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Italy's Zegna sales up 50% in the first half, sales accelerate in China

Published 10/21/2021, 07:28 AM
Updated 10/21/2021, 07:33 AM
© Reuters. FILE PHOTO: A man sits in a chair on the sidewalk outside a closed Zegna store on 5th Avenue, during the outbreak of the coronavirus disease (COVID-19), in Manhattan, New York city, New York, U.S., May 11, 2020. REUTERS/Mike Segar

MILAN (Reuters) - Italian luxury group Ermenegildo Zegna reported on Thursday a 50% rise in first-half revenues, as sales climbed particularly in China.

The adjusted operating profit stood at 67 million euros ($78 million), compared to a loss of 52 million euros in the first half of 2020.

Zegna is expected to list in New York by the end of the year by combining with a U.S. investment vehicle, giving the menswear company an enterprise value of $3.2 billion.

The family-owned group said the third quarter showed a solid growth in revenues compared to a year earlier and its performance at the end of September was close to pre-pandemic levels.

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