Total other non-current financial assets | € 36,240 | € 35,372 |
Other non-current financial a_4
Other non-current financial assets - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Zegna director | ||
Disclosure Of Other NonCurrent Financial assets [Line Items] | ||
Financial loans to related parties | € 2.2 | |
TFI Group | ||
Disclosure Of Other NonCurrent Financial assets [Line Items] | ||
Proportion of ownership interest in associate | 15% | |
Loans and receivables | € 1.2 | € 1.2 |
Inventories - Summary of Breakd
Inventories - Summary of Breakdown of Inventories (Detail) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of Measuring inventories [Abstract] | ||
Raw materials, ancillary materials and consumables | € 61,822 | € 42,255 |
Work-in-progress and semi-finished products | 63,019 | 50,703 |
Finished goods | 286,010 | 245,517 |
Total inventories | € 410,851 | € 338,475 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of Measuring inventories [Abstract] | ||
Inventory write-downs | € 29,600 | € 43,064 |
Inventories - Changes in Provis
Inventories - Changes in Provision for Slow Moving and Obsolete Inventories (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of Measuring inventories [Abstract] | ||
At January 1, | € (136,822) | € (120,098) |
Provisions | (28,561) | (29,600) |
Utilizations and releases | 22,707 | 17,618 |
Exchange differences and other changes | (5,143) | (4,742) |
At December 31, | € (147,819) | € (136,822) |
Trade receivables - Summary of
Trade receivables - Summary of breakdown for trade receivables (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of Trade Receivable [Line Items] | ||
Trade receivables | € 183,725 | € 167,003 |
Loss allowance | (6,512) | (6,643) |
Total trade receivables | 177,213 | 160,360 |
At beginning of period | (6,643) | (8,717) |
Provisions | (806) | (496) |
Utilizations | 131 | 71 |
Releases | 645 | 923 |
Disposition | 0 | 207 |
Exchange differences and other | 161 | 1,369 |
At end of period | (6,512) | (6,643) |
EMEA | ||
Disclosure of Trade Receivable [Line Items] | ||
Total trade receivables | 77,817 | 62,412 |
Italy | ||
Disclosure of Trade Receivable [Line Items] | ||
Total trade receivables | 50,897 | 32,089 |
North America | ||
Disclosure of Trade Receivable [Line Items] | ||
Total trade receivables | 24,523 | 18,061 |
United States | ||
Disclosure of Trade Receivable [Line Items] | ||
Total trade receivables | 20,669 | 16,883 |
Latin America | ||
Disclosure of Trade Receivable [Line Items] | ||
Total trade receivables | 5,770 | 4,437 |
APAC | ||
Disclosure of Trade Receivable [Line Items] | ||
Total trade receivables | 69,103 | 75,450 |
Greater China Region | ||
Disclosure of Trade Receivable [Line Items] | ||
Total trade receivables | € 47,924 | € 54,978 |
Trade receivables - Additional
Trade receivables - Additional Information (Detail) | Dec. 31, 2022 |
Disclosure of Trade Receivable [Abstract] | |
Expected credit loss rate | 100% |
Derivative financial instrume_3
Derivative financial instruments - Summary of Outstanding Hedges (Detail) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 03, 2021 |
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | |||
Current derivative financial assets | € 22,454 | € 1,786 | |
Current derivative financial liabilities | 2,362 | 14,138 | |
Derivatives [member] | |||
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | |||
Notional amount | 801,110 | 983,794 | |
Derivatives [member] | Financial Instruments Held For Hedging | |||
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | |||
Notional amount | 801,110 | 983,794 | |
Forward contracts | Financial Instruments Held For Hedging | Foreign currency exchange risk | |||
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | |||
Notional amount | 481,110 | 550,734 | |
Deal-Contingent Option | Foreign currency exchange risk | |||
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | |||
Notional amount | € 130,000 | ||
Deal-Contingent Option | Financial Instruments Held For Hedging | Foreign currency exchange risk | |||
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | |||
Notional amount | 0 | 109,244 | |
Interest rate swaps | Financial Instruments Held For Hedging | Interest rate risk | |||
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | |||
Notional amount | 320,000 | 323,816 | |
At fair value | |||
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | |||
Positive fair value held for hedging | 22,454 | 1,786 | |
Current derivative financial assets | 22,454 | 1,786 | |
Negative fair value held for hedging | (2,362) | (14,138) | |
Current derivative financial liabilities | (2,362) | (14,138) | |
At fair value | Forward contracts | Foreign currency exchange risk | |||
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | |||
Positive fair value held for hedging | 13,075 | 1,786 | |
Negative fair value held for hedging | (2,362) | (11,726) | |
At fair value | Deal-Contingent Option | Foreign currency exchange risk | |||
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 | Interest rate swaps | Interest rate risk | |||
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | |||
Positive fair value held for hedging | 9,379 | 0 | |
Negative fair value held for hedging | € 0 | € (2,412) |
Derivative financial instrume_4
Derivative financial instruments - Summary of Notional Amount of Foreign Exchange (Detail) - Forward contracts - Financial Instruments Held For Hedging - Foreign currency exchange risk - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | € 481,110 | € 550,734 |
Cash flow hedges | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 481,110 | 550,734 |
Cash flow hedges | USD | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 203,611 | 194,097 |
Cash flow hedges | CHF | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 8,145 | 4,792 |
Cash flow hedges | CNY | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 94,203 | 191,936 |
Cash flow hedges | GBP | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 36,984 | 25,012 |
Cash flow hedges | HKD | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 59,160 | 46,883 |
Cash flow hedges | JPY | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 35,119 | 51,075 |
Cash flow hedges | Other | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | € 43,888 | € 36,939 |
Derivative financial instrume_5
Derivative financial instruments - Additional Information (Detail) - Foreign currency exchange risk - Deal-Contingent Option € / shares in Units, € in Millions | Nov. 03, 2021 EUR (€) € / shares |
Disclosure Of Detailed Information About Hedging And Trading Derivatives [Line Items] | |
Notional amount | € | € 130 |
Strike exchange rate (in EUR per share) | € / shares | € 1.19 |
Derivative financial instrume_6
Derivative financial instruments - Summary of Interest Rate Swap (IRS) Agreements (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
At fair value | ||
Disclosure Of Detailed Information About Interest Rate Swap Contract [Line Items] | ||
Fair value | € 22,454 | € 1,786 |
Fair value | (2,362) | (14,138) |
Interest rate swaps | Interest rate risk | At fair value | ||
Disclosure Of Detailed Information About Interest Rate Swap Contract [Line Items] | ||
Fair value | 9,379 | 0 |
Fair value | 0 | (2,412) |
Interest rate swaps | Financial Instruments Held For Hedging | Interest rate risk | ||
Disclosure Of Detailed Information About Interest Rate Swap Contract [Line Items] | ||
Notional amount | 320,000 | 323,816 |
IRS 1 | Interest rate swaps | Interest rate risk | At fair value | ||
Disclosure Of Detailed Information About Interest Rate Swap Contract [Line Items] | ||
Fair value | € 67 | |
Fair value | (192) | |
IRS 1 | Interest rate swaps | Financial Instruments Held For Hedging | Interest rate risk | ||
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 2 | Interest rate swaps | Interest rate risk | At fair value | ||
Disclosure Of Detailed Information About Interest Rate Swap Contract [Line Items] | ||
Fair value | € 45 | |
Fair value | (144) | |
IRS 2 | Interest rate swaps | Financial Instruments Held For Hedging | Interest rate risk | ||
Disclosure Of Detailed Information About Interest Rate Swap Contract [Line Items] | ||
Maturity date | Feb. 08, 2023 | |
Fixed interest rate | 0.17% | |
Notional amount | € 20,000 | 20,000 |
IRS 3 | Interest rate swaps | Interest rate risk | At fair value | ||
Disclosure Of Detailed Information About Interest Rate Swap Contract [Line Items] | ||
Fair value | € 428 | |
Fair value | (523) | |
IRS 3 | Interest rate swaps | Financial Instruments Held For Hedging | Interest rate risk | ||
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 4 | Interest rate swaps | Interest rate risk | At fair value | ||
Disclosure Of Detailed Information About Interest Rate Swap Contract [Line Items] | ||
Fair value | € 676 | |
Fair value | (483) | |
IRS 4 | Interest rate swaps | Financial Instruments Held For Hedging | Interest rate risk | ||
Disclosure Of Detailed Information About Interest Rate Swap Contract [Line Items] | ||
Maturity date | Aug. 03, 2023 | |
Fixed interest rate | 0.28% | |
Notional amount | € 40,000 | 40,000 |
IRS 5 | Interest rate swaps | Interest rate risk | At fair value | ||
Disclosure Of Detailed Information About Interest Rate Swap Contract [Line Items] | ||
Fair value | € 1,564 | |
Fair value | (801) | |
IRS 5 | Interest rate swaps | Financial Instruments Held For Hedging | Interest rate risk | ||
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 6 | Interest rate swaps | Interest rate risk | At fair value | ||
Disclosure Of Detailed Information About Interest Rate Swap Contract [Line Items] | ||
Fair value | € 3,775 | |
Fair value | (109) | |
IRS 6 | Interest rate swaps | Financial Instruments Held For Hedging | Interest rate risk | ||
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 | 80,000 |
IRS 7 | Interest rate swaps | Interest rate risk | At fair value | ||
Disclosure Of Detailed Information About Interest Rate Swap Contract [Line Items] | ||
Fair value | € 2,824 | 72 |
IRS 7 | Interest rate swaps | Financial Instruments Held For Hedging | Interest rate risk | ||
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 | 50,000 |
IRS 8(*) | Interest rate swaps | Interest rate risk | At fair value | ||
Disclosure Of Detailed Information About Interest Rate Swap Contract [Line Items] | ||
Fair value | € 0 | |
Fair value | (57) | |
IRS 8(*) | Interest rate swaps | Financial Instruments Held For Hedging | Interest rate risk | ||
Disclosure Of Detailed Information About Interest Rate Swap Contract [Line Items] | ||
Maturity date | Jul. 29, 2027 | |
Fixed interest rate | 0.80% | |
Notional amount | € 0 | 1,996 |
IRS 9(*) | Interest rate swaps | Interest rate risk | At fair value | ||
Disclosure Of Detailed Information About Interest Rate Swap Contract [Line Items] | ||
Fair value | € 0 | |
Fair value | (175) | |
IRS 9(*) | Interest rate swaps | Financial Instruments Held For Hedging | Interest rate risk | ||
Disclosure Of Detailed Information About Interest Rate Swap Contract [Line Items] | ||
Maturity date | Dec. 18, 2031 | |
Fixed interest rate | 1.94% | |
Notional amount | € 0 | € 1,820 |
Other current financial asset_2
Other current financial assets - Summary of Breakdown for Other Current Financial Assets (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Other Current Financial Assets [Line Items] | ||
Total other current financial assets | € 320,894 | € 340,380 |
At beginning of period | 340,380 | |
At end of period | 320,894 | 340,380 |
FVPL | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Total other current financial assets | 289,743 | 308,532 |
At beginning of period | 308,532 | 322,326 |
Investments | 25,188 | 69,922 |
Disposals | (39,637) | (98,884) |
Fair value adjustments | (6,018) | 9,619 |
Realized gains/(losses) | 227 | 1,591 |
Exchange rate gains/(losses) | 1,451 | 3,958 |
At end of period | 289,743 | 308,532 |
FVOCI | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Total other current financial assets | 26,852 | 25,712 |
At beginning of period | 25,712 | 27,837 |
Investments | 5,000 | 0 |
Disposals | (2,500) | (2,700) |
Fair value adjustments | (1,360) | 519 |
Realized gains/(losses) | 0 | 56 |
Exchange rate gains/(losses) | 0 | 0 |
At end of period | 26,852 | 25,712 |
Securities | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Total other current financial assets | 316,595 | 334,244 |
At beginning of period | 334,244 | 350,163 |
Investments | 30,188 | 69,922 |
Disposals | (42,137) | (101,584) |
Fair value adjustments | (7,378) | 10,138 |
Realized gains/(losses) | 227 | 1,647 |
Exchange rate gains/(losses) | 1,451 | 3,958 |
At end of period | 316,595 | 334,244 |
Guarantee deposits | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Total other current financial assets | 2,075 | 6,136 |
At beginning of period | 6,136 | |
At end of period | 2,075 | 6,136 |
Guarantee deposits | FVPL | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Total other current financial assets | 0 | 0 |
At beginning of period | 0 | |
At end of period | 0 | 0 |
Guarantee deposits | FVOCI | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Total other current financial assets | 0 | 0 |
At beginning of period | 0 | |
At end of period | 0 | 0 |
Financial receivables | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Total other current financial assets | 2,224 | 0 |
At beginning of period | 0 | |
At end of period | 2,224 | 0 |
Financial receivables | FVPL | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Total other current financial assets | 0 | |
At end of period | 0 | |
Financial receivables | FVOCI | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Total other current financial assets | 0 | |
At end of period | 0 | |
Insurance contracts | FVPL | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Total other current financial assets | 114,975 | 113,919 |
At beginning of period | 113,919 | 107,188 |
Investments | 0 | 6,232 |
Disposals | 0 | 0 |
Fair value adjustments | 1,056 | 499 |
Realized gains/(losses) | 0 | 0 |
Exchange rate gains/(losses) | 0 | 0 |
At end of period | 114,975 | 113,919 |
Fixed income | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Total other current financial assets | 73,127 | 73,972 |
At beginning of period | 73,972 | |
At end of period | 73,127 | 73,972 |
Fixed income | FVPL | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Total other current financial assets | 64,017 | 68,947 |
At beginning of period | 68,947 | 88,011 |
Investments | 0 | 24,756 |
Disposals | 0 | (44,713) |
Fair value adjustments | (4,930) | 1,271 |
Realized gains/(losses) | 0 | (380) |
Exchange rate gains/(losses) | 0 | 2 |
At end of period | 64,017 | 68,947 |
Fixed income | FVOCI | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Total other current financial assets | 9,110 | 5,025 |
At beginning of period | 5,025 | 5,174 |
Investments | 5,000 | 0 |
Disposals | 0 | (416) |
Fair value adjustments | (915) | 267 |
Realized gains/(losses) | 0 | 0 |
Exchange rate gains/(losses) | 0 | 0 |
At end of period | 9,110 | 5,025 |
Hedge funds | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Total other current financial assets | 46,761 | 41,483 |
At beginning of period | 41,483 | |
At end of period | 46,761 | 41,483 |
Hedge funds | FVPL | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Total other current financial assets | 46,761 | 41,483 |
At beginning of period | 41,483 | 36,511 |
Investments | 7,304 | 10,396 |
Disposals | 0 | (7,861) |
Fair value adjustments | (2,631) | 1,153 |
Realized gains/(losses) | 0 | 572 |
Exchange rate gains/(losses) | 605 | 712 |
At end of period | 46,761 | 41,483 |
Hedge funds | FVOCI | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Total other current financial assets | 0 | 0 |
At beginning of period | 0 | |
At end of period | 0 | 0 |
Private equity | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Total other current financial assets | 18,311 | 15,925 |
At beginning of period | 15,925 | |
At end of period | 18,311 | 15,925 |
Private equity | FVPL | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Total other current financial assets | 18,311 | 15,925 |
At beginning of period | 15,925 | 10,583 |
Investments | 6,230 | 4,505 |
Disposals | (7,533) | (3,036) |
Fair value adjustments | 3,282 | 3,486 |
Realized gains/(losses) | 17 | 0 |
Exchange rate gains/(losses) | 390 | 387 |
At end of period | 18,311 | 15,925 |
Private equity | FVOCI | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Total other current financial assets | 0 | 0 |
At beginning of period | 0 | |
At end of period | 0 | 0 |
Equity | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Total other current financial assets | 14,592 | 25,408 |
At beginning of period | 25,408 | |
At end of period | 14,592 | 25,408 |
Equity | FVPL | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Total other current financial assets | 14,592 | 25,408 |
At beginning of period | 25,408 | 24,843 |
Investments | 0 | 8,327 |
Disposals | (7,101) | (10,236) |
Fair value adjustments | (3,354) | 1,224 |
Realized gains/(losses) | (590) | 1,011 |
Exchange rate gains/(losses) | 229 | 239 |
At end of period | 14,592 | 25,408 |
Equity | FVOCI | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Total other current financial assets | 0 | 0 |
At beginning of period | 0 | |
At end of period | 0 | 0 |
Private debt | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Total other current financial assets | 13,644 | 7,945 |
