Ermenegildo Zegna NV

Stage 2 corrective reset remains constructive within a broader uptrend, supporting a bullish medium- and long-term bias. Price is currently extended above the rising EMAs without clear exhaustion, so execution is deferred until a pullback into the EMAs provides a higher-confidence entry opportunity.

• ↑Q1 revenue €417 m, +7% YoY; DTC sales jumped 14%, now 85% of revenues.
• ↑ASICS-Thom Browne collab drove a 20% lift in DTC growth.
• ↓Wholesale channel cuts led to Q1 revenue drag as transition continues.