Ermenegildo Zegna NV (ZGN) 2024 Q2 法說會逐字稿

(Audio in Progress) Joining us today, the Ermenegildo Zegna Group leadership team. Before we begin, I need to point out that we will make certain forward-looking statements during today's call. Our actual results may be materially different from those expressed or implied by these forward-looking statements.

（音訊進行中）今天加入我們的是 Ermenegildo Zegna 集團的領導團隊。在開始之前，我需要指出，我們將在今天的電話會議中做出某些前瞻性聲明。我們的實際結果可能與這些前瞻性陳述明示或暗示的結果有重大差異。

Also, statements are subject to a number of risks and uncertainties, including those described in our SEC filings. Please refer to the forward-looking statements cautionary statement included at page 2 of today's presentation. I'll now hand over to Gildo Zegna, Group Chairman and CEO.

此外，聲明還受到許多風險和不確定性的影響，包括我們在 SEC 文件中描述的風險和不確定性。請參閱今天簡報第 2 頁所包含的前瞻性聲明警示聲明。現在我將把工作交給集團董事長兼執行長吉爾多·傑尼亞 (Gildo Zegna)。

Good morning and good afternoon. And thank you for joining today conference call on Ermenegildo Zegna Group, H1 2024 results. Before we speak about the numbers, let me make some comments on the sector and our strategy and then I'll let Gianluca to go in details through our results.

早安，下午好。感謝您參加今天關於 Ermenegildo Zegna 集團 2024 年上半年業績的電話會議。在我們談論這些數字之前，讓我對該行業和我們的策略發表一些評論，然後我將讓 Gianluca 詳細介紹我們的結果。

So far, 2024 has been challenging around the world and across many industries, including ours. The luxury sector is experiencing a deep normalization phase. These cycles happen, we have been through them before in our more than 100 years of history.

到目前為止，2024 年對世界各地、包括我們在內的許多產業來說都是充滿挑戰的一年。奢侈品產業正在經歷深度正常化階段。這些週期會發生，在我們 100 多年的歷史中，我們曾經經歷過它們。

And I know they might happen again in the future. It is our job to deal with them with pre-decision and sharp actions, not only to handle the current situation, but also if possible to come out stronger. This is what we did during COVID when we launched the One Brand strategy for Zegna. This is what we are doing now with some important action for all our brands.

我知道它們將來可能會再次發生。我們的工作是透過預先決策和果斷行動來應對它們，不僅是為了應對當前局勢，而且在可能的情況下變得更加強大。這就是我們在新冠疫情期間為傑尼亞推出單一品牌策略時所做的事情。這就是我們現在正在做的事情，為我們所有的品牌採取了一些重要行動。

At Zegna, we are doubling down on the One Brand strategy. We are evolving our communication from a broad audience approach to a targeted audience approach to engage deeper with our community of value customer. We are evolving our clientele from relation into experience. And we are evolving our collections from lifestyle to icons, as we did with our [Super Stitch] shoe collection. VILLA Zegna New York, the second chapter after [Villa ZEGNA], Shanghai, it is a clear example of the direction we've taken.

在傑尼亞，我們正在加倍努力實施同一個品牌策略。我們正在將我們的溝通方式從廣泛的受眾方式轉變為有針對性的受眾方式，以更深入地與我們的價值客戶社群互動。我們正在將客戶從關係轉變為體驗。我們正在將我們的產品系列從生活方式轉變為標誌性產品，就像我們對 [Super Stitch] 鞋履系列所做的那樣。紐約VILLA Zegna是繼上海[Villa ZEGNA]之後的第二個篇章，它是我們所採取的方向的一個明確的例子。

Two weeks ago, we celebrated with an immersive experience, a journey that our Founder, my grandfather, took in 1938 above the ocean liner Rex to reach New York City to meet Italian tailors and started our group's American [Blue Pageant expansion] . VILLA Zegna New York were designed to celebrate Zegna’s heritage through a series of innovative invite-only on-site events. During the five days, we welcome our VILLA existing and prospect important clients from the all -- America, also by having a [quality team] closely and effectively collaborating with the local team.