At beginning of period | 7,945 | |
At end of period | 13,644 | 7,945 |
Private debt | FVPL | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Total other current financial assets | 13,644 | 7,945 |
At beginning of period | 7,945 | 6,894 |
Investments | 5,201 | 401 |
Disposals | 0 | 0 |
Fair value adjustments | 498 | 650 |
Realized gains/(losses) | 0 | 0 |
Exchange rate gains/(losses) | 0 | 0 |
At end of period | 13,644 | 7,945 |
Private debt | FVOCI | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Total other current financial assets | 0 | 0 |
At beginning of period | 0 | |
At end of period | 0 | 0 |
Real estate funds | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Total other current financial assets | 12,129 | 32,898 |
At beginning of period | 32,898 | |
At end of period | 12,129 | 32,898 |
Real estate funds | FVPL | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Total other current financial assets | 12,129 | 32,898 |
At beginning of period | 32,898 | 29,073 |
Investments | 2,496 | 3,826 |
Disposals | (24,633) | (2,060) |
Fair value adjustments | 248 | 1,316 |
Realized gains/(losses) | 800 | 109 |
Exchange rate gains/(losses) | 320 | 634 |
At end of period | 12,129 | 32,898 |
Real estate funds | FVOCI | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Total other current financial assets | 0 | 0 |
At beginning of period | 0 | |
At end of period | 0 | 0 |
Commodities | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Total other current financial assets | 2,727 | |
At end of period | 2,727 | |
Commodities | FVPL | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Total other current financial assets | 2,727 | 0 |
At beginning of period | 0 | |
Investments | 2,991 | |
Disposals | 0 | |
Fair value adjustments | (264) | |
Realized gains/(losses) | 0 | |
Exchange rate gains/(losses) | 0 | |
At end of period | 2,727 | 0 |
Commodities | FVOCI | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Total other current financial assets | 0 | |
At end of period | 0 | |
Money market funds | FVPL | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Total other current financial assets | 2,587 | 2,007 |
At beginning of period | 2,007 | 19,223 |
Investments | 966 | 11,479 |
Disposals | (370) | (30,978) |
Fair value adjustments | 77 | 20 |
Realized gains/(losses) | 0 | 279 |
Exchange rate gains/(losses) | (93) | 1,984 |
At end of period | 2,587 | 2,007 |
Floating income | FVOCI | ||
Disclosure Of Other Current Financial Assets [Line Items] | ||
Total other current financial assets | 17,742 | 20,687 |
At beginning of period | 20,687 | 22,663 |
Investments | 0 | 0 |
Disposals | (2,500) | (2,284) |
Fair value adjustments | (445) | 252 |
Realized gains/(losses) | 0 | 56 |
Exchange rate gains/(losses) | 0 | 0 |
At end of period | € 17,742 | € 20,687 |
Other current assets - Addition
Other current assets - Additional Information (Detail) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Other Current Assets [Abstract] | ||
Other current assets | € 84,574 | € 68,773 |
Cash and cash equivalents - Bre
Cash and cash equivalents - Breakdown of Cash and Cash Equivalents (Detail) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and cash equivalents [abstract] | ||||
Cash on hand | € 2,322 | € 1,651 | ||
Bank balances | 251,999 | 458,140 | ||
Total cash and cash equivalents | € 254,321 | € 459,791 | € 317,291 | € 210,626 |
Cash and cash equivalents - Add
Cash and cash equivalents - Additional Information (Detail) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Cash held in China | ||
Disclosure Of Cash And Cash Equivalents And Restricted Cash And Cash Equivalents [Line Items] | ||
Restricted cash and cash equivalents | € 24,257 | € 60,381 |
Cash held in Argentina | ||
Disclosure Of Cash And Cash Equivalents And Restricted Cash And Cash Equivalents [Line Items] | ||
Restricted cash and cash equivalents | € 233 | € 244 |
Shareholder' equity - Additiona
Shareholder' equity - Additional Information (Detail) - EUR (€) € / shares in Units, € in Thousands | 12 Months Ended | |||
Jul. 28, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | |
Disclosure of reserves within equity [line items] | ||||
Share capital | € 5,939 | € 5,939 | ||
Par value per share (in EUR per share) | € 0.02 | € 0.02 | ||
Dividends paid (in EUR per share) | € 0.09 | |||
Other reserves | € 144,690 | € 96,679 | ||
Capital increase related to the Business Combination | 711,903 | |||
Transaction costs related to the Business Combination | 2,137 | 205,059 | ||
Zegna | ||||
Disclosure of reserves within equity [line items] | ||||
Capital increase related to the Business Combination | 710,264 | 710,264 | ||
Transaction costs related to the Business Combination | 17,239 | 17,239 | ||
Reimbursement of employee gift expenses | 10,923 | 10,923 | ||
Share premium | ||||
Disclosure of reserves within equity [line items] | ||||
Other reserves | 721,187 | 721,187 | ||
Reserve for treasury shares | ||||
Disclosure of reserves within equity [line items] | ||||
Other reserves | (451,174) | (455,000) | ||
Non-controlling interests options reserve | ||||
Disclosure of reserves within equity [line items] | ||||
Other reserves | € (183,525) | € (196,691) | ||
Ordinary shares | ||||
Disclosure of reserves within equity [line items] | ||||
Number of shares issued (in shares) | 296,943,659 | 296,943,659 | ||
Ordinary shares held in treasury | ||||
Disclosure of reserves within equity [line items] | ||||
Number of shares outstanding (in shares) | 54,140,913 | 54,600,000 | ||
Dondi non-controlling interest shareholders | Non-controlling interests options reserve | ||||
Disclosure of reserves within equity [line items] | ||||
Other reserves | € 21,459 | |||
Thom Browne non-controlling interest shareholders | Non-controlling interests options reserve | ||||
Disclosure of reserves within equity [line items] | ||||
Other reserves | € 162,066 |
Shareholder' equity - Summary o
Shareholder' equity - Summary of Share-Based Compensation (Detail) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of reserves within equity [line items] | ||
Other reserves, including OCI | € 144,690 | € 96,679 |
Legal and statutory reserves | ||
Disclosure of reserves within equity [line items] | ||
Other reserves, including OCI | 8,056 | 860 |
Share premium | ||
Disclosure of reserves within equity [line items] | ||
Other reserves, including OCI | 721,187 | 721,187 |
Reserve for treasury shares | ||
Disclosure of reserves within equity [line items] | ||
Other reserves, including OCI | (451,174) | (455,000) |
Other comprehensive income/(loss) reserve (OCI) | ||
Disclosure of reserves within equity [line items] | ||
Other reserves, including OCI | 19,131 | (12,295) |
Share-based payments reserve | ||
Disclosure of reserves within equity [line items] | ||
Other reserves, including OCI | 88,557 | 74,978 |
Non-controlling interests options reserve | ||
Disclosure of reserves within equity [line items] | ||
Other reserves, including OCI | (183,525) | (196,691) |
Other reserves | ||
Disclosure of reserves within equity [line items] | ||
Other reserves, including OCI | € (57,542) | € (36,360) |
Non-controlling interests - Sum
Non-controlling interests - Summary of Each Subsidiary are before Intercompany Eliminations (Detail) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of subsidiaries [line items] | ||||
Total assets | € 2,426,727 | € 2,457,724 | ||
Total equity | 732,321 | 644,304 | € 645,034 | € 729,754 |
Net revenues | 1,492,840 | 1,292,402 | 1,014,733 | |
Net income / (loss) | € 65,279 | € (127,661) | € (46,540) | |
Thom Browne Inc. | Subsidiaries with material non-controlling interests | USD | ||||
Disclosure of subsidiaries [line items] | ||||
Name of subsidiary | Thom Browne Inc. | Thom Browne Inc. | ||
Group’s percentage interest | 90% | 90% | ||
Non- controlling interest percentage | 10% | 10% | ||
Functional currency | USD | USD | ||
Total assets | € 298,901 | € 233,472 | ||
Total equity | 146,879 | 129,244 | ||
Net revenues | 348,445 | 312,311 | ||
Net income / (loss) | 43,277 | 35,703 | ||
Dividends paid to non- controlling shareholders | € (2,000) | € 0 | ||
Ermenegildo Zegna Vietnam LLC | Subsidiaries with material non-controlling interests | VTD | ||||
Disclosure of subsidiaries [line items] | ||||
Name of subsidiary | Ermenegildo Zegna Vietnam LLC | Ermenegildo Zegna Vietnam LLC | ||
Group’s percentage interest | 90% | 77% | ||
Non- controlling interest percentage | 10% | 23% | ||
Functional currency | VTD | VTD | ||
Total assets | € 59,373,311 | € 59,619,650 | ||
Total equity | 21,638,614 | (65,153,441) | ||
Net revenues | 45,647,540 | 34,267,609 | ||
Net income / (loss) | 7,913,295 | (3,987,259) | ||
Dividends paid to non- controlling shareholders | € 0 | € 0 | ||
Ermenegildo Zegna Madrid S.A. | Subsidiaries with material non-controlling interests | EUR | ||||
Disclosure of subsidiaries [line items] | ||||
Name of subsidiary | Ermenegildo Zegna Madrid S.A. | Ermenegildo Zegna Madrid S.A. | ||
Group’s percentage interest | 70% | 70% | ||
Non- controlling interest percentage | 30% | 30% | ||
Functional currency | EUR | EUR | ||
Total assets | € 3,718 | € 3,627 | ||
Total equity | 1,741 | 1,925 | ||
Net revenues | 3,838 | 2,241 | ||
Net income / (loss) | 120 | (96) | ||
Dividends paid to non- controlling shareholders | € (90) | € 0 | ||
Gruppo Dondi S.p.A. | Subsidiaries with material non-controlling interests | EUR | ||||
Disclosure of subsidiaries [line items] | ||||
Name of subsidiary | Gruppo Dondi S.p.A. | Gruppo Dondi S.p.A. | ||
Group’s percentage interest | 65% | 65% | ||
Non- controlling interest percentage | 35% | 35% | ||
Functional currency | EUR | EUR | ||
Total assets | € 39,469 | € 33,459 | ||
Total equity | 20,507 | 18,475 | ||
Net revenues | 47,655 | 37,617 | ||
Net income / (loss) | 4,901 | 4,783 | ||
Dividends paid to non- controlling shareholders | € (1,113) | € (182) | ||
E. Z. Thai Holding Ltd | Subsidiaries with material non-controlling interests | THB | ||||
Disclosure of subsidiaries [line items] | ||||
Name of subsidiary | E. Z. Thai Holding Ltd | E. Z. Thai Holding Ltd | ||
Group’s percentage interest | 49% | 49% | ||
Non- controlling interest percentage | 51% | 51% | ||
Functional currency | THB | THB | ||
Total assets | € 12,669 | € 12,979 | ||
Total equity | 19 | 328 | ||
Net revenues | 0 | 0 | ||
Net income / (loss) | (309) | (121) | ||
Dividends paid to non- controlling shareholders | € 0 | € 0 | ||
Bonotto S.p.A. | Subsidiaries with material non-controlling interests | EUR | ||||
Disclosure of subsidiaries [line items] | ||||
Name of subsidiary | Bonotto S.p.A. | Bonotto S.p.A. | ||
Group’s percentage interest | 60% | 60% | ||
Non- controlling interest percentage | 40% | 40% | ||
Functional currency | EUR | EUR | ||
Total assets | € 23,739 | € 21,482 | ||
Total equity | 9,431 | 9,030 | ||
Net revenues | 24,552 | 17,674 | ||
Net income / (loss) | 2,075 | 1,840 | ||
Dividends paid to non- controlling shareholders | € (797) | € 0 | ||
Tessitura Ubertino S.r.l. | Subsidiaries with material non-controlling interests | EUR | ||||
Disclosure of subsidiaries [line items] | ||||
Name of subsidiary | Tessitura Ubertino S.r.l. | Tessitura Ubertino S.r.l. | ||
Group’s percentage interest | 60% | 60% | ||
Non- controlling interest percentage | 40% | 40% | ||
Functional currency | EUR | EUR | ||
Total assets | € 8,351 | € 12,221 | ||
Total equity | 4,921 | 8,786 | ||
Net revenues | 10,245 | 5,625 | ||
Net income / (loss) | 983 | 561 | ||
Dividends paid to non- controlling shareholders | € (312) | € 0 | ||
Cappellificio Cervo S.r.l. | Subsidiaries with material non-controlling interests | EUR | ||||
Disclosure of subsidiaries [line items] | ||||
Name of subsidiary | Cappellificio Cervo S.r.l. | Cappellificio Cervo S.r.l. | ||
Group’s percentage interest | 51% | 51% | ||
Non- controlling interest percentage | 49% | 49% | ||
Functional currency | EUR | EUR | ||
Total assets | € 1,630 | € 1,498 | ||
Total equity | 864 | 757 | ||
Net revenues | 2,371 | 1,315 | ||
Net income / (loss) | 85 | (35) | ||
Dividends paid to non- controlling shareholders | € 0 | € 0 | ||
Zegna South Asia Private LTD | ||||
Disclosure of subsidiaries [line items] | ||||
Name of subsidiary | Zegna South Asia Private LTD | |||
Group’s percentage interest | 51% | 51% | ||
Zegna South Asia Private LTD | Subsidiaries with material non-controlling interests | INR | ||||
Disclosure of subsidiaries [line items] | ||||
Name of subsidiary | Zegna South Asia Private LTD | Zegna South Asia Private LTD | ||
Group’s percentage interest | 51% | 51% | ||
Non- controlling interest percentage | 49% | 49% | ||
Functional currency | INR | INR | ||
Total assets | € 590,989 | € 871,210 | ||
Total equity | 199,864 | 123,709 | ||
Net revenues | 395,827 | 281,592 | ||
Net income / (loss) | 76,155 | 21,891 | ||
Dividends paid to non- controlling shareholders | € 0 | € 0 | ||
Zegna Gulf Trading LLC | Subsidiaries with material non-controlling interests | AED | ||||
Disclosure of subsidiaries [line items] | ||||
Name of subsidiary | Zegna Gulf Trading LLC | Zegna Gulf Trading LLC | ||
Group’s percentage interest | 49% | 49% | ||
Non- controlling interest percentage | 51% | 51% | ||
Functional currency | AED | AED | ||
Total assets | € 140,841 | € 125,086 | ||
Total equity | 53,895 | 921 | ||
Net revenues | 191,749 | 137,355 | ||
Net income / (loss) | 52,806 | 30,783 | ||
Dividends paid to non- controlling shareholders | € 0 | € 0 | ||
The Italian Fashion Co. LTD | Subsidiaries with material non-controlling interests | AED | ||||
Disclosure of subsidiaries [line items] | ||||
Name of subsidiary | The Italian Fashion Co. LTD | The Italian Fashion Co. LTD | ||
Group’s percentage interest | 65% | 65% | ||
Non- controlling interest percentage | 35% | 35% | ||
Functional currency | THB | THB | ||
Total assets | € 198,556 | € 171,771 | ||
Total equity | (16,584) | (28,094) | ||
Net revenues | 190,048 | 91,848 | ||
Net income / (loss) | 11,015 | (51,149) | ||
Dividends paid to non- controlling shareholders | € 0 | € 0 |
Borrowings - Summary of Non-cur
Borrowings - Summary of Non-current and Current Borrowings (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
At beginning of period | € 628,938 | € 664,751 |
Repayments | (159,719) | (160,210) |
Proceeds | 0 | 123,570 |
Other | 1,836 | 827 |
At end of period | 471,055 | 628,938 |
Non-current | 184,880 | 471,646 |
Current | 286,175 | 157,292 |
Committed loans | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
At beginning of period | 578,213 | 613,415 |
Repayments | (109,422) | (56,029) |
Proceeds | 0 | 20,000 |
Other | 1,836 | 827 |
At end of period | 470,627 | 578,213 |
Non-current | 184,661 | 470,934 |
Current | 285,966 | 107,279 |
Other Financial Loans | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
At beginning of period | 50,725 | 51,336 |
Repayments | (50,297) | (104,181) |
Proceeds | 0 | 103,570 |
Other | 0 | 0 |
At end of period | 428 | 50,725 |
Non-current | 219 | 712 |
Current | € 209 | € 50,013 |
Borrowings - Summary of Repayme
Borrowings - Summary of Repayment Schedule for Borrowings (Detail) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure In Tabular Form Of Repayment Schedule For Borrowings [Line Items] | ||
Borrowings | € 471,055 | € 628,938 |
Expiry within 1 year | ||
Disclosure In Tabular Form Of Repayment Schedule For Borrowings [Line Items] | ||
Borrowings | 286,175 | 157,292 |
Year 2 | ||
Disclosure In Tabular Form Of Repayment Schedule For Borrowings [Line Items] | ||
Borrowings | 137,417 | 281,048 |
Year 3 | ||
Disclosure In Tabular Form Of Repayment Schedule For Borrowings [Line Items] | ||
Borrowings | 35,395 | 134,552 |
Year 4 | ||
Disclosure In Tabular Form Of Repayment Schedule For Borrowings [Line Items] | ||
Borrowings | 3,994 | 43,977 |
Year 5 and beyond | ||
Disclosure In Tabular Form Of Repayment Schedule For Borrowings [Line Items] | ||
Borrowings | 8,074 | 12,069 |
Committed loans | ||
Disclosure In Tabular Form Of Repayment Schedule For Borrowings [Line Items] | ||
Borrowings | 470,627 | 578,213 |
Committed loans | Expiry within 1 year | ||
Disclosure In Tabular Form Of Repayment Schedule For Borrowings [Line Items] | ||
Borrowings | 285,966 | 107,279 |
Committed loans | Year 2 | ||
Disclosure In Tabular Form Of Repayment Schedule For Borrowings [Line Items] | ||
Borrowings | 137,206 | 281,028 |
Committed loans | Year 3 | ||
Disclosure In Tabular Form Of Repayment Schedule For Borrowings [Line Items] | ||
Borrowings | 35,387 | 133,872 |
Committed loans | Year 4 | ||
Disclosure In Tabular Form Of Repayment Schedule For Borrowings [Line Items] | ||
Borrowings | 3,994 | 43,965 |
Committed loans | Year 5 and beyond | ||
Disclosure In Tabular Form Of Repayment Schedule For Borrowings [Line Items] | ||
Borrowings | 8,074 | 12,069 |
Other financial liabilities | ||
Disclosure In Tabular Form Of Repayment Schedule For Borrowings [Line Items] | ||
Borrowings | 428 | 50,725 |
Other financial liabilities | Expiry within 1 year | ||
Disclosure In Tabular Form Of Repayment Schedule For Borrowings [Line Items] | ||
Borrowings | 209 | 50,013 |
Other financial liabilities | Year 2 | ||
Disclosure In Tabular Form Of Repayment Schedule For Borrowings [Line Items] | ||
Borrowings | 211 | 20 |
Other financial liabilities | Year 3 | ||
Disclosure In Tabular Form Of Repayment Schedule For Borrowings [Line Items] | ||
Borrowings | 8 | 680 |
Other financial liabilities | Year 4 | ||
