Ermenegildo Zegna N.V.
In the published model solve dated 2026-Q2, anchored at $15.19, Ermenegildo Zegna N.V. (ZGN) is priced for today's economics sustained for ~6.4 years. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed June 28, 2026 from SEC EDGAR filings.
• Zegna is an Italian luxury house running three brands, the namesake ZEGNA, Thom Browne, and Tom Ford Fashion, and in 2025 the core brand held up, with ZEGNA revenue rising 4.7% organically while group revenue was roughly flat. • The defining risk is the luxury demand cycle, especially China: Greater China revenue fell about 15% in 2025 and Thom Browne's profitability collapsed, with its adjusted operating margin dropping from 8.7% to 0.4%. • What to watch is the China inflection and brand turn
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118 institutional managers reported holding ZGN in 13F filings for the quarter ended 2026-03-31. Together they hold about 25% of the company; the top 10 hold 19%. 17 opened new positions that quarter. Held by Temasek Holdings, T. Rowe Price, BlackRock, among others. On the short side, 4.6M shares were sold short as of the 2026-06-15 count, about 2% of shares outstanding (2.7 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
ZGN's share count grew 27.6% over the past five years. It pays a dividend, and has paid one every year in our records (7 and counting). Cash returned over the past three years: $176.10M in dividends.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: June 28, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.