兩週前，我們以身臨其境的體驗來慶祝，這是我們的創始人、我的祖父於1938 年乘坐遠洋客輪Rex 到達紐約市與意大利裁縫師見面的旅程，並開始了我們集團的美國業務[藍色選美擴展]。 VILLA Zegna New York 旨在透過一系列僅限邀請的創新現場活動來慶祝 Zegna 的傳統。在這五天裡，我們歡迎來自美國的 VILLA 現有和潛在的重要客戶，同時我們也擁有一支與當地團隊密切有效合作的[品質團隊]。

We present a [strategy] product available only to the invited guests. And I must say it was a great success exceeding the team and my own expectations, clearly indicating once more that we are walking on the right path. Alongside this event, we presented our Fall 2024 Capsule Collection worldwide, introducing the ll Conte jacket the iconic garment inspired by the [Owner of Zegna] of Founder himself.

我們將推出一款僅供受邀嘉賓使用的[策略]產品。我必須說，這是一次巨大的成功，超出了團隊和我自己的預期，再次清楚地表明我們正走在正確的道路上。除了本次活動之外，我們還在全球範圍內推出了 2024 年秋季膠囊系列，推出了 ll Conte 夾克，這款標誌性服裝的靈感源自創始人 [Zegna 所有者] 本人。

VILLA Zegna Chapters will continue in 2025 with new important locations and events around the world. But not only VILLA Zegna, next year we will also inaugurate our third Salotto Zegna, the best corner of New York.

VILLA Zegna 分會將於 2025 年繼續在世界各地舉辦新的重要地點和活動。但不僅是 VILLA Zegna，明年我們還將在紐約最好的角落開設第三個 Salotto Zegna。

Our Salotto will be a permanent private room where our clients will feel to be at home and to experience once more the unique legacy of Zegna brand. Moving to Thom Browne. With Rodrigo Bazan as CEO and with Thom himself, we are making significant changes and are reinforcing the managing team to strengthen the organization.

我們的 Salotto 將成為一個永久的私人房間，讓我們的客戶有賓至如歸的感覺，並再次體驗 Zegna 品牌的獨特傳統。搬到湯姆布朗。在羅德里戈·巴贊（Rodrigo Bazan）擔任首席執行官和湯姆（Thom）本人的帶領下，我們正在做出重大改變，並正在加強管理團隊以加強組織。

This is the case not only in China, where the brand is experiencing some challenges, but also at headquarter level and in other regions. New leadership in marketing has been appointed in May, a new leadership in merchandising arrive before year-end.

不僅在中國，該品牌正在經歷一些挑戰，在總部和其他地區也是如此。新的行銷領導層已於五月任命，新的銷售領導層將在年底前上任。

The team is working on communicating both the creativity, but also the commercial range of products the brand was successfully developed last year. From Fall/Winter 2024, we start to see the marketing on product to complement the increase in brand awareness and the success of the women's business of the seasonal collection, as well as accessories, in particular, in Japan and Korea are early signs that we are taking the right actions.

該團隊正在努力傳達該品牌去年成功開發的產品的創造力和商業範圍。從 2024 年秋冬開始，我們開始看到產品行銷，以補充品牌知名度的提高和當季系列女裝業務的成功，以及配件，特別是在日本和韓國，這是我們的早期跡象正在採取正確的行動。

With a network of more than 100 doors, we are focusing on strengthen the local teams in China and North America, as we have done in Japan and Korea in previous years, and the results clearly show so and we have also secured some important flagship locations to be opened in the forthcoming months that is New York City, L.A and Tokyo.

憑藉超過100 家門市的網絡，我們專注於加強中國和北美的本地團隊，就像我們前幾年在日本和韓國所做的那樣，結果清楚地表明了這一點，我們還獲得了一些重要的旗艦該店未來幾個月將在紐約、洛杉磯和東京開幕。

We continue to balance the channel mix while at the same time, our wholesale streamlining is ongoing. Let us more comment on the Thom Browne and the VILLA’s case. Given that after US, recently also the German court ruled in favor of Thom Browne, a great achievement for the team and the bigger work of their efforts. I believe 2024 will remain challenging for the brand, but I also believe that with Thom Browne management, we are taking the right steps to prepare a healthy DTC growth trajectory in '25 and beyond.