Disclosure In Tabular Form Of Repayment Schedule For Borrowings [Line Items] | ||
Borrowings | 0 | 12 |
Other financial liabilities | Year 5 and beyond | ||
Disclosure In Tabular Form Of Repayment Schedule For Borrowings [Line Items] | ||
Borrowings | € 0 | € 0 |
Borrowings - Summary of Details
Borrowings - Summary of Details of Borrowings (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Current borrowings | € 286,175 | € 157,292 |
Non-current borrowings | 184,880 | 471,646 |
Fixed interest rate | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Current borrowings | 85,447 | 75,013 |
Non-current borrowings | 50,193 | 135,672 |
Variable interest rate | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Current borrowings | 200,728 | 82,279 |
Non-current borrowings | € 134,687 | € 335,974 |
Fixed interest rate | Co.Ti Service S.A. | 0.0079% Maturing 2/2022 | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Co.Ti Service S.A. | |
Interest rate | Fixed | |
Fixed interest rate | 0.79% | |
Expiry date | February 2022 | |
Current borrowings | € 10,000 | |
Non-current borrowings | € 0 | |
Fixed interest rate | Co.Ti Service S.A. | 0.0079% Maturing 3/2022 | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Co.Ti Service S.A. | |
Interest rate | Fixed | |
Fixed interest rate | 0.79% | |
Expiry date | March 2022 | |
Current borrowings | € 5,000 | |
Non-current borrowings | € 0 | |
Fixed interest rate | Co.Ti Service S.A. | 0.75% Maturing 3/2025 | ||
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 |
Fixed interest rate | 0.75% | 0.75% |
Expiry date | March 2025 | March 2025 |
Current borrowings | € 0 | € 0 |
Non-current borrowings | € 20,000 | € 20,000 |
Fixed interest rate | Co.Ti Service S.A. | 0.75% Maturing 4/2025 | ||
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 |
Fixed interest rate | 0.75% | 0.75% |
Expiry date | April 2025 | April 2025 |
Current borrowings | € 0 | € 0 |
Non-current borrowings | € 10,000 | € 10,000 |
Fixed interest rate | Ermenegildo Zegna N.V. | 0.00% Maturing 3/2022 1 | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | |
Interest rate | Fixed | |
Fixed interest rate | 0% | |
Expiry date | March 2022 | |
Current borrowings | € 15,000 | |
Non-current borrowings | € 0 | |
Fixed interest rate | Ermenegildo Zegna N.V. | 0.00% Maturing 3/2022 2 | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | |
Interest rate | Fixed | |
Fixed interest rate | 0% | |
Expiry date | March 2022 | |
Current borrowings | € 35,000 | |
Non-current borrowings | € 0 | |
Fixed interest rate | Ermenegildo Zegna N.V. | 0.0125% Maturing 12/2022 | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | |
Interest rate | Fixed | |
Fixed interest rate | 1.25% | |
Expiry date | December 2022 | |
Current borrowings | € 10,000 | |
Non-current borrowings | € 0 | |
Fixed interest rate | Ermenegildo Zegna N.V. | 0.0077% Maturing 3/2023 | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | Ermenegildo Zegna N.V. |
Interest rate | Fixed | Fixed |
Fixed interest rate | 0.77% | 0.77% |
Expiry date | March 2023 | March 2023 |
Current borrowings | € 15,000 | € 0 |
Non-current borrowings | € 0 | € 15,000 |
Fixed interest rate | Ermenegildo Zegna N.V. | 0.0049% Maturing 4/2023 | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | Ermenegildo Zegna N.V. |
Interest rate | Fixed | Fixed |
Fixed interest rate | 0.49% | 0.49% |
Expiry date | April 2023 | April 2023 |
Current borrowings | € 50,042 | € 0 |
Non-current borrowings | € 0 | € 49,993 |
Fixed interest rate | Ermenegildo Zegna N.V. | 1.22% Maturing 11/2023 | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | Ermenegildo Zegna N.V. |
Interest rate | Fixed | Fixed |
Fixed interest rate | 1.22% | 1.22% |
Expiry date | November 2023 | November 2023 |
Current borrowings | € 20,000 | € 0 |
Non-current borrowings | € 0 | € 20,000 |
Fixed interest rate | Ermenegildo Zegna N.V. | 0.73% Maturing 9/2028 | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | Ermenegildo Zegna N.V. |
Interest rate | Fixed | Fixed |
Fixed interest rate | 0.73% | 0.73% |
Expiry date | September 2028 | September 2028 |
Current borrowings | € 33 | € 0 |
Non-current borrowings | € 19,973 | € 19,967 |
Fixed interest rate | Lanificio Ermenegildo Zegna e Figli S.p.A. | 1.35% Maturing 6/2024 | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Lanificio Ermenegildo Zegna e Figli S.p.A. | Lanificio Ermenegildo Zegna e Figli S.p.A. |
Interest rate | Fixed | Fixed |
Fixed interest rate | 1.35% | 1.35% |
Expiry date | June 2024 | June 2024 |
Current borrowings | € 194 | € 0 |
Non-current borrowings | € 195 | € 655 |
Fixed interest rate | Other borrowings | 0.05% Maturing 6/2025 | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Other borrowings | Other |
Interest rate | Fixed | Fixed |
Fixed interest rate | 0.05% | |
Expiry date | Up to 2029 | June 2025 |
Current borrowings | € 178 | € 13 |
Non-current borrowings | € 25 | € 57 |
Fixed interest rate | Other borrowings | 0.05% Maturing 6/2025 | Bottom of range | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Fixed interest rate | 0.05% | |
Fixed interest rate | Other borrowings | 0.05% Maturing 6/2025 | Top of range | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Fixed interest rate | 0.49% | |
Variable Interest Rate, Euribor 3m | Ermenegildo Zegna N.V. | 0.69% Maturing 9/2022 | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | |
Interest rate | Variable | |
Interest rate basis | Euribor 3m + 0.69% | |
Expiry date | September 2022 | |
Current borrowings | € 9,998 | |
Non-current borrowings | € 0 | |
Variable Interest Rate, IRS | Ermenegildo Zegna N.V. | 1.48% Maturing 1/2023 | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | Ermenegildo Zegna N.V. |
Interest rate | Variable | Variable |
Interest rate basis | IRS + 1.48% | IRS + 1.48% |
Expiry date | January 2023 | January 2023 |
Current borrowings | € 20,099 | € 0 |
Non-current borrowings | € 0 | € 19,999 |
Variable Interest Rate, IRS | Ermenegildo Zegna N.V. | 0.80% Maturing 2/2023 | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | Ermenegildo Zegna N.V. |
Interest rate | Variable | Variable |
Interest rate basis | IRS + 0.80% | IRS + 0.80% |
Expiry date | February 2023 | February 2023 |
Current borrowings | € 20,000 | € 0 |
Non-current borrowings | € 0 | € 20,000 |
Variable Interest Rate, IRS | Ermenegildo Zegna N.V. | 1.05% Maturing 8/2023 | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | Ermenegildo Zegna N.V. |
Interest rate | Variable | Variable |
Interest rate basis | IRS + 1.05% | IRS + 1.05% |
Expiry date | August 2023 | August 2023 |
Current borrowings | € 40,168 | € 0 |
Non-current borrowings | € 0 | € 39,993 |
Variable Interest Rate, IRS | Ermenegildo Zegna N.V. | 0.75% Maturing 11/2023 | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | Ermenegildo Zegna N.V. |
Interest rate | Variable | Variable |
Interest rate basis | IRS + 0.78% | IRS + 0.75% |
Expiry date | November 2023 | November 2023 |
Current borrowings | € 60,139 | € 0 |
Non-current borrowings | € 0 | € 59,948 |
Variable Interest Rate, IRS | Ermenegildo Zegna N.V. | 0.81% Maturing 4/2024 | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | Ermenegildo Zegna N.V. |
Interest rate | Variable | Variable |
Interest rate basis | IRS + 0.81% | IRS + 0.81 |
Expiry date | April 2024 | April 2024 |
Current borrowings | € 409 | € 0 |
Non-current borrowings | € 79,986 | € 79,936 |
Variable Interest Rate, IRS | Ermenegildo Zegna N.V. | 0.60% Maturing 12/2024 | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | Ermenegildo Zegna N.V. |
Interest rate | Variable | Variable |
Interest rate basis | IRS + 0.60% | IRS + 0.60 |
Expiry date | December 2024 | December 2024 |
Current borrowings | € 200 | € 0 |
Non-current borrowings | € 49,951 | € 49,901 |
Variable Interest Rate, Euribor 6m | Ermenegildo Zegna N.V. | 0.75% Maturing 5/2023 | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | Ermenegildo Zegna N.V. |
Interest rate | Variable | Variable |
Interest rate basis | Euribor 6m + 0.75% | Euribor 6m + 0.75% |
Expiry date | May 2023 | May 2023 |
Current borrowings | € 45,139 | € 0 |
Non-current borrowings | € 0 | € 44,991 |
Variable Interest Rate, Euribor 6m | Ermenegildo Zegna N.V. | 0.83% Maturing 6/2023 | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | Ermenegildo Zegna N.V. |
Interest rate | Variable | Variable |
Interest rate basis | Euribor 6m + 0.86% | Euribor 6m + 0.83% |
Expiry date | June 2023 | June 2023 |
Current borrowings | € 6,250 | € 12,485 |
Non-current borrowings | € 0 | € 6,247 |
Variable Interest Rate, Euribor 6m | Ermenegildo Zegna N.V. | 0.80% Maturing 9/2023 | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | |
Interest rate | Variable | |
Interest rate basis | Euribor 6m + 0.80% | |
Expiry date | September 2023 | |
Current borrowings | € 49,836 | |
Non-current borrowings | € 0 | |
Variable Interest Rate, Euribor 6m | Ermenegildo Zegna N.V. | 0.75% Maturing 11/2023 | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | Ermenegildo Zegna N.V. |
Interest rate | Variable | Variable |
Interest rate basis | Euribor 6m + 0.78% | Euribor 6m + 0.75 |
Expiry date | November 2023 | November 2023 |
Current borrowings | € 5,000 | € 9,960 |
Non-current borrowings | € 0 | € 4,966 |
Variable Interest Rate, Euribor 1m | Ermenegildo Zegna N.V. | 0.76% Maturing 5/2025 | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrower | Ermenegildo Zegna N.V. | Ermenegildo Zegna N.V. |
Interest rate | Variable | Variable |
Interest rate basis | Euribor 1m + 0.77% | Euribor 1m + 0.76 |
Expiry date | May 2025 | May 2025 |
Current borrowings | € 3,324 | € 0 |
Non-current borrowings | € 4,750 | € 9,993 |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrowings | € 471,055 | € 628,938 |
Revolving Lines | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
ESG target affecting interest rate, raw materials, as a percent | 50% | |
ESG target affecting interest rate, renewable energy, as a percent | 100% | |
Revolving Lines | Entering into significant commitments or contingent liabilities | ||
Disclosure In Tabular Form Of Details Of Borrowings [Line Items] | ||
Borrowings | € 240,000 | |
Term of borrowings | 7 years |
Other current and non-current_3
Other current and non-current financial liabilities - Summary of Breakdown for Other Non-Current Financial Liabilities (Detail) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||
Written put options on non-controlling interests | € 178,766 | € 159,411 |
Other | 27 | 7,976 |
Other non-current financial liabilities | 178,793 | 167,387 |
Warrant liabilities | 37,258 | 33,984 |
Other current financial liabilities | 37,258 | 33,984 |
Total | 216,051 | 201,371 |
Thom Browne | ||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||
Written put options on non-controlling interests | 155,551 | 135,726 |
Dondi | ||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||
Written put options on non-controlling interests | € 23,215 | € 23,685 |
Other current and non-current_4
Other current and non-current financial liabilities - Additional Information (Detail) $ / shares in Units, € in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended | ||||||
Dec. 17, 2021 shares | Jun. 01, 2021 USD ($) | Jun. 01, 2021 EUR (€) | Jun. 30, 2021 | Dec. 31, 2022 EUR (€) shares | Dec. 31, 2020 | Dec. 31, 2022 $ / shares | Dec. 31, 2021 EUR (€) shares | |
Public warrants | ||||||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||||||
Number of other equity instruments outstanding (in shares) | 13,416,637 | 13,416,636 | 13,416,637 | |||||
Number of securities called by warrants (in shares) | 1 | |||||||
Exercise price of warrants (in USD per share) | $ / shares | $ 11.50 | |||||||
Term of warrants outstanding | 5 years | |||||||
Public warrants | Equals or exceeds USD18.00 per share (in USD per share) | ||||||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||||||
Redemption price per warrant (in USD per share) | 0.01 | |||||||
Share price (in USD per share) | 18 | |||||||
Number of trading days determining share price | 20 days | |||||||
Number of consecutive trading days determining share price | 30 days | |||||||
Public warrants | Equals or exceeds USD10.00 per share (in USD per share) | ||||||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||||||
Redemption price per warrant (in USD per share) | 0.10 | |||||||
Share price (in USD per share) | 10 | |||||||
Number of trading days determining share price | 20 days | |||||||
Number of consecutive trading days determining share price | 30 days | |||||||
Private placement warrants | ||||||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||||||
Number of other equity instruments outstanding (in shares) | 6,700,000 | |||||||
Transfer limitations period | 30 years | |||||||
Private placement warrants | Zegna non-executive directors | ||||||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||||||
Warrants issued (in shares) | 800,000 | |||||||
Written put options | ||||||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||||||
Derecognized liability | € | € 51,328 | |||||||
Gain on derecognised financial liability | € | 20,675 | |||||||
Written put options | Total equity attributable to non-controlling interests | ||||||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||||||
Increase decrease in equity | € | € 4,037 | |||||||
Written put options | Thom Browne | ||||||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||||||
Proportion of interest in subsidiary | 90% | 85% | ||||||
Proportion of ownership interests held by non-controlling interests | 10% | |||||||
Percentage of additional ownership interest to be purchased | 5% | |||||||
Liability related to the put option | € | € 155,551 | € 135,726 | ||||||
Written put options | Thom Browne | MrThom Browne | ||||||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||||||
Proportion of ownership interests held by non-controlling interests | 15% | |||||||
Written put options | Thom Browne | First tranche of the put option | ||||||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||||||
Percentage of additional ownership interest to be purchased | 5% | 5% | ||||||
Consideration paid | $ 37,400 | € 30,653 | ||||||
Written put options | Dondi | ||||||||
Disclosure Of Other NonCurrent Financial Liabilities [Line Items] | ||||||||
Proportion of interest in subsidiary | 65% | |||||||
Proportion of ownership interests held by non-controlling interests | 35% | |||||||
Liability related to the put option | € | € 23,215 | € 23,685 |
Lease liabilities - Summary of
Lease liabilities - Summary of Breakdown for Lease Liabilities (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Lease Liabilities Arising From Financing Activities [Line Items] | |||
Balance at beginning of period | € 438,052 | € 407,687 | |
Interest expense | 9,882 | 8,982 | € 10,615 |
Repayment of lease liabilities (including interest expense) | 0 | 123,570 | |
Balance at end of period | 443,507 | 438,052 | € 407,687 |
Non-current | 19,581 | 44,555 | |
Current | 13,969 | 14,093 | |
Lease liabilities | |||
Disclosure Of Lease Liabilities Arising From Financing Activities [Line Items] | |||
Interest expense | 9,882 | 9,351 | |
Repayment of lease liabilities (including interest expense) | (124,321) | (109,962) | |
IFRS 16 lease amendment: lease renegotiation | (7,194) | (12,416) | |
Additions due to new leases and store renewals | 140,875 | 150,648 | |
Decrease of lease liabilities due to store closures | (21,726) | (16,485) | |
Disposition | 0 | (11,508) | |
Translation differences | 7,939 | 20,737 | |
Non-current | 332,050 | 331,409 | |
Current | € 111,457 | € 106,643 |
Lease liabilities - Summary o_2
Lease liabilities - Summary of Lease Liabilities by Maturity Date (Detail) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Maturity Analysis Of Lease Liabilities [Line Items] | |||
Lease liabilities | € 443,507 | € 438,052 | € 407,687 |
Year 1 | Discounted cash flow | |||
Disclosure Of Maturity Analysis Of Lease Liabilities [Line Items] | |||
Lease liabilities | 111,457 | 106,643 | |
Year 2 | Discounted cash flow | |||
Disclosure Of Maturity Analysis Of Lease Liabilities [Line Items] | |||
Lease liabilities | 91,081 | 92,344 | |
Year 3 | Discounted cash flow | |||
Disclosure Of Maturity Analysis Of Lease Liabilities [Line Items] | |||
Lease liabilities | 62,502 | 65,610 | |
Year 4 | Discounted cash flow | |||
Disclosure Of Maturity Analysis Of Lease Liabilities [Line Items] | |||
Lease liabilities | 46,528 | 38,898 | |
Beyond | Discounted cash flow | |||
Disclosure Of Maturity Analysis Of Lease Liabilities [Line Items] | |||
Lease liabilities | € 131,939 | € 134,557 |
Provisions for risks and char_3
Provisions for risks and charges - Additional Information (Detail) € in Thousands, $ in Thousands | 1 Months Ended | |||
Feb. 28, 2022 EUR (€) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 EUR (€) | |
Provisions For Risks And Charges [Line Items] | ||||
Provisions | € 33,550 | € 58,648 | ||
Lease Agreement, United States | ||||
Provisions For Risks And Charges [Line Items] | ||||
Legal proceedings provision | $ | $ 28,254 | |||
Payment related to legal agreement | € 25,698 |
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 | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of other provisions [line items] | ||
Beginning balance | € 58,648 | |
Current | 13,969 | € 14,093 |
Non-current | 19,581 | 44,555 |
Provisions | 7,526 | |
Releases | (5,476) | |
