Annual revenues at Italian luxury fashion retailer Ermenegildo Zegna went down by seven per cent at constant exchange rates, compared to the prior year when it had grown by four per cent.
According to the Fashion Network, the company‘s revenues decreased from â‚¬1.26 billion (£1.07 billion) in 2015 to â‚¬1.15 billion (£981.65 million) a year later.
Last year, the company’s net income was â‚¬20 million (£17.07 million), compared to â‚¬45 million (£38.41 million) a year earlier, posting a 55.5 per cent decline against a 36.6 per cent decrease in 2015.
Meanwhile, EBITDA reached â‚¬125 million (£106 million), compared to â‚¬146 million (£124 million) in 2015, a decline of 14.3 per cent.
On the other hand, Ermenegildo Zegna made investments in manufacturing facilities in Italy, took over high-end textile manufacturer Bonotto, and went on a hiring spree for people in its marketing, merchandising and business development departments.
At the end of 2016, the brand operated 513 stores around the world, 10 less than a year before.
In the UK, it trades online and has five stores, plus concessions in Selfridges and Harrods.