我們繼續平衡通路組合，同時不斷精簡批發業務。讓我們對 Thom Browne 和 VILLA 案進行更多評論。繼美國之後，最近德國法院也做出了有利於 Thom Browne 的裁決，這對球隊來說是一項偉大的成就，也是他們付出更大努力的結果。我相信 2024 年對該品牌來說仍將充滿挑戰，但我也相信，在 Thom Browne 的管理下，我們正在採取正確的步驟，為 25 年及以後的健康 DTC 成長軌跡做好準備。

Last, by no means least, the new Tom Ford Creative Director. As you know, along with [State Label Corporation], we announced that Haider Ackermann the new Creative Director for Tom Ford, either the knowledge of the luxury goods sector, his superior creativity and wide experience on the luxury ready-to-wear for both men and women makes him a perfect fit to take the lead on Tom Ford Fashion. I'm strongly confident that with his contribution, we will deliver on our long-term ambition.

最後，同樣重要的是，新任湯姆福特創意總監。如你所知，我們與 [State Label Corporation] 一起宣布 Haider Ackermann 擔任 Tom Ford 的新任創意總監，他對奢侈品行業的了解、卓越的創造力以及在奢侈品成衣方面的豐富經驗男性和女性使他成為領導Tom Ford 時尚的最佳人選。我堅信，在祂的貢獻下，我們將實現我們的長期目標。

But before I close, I also want to mention our Filiera. 2024 has been so far impacted by the overall soft demand for luxury ready-to-wear. Our cutting-edge in innovation and high-quality production capacity makes our platform more resilient and the unique advantage for the group.

但在結束之前，我還想提一下我們的 Filiera。迄今為止，2024 年一直受到奢華成衣整體需求疲軟的影響。我們尖端的創新和高品質的生產能力使我們的平台更具彈性，也是集團的獨特優勢。

We continue to invest in our Filiera and for this reason, we fully confirm the important project of a new Italian shoe and leather accessory plant in Parma, Italy to strengthen our international, -- our internal production in leather.

我們繼續投資 Filiera，因此，我們充分確認了在義大利帕爾馬新建義大利鞋類和皮革配件工廠的重要項目，以加強我們的國際化——我們的內部皮革生產。

These are all important long-term project for the group. To pursue them, we will continue on selectively invest in our brand, in talents, in our organization and in the retail network. Even if this would cause short-term sacrifices, they are critical to support our long-term ambition.

這些都是集團重要的長期專案。為了實現這些目標，我們將繼續有選擇地投資於我們的品牌、人才、組織和零售網絡。即使這會導致短期犧牲，但它們對於支持我們的長期雄心至關重要。

Let me close with some observations from our recent visit to China, Japan, United States and Canada. I do believe that we all record that the situation remains difficult. August performance have been even more challenging and 2025 is expected to remain uncertain, but during my trips, I’ve been reassured by what I've seen.

最後，我想談談我們最近訪問中國、日本、美國和加拿大的一些觀察。我確實相信，我們都認為局勢仍然困難。8 月的表現更具挑戰性，預計 2025 年仍存在不確定性，但在我的旅行中，我所看到的一切讓我感到安心。

Whether when visiting our stores or in the meeting with lenders and with main wholesale partners. The energy of our people and the trust from our partners for all our three brands make me confident about the future and that we have the correct strategy to unleash their untapped growth potential.

無論是在參觀我們的商店還是在與貸方和主要批發合作夥伴會面時。我們員工的活力以及合作夥伴對我們所有三個品牌的信任使我對未來充滿信心，並且我們擁有正確的策略來釋放其未開發的成長潛力。

Thank you. And now let me turn over to Gianluca. [Gianluca over to you].