Utilizations | (29,102) | |
Exchange differences | 1,892 | |
Reclassifications and other | 62 | |
Ending balance | 33,550 | |
Legal and fiscal risks | ||
Disclosure of other provisions [line items] | ||
Beginning balance | 28,656 | |
Current | 0 | 0 |
Non-current | 664 | 28,656 |
Provisions | 91 | |
Releases | (986) | |
Utilizations | (26,780) | |
Exchange differences | 2,088 | |
Reclassifications and other | (2,405) | |
Ending balance | 664 | |
Leased store restoration | ||
Disclosure of other provisions [line items] | ||
Beginning balance | 14,293 | |
Current | 909 | 2,288 |
Non-current | 13,899 | 12,005 |
Provisions | 2,770 | |
Releases | (3,144) | |
Utilizations | (116) | |
Exchange differences | (58) | |
Reclassifications and other | 1,063 | |
Ending balance | 14,808 | |
Refund liability returns | ||
Disclosure of other provisions [line items] | ||
Beginning balance | 10,049 | |
Current | 9,546 | 10,049 |
Non-current | 0 | 0 |
Provisions | 2,240 | |
Releases | (174) | |
Utilizations | (1,578) | |
Exchange differences | (94) | |
Reclassifications and other | (897) | |
Ending balance | 9,546 | |
Other provision | ||
Disclosure of other provisions [line items] | ||
Beginning balance | 5,650 | |
Current | 3,514 | 1,756 |
Non-current | 5,018 | € 3,894 |
Provisions | 2,425 | |
Releases | (1,172) | |
Utilizations | (628) | |
Exchange differences | (44) | |
Reclassifications and other | 2,301 | |
Ending balance | € 8,532 |
Employee benefits - Summary of
Employee benefits - Summary of Breakdown of Employee Benefits (Detail) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of defined benefit plans [line items] | ||
Total employee benefits | € 51,584 | € 42,263 |
Italian leaving indemnities (TFR) | ||
Disclosure of defined benefit plans [line items] | ||
Total employee benefits | 7,613 | 9,784 |
Other leaving indemnities | ||
Disclosure of defined benefit plans [line items] | ||
Total employee benefits | 10,486 | 15,237 |
Post-employment benefits | ||
Disclosure of defined benefit plans [line items] | ||
Total employee benefits | 5,675 | 5,280 |
Other long-term employee benefits | ||
Disclosure of defined benefit plans [line items] | ||
Total employee benefits | 1,469 | 1,362 |
Termination benefits | ||
Disclosure of defined benefit plans [line items] | ||
Total employee benefits | 311 | 366 |
Total defined benefit obligations | ||
Disclosure of defined benefit plans [line items] | ||
Total employee benefits | 25,554 | 32,029 |
Other long-term payables to employees | ||
Disclosure of defined benefit plans [line items] | ||
Total employee benefits | € 26,030 | € 10,234 |
Employee benefits - Summary o_2
Employee benefits - Summary of Changes in Defined Benefit Obligations (Detail) - Noncurrent recognized liabilities, defined benefit plan - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of net defined benefit liability (asset) [line items] | ||
Beginning balance | € 32,029 | € 29,216 |
Changes through statement of profit and loss | ||
Changes through statement of profit and loss | 3,280 | 14,365 |
- of which: Service cost | 3,018 | 14,169 |
- of which: Financial charges | 262 | 196 |
Changes through statement of comprehensive income | ||
Changes through statement of comprehensive income and loss | (755) | 1,562 |
- of which: Actuarial (gain)/loss | (1,220) | 563 |
- of which: Translation differences | 465 | 999 |
Benefits paid | (8,676) | (13,456) |
Change in scope of consolidation and reclassifications | (324) | 342 |
Ending balance | € 25,554 | € 32,029 |
Employee benefits - Summary o_3
Employee benefits - Summary of Main Financial Assumptions Used in Determining the Present Value of the TFR and Other Leaving Indemnities (Detail) | Dec. 31, 2022 | Dec. 31, 2021 |
Italy | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Inflation rate | 1.50% | |
Spain | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Inflation rate | 1% | 1% |
China | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Discount rate | 2.80% | |
Inflation rate | 5.50% | |
Bottom of range | Italy | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Discount rate | 3.60% | 0.183% |
Inflation rate | 2% | |
Turn-over rate | 0.50% | 0.50% |
Bottom of range | Spain | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Discount rate | 3.70% | 0.60% |
Turn-over rate | 2.50% | 2.50% |
Bottom of range | China | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Discount rate | 2.80% | |
Inflation rate | 5.50% | |
Turn-over rate | 3.50% | 3.50% |
Top of range | Italy | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Discount rate | 3.80% | 0.757% |
Inflation rate | 3% | |
Turn-over rate | 7.90% | 7.90% |
Top of range | Spain | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Discount rate | 3.80% | 0.70% |
Turn-over rate | 4% | 4% |
Top of range | China | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Discount rate | 2.90% | |
Inflation rate | 8% | |
Turn-over rate | 5.50% | 5.50% |
Employee benefits - Summary o_4
Employee benefits - Summary of Main Assumptions for Quantitative Sensitivity Analysis (Detail) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
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 | € (720) | € (714) |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | 770 | 765 |
Increase (decrease) in service cost due to reasonably possible increase in actuarial assumption | (109) | (39) |
Increase (decrease) in service cost due to reasonably possible decrease in actuarial assumption | 60 | 42 |
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 | 680 | 601 |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | (645) | (572) |
Increase (decrease) in service cost due to reasonably possible increase in actuarial assumption | 61 | 38 |
Increase (decrease) in service cost due to reasonably possible decrease in actuarial assumption | (111) | (36) |
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 | 2,511 | 1,155 |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | (3,708) | (1,864) |
Increase (decrease) in service cost due to reasonably possible increase in actuarial assumption | 372 | 92 |
Increase (decrease) in service cost due to reasonably possible decrease in actuarial assumption | € (582) | € (156) |
Employee benefits - Additional
Employee benefits - Additional Information (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Employee Benefits [Line Items] | ||
Bonuses earned by senior management | € 24,855 | € 8,702 |
Italian leaving indemnities (TFR) | ||
Employee Benefits [Line Items] | ||
Weighted average duration of defined benefit obligation | 7 years 9 months 18 days | 9 years |
Leaving indemnities | China | ||
Employee Benefits [Line Items] | ||
Weighted average duration of defined benefit obligation | 10 years 6 months | 6 years 3 months 18 days |
Leaving indemnities | Spain | ||
Employee Benefits [Line Items] | ||
Weighted average duration of defined benefit obligation | 8 years 2 months 12 days | 7 years 1 month 6 days |
Trade payables and customer a_3
Trade payables and customer advances - Summary of Breakdown for Trade Payables and Customer Advances (Detail) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Trade Payables and Customer Advances [Abstract] | ||
Trade payables | € 220,789 | € 177,801 |
Customer advances | 50,147 | 45,236 |
Total trade payables including customer advances | € 270,936 | € 223,037 |
Other current liabilities - Bre
Other current liabilities - Breakdown for Other Current Liabilities (Detail) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Other Current Liabilities [Abstract] | ||
Due to employees | € 44,705 | € 51,847 |
VAT and other taxes | 15,102 | 28,609 |
Accrued expenses | 23,162 | 15,319 |
Social security institutions | 11,660 | 8,683 |
Deferred income | 7,650 | 3,591 |
Other current liabilities | 16,549 | 16,307 |
Total other current liabilities | € 118,828 | € 124,356 |
Other current liabilities - Add
Other current liabilities - Additional Information (Detail) - EUR (€) | 12 Months Ended | ||||
Dec. 20, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Current Liabilities [Abstract] | |||||
Employee gift expenses | € 10,916,000 | € 1,500 | |||
Disclosure of contingent liabilities [line items] | |||||
Consideration paid in cash | € 585,000 | € 4,224,000 | € 2,245,000 | ||
Portion of earn-out payment payable (as a percent) | 50% | ||||
Forecast | |||||
Disclosure of contingent liabilities [line items] | |||||
Portion of earn-out payment payable (as a percent) | 50% | ||||
Tessitura Ubertino S.r.l. | |||||
Disclosure of contingent liabilities [line items] | |||||
Consideration paid in cash | € 585,000 |
Fair value measurement - Narrat
Fair value measurement - Narrative (Details) | Dec. 31, 2022 |
Bottom of range | |
Disclosure of financial assets [line items] | |
Probability of surrender | 5.61% |
Top of range | |
Disclosure of financial assets [line items] | |
Probability of surrender | 8.31% |
Fair value measurement - Summar
Fair value measurement - Summary of Financial Assets (Detail) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of financial assets [line items] | |||
Financial assets | € 811,122 | € 997,689 | |
Other current financial assets | 320,894 | 340,380 | |
Level 1 | |||
Disclosure of financial assets [line items] | |||
Financial assets | 30,076 | 53,164 | |
Other current financial assets | 30,076 | 53,164 | |
Level 2 | |||
Disclosure of financial assets [line items] | |||
Financial assets | 565,319 | 743,235 | |
Other current financial assets | 78,470 | 88,183 | |
Level 3 | |||
Disclosure of financial assets [line items] | |||
Financial assets | 215,727 | 201,290 | |
Other current financial assets | 212,348 | 199,033 | |
FVPL | |||
Disclosure of financial assets [line items] | |||
Financial assets | 293,701 | 310,789 | |
Other current financial assets | 289,743 | 308,532 | € 322,326 |
FVOCI | |||
Disclosure of financial assets [line items] | |||
Financial assets | 49,306 | 27,498 | |
Other current financial assets | 26,852 | 25,712 | 27,837 |
Amortized cost | |||
Disclosure of financial assets [line items] | |||
Financial assets | 468,115 | 659,402 | |
Other current financial assets | 4,299 | 6,136 | |
Insurance contracts | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 114,975 | 113,919 | |
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 | 114,975 | 113,919 | |
Insurance contracts | FVPL | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 114,975 | 113,919 | |
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 | 73,127 | 73,972 | |
Fixed income | Level 1 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 9,110 | 29,764 | |
Fixed income | Level 2 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 47,114 | 26,700 | |
Fixed income | Level 3 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 16,903 | 17,508 | |
Fixed income | FVPL | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 64,017 | 68,947 | 88,011 |
Fixed income | FVOCI | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 9,110 | 5,025 | 5,174 |
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 | 46,761 | 41,483 | |
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 | 10,116 | 11,243 | |
Hedge funds | Level 3 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 36,645 | 30,240 | |
Hedge funds | FVPL | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 46,761 | 41,483 | 36,511 |
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 | |
Equity | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 14,592 | 25,408 | |
Equity | Level 1 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 497 | 2,713 | |
Equity | Level 2 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 14,095 | 22,695 | |
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 | 14,592 | 25,408 | 24,843 |
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 | 20,329 | 22,694 | |
Money market funds and floating income | Level 1 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 17,742 | 20,687 | |
Money market funds and floating income | Level 2 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 2,587 | 2,007 | |
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 | 2,587 | 2,007 | |
Money market funds and floating income | FVOCI | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 17,742 | 20,687 | |
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 | 18,311 | 15,925 | |
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 | 18,311 | 15,925 | |
Private equity | FVPL | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 18,311 | 15,925 | 10,583 |
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 | |
Real estate funds | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 12,129 | 32,898 | |
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 | 0 | 19,100 | |
Real estate funds | Level 3 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 12,129 | 13,798 | |
Real estate funds | FVPL | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 12,129 | 32,898 | 29,073 |
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 | |
Private debt | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 13,644 | 7,945 | |
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 | 259 | 302 | |
Private debt | Level 3 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 13,385 | 7,643 | |
Private debt | FVPL | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 13,644 | 7,945 | € 6,894 |
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 | |
Commodities | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 2,727 | ||
Commodities | Level 1 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 2,727 | ||
Commodities | Level 2 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 0 | ||
Commodities | Level 3 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 0 | ||
Commodities | FVPL | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 2,727 | 0 | |
Commodities | FVOCI | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 0 | ||
Commodities | Amortized cost | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 0 | ||
Guarantee deposits | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 2,075 | 6,136 | |
Guarantee deposits | Level 1 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 0 | 0 | |
Guarantee deposits | Level 2 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 2,075 | 6,136 | |
Guarantee deposits | Level 3 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 0 | 0 | |
Guarantee deposits | FVPL | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 0 | 0 | |
Guarantee deposits | FVOCI | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 0 | 0 | |
Guarantee deposits | Amortized cost | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 2,075 | 6,136 | |
Financial receivables | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 2,224 | 0 | |
Financial receivables | Level 1 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 0 | ||
Financial receivables | Level 2 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 2,224 | ||
Financial receivables | Level 3 | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 0 | ||
Financial receivables | FVPL | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 0 | ||
Financial receivables | FVOCI | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 0 | ||
Financial receivables | Amortized cost | |||
Disclosure of financial assets [line items] | |||
Other current financial assets | 2,224 | ||
Derivative financial instruments | |||
Disclosure of financial assets [line items] | |||
Financial assets | 22,454 | 1,786 | |
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 | 22,454 | 1,786 | |
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 | 22,454 | 1,786 | |
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 | 254,321 | 459,791 | |
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 | 254,321 | 459,791 | |
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 | 254,321 | 459,791 | |
Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 177,213 | 160,360 | |
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 | 177,213 | 160,360 | |
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 | 177,213 | 160,360 | |
Other non-current financial assets | |||
Disclosure of financial assets [line items] | |||
Financial assets | 36,240 | 35,372 | |
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 | 32,861 | 33,115 | |
Other non-current financial assets | Level 3 | |||
Disclosure of financial assets [line items] | |||
Financial assets | 3,379 | 2,257 | |
Other non-current financial assets | FVPL | |||
Disclosure of financial assets [line items] | |||
Financial assets | 3,958 | 2,257 | |
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 | 32,282 | 33,115 | |
Other current financial assets | |||
Disclosure of financial assets [line items] | |||
Financial assets | 320,894 | 340,380 | |
Other current financial assets | Level 1 | |||
Disclosure of financial assets [line items] | |||
Financial assets | 30,076 | 53,164 | |
Other current financial assets | Level 2 | |||
Disclosure of financial assets [line items] | |||
Financial assets | 78,470 | 88,183 | |
Other current financial assets | Level 3 | |||
Disclosure of financial assets [line items] | |||
Financial assets | 212,348 | 199,033 | |
Other current financial assets | FVPL | |||
Disclosure of financial assets [line items] | |||
Financial assets | 289,743 | 308,532 | |
Other current financial assets | FVOCI | |||
Disclosure of financial assets [line items] | |||
Financial assets | 26,852 | 25,712 | |
