# Ermenegildo Zegna N.V. (ZGN)

> Source: Nexqual · https://nexqual.com/ZGN · data as of 2026-10-29 16:39 UTC · cite as "Nexqual, Ermenegildo Zegna N.V. (ZGN), nexqual.com/ZGN" · informational, not investment advice.

**Price:** USD 13.45 (+1.24% today) · US market open, as of October 29, 2026 at 16:39 UTC; quotes may be delayed. Prev close 13.28 · day 13.38–13.6 · 52w 8.65–15.95 · market cap $3.62B · NYQ

## Key facts
- 1 of 80 tracked superinvestors hold ZGN (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 7 Form 4 filings, $814K; 7 not under a Rule 10b5-1 plan ($814K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.21 on a 1–5 scale) (14 analysts), mean target USD 14.97 (range 11.44–15.97).
- Total return with dividends: 1Y +31.3% vs S&P 500 +13.1%; 5Y +18.3% vs S&P 500 +79.0%.
- Next earnings: 2026-09-03, EPS estimate USD —, revenue estimate $629M.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold ZGN. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 0.01% | $1.4M | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 7 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-27 | Norsa Michele | Director | 8,000 | $106K | 4.8% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-08 | Sartori Alessandro | Artistic Director | 6,505 | $85K | 4.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-08 | Santhia Gian Franco | Group Chief Financial Officer | 5,768 | $76K | 11.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-08 | Zegna Di Monte Rubello Edoardo | Co-CEO of the ZEGNA brand | 17,037 | $224K | 5.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-08 | Tagliabue Gianluca Ambrogio | Acting Group CEO | 19,105 | $251K | 10.2% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-08 | Zegna Di Monte Rubello Angelo | Co-CEO of the ZEGNA brand | 1,935 | $25K | 1.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-05 | Norsa Michele | Director | 4,000 | $47K | 2.3% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.21 on a 1–5 scale), 14 analysts; mean target USD 14.97 (low 11.44, high 15.97).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-27 | RBC Capital | Initiated | Outperform | $16 |
| 2026-10-23 | TD Cowen | Target raised | Buy | $15 → $16 |
| 2026-10-06 | HSBC | Initiated | Buy | $16 |
| 2026-10-05 | UBS | Target lowered | Buy | $15.5 → $15.4 |
| 2026-09-04 | UBS | Target raised | Buy | $15.4 → $15.5 |
| 2026-09-04 | TD Cowen | Target lowered | Buy | $17 → $15 |
| 2026-07-24 | TD Cowen | Target raised | Buy | $15 → $17 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-12-20) |
|---|---|---|
| Total return | +31.3% | +18.3% |
| S&P 500 (SPY) | +13.1% | +79.0% |
| Per year | +31.3% | +3.5% |
| Volatility (annualized) | 41.2% | 39.5% |
| Max drawdown | -23.9% (Aug 2026→Sep 2026) | -58.3% (Aug 2023→Mar 2025) |

## Peers (Apparel Manufacturing)
FIGS (FIGS, Inc.) USD 22.09 +6.92% · COLM (Columbia Sportswear Company) USD 63.46 +4.20% · PVH (PVH Corp.) USD 87.57 +2.72% · KTB (Kontoor Brands, Inc.) USD 75.83 +1.96% · UAA (Under Armour, Inc.) USD 4.96 +4.22% · VFC (V.F. Corporation) USD 18.18 +5.48%

## More
Full page: https://nexqual.com/ZGN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ZGN's own 20-F filed 2026-03-20 (https://www.sec.gov/Archives/edgar/data/1877787/000187778726000015/zgn-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Ford (F) | "The Group operates in three segments: (i) the Zegna segment (comprising three product lines: ZEGNA brand, Textile and Other, which mainly relates to supply agreements with third-party fashion brands, as well as with Thom…" |
| Partner | Lauder Companies | "Pursuant to a long-term license agreement with The Estée Lauder Companies, we also operate the TOM FORD FASHION ("TFF") business." |
| Partner | Norda Run | "We also enter into collaborations with other brands to offer new products lines (as we did with Norda Run, Baccarat and Frette, and more recently with the Thom Browne collaboration with ASICS America Corporation)." |
| Partner | Thom Browne | "We also enter into collaborations with other brands to offer new products lines (as we did with Norda Run, Baccarat and Frette, and more recently with the Thom Browne collaboration with ASICS America Corporation)." |
| Partner | ASICS America | "We also enter into collaborations with other brands to offer new products lines (as we did with Norda Run, Baccarat and Frette, and more recently with the Thom Browne collaboration with ASICS America Corporation)." |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | — | — | — | $628.5M | — |
| Next quarter | — | — | — | $0 | — |
| Current fiscal year (ends 2026-12-31) | $0.40 | $0.43 | -6.8% | $2.06B | 12 |
| Next fiscal year (ends 2027-12-31) | $0.54 | $0.56 | -3.7% | $2.23B | 13 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2027-01-15 | 78 | 58.4% | ±20.0% |

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-22 | 6-K | Current report (foreign issuer) · period ended Sep 30, 2026 | https://www.sec.gov/Archives/edgar/data/1877787/000187778726000040/0001877787-26-000040-index.htm |
| 2026-10-08 | 6-K | Current report (foreign issuer) · period ended Sep 30, 2026 | https://www.sec.gov/Archives/edgar/data/1877787/000187778726000038/0001877787-26-000038-index.htm |
| 2026-09-03 | 6-K | Current report (foreign issuer) · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1877787/000187778726000036/0001877787-26-000036-index.htm |
| 2026-09-03 | 6-K | Current report (foreign issuer) · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1877787/000187778726000035/0001877787-26-000035-index.htm |
| 2026-08-24 | 6-K | Current report (foreign issuer) · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1877787/000187778726000032/0001877787-26-000032-index.htm |
| 2026-08-12 | Schedule 13G/A | Strategic Holding Group S.a r.l.: 8.4% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1877787/000121390026088142/0001213900-26-088142-index.htm |
| 2026-07-23 | 6-K | Current report (foreign issuer) · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1877787/000187778726000030/0001877787-26-000030-index.htm |
| 2026-07-09 | 6-K | Current report (foreign issuer) · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1877787/000187778726000028/0001877787-26-000028-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.