謝謝。現在讓我請吉安盧卡發言。[吉安盧卡交給你]。

Thank you, Gildo. Good afternoon, everybody. Let me move to page 8 of the presentation, where you find the first half '24 results key highlights. The preliminary revenues for H1 '24 were already disclosed at the end of July. So they confirm then they will not comment much further on that.

謝謝你，吉爾多。大家下午好。讓我轉到簡報的第 8 頁，您可以在其中找到 24 年上半年結果的主要亮點。24 年上半年的初步收入已於 7 月底揭露。因此他們確認不會對此發表更多評論。

I'll just remind you that in the semester, we reported 6% growth year-over-year growth, driven by the Zegna brand and by the consolidation of Tom Ford fashion that, as you know, entered in our perimeter last year on April 29, 2023. Therefore, in all the results you see today in this presentation, Tom Ford fashion performance compares six months consolidated this year versus at two months and two days consolidated last year.

我只想提醒您，在傑尼亞品牌和去年 4 月進入我們領域的 Tom Ford 時尚整合的推動下，本學期我們報告了 6% 的同比增長2023 年 29 日。因此，在您今天在本簡報中看到的所有結果中，Tom Ford 的時尚表現將今年的六個月綜合數據與去年的兩個月零兩天數據進行了比較。

In the first semester of 2024, the group generated EUR637 million of gross profit, EUR81 million of adjusted EBIT, EUR31 million of profit intended as net profit. I will not add many comments at this point since in the next pages, we will go more in detail on the dynamics and analysis of this results. So let's move to page 9 to deep dive on the main metrics of our P&L. Starting with gross profit. In H1 of this year, gross profit rose by 10 -percentage-points to EUR637 million with a margin of 66.4% on the revenues.

2024年第一季，集團實現毛利6.37億歐元、調整後息稅前利潤8,100萬歐元、淨利3,100萬歐元。我不會在這一點上添加太多評論，因為在接下來的幾頁中，我們將更詳細地介紹此結果的動態和分析。因此，讓我們轉到第 9 頁，深入探討損益表的主要指標。從毛利開始。今年上半年，毛利成長10個百分點，達到6.37億歐元，營收利潤率為66.4%。

The 220 basis points improvement from H1 of last year has been driven mostly by two factors. First, a better channel mix given that the DTC revenues generated this year's 76% of branded revenues vis-a-vis 72% a year ago. And as you all know, DTC gross margin is longer than the wholesale one.

較去年上半年提高 220 個基點主要是由兩個因素推動的。首先，更好的通路組合，因為今年 DTC 收入佔品牌收入的 76%，而一年前為 72%。而且眾所周知，DTC的毛利率比批發的毛利率要長。

And second factor is a better inventory management. Channel mix, the first of the two factors is estimated to justify around half of the gross profit margin improvement being the other 50% driven by the inventory side.

第二個因素是更好的庫存管理。通路組合，這兩個因素中的第一個因素估計可以證明大約一半的毛利率改善是合理的，另外 50% 是由庫存方面推動的。

I would also remind you that H1 '24 cost of sales includes still EUR3 million from the PPA purchase price allocation-related charges from the Tom Ford fashion consolidation. The absolute amount is similar to the one that we have booked in the first half of last year, which was $4 million.

我還想提醒您，24 年上半年的銷售成本仍包括來自 Tom Ford 時尚整合的 PPA 購買價格分配相關費用的 300 萬歐元。絕對金額與我們去年上半年預訂的金額類似，為 400 萬美元。

And this one -- this year, the $3 million of this year is the last tranche of the PPA charges from the acquisition of Tom Ford business. namely Tom Ford international, that is the holding company that owns the 20 plus 10 year license agreement on the Tom Ford Fashion business.

今年，今年的 300 萬美元是收購湯姆福特的最後一筆 PPA 費用。即 Tom Ford International，該控股公司擁有 Tom Ford 時裝業務 20+10 年的許可協議。

Moving now to SG&A. Selling, general and administrative in H1 of this year reached EUR498 million with a 51.8% incidence of revenue compared to 46% last year. Dipping now down on this increase in terms of SG&A incidence over revenues, I would like to underline two factors.