Other current financial assets | Amortized cost | |||
Disclosure of financial assets [line items] | |||
Financial assets | € 4,299 | € 6,136 |
Fair value measurement - Summ_2
Fair value measurement - Summary of Fair Value Measurement of Equity (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of fair value measurement of equity [line items] | ||
At beginning of period | € 644,304 | € 645,034 |
At end of period | 732,321 | 644,304 |
Level 3 | ||
Disclosure of fair value measurement of equity [line items] | ||
At beginning of period | 201,290 | 197,840 |
Investments | 21,343 | 19,516 |
Disposals | (12,529) | (24,211) |
Fair value adjustments | 4,355 | 6,673 |
Realized gains | 254 | 69 |
Exchange rate gains | 1,014 | 1,403 |
At end of period | € 215,727 | € 201,290 |
Fair value measurement - Summ_3
Fair value measurement - Summary of Financial Liabilities (Detail) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of financial liabilities [line items] | ||
Financial liabilities | € 1,403,911 | € 1,505,536 |
Level 1 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 23,810 |
Level 2 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 960,377 | 1,035,698 |
Level 3 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 443,534 | 446,028 |
FVPL | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 216,024 | 193,395 |
FVOCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 2,362 | 14,138 |
Amortized cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 1,185,525 | 1,298,003 |
Derivative financial instruments | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 2,362 | 14,138 |
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 | 2,362 | 14,138 |
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 | 2,362 | 14,138 |
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 | 184,880 | 471,646 |
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 | 184,880 | 471,646 |
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 | 184,880 | 471,646 |
Current borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 286,175 | 157,292 |
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 | 286,175 | 157,292 |
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 | 286,175 | 157,292 |
Other non-current financial liabilities | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 178,793 | 167,387 |
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 | 178,766 | 159,411 |
Other non-current financial liabilities | Level 3 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 27 | 7,976 |
Other non-current financial liabilities | FVPL | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 178,766 | 159,411 |
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 | 27 | 7,976 |
Other current financial liabilities | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 37,258 | 33,984 |
Other current financial liabilities | Level 1 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 23,810 |
Other current financial liabilities | Level 2 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 37,258 | 10,174 |
Other current financial liabilities | Level 3 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Other current financial liabilities | FVPL | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 37,258 | 33,984 |
Other current financial liabilities | FVOCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Other current financial liabilities | Amortized cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Trade payables and customer advances | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 270,936 | 223,037 |
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 | 270,936 | 223,037 |
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 | 270,936 | 223,037 |
Lease liabilities – Current / Non-current | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 443,507 | 438,052 |
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 | 443,507 | 438,052 |
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 | € 443,507 | € 438,052 |
Qualitative and quantitative _3
Qualitative and quantitative information on financial risks - Additional Information (Detail) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
At fair value | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Positive fair value held for hedging | € 22,454 | € 1,786 |
Foreign currency risk | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Potential effects of a shock change on the main currencies, as a percent | 5% | |
Interest rate risk | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Percentage of increase in short-term interest rates on such floating rate non-current financial liabilities | 20% | |
Impact on increase in profit before tax of sensitivity on floating rate borrowings | € 2,273 | 332 |
Percentage of decrease in short-term interest rates on such floating rate non-current financial liabilities | 20% | |
Impact on decrease in profit before tax of sensitivity on floating rate borrowings | € 1,670 | 69 |
Interest rate risk | Interest rate swaps | At fair value | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Positive fair value held for hedging | 9,379 | 0 |
Interest rate risk | Interest rate swaps | Financial Instruments Held For Hedging | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Notional amount | € 320,000 | 323,816 |
Bottom of range | Foreign currency risk | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Percentage of hedges arrange to forecast sales in foreign currencies | 50% | |
Bottom of range | Interest rate risk | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial liabilities, at fair value | € 2,412 | |
Top of range | Foreign currency risk | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Percentage of hedges arrange to forecast sales in foreign currencies | 60% |
Qualitative and quantitative _4
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 - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables | € 132,539 | € 294,963 |
Impact on increase in profit before tax | 14,047 | |
Impact on decrease in profit before tax | (15,524) | |
Foreign currency hedging instruments | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Impact on increase in profit before tax | 6,311 | |
Impact on decrease in profit before tax | (6,977) | |
Trade receivables | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables | 137,099 | 149,990 |
Impact on increase in profit before tax | (6,528) | (7,142) |
Impact on decrease in profit before tax | 7,216 | 7,895 |
Thom Browne | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables | (155,551) | (135,726) |
Impact on increase in profit before tax | 7,407 | 6,463 |
Impact on decrease in profit before tax | (8,187) | (7,143) |
USD | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables | 61,821 | 80,155 |
Impact on increase in profit before tax | 3,817 | |
Impact on decrease in profit before tax | (4,219) | |
USD | Foreign currency hedging instruments | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Impact on increase in profit before tax | 2,944 | |
Impact on decrease in profit before tax | (3,254) | |
USD | Trade receivables | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables | 59,523 | 96,885 |
Impact on increase in profit before tax | (2,834) | (4,614) |
Impact on decrease in profit before tax | 3,133 | 5,099 |
USD | Thom Browne | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables | (155,551) | (135,726) |
Impact on increase in profit before tax | 7,407 | 6,463 |
Impact on decrease in profit before tax | (8,187) | (7,143) |
JPY | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables | (8,272) | (4,792) |
Impact on increase in profit before tax | (228) | |
Impact on decrease in profit before tax | 252 | |
JPY | Foreign currency hedging instruments | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Impact on increase in profit before tax | (394) | |
Impact on decrease in profit before tax | 435 | |
JPY | Trade receivables | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables | 17,055 | 20,481 |
Impact on increase in profit before tax | (812) | (975) |
Impact on decrease in profit before tax | 898 | 1,078 |
CNY | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables | 10,433 | 10,360 |
Impact on increase in profit before tax | 493 | |
Impact on decrease in profit before tax | (545) | |
CNY | Foreign currency hedging instruments | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Impact on increase in profit before tax | 497 | |
Impact on decrease in profit before tax | (549) | |
CNY | Trade receivables | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables | 43,398 | 21,084 |
Impact on increase in profit before tax | (2,067) | (1,004) |
Impact on decrease in profit before tax | 2,284 | 1,110 |
HKD | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables | 8,280 | 12,659 |
Impact on increase in profit before tax | 603 | |
Impact on decrease in profit before tax | (666) | |
HKD | Foreign currency hedging instruments | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Impact on increase in profit before tax | 394 | |
Impact on decrease in profit before tax | (436) | |
HKD | Trade receivables | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables | 19,139 | 27,452 |
Impact on increase in profit before tax | (911) | (1,307) |
Impact on decrease in profit before tax | 1,007 | 1,445 |
GBP | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables | 6,153 | 16,097 |
Impact on increase in profit before tax | 767 | |
Impact on decrease in profit before tax | (847) | |
GBP | Foreign currency hedging instruments | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Impact on increase in profit before tax | 293 | |
Impact on decrease in profit before tax | (324) | |
GBP | Trade receivables | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables | (2,227) | (5,974) |
Impact on increase in profit before tax | 106 | 284 |
Impact on decrease in profit before tax | (117) | (314) |
SGD | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables | 5,206 | 1,947 |
Impact on increase in profit before tax | 93 | |
Impact on decrease in profit before tax | (102) | |
SGD | Foreign currency hedging instruments | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Impact on increase in profit before tax | 248 | |
Impact on decrease in profit before tax | (274) | |
SGD | Trade receivables | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables | 9,496 | 8,220 |
Impact on increase in profit before tax | (452) | (391) |
Impact on decrease in profit before tax | 500 | 433 |
CHF | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables | 48,918 | 178,537 |
Impact on increase in profit before tax | 8,502 | |
Impact on decrease in profit before tax | (9,397) | |
CHF | Foreign currency hedging instruments | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Impact on increase in profit before tax | 2,329 | |
Impact on decrease in profit before tax | (2,575) | |
CHF | Trade receivables | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables | (9,285) | (18,158) |
Impact on increase in profit before tax | 442 | 865 |
Impact on decrease in profit before tax | (489) | (956) |
Hedges of net investment in foreign operations | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables | 140,703 | 137,433 |
Impact on increase in profit before tax | 6,701 | 6,544 |
Impact on decrease in profit before tax | (7,405) | (7,233) |
Hedges of net investment in foreign operations | USD | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables | 53,320 | 81,725 |
Impact on increase in profit before tax | 2,539 | 3,892 |
Impact on decrease in profit before tax | (2,806) | (4,301) |
Hedges of net investment in foreign operations | JPY | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables | 15,979 | 20,692 |
Impact on increase in profit before tax | 761 | 985 |
Impact on decrease in profit before tax | (841) | (1,089) |
Hedges of net investment in foreign operations | CNY | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables | 42,817 | 11,464 |
Impact on increase in profit before tax | 2,039 | 546 |
Impact on decrease in profit before tax | (2,254) | (603) |
Hedges of net investment in foreign operations | HKD | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables | (816) | (12,660) |
Impact on increase in profit before tax | (39) | (603) |
Impact on decrease in profit before tax | 43 | 666 |
Hedges of net investment in foreign operations | GBP | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables | 19,940 | 28,054 |
Impact on increase in profit before tax | 950 | 1,336 |
Impact on decrease in profit before tax | (1,049) | (1,477) |
Hedges of net investment in foreign operations | SGD | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables | 0 | 0 |
Impact on increase in profit before tax | 0 | 0 |
Impact on decrease in profit before tax | 0 | 0 |
Hedges of net investment in foreign operations | CHF | ||
Disclosure Of Potential Effects On Profit Before Tax Of Hypothetical Change InExchange Rates [Line Items] | ||
Trade receivables and trade payables | 9,463 | 8,158 |
Impact on increase in profit before tax | 451 | 388 |
Impact on decrease in profit before tax | € (498) | € (429) |
Qualitative and quantitative _5
Qualitative and quantitative information on financial risks - Summary of Sensitivity on Floating Rate Borrowings (Detail) - Interest rate risk - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about borrowings [line items] | ||
Interest expense | € 1,989 | € 175 |
Impact on decrease in profit before tax of sensitivity on floating rate borrowings | 1,670 | 69 |
Impact on increase in profit before tax of sensitivity on floating rate borrowings | € 2,273 | € 332 |
Borrowings, interest rate 3.091% | ||
Disclosure of detailed information about borrowings [line items] | ||
Total interest rate | 3.091% | |
Interest expense | € 155 | |
Impact on decrease in profit before tax of sensitivity on floating rate borrowings, percentage | 2.629% | |
Impact on decrease in profit before tax of sensitivity on floating rate borrowings | € 131 | |
Impact on increase in profit before tax of sensitivity on floating rate borrowings, percentage | 3.553% | |
Impact on increase in profit before tax of sensitivity on floating rate borrowings | € 178 | |
Borrowings, interest rate 3.620% | ||
Disclosure of detailed information about borrowings [line items] | ||
Total interest rate | 3.62% | |
Interest expense | € 226 | |
Impact on decrease in profit before tax of sensitivity on floating rate borrowings, percentage | 2.76% | |
Impact on decrease in profit before tax of sensitivity on floating rate borrowings | € 173 | |
Impact on increase in profit before tax of sensitivity on floating rate borrowings, percentage | 3.928% | |
Impact on increase in profit before tax of sensitivity on floating rate borrowings | € 246 | |
Borrowings, interest rate 2.690% | ||
Disclosure of detailed information about borrowings [line items] | ||
Total interest rate | 2.69% | |
Interest expense | € 217 | |
Impact on decrease in profit before tax of sensitivity on floating rate borrowings, percentage | 2.304% | |
Impact on decrease in profit before tax of sensitivity on floating rate borrowings | € 186 | |
Impact on increase in profit before tax of sensitivity on floating rate borrowings, percentage | 3.064% | |
Impact on increase in profit before tax of sensitivity on floating rate borrowings | € 248 | |
Borrowings, interest rate 3.090% | ||
Disclosure of detailed information about borrowings [line items] | ||
Total interest rate | 3.09% | |
Interest expense | € 1,391 | |
Impact on decrease in profit before tax of sensitivity on floating rate borrowings, percentage | 2.622% | |
Impact on decrease in profit before tax of sensitivity on floating rate borrowings | € 1,180 | |
Impact on increase in profit before tax of sensitivity on floating rate borrowings, percentage | 3.558% | |
Impact on increase in profit before tax of sensitivity on floating rate borrowings | € 1,601 | |
Borrowings, interest rate 0.115% | ||
Disclosure of detailed information about borrowings [line items] | ||
Total interest rate | 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 0.112% | ||
Disclosure of detailed information about borrowings [line items] | ||
Total interest rate | 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 0.284% | ||
Disclosure of detailed information about borrowings [line items] | ||
Total interest rate | 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 0.000% | ||
Disclosure of detailed information about borrowings [line items] | ||
Total interest rate | 0% | |
Interest expense | € 0 | |
Impact on decrease in profit before tax of sensitivity on floating rate borrowings, percentage | 0% | |
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 0.186% | ||
Disclosure of detailed information about borrowings [line items] | ||
Total interest rate | 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 0.167% | ||
Disclosure of detailed information about borrowings [line items] | ||
Total interest rate | 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 |
Qualitative and quantitative _6
Qualitative and quantitative information on financial risks - Summary of Groups Financial Liabilities into Relevant Maturity Groupings (Detail) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of financial liabilities [line items] | ||
Financial liabilities | € 1,403,911 | € 1,505,536 |
Derivative financial instruments | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 2,362 | 14,138 |
