2024-04-09 02:51:19 ET
Summary
- Ermenegildo Zegna is recommended as a buy, with a focus on targeting loyal and high-spending customers and shifting away from wholesale.
- The Zegna brand is reducing exposure to the aspirational segment, leading to better unit economics and customer lifetime value.
- The Thom Browne brand is undergoing strategic rationalization of the wholesale division, which may impact short-term growth but yield positive long-term results.
Investment summary
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Ermenegildo Zegna: Positive On The Medium Term Outlook