Following its success in Europe and America since 2021, renowned Italian men's fashion brand, Emenegildo Zegna, is now set to roll out its transformative 'One Brand' strategy in the lucrative Chinese market. This strategic move aims to elevate the brand to the summit of global luxury, necessitating a shift in its image among discerning customers.
A pivotal moment in the brand's trajectory was the acquisition of Tom Ford Fashion earlier this year. This strategic move allowed the group to strategically position its three brands: Zegna as a symbol of understated luxury, Tom Browne as a trailblazer in modern tailoring, and Tom Ford Fashion embodying luxury glamour. Strengthening its footprint, the group currently commands flagship stores in prestigious locations such as Beijing China World Mall and Shanghai IFC Mall, complemented by a successful pop-up shop at Taikoo Li in Chengdu this year.
China emerges as a vital market for the group, evident in Emenegildo Zegna's robust financial performance. Notably, revenues from China surged by an impressive 13 per cent year-on-year in the first three quarters of 2023. Taking a broader perspective, the group's revenues from the country witnessed a noteworthy 15.3 per cent year-on-year growth, reaching a substantial $452.26 million, constituting almost 31.5 per cent of the group's total revenue.
Having pioneered the entry of luxury brands into China with its inaugural store in 1991, Zegna continues to evolve, successfully attracting a new generation of customers since 2019. The customers, on average seven years younger, demonstrate a penchant for spending 58 per cent more, showcasing a proclivity for making 25 per cent more repeat purchases, and notably, a reduced waiting time of 2.5 times between each transaction compared to their counterparts. This strategic evolution positions Emenegildo Zegna as a trailblazer not only in the realm of fashion but also in adeptly navigating the dynamic landscape of luxury markets worldwide.