Trade payables and customer advances | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 270,936 | 223,037 |
Liquidity risk | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 1,403,911 | 1,505,536 |
Liquidity risk | Year 1 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 720,313 | 545,422 |
Liquidity risk | Year 2 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 260,037 | 411,653 |
Liquidity risk | Year 3 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 103,348 | 205,368 |
Liquidity risk | Beyond | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 365,179 | 380,936 |
Liquidity risk | Derivative financial instruments | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 2,362 | 14,138 |
Liquidity risk | Derivative financial instruments | Year 1 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 2,362 | 14,138 |
Liquidity risk | Derivative financial instruments | Year 2 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Liquidity risk | Derivative financial instruments | Year 3 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Liquidity risk | Derivative financial instruments | Beyond | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Liquidity risk | Trade payables and customer advances | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 270,936 | 223,037 |
Liquidity risk | Trade payables and customer advances | Year 1 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 270,936 | 223,037 |
Liquidity risk | Trade payables and customer advances | Year 2 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Liquidity risk | Trade payables and customer advances | Year 3 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Liquidity risk | Trade payables and customer advances | Beyond | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Liquidity risk | Borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 471,055 | 628,938 |
Liquidity risk | Borrowings | Year 1 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 290,470 | 161,550 |
Liquidity risk | Borrowings | Year 2 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 139,257 | 283,736 |
Liquidity risk | Borrowings | Year 3 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 36,536 | 135,541 |
Liquidity risk | Borrowings | Beyond | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 16,650 | 56,414 |
Liquidity risk | Lease liabilities | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 443,507 | 438,052 |
Liquidity risk | Lease liabilities | Year 1 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 119,287 | 112,713 |
Liquidity risk | Lease liabilities | Year 2 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 97,148 | 98,101 |
Liquidity risk | Lease liabilities | Year 3 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 66,812 | 69,827 |
Liquidity risk | Lease liabilities | Beyond | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 193,368 | 186,951 |
Liquidity risk | Other current and non-current financial liabilities | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 216,051 | 201,371 |
Liquidity risk | Other current and non-current financial liabilities | Year 1 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 37,258 | 33,984 |
Liquidity risk | Other current and non-current financial liabilities | Year 2 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 23,632 | 29,816 |
Liquidity risk | Other current and non-current financial liabilities | Year 3 | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 0 | 0 |
Liquidity risk | Other current and non-current financial liabilities | Beyond | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | € 155,161 | € 137,571 |
Qualitative and quantitative _7
Qualitative and quantitative information on financial risks - Summary of Aging of Trade Receivables (Detail) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of financial assets that are either past due or impaired [line items] | |||
Trade receivables | € 811,122 | € 997,689 | |
Loss allowance | (6,512) | (6,643) | € (8,717) |
Trade receivables | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Trade receivables | 177,213 | 160,360 | |
Credit risk | Trade receivables | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Trade receivables | 177,213 | 160,360 | |
Loss allowance | (6,512) | (6,643) | |
Credit risk | Trade receivables | Gross carrying amount | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Trade receivables | 183,725 | 167,003 | |
Credit risk | Trade receivables | Not yet due | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Trade receivables | 145,592 | 135,073 | |
Loss allowance | (894) | (1,575) | |
Credit risk | Trade receivables | Not yet due | Gross carrying amount | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Trade receivables | 146,486 | 136,648 | |
Credit risk | Trade receivables | 0-90 days overdue | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Trade receivables | 28,162 | 21,261 | |
Loss allowance | (1,210) | (696) | |
Credit risk | Trade receivables | 0-90 days overdue | Gross carrying amount | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Trade receivables | 29,372 | 21,957 | |
Credit risk | Trade receivables | 90-180 days overdue | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Trade receivables | 1,922 | 4,026 | |
Loss allowance | (355) | (992) | |
Credit risk | Trade receivables | 90-180 days overdue | Gross carrying amount | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Trade receivables | 2,277 | 5,018 | |
Credit risk | Trade receivables | >180 days overdue | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Trade receivables | 1,537 | 0 | |
Loss allowance | (4,053) | (3,380) | |
Credit risk | Trade receivables | >180 days overdue | Gross carrying amount | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Trade receivables | € 5,590 | € 3,380 |
Related party transactions - Ad
Related party transactions - Additional Information (Detail) - EUR (€) | 1 Months Ended | 2 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Nov. 15, 2022 | Jan. 14, 2021 | Jul. 31, 2021 | Oct. 31, 2021 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of transactions between related parties [line items] | ||||||||
Other short-term employee benefits | € 13,111,000 | € 2,455,000 | € 3,142,000 | |||||
Depreciation, amortization and impairment of assets | 173,521,000 | 163,367,000 | 185,930,000 | |||||
Revenues | 1,492,840,000 | 1,292,402,000 | 1,014,733,000 | |||||
Other income | 13,949,000 | 8,260,000 | 5,373,000 | |||||
Personnel costs | 395,087,000 | 367,762,000 | 282,659,000 | |||||
Other operating costs | (41,142,000) | (180,836,000) | (30,399,000) | |||||
Write down and other provisions | 14,000 | 19,487,000 | 6,178,000 | |||||
Zegna Group | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Depreciation, amortization and impairment of assets | 173,521,000 | 163,367,000 | ||||||
Revenues | 1,492,840,000 | 1,292,402,000 | 1,014,733,000 | |||||
Other income | 13,949,000 | |||||||
Costs | 749,248,000 | 663,238,000 | 537,495,000 | |||||
Personnel costs | 395,087,000 | 367,762,000 | 282,659,000 | |||||
Other operating costs | 41,142,000 | |||||||
Financial income (expenses) | (41,026,000) | 2,066,000 | (13,720,000) | |||||
Write down and other provisions | € 19,487,000 | |||||||
PKB Privatbank AG | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Transfers under finance agreements from entity, related party transactions | € 5,000,000 | |||||||
Private warrants | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Number of private warrants issued (in shares) | 800,000 | |||||||
Warrants issued | € 1,236,000 | |||||||
Lanificio | Written put options | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Consideration paid | € 9,600,000 | |||||||
Pelletteria Tizeta S.r.l. | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Revenues | 44,436,000 | |||||||
Associates | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Depreciation, amortization and impairment of assets | 0 | 0 | ||||||
Revenues | 35,526,000 | 23,096,000 | 25,092,000 | |||||
Other income | 46,000 | |||||||
Costs | 9,559,000 | 7,907,000 | 7,675,000 | |||||
Personnel costs | 5,000 | 0 | 0 | |||||
Other operating costs | 243,000 | |||||||
Financial income (expenses) | 136,000 | 596,000 | 471,000 | |||||
Write down and other provisions | 0 | |||||||
Associates | TFI Group | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Provision of guarantees or collateral to entity, related party transactions | 6,875,000 | 7,500,000 | ||||||
Depreciation, amortization and impairment of assets | 0 | 0 | ||||||
Revenues | 35,525,000 | 23,047,000 | 25,088,000 | |||||
Other income | 46,000 | |||||||
Costs | 6,194,000 | 7,730,000 | 7,673,000 | |||||
Personnel costs | 5,000 | 0 | 0 | |||||
Other operating costs | 243,000 | |||||||
Financial income (expenses) | 136,000 | 596,000 | 471,000 | |||||
Write down and other provisions | 0 | |||||||
Associates | Filati Biagioli Modesto S.r.l. | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Depreciation, amortization and impairment of assets | 0 | 0 | ||||||
Revenues | 0 | 49,000 | 0 | |||||
Other income | 0 | |||||||
Costs | 3,365,000 | 177,000 | 0 | |||||
Personnel costs | 0 | 0 | 0 | |||||
Other operating costs | 0 | |||||||
Financial income (expenses) | 0 | 0 | 0 | |||||
Write down and other provisions | 0 | |||||||
Associates | Pelletteria Tizeta S.r.l. | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Depreciation, amortization and impairment of assets | 0 | 0 | ||||||
Revenues | 1,000 | 0 | 4,000 | |||||
Other income | 0 | |||||||
Costs | 0 | 0 | 2,000 | |||||
Personnel costs | 0 | 0 | 0 | |||||
Other operating costs | 0 | |||||||
Financial income (expenses) | 0 | 0 | 0 | |||||
Write down and other provisions | € 0 | |||||||
Subsidiaries | Lanificio | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Percentage of additional interest acquired in subsidiary | 10% | |||||||
Group’s percentage interest | 100% | |||||||
Subsidiaries | Tom Ford International LLC | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Percentage of additional interest acquired in subsidiary | 85% | |||||||
Subsidiaries | Agnona | Discontinued operations | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Consideration paid | € 1 | € 500,000 | ||||||
Proportion of ownership interest in subsidiary sold | 70% | 30% | ||||||
Monterubello | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Stock repurchased (in shares) | 54,600,000 | |||||||
Stock repurchased | € 455,000 | |||||||
Other short-term employee benefits | 10,923,000 | |||||||
Companies controlled by Monterubello or its shareholders, Zegna directors or senior management | EZ Real Estate | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Depreciation, amortization and impairment of assets | 6,110,000 | 1,395,000 | ||||||
Revenues | 8,000 | 58,000 | 0 | |||||
Other income | 0 | |||||||
Costs | 50,000 | 1,178,000 | 0 | |||||
Personnel costs | (1,000) | 0 | 0 | |||||
Other operating costs | 24,000 | |||||||
Financial income (expenses) | (490,000) | 0 | 0 | |||||
Write down and other provisions | 0 | |||||||
Companies controlled by Monterubello or its shareholders, Zegna directors or senior management | Schneider Group | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Depreciation, amortization and impairment of assets | 0 | 0 | ||||||
Revenues | 23,000 | 20,000 | 217,000 | |||||
Other income | 0 | |||||||
Costs | 14,837,000 | 5,623,000 | 6,683,000 | |||||
Personnel costs | 0 | 0 | 0 | |||||
Other operating costs | 0 | |||||||
Financial income (expenses) | 0 | 0 | 0 | |||||
Write down and other provisions | 0 | |||||||
Companies controlled by Monterubello or its shareholders, Zegna directors or senior management | Alan Real Estate S.A. | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Depreciation, amortization and impairment of assets | 2,522,000 | 392,000 | ||||||
Revenues | 0 | 0 | 0 | |||||
Other income | 0 | |||||||
Costs | (30,000) | 402,000 | 0 | |||||
Personnel costs | 35,000 | 0 | 0 | |||||
Other operating costs | 580,000 | |||||||
Financial income (expenses) | (13,000) | 0 | 0 | |||||
Write down and other provisions | 0 | |||||||
Companies controlled by Monterubello or its shareholders, Zegna directors or senior management | Agnona S.r.l. | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Depreciation, amortization and impairment of assets | 0 | 0 | ||||||
Revenues | 195,000 | 373,000 | 0 | |||||
Other income | 14,000 | |||||||
Costs | 228,000 | (485,000) | 0 | |||||
Personnel costs | 109,000 | 0 | 0 | |||||
Other operating costs | 20,000 | |||||||
Financial income (expenses) | 0 | 0 | 0 | |||||
Write down and other provisions | 6,150,000 | |||||||
Companies controlled by Monterubello or its shareholders, Zegna directors or senior management | 61 West 23rd Street LLC | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Depreciation, amortization and impairment of assets | 0 | 0 | ||||||
Revenues | 0 | 0 | 0 | |||||
Other income | 0 | |||||||
Costs | (16,000) | (14,000) | 0 | |||||
Personnel costs | 0 | 0 | 0 | |||||
Other operating costs | 0 | |||||||
Financial income (expenses) | 0 | 0 | 0 | |||||
Write down and other provisions | 0 | |||||||
Companies controlled by Monterubello or its shareholders, Zegna directors or senior management | Other companies controlled by Monterubello or its shareholders, Zegna directors or senior management | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Depreciation, amortization and impairment of assets | 0 | 0 | ||||||
Revenues | 1,000 | 9,000 | 13,000 | |||||
Other income | 97,000 | |||||||
Costs | 6,205,000 | 491,000 | 450,000 | |||||
Personnel costs | (1,000) | 0 | 0 | |||||
Other operating costs | 12,000 | |||||||
Financial income (expenses) | (8,000) | (40,000) | (44,000) | |||||
Write down and other provisions | 0 | |||||||
Other related parties connected to directors and shareholders | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Depreciation, amortization and impairment of assets | 0 | 0 | ||||||
Revenues | 0 | 0 | 0 | |||||
Other income | 0 | |||||||
Costs | 0 | 0 | 33,000 | |||||
Personnel costs | 2,563,000 | 1,284,000 | 860,000 | |||||
Other operating costs | 0 | |||||||
Financial income (expenses) | 0 | (20,675,000) | 0 | |||||
Write down and other provisions | 0 | |||||||
Related parties | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Depreciation, amortization and impairment of assets | 8,632,000 | 1,787,000 | ||||||
Revenues | 35,753,000 | 23,556,000 | 25,322,000 | |||||
Other income | 157,000 | |||||||
Costs | 30,833,000 | 15,102,000 | 14,841,000 | |||||
Personnel costs | 2,710,000 | 1,284,000 | 860,000 | |||||
Other operating costs | 879,000 | |||||||
Financial income (expenses) | € (375,000) | (20,119,000) | € 427,000 | |||||
Write down and other provisions | € 6,150,000 |
Related party transactions - Su
Related party transactions - Summary of Transactions with Related Parties (Details) - EUR (€) € in Thousands | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of transactions between related parties [line items] | ||||
Revenues | € 1,492,840 | € 1,292,402 | € 1,014,733 | |
Other income | 13,949 | 8,260 | 5,373 | |
Personnel costs | 395,087 | 367,762 | 282,659 | |
Write down and other provisions | 14 | 19,487 | 6,178 | |
Other operating costs | (41,142) | (180,836) | (30,399) | |
Depreciation, amortization and impairment of assets | 173,521 | 163,367 | 185,930 | |
Zegna Group | ||||
Disclosure of transactions between related parties [line items] | ||||
Revenues | 1,492,840 | 1,292,402 | 1,014,733 | |
Other income | 13,949 | |||
Costs | 749,248 | 663,238 | 537,495 | |
Personnel costs | 395,087 | 367,762 | 282,659 | |
Write down and other provisions | 19,487 | |||
Other operating costs | 41,142 | |||
Depreciation, amortization and impairment of assets | 173,521 | 163,367 | ||
Financial income (expenses) | (41,026) | 2,066 | (13,720) | |
Pelletteria Tizeta S.r.l. | ||||
Disclosure of transactions between related parties [line items] | ||||
Revenues | 44,436 | |||
Related parties | ||||
Disclosure of transactions between related parties [line items] | ||||
Revenues | 35,753 | 23,556 | 25,322 | |
Other income | 157 | |||
Costs | 30,833 | 15,102 | 14,841 | |
Personnel costs | 2,710 | 1,284 | 860 | |
Write down and other provisions | 6,150 | |||
Other operating costs | 879 | |||
Depreciation, amortization and impairment of assets | 8,632 | 1,787 | ||
Financial income (expenses) | (375) | (20,119) | 427 | |
Associates | ||||
Disclosure of transactions between related parties [line items] | ||||
Revenues | 35,526 | 23,096 | 25,092 | |
Other income | 46 | |||
Costs | 9,559 | 7,907 | 7,675 | |
Personnel costs | 5 | 0 | 0 | |
Write down and other provisions | 0 | |||
Other operating costs | 243 | |||
Depreciation, amortization and impairment of assets | 0 | 0 | ||
Financial income (expenses) | 136 | 596 | 471 | |
Associates | TFI Group | ||||
Disclosure of transactions between related parties [line items] | ||||
Revenues | 35,525 | 23,047 | 25,088 | |
Other income | 46 | |||
Costs | 6,194 | 7,730 | 7,673 | |
Personnel costs | 5 | 0 | 0 | |
Write down and other provisions | 0 | |||
Other operating costs | 243 | |||
Depreciation, amortization and impairment of assets | 0 | 0 | ||
Financial income (expenses) | 136 | 596 | 471 | |
Royalties | 3,956 | 4,081 | 4,095 | |
Associates | Filati Biagioli Modesto S.r.l. | ||||
Disclosure of transactions between related parties [line items] | ||||
Revenues | 0 | 49 | 0 | |
Other income | 0 | |||
Costs | 3,365 | 177 | 0 | |
Personnel costs | 0 | 0 | 0 | |
Write down and other provisions | 0 | |||
Other operating costs | 0 | |||
Depreciation, amortization and impairment of assets | 0 | 0 | ||
Financial income (expenses) | 0 | 0 | 0 | |
Associates | Pelletteria Tizeta S.r.l. | ||||
Disclosure of transactions between related parties [line items] | ||||
Revenues | 1 | 0 | 4 | |
Other income | 0 | |||
Costs | 0 | 0 | 2 | |
Personnel costs | 0 | 0 | 0 | |
Write down and other provisions | 0 | |||
Other operating costs | 0 | |||
Depreciation, amortization and impairment of assets | 0 | 0 | ||
Financial income (expenses) | 0 | 0 | 0 | |
Companies controlled by Monterubello or its shareholders, Zegna directors or senior management | Agnona S.r.l. | ||||
Disclosure of transactions between related parties [line items] | ||||
Losses incurred | € 6,006 | |||
Write down of stock | 144 | |||
Companies controlled by Monterubello or its shareholders, Zegna directors or senior management | EZ Real Estate | ||||
Disclosure of transactions between related parties [line items] | ||||
Revenues | 8 | 58 | 0 | |
Other income | 0 | |||
Costs | 50 | 1,178 | 0 | |
Personnel costs | (1) | 0 | 0 | |
Write down and other provisions | 0 | |||
Other operating costs | 24 | |||
Depreciation, amortization and impairment of assets | 6,110 | 1,395 | ||
Financial income (expenses) | (490) | 0 | 0 | |
Companies controlled by Monterubello or its shareholders, Zegna directors or senior management | Schneider Group | ||||
Disclosure of transactions between related parties [line items] | ||||
Revenues | 23 | 20 | 217 | |
Other income | 0 | |||
Costs | 14,837 | 5,623 | 6,683 | |
Personnel costs | 0 | 0 | 0 | |
Write down and other provisions | 0 | |||
Other operating costs | 0 | |||
Depreciation, amortization and impairment of assets | 0 | 0 | ||
Financial income (expenses) | 0 | 0 | 0 | |
Companies controlled by Monterubello or its shareholders, Zegna directors or senior management | Alan Real Estate S.A. | ||||
Disclosure of transactions between related parties [line items] | ||||
Revenues | 0 | 0 | 0 | |
Other income | 0 | |||
Costs | (30) | 402 | 0 | |
Personnel costs | 35 | 0 | 0 | |
Write down and other provisions | 0 | |||
Other operating costs | 580 | |||
Depreciation, amortization and impairment of assets | 2,522 | 392 | ||
Financial income (expenses) | (13) | 0 | 0 | |
Companies controlled by Monterubello or its shareholders, Zegna directors or senior management | Agnona S.r.l. | ||||
Disclosure of transactions between related parties [line items] | ||||
Revenues | 195 | 373 | 0 | |
Other income | 14 | |||
Costs | 228 | (485) | 0 | |
Personnel costs | 109 | 0 | 0 | |
Write down and other provisions | 6,150 | |||
Other operating costs | 20 | |||
Depreciation, amortization and impairment of assets | 0 | 0 | ||
Financial income (expenses) | 0 | 0 | 0 | |
Companies controlled by Monterubello or its shareholders, Zegna directors or senior management | 61 West 23rd Street LLC | ||||
Disclosure of transactions between related parties [line items] | ||||
Revenues | 0 | 0 | 0 | |
Other income | 0 | |||
Costs | (16) | (14) | 0 | |
Personnel costs | 0 | 0 | 0 | |
Write down and other provisions | 0 | |||
Other operating costs | 0 | |||
Depreciation, amortization and impairment of assets | 0 | 0 | ||
Financial income (expenses) | 0 | 0 | 0 | |
Companies controlled by Monterubello or its shareholders, Zegna directors or senior management | Other companies controlled by Monterubello or its shareholders, Zegna directors or senior management | ||||
Disclosure of transactions between related parties [line items] | ||||
Revenues | 1 | 9 | 13 | |
Other income | 97 | |||
Costs | 6,205 | 491 | 450 | |
Personnel costs | (1) | 0 | 0 | |
Write down and other provisions | 0 | |||
Other operating costs | 12 | |||
Depreciation, amortization and impairment of assets | 0 | 0 | ||
Financial income (expenses) | (8) | (40) | (44) | |
Other related parties connected to directors and shareholders | ||||
Disclosure of transactions between related parties [line items] | ||||
Revenues | 0 | 0 | 0 | |
Other income | 0 | |||
Costs | 0 | 0 | 33 | |
Personnel costs | 2,563 | 1,284 | 860 | |
Write down and other provisions | 0 | |||
Other operating costs | 0 | |||
Depreciation, amortization and impairment of assets | 0 | 0 | ||
Financial income (expenses) | € 0 | € (20,675) | € 0 | |
Subsidiaries | Agnona S.r.l. | ||||
Disclosure of transactions between related parties [line items] | ||||
Proportion of ownership interest in subsidiary sold | 30% |
Related party transactions - _2
Related party transactions - Summary of Balances with Related Parties (Details) - EUR (€) | 12 Months Ended | |||
Dec. 20, 2021 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2020 | |
Disclosure of transactions between related parties [line items] | ||||
Trade receivables | € 160,360,000 | € 177,213,000 | ||
Other current assets | 68,773,000 | 84,574,000 | ||
Right-of-use assets | 370,470,000 | 375,508,000 | € 351,646,000 | |
Financial liabilities | 1,505,536,000 | 1,403,911,000 | ||
Lease liabilities | 438,052,000 | 443,507,000 | € 407,687,000 | |
Special bonus per employee | € 1,500 | |||
Employee gift expenses | € 10,916,000 | 1,500 | ||
Zegna Group | ||||
Disclosure of transactions between related parties [line items] | ||||
Trade receivables | 160,360,000 | 177,213,000 | ||
Other financial assets | 375,752,000 | 357,134,000 | ||
Other current assets | 68,773,000 | 84,574,000 | ||
Right-of-use assets | 370,470,000 | 375,508,000 | ||
Financial liabilities | 639,033,000 | |||
Other liabilities | 389,656,000 | 441,348,000 | ||
Lease liabilities | 438,052,000 | 443,507,000 | ||
Related parties | ||||
Disclosure of transactions between related parties [line items] | ||||
Trade receivables | 22,413,000 | 10,098,000 | ||
Other financial assets | 1,497,000 | 2,200,000 | ||
Other current assets | 10,923,000 | 2,080,000 | ||
Right-of-use assets | 49,416,000 | 51,546,000 | ||
Financial liabilities | 5,000,000 | |||
Other liabilities | 2,706,000 | 10,597,000 | ||
Lease liabilities | 48,799,000 | 51,644,000 | ||
Associates | ||||
Disclosure of transactions between related parties [line items] | ||||
Trade receivables | 20,998,000 | 9,947,000 | ||
Other financial assets | 1,497,000 | 2,200,000 | ||
Other current assets | 0 | 1,862,000 | ||
Right-of-use assets | 0 | 0 | ||
Financial liabilities | 0 | |||
Other liabilities | 407,000 | 3,196,000 | ||
Lease liabilities | 0 | 0 | ||
Associates | TFI Group | ||||
Disclosure of transactions between related parties [line items] | ||||
Trade receivables | 20,939,000 | 9,946,000 | ||
Other financial assets | 1,497,000 | 0 | ||
Other current assets | 0 | 1,862,000 | ||
Right-of-use assets | 0 | 0 | ||
Financial liabilities | 0 | |||
Other liabilities | 344,000 | 366,000 | ||
Lease liabilities | 0 | 0 | ||
Associates | Filati Biagioli Modesto S.r.l. | ||||
Disclosure of transactions between related parties [line items] | ||||
Trade receivables | 59,000 | 0 | ||
Other financial assets | 0 | 2,200,000 | ||
Other current assets | 0 | 0 | ||
Right-of-use assets | 0 | 0 | ||
Financial liabilities | 0 | |||
Other liabilities | 63,000 | 2,830,000 | ||
Lease liabilities | 0 | 0 | ||
Associates | Pelletteria Tizeta S.r.l. | ||||
Disclosure of transactions between related parties [line items] | ||||
Trade receivables | 0 | 1,000 | ||
Other financial assets | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Right-of-use assets | 0 | 0 | ||
Financial liabilities | 0 | |||
Other liabilities | 0 | 0 | ||
Lease liabilities | 0 | 0 | ||
Companies controlled by Monterubello or its shareholders, Zegna directors or senior management | Monterubello | ||||
Disclosure of transactions between related parties [line items] | ||||
Trade receivables | 0 | 0 | ||
Other financial assets | 0 | 0 | ||
Other current assets | 10,923,000 | 0 | ||
Right-of-use assets | 0 | 0 | ||
Financial liabilities | 0 | |||
Other liabilities | 0 | 0 | ||
Lease liabilities | 0 | 0 | ||
Companies controlled by Monterubello or its shareholders, Zegna directors or senior management | Agnona S.r.l. | ||||
Disclosure of transactions between related parties [line items] | ||||
Trade receivables | 642,000 | 32,000 | ||
Other financial assets | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Right-of-use assets | 0 | 0 | ||
Financial liabilities | 0 | |||
Other liabilities | 122,000 | 67,000 | ||
Lease liabilities | 0 | 0 | ||
Companies controlled by Monterubello or its shareholders, Zegna directors or senior management | Schneider Group | ||||
Disclosure of transactions between related parties [line items] | ||||
Trade receivables | 12,000 | 4,000 | ||
Other financial assets | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Right-of-use assets | 0 | 0 | ||
Financial liabilities | 0 | |||
Other liabilities | 516,000 | 4,102,000 | ||
Lease liabilities | 0 | 0 | ||
Companies controlled by Monterubello or its shareholders, Zegna directors or senior management | EZ Real Estate | ||||
Disclosure of transactions between related parties [line items] | ||||
Trade receivables | 238,000 | 69,000 | ||
Other financial assets | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Right-of-use assets | 44,499,000 | 41,671,000 | ||
Financial liabilities | 0 | |||
Other liabilities | 1,248,000 | 617,000 | ||
Lease liabilities | 44,039,000 | 41,635,000 | ||
Companies controlled by Monterubello or its shareholders, Zegna directors or senior management | 61 West 23rd Street LLC | ||||
Disclosure of transactions between related parties [line items] | ||||
Trade receivables | 7,000 | 24,000 | ||
Other financial assets | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Right-of-use assets | 0 | 0 | ||
Financial liabilities | 0 | |||
Other liabilities | 0 | 0 | ||
Lease liabilities | 0 | 0 | ||
Companies controlled by Monterubello or its shareholders, Zegna directors or senior management | Alan Real Estate S.A. | ||||
Disclosure of transactions between related parties [line items] | ||||
Trade receivables | 3,000 | 0 | ||
Other financial assets | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Right-of-use assets | 4,917,000 | 9,875,000 | ||
Financial liabilities | 0 | |||
Other liabilities | 0 | 27,000 | ||
Lease liabilities | 4,760,000 | 10,009,000 | ||
Companies controlled by Monterubello or its shareholders, Zegna directors or senior management | Other companies controlled by Monterubello or its shareholders, Zegna directors or senior management | ||||
Disclosure of transactions between related parties [line items] | ||||
Trade receivables | 13,000 | 22,000 | ||
Other financial assets | 0 | 0 | ||
Other current assets | 0 | 218,000 | ||
Right-of-use assets | 0 | 0 | ||
Financial liabilities | 5,000,000 | |||
Other liabilities | 242,000 | 2,204,000 | ||
Lease liabilities | 0 | 0 | ||
Other related parties connected to directors and shareholders | ||||
Disclosure of transactions between related parties [line items] | ||||
Trade receivables | 500,000 | 0 | ||
Other financial assets | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Right-of-use assets | 0 | 0 | ||
Financial liabilities | 0 | |||
Other liabilities | 171,000 | 384,000 | ||
Lease liabilities | € 0 | € 0 |
Related party transactions - _3
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Remuneration Of And Outstanding Balances With Key Management Personnel [Line Items] | |||
Short-term employee benefits | € 17,337 | € 16,853 | € 9,414 |
Post-employment benefits | 1,015 | 4,012 | 736 |
Other long-term benefits | 13,623 | 8,702 | 0 |
Share-based payments | 9,358 | 14,012 | (9,975) |
Dividends | 0 | 0 | 1,116 |
Financial Income | (24) | 0 | 0 |
Key Management Personnel | |||
Disclosure Of Remuneration Of And Outstanding Balances With Key Management Personnel [Line Items] | |||
Employee benefits | 28,648 | 12,865 | 538 |
Other non current financial liabilities | 156,782 | 135,726 | 198,046 |
Other current liabilities | 6,861 | 7,990 | 991 |
Non-current financial assets | € 2,240 | € 2,219 | € 0 |
Share-based payments (Details)
Share-based payments (Details) € / shares in Units, € in Thousands | 1 Months Ended | 12 Months Ended | |||||
Feb. 04, 2021 shares € / shares | Jun. 30, 2022 EUR (€) shares | Dec. 31, 2021 EUR (€) shares € / shares | May 31, 2021 EUR (€) shares | Dec. 31, 2022 EUR (€) shares € / shares | Dec. 31, 2021 EUR (€) shares € / shares | Dec. 31, 2020 EUR (€) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Share based payments related to long-term incentives granted | € | € 13,579 | € 16,290 | € 0 | ||||
Number of other equity instruments granted in share based payment arrangement (in shares) | 2,520,000 | ||||||
Exercise price of outstanding share options (in EUR per share) | € / shares | € 137 | € 137 | |||||
Number of share options exercised in share-based payment arrangement (in shares) | 16,237 | ||||||
Non-executive director remuneration, percentage received in cash | 50% | ||||||
Non-executive director remuneration, percentage received in equity | 50% | ||||||
Other equity incentives to key management | € | € (3,536) | ||||||
Zegna non-executive directors | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Vesting period | 2 years | ||||||
Number of shares issued (in shares) | 78,460 | ||||||
LTI Plan | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Share based payments related to long-term incentives granted | € | € 6,789 | 6,138 | 0 | ||||
Share split | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Share based payments related to long-term incentives granted | € | € 2,216 | ||||||
Exercise price of outstanding share options (in EUR per share) | € / shares | € 2.74 | € 2.74 | |||||
Number of share options exercised in share-based payment arrangement (in shares) | 811,850 | ||||||
Personnel costs and offsetting | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Share based payments related to long-term incentives granted | € | € 3,834 | ||||||
Private warrants | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Number of private warrants issued (in shares) | 800,000 | ||||||
Warrants issued | € | € 1,236 | ||||||
Tranche one | Share price of at least USD 11.50 | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Share price (in USD per share) | 11.50 | ||||||
Number of trading days determining share price | 20 days | ||||||
Tranche one | Share price of at least USD 11.50 | Zegna directors, excluding the CEO, key executives, and other employees | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Share price (in USD per share) | 11.50 | 11.50 | |||||
Number of trading days determining share price | 10 days | ||||||
Tranche one | Share price of at least USD 12.50 | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Share price (in USD per share) | 12.50 | ||||||
Number of trading days determining share price | 20 days | ||||||
Tranche one | Share price of at least USD 12.50 | Zegna directors, excluding the CEO, key executives, and other employees | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Share price (in USD per share) | 12.50 | 12.50 | |||||
Number of trading days determining share price | 20 days | ||||||
2024 | Chief Executive Officer (CEO) | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Share based payments related to long-term incentives granted | € | € 6,789 | € 6,138 | 0 | ||||
2022 | Chief Executive Officer (CEO) | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Share based payments related to long-term incentives granted | € | 6,789 | 6,138 | 0 | ||||
2023 | Chief Executive Officer (CEO) | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Share based payments related to long-term incentives granted | € | € 6,789 | 6,138 | € 0 | ||||
Equity settled share based payments | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Number of other equity instruments granted in share based payment arrangement (in shares) | 2,088,500 | ||||||
Number of share options outstanding in share based payment arrangement (in shares) | 15,832 | ||||||
Exercise price of outstanding share options (in EUR per share) | € / shares | € 186 | ||||||
Shares exercised (in shares) | 459,086 | 15,832 | |||||
Options exercised | € | € 3,390 | € 2,946 | |||||
Equity settled share based payments | Following the share split | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Number of share options outstanding in share based payment arrangement (in shares) | 791,600 | ||||||
Exercise price of outstanding share options (in EUR per share) | € / shares | € 3.72 | ||||||
Shares exercised (in shares) | 791,600 | ||||||
Performance share units | Bottom of range | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Expected volatility based on the historical and implied volatility of a group of comparable companies | 35% | ||||||
Risk-free rate | 1.96% | ||||||
Performance share units | Top of range | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Expected volatility based on the historical and implied volatility of a group of comparable companies | 37.50% | ||||||
Risk-free rate | 4.13% | ||||||
Performance share units | Equity settled share based payments | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Unrecognized compensation expense | € | € 12,897 | € 7,248 | 12,897 | ||||
Share-based compensation expense | € | € 2,816 | € 6,138 | |||||
Number of other equity instruments granted in share based payment arrangement (in shares) | 1,461,950 | ||||||
Risk-free rate | 0% | ||||||
Performance share units | Equity settled share based payments | Chief Executive Officer (CEO) | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Unrecognized compensation expense | € | € 6,108 | ||||||
Performance share units | Equity settled share based payments | Zegna directors, excluding the CEO, key executives, and other employees | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Number of other equity instruments granted in share based payment arrangement (in shares) | 900,000 | ||||||
Performance share units | Equity settled share based payments | Award with vesting tranches | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Unrecognized compensation expense | € | 1,680 | 840 | € 1,680 | ||||
Share-based compensation expense | € | € 840 | 2,047 | |||||
Number of other equity instruments granted in share based payment arrangement (in shares) | 600,000 | ||||||
Other equity instruments granted (in EUR per share) | € / shares | € 10.48 | ||||||
Expected volatility based on the historical and implied volatility of a group of comparable companies | 30% | ||||||
Risk-free rate | 0.73% | ||||||
Performance share units | Equity settled share based payments | Award with vesting tranches | Zegna directors, excluding the CEO, key executives, and other employees | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Unrecognized compensation expense | € | € 2,720 | € 1,297 | 2,720 | ||||
Share-based compensation expense | € | € 1,297 | 3,349 | |||||
Number of other equity instruments granted in share based payment arrangement (in shares) | 900,000 | ||||||
Other equity instruments granted (in EUR per share) | € / shares | € 10.48 | ||||||
Expected volatility based on the historical and implied volatility of a group of comparable companies | 30% | ||||||
Risk-free rate | 0.73% | ||||||
Performance share units | Equity settled share based payments | Tranche one | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Number of other equity instruments granted in share based payment arrangement (in shares) | 240,000 | ||||||
Performance share units | Equity settled share based payments | Tranche one | Zegna directors, excluding the CEO, key executives, and other employees | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Number of other equity instruments granted in share based payment arrangement (in shares) | 450,000 | ||||||
Performance share units | Equity settled share based payments | Tranche two | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Number of other equity instruments granted in share based payment arrangement (in shares) | 360,000 | ||||||
Performance share units | Equity settled share based payments | Tranche two | Zegna directors, excluding the CEO, key executives, and other employees | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Number of other equity instruments granted in share based payment arrangement (in shares) | 450,000 | ||||||
Performance share units | Equity settled share based payments | Bottom of range | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Other equity instruments granted (in EUR per share) | € / shares | € 7.43 | ||||||
Expected volatility based on the historical and implied volatility of a group of comparable companies | 30% | ||||||
Performance share units | Equity settled share based payments | Bottom of range | Award with vesting tranches | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Other equity instruments granted (in EUR per share) | € / shares | € 5.77 | ||||||
Performance share units | Equity settled share based payments | Bottom of range | Award with vesting tranches | Zegna directors, excluding the CEO, key executives, and other employees | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Other equity instruments granted (in EUR per share) | € / shares | 6.18 | ||||||
Performance share units | Equity settled share based payments | Top of range | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Other equity instruments granted (in EUR per share) | € / shares | € 9.13 | ||||||
Expected volatility based on the historical and implied volatility of a group of comparable companies | 40% | ||||||
Performance share units | Equity settled share based payments | Top of range | Award with vesting tranches | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Other equity instruments granted (in EUR per share) | € / shares | € 6.93 | ||||||
Performance share units | Equity settled share based payments | Top of range | Award with vesting tranches | Zegna directors, excluding the CEO, key executives, and other employees | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Other equity instruments granted (in EUR per share) | € / shares | € 7.35 | ||||||
Retention restricted share units | Bottom of range | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Expected volatility based on the historical and implied volatility of a group of comparable companies | 35% | ||||||
Risk-free rate | 2.07% | ||||||
Retention restricted share units | Top of range | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Expected volatility based on the historical and implied volatility of a group of comparable companies | 37.50% | ||||||
Risk-free rate | 4.05% | ||||||
Retention restricted share units | Equity settled share based payments | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Unrecognized compensation expense | € | € 4,019 | ||||||
Share-based compensation expense | € | € 1,046 | ||||||
Number of other equity instruments granted in share based payment arrangement (in shares) | 626,550 | ||||||
Share option | Equity settled share based payments | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Share-based compensation expense | € | € 2,938 |
Share-based payments - Key Assu
Share-based payments - Key Assumptions Used in Valuation (Details) | 12 Months Ended |
Dec. 31, 2022 € / shares | |
Performance share units | Bottom of range | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Fair value | € 8.68 |
Grant date share price | € 9.71 |
Expected volatility based on the historical and implied volatility of a group of comparable companies | 35% |
Dividend yield | 0.90% |
Risk-free rate | 1.96% |
Performance share units | Top of range | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Fair value | € 9.69 |
Grant date share price | € 10.47 |
Expected volatility based on the historical and implied volatility of a group of comparable companies | 37.50% |
Dividend yield | 0.98% |
Risk-free rate | 4.13% |
Retention restricted share units | Bottom of range | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Fair value | € 8.62 |
Grant date share price | € 9.71 |
Expected volatility based on the historical and implied volatility of a group of comparable companies | 35% |
Dividend yield | 0.90% |
Risk-free rate | 2.07% |
Retention restricted share units | Top of range | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Fair value | € 9.56 |
Grant date share price | € 10.47 |
Expected volatility based on the historical and implied volatility of a group of comparable companies | 37.50% |
Dividend yield | 0.98% |
Risk-free rate | 4.05% |
Share-based payments - Change I
Share-based payments - Change In Number Of Outstanding Awards (Details) - shares | 12 Months Ended | ||
Feb. 04, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Granted (in shares) | 2,520,000 | ||
Equity settled share based payments | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding at beginning of period (in shares) | 0 | ||
Granted (in shares) | 2,088,500 | ||
Forfeited (in shares) | (137,000) | ||
Outstanding at end of period (in shares) | 1,951,500 | 0 | |
Performance share units | Equity settled share based payments | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding at beginning of period (in shares) | 0 | ||
Granted (in shares) | 1,461,950 | ||
Forfeited (in shares) | (95,900) | ||
Outstanding at end of period (in shares) | 1,366,050 | 0 | |
Performance share units | Equity settled share based payments | Zegna directors, excluding the CEO, key executives, and other employees | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding at beginning of period (in shares) | 900,000 | 0 | |
Granted (in shares) | 900,000 | ||
Forfeited (in shares) | (20,000) | ||
Outstanding at end of period (in shares) | 880,000 | 900,000 | |
Retention restricted share units | Equity settled share based payments | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding at beginning of period (in shares) | 0 | ||
Granted (in shares) | 626,550 | ||
Forfeited (in shares) | (41,100) | ||
Outstanding at end of period (in shares) | 585,450 | 0 |
Notes to consolidated cash fl_2
Notes to consolidated cash flow statement - Additional Information (Detail) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Notes To Consolidated Cash Flow Statement [Line Items] | |||
Share based payments related to long-term incentives granted | € 13,579 | € 16,290 | € 0 |
Acquisitions of property, plant and equipment | 5,891 | 16,507 | 0 |
Acquisition of intangible assets | 4,561 | 3,488 | 0 |
Gross carrying amount | |||
Notes To Consolidated Cash Flow Statement [Line Items] | |||
Additions | € 137,781 | 148,299 | € 53,784 |
Acquisitions of property, plant and equipment | 641 | ||
Costs related to the business combination | Zegna | |||
Notes To Consolidated Cash Flow Statement [Line Items] | |||
Share issue related cost | 114,963 | ||
Costs related to the business combination | IIAC | |||
Notes To Consolidated Cash Flow Statement [Line Items] | |||
Share issue related cost | € 37,906 | ||
Stock issued during period (in shares) | 5,031,250 |
Business Combinations- Addition
Business Combinations- Additional Information (Detail) - EUR (€) € in Thousands | 7 Months Ended | 12 Months Ended | ||||
Jun. 04, 2021 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about business combination [line items] | ||||||
Portion of earn-out payment payable (as a percent) | 50% | |||||
Consideration paid in cash | € 585 | € 4,224 | € 2,245 | |||
Forecast | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Portion of earn-out payment payable (as a percent) | 50% | |||||
Tesitura Unbertino | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Percentage of voting interests acquired | 60% | |||||
Cash consideration | € 7,050 | |||||
Contingent consideration | 1,170 | |||||
Consideration paid in cash | 3,514 | 585 | ||||
Goodwill | € 2,820 | |||||
Revenue of the acquiree since the acquistion date | € 5,625 | 10,210 | ||||
Profit loss of the acquiree since the acquistion date | € 561 | € 938 | ||||
Additional revenues if acquisition had occurred at beginning of year | 3,987 | |||||
Additional net income if acquisition had occurred at beginning of year | 674 | |||||
Tesitura Unbertino | Forecast | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Consideration paid in cash | € 585 | |||||
Gruppo Dondi SPA | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Contingent consideration paid | € 710 |
Business Combinations - Summary
Business Combinations - Summary of Purchase Consideration, Net Assets Acquired and Goodwill (Detail) - Tesitura Unbertino € in Thousands | Jun. 04, 2021 EUR (€) |
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 € in Thousands | Jun. 04, 2021 EUR (€) |
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 | 12 Months Ended | ||||
Jun. 04, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about business combination [line items] | |||||
Net cash outflow - Investing activities | € (585) | € (4,224) | € (2,245) | ||
Tesitura Unbertino | |||||
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) | € (585) | |||
Tesitura Unbertino | Forecast | |||||
Disclosure of detailed information about business combination [line items] | |||||
Net cash outflow - Investing activities | € (585) |
Subsequent events - Additional
Subsequent events - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||||||||||
Apr. 05, 2023 EUR (€) shares € / shares | Mar. 31, 2023 EUR (€) | Feb. 28, 2023 EUR (€) shares | Jan. 25, 2023 store | Dec. 17, 2021 EUR (€) shares | Feb. 04, 2021 shares | Dec. 31, 2021 shares | Dec. 31, 2022 EUR (€) shares | Dec. 31, 2021 EUR (€) shares | Dec. 31, 2020 EUR (€) shares | Mar. 14, 2023 shares | Feb. 28, 2023 shares $ / shares | Dec. 31, 2022 shares $ / shares | |
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Redemption of warrants | € | € 455,000,000 | € 0 | € 455,000,000 | € 0 | |||||||||
Percent of shares released from escrow | 70% | ||||||||||||
Number of other equity instruments granted in share based payment arrangement (in shares) | 2,520,000 | ||||||||||||
Equity settled share based payments | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Number of other equity instruments outstanding (in shares) | 0 | 0 | 1,951,500 | ||||||||||
Number of other equity instruments granted in share based payment arrangement (in shares) | 2,088,500 | ||||||||||||
Performance share units | Equity settled share based payments | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Number of other equity instruments outstanding (in shares) | 0 | 0 | 1,366,050 | ||||||||||
Number of other equity instruments granted in share based payment arrangement (in shares) | 1,461,950 | ||||||||||||
Performance share units | Equity settled share based payments | Zegna directors, excluding the CEO, key executives, and other employees | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Number of other equity instruments outstanding (in shares) | 900,000 | 900,000 | 0 | 880,000 | |||||||||
Number of other equity instruments granted in share based payment arrangement (in shares) | 900,000 | ||||||||||||
Performance share units | Tranche one | Equity settled share based payments | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Number of other equity instruments granted in share based payment arrangement (in shares) | 240,000 | ||||||||||||
Performance share units | Tranche one | Equity settled share based payments | Zegna directors, excluding the CEO, key executives, and other employees | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Number of other equity instruments granted in share based payment arrangement (in shares) | 450,000 | ||||||||||||
Performance share units | Tranche two | Equity settled share based payments | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Number of other equity instruments granted in share based payment arrangement (in shares) | 360,000 | ||||||||||||
Performance share units | Tranche two | Equity settled share based payments | Zegna directors, excluding the CEO, key executives, and other employees | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Number of other equity instruments granted in share based payment arrangement (in shares) | 450,000 | ||||||||||||
Public warrants | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Exercise price of warrants (in USD per share) | $ / shares | $ 11.50 | ||||||||||||
Number of other equity instruments outstanding (in shares) | 13,416,637 | 13,416,637 | 13,416,637 | 13,416,636 | |||||||||
Public warrants | Equals or exceeds USD10.00 per share (in USD per share) | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Redemption price per warrant (in USD per share) | 0.10 | ||||||||||||
Major business combination | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Number of retail stores acquired | store | 17 | ||||||||||||
Major business combination | Norda Run | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Proportion of ownership interest in associate | 25% | ||||||||||||
Cash consideration | € | € 7,100,000 | ||||||||||||
Acquisition period | 9 years | ||||||||||||
Major ordinary share transactions | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Number of shares issued (in shares) | 5,761,067 | ||||||||||||
Dividends declared (in EUR per share) | € / shares | € 0.10 | ||||||||||||
Dividends declared | € | € 25,000,000 | ||||||||||||
Major ordinary share transactions | Escrow Shares | Zegna Ordinary Shares | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Number of shares issued (in shares) | 3,521,875 | ||||||||||||
Major ordinary share transactions | Equity settled share based payments | Zegna Ordinary Shares | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Number of other equity instruments granted in share based payment arrangement (in shares) | 588,000 | ||||||||||||
Major ordinary share transactions | Public warrants | Equals or exceeds USD10.00 per share (in USD per share) | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Redemption price per warrant (in USD per share) | 0.10 | ||||||||||||
Major ordinary share transactions | Warrants | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Number of warrants exercised (in shares) | 408,667 | ||||||||||||
Exercise price of warrants (in USD per share) | $ / shares | $ 11.50 | ||||||||||||
Proceeds from exercise of warrants | € | € 4,700,000 | ||||||||||||
Number of warrants exercised on cashless basis (in shares) | 19,322,846 | ||||||||||||
Warrants exchanged for ordinary shares (in shares) | 0.277 | ||||||||||||
Percent of outstanding warrants exercised | 98% | ||||||||||||
Percent of outstanding warrants exercised, cash | 2% | ||||||||||||
Percent of outstanding warrants exercised, cashless basis | 96% | ||||||||||||
Number of other equity instruments outstanding (in shares) | 385,123 | ||||||||||||
Redemption of warrants | € | € 38,500 |