現在轉向SG&A。今年上半年的銷售、一般和管理業務達到 4.98 億歐元，營收佔比為 51.8%，而去年為 46%。現在，我想強調一下兩個因素。

First, the Tom Ford consolidation contributed to almost half of the incident increase. Tom Ford Fashion SG&A incidence is affected on one side by the royalty fees that Tom Ford Fashion pays to a [sell other] and by the amortization of the right of use of the license agreement over 20 plus 10 years. This amortization is roughly $1.7 million in six months, $3.4 million over a year.

首先，湯姆·福特的整合幾乎佔了事故增加的一半。Tom Ford Fashion SG&A 發生率一方面受到 Tom Ford Fashion 向[銷售其他]支付的特許權使用費以及 20 年以上 10 年許可協議使用權攤銷的影響。六個月攤銷額約 170 萬美元，一年攤提約 340 萬美元。

And on the other side, the other factor affecting the incidents is the step-up within Tom Ford Fashion of organizational systems after we took over the business. The second relevant item that affects the SG&A group incidence is the impact deriving from brand expansion initiatives both in terms of business structure and the newly opened stores, especially on the Zegna and Thom Browne side, which includes, I remind you also the conversion of Korean mono-brand stores to DTC.

另一方面，影響事件的另一個因素是我們接手業務後，Tom Ford Fashion 內部組織系統的升級。影響 SG&A 集團發生率的第二個相關項目是品牌擴張計劃在業務結構和新開門店方面產生的影響，特別是在 Zegna 和 Thom Browne 方面，我提醒您還包括韓國語的轉換單一品牌商店到DTC 。

Also, given the current environment, we observed that some of the stores newly opened is experiencing a slower ramp up to their full potential. Analyzing now the marketing expenses. Marketing expenses increased to 7% of our revenues this semester compared to 5.3% in H1 of last year.

此外，考慮到當前的環境，我們觀察到一些新開業的商店正在緩慢地充分發揮其潛力。現在分析行銷費用。本學期行銷費用占我們收入的 7%，而去年上半年為 5.3%。

As already anticipated, this increase is largely linked to a different timing in the advertising cost, given that in H1 '24, the group and Zegna brand, in particular, had many events concentrated in the first six months of this year -- for instance, the Oasi ZEGNA take over in Milan, VILLA Zegna Shanghai, the amplification that was very intense around the Second Skin collection launch and the fashion show of Tom Ford, which last year did exit -- but not existed in our permit.

正如已經預期的那樣，這種增長很大程度上與廣告成本的不同時間有關，因為在 24 年上半年，該集團和傑尼亞品牌尤其集中在今年前六個月的許多活動 - 例如、Oasi ZEGNA 接管米蘭、VILLA Zegna 上海、Second Skin 系列發布和Tom Ford 時裝秀（去年確實退出）的放大效果非常強烈，但在我們的許可中並不存在。

Let's now move to page 10 of the presentation where we reported the adjusted EBIT for the group and by segment. As you know, the main performance metric used by the management to analyze the economic performance of the business, at group and that segment level is the adjusted EBIT and its related adjusted EBIT margin.

現在讓我們轉到簡報的第 10 頁，我們在其中報告了集團和部門的調整後息稅前利潤。如您所知，管理階層用於分析集團和部門層級業務經濟績效的主要績效指標是調整後息稅前利潤及其相關調整後息稅前利潤率。

You can find all the reconciliation in the Appendix of the presentation. And I remind that the difference between the adjusted EBIT and the operating profit reported in the P&L page -- at page 11, relates to adjustments that do not impact our underlying operating activities. And regarding these six months are entirely related to SG&A expenses.

您可以在簡報的附錄中找到所有對帳資訊。我提醒大家，調整後的息稅前利潤與損益表第 11 頁中報告的營業利潤之間的差異與不影響我們基本經營活動的調整有關。這六個月完全與 SG&A 費用相關。

As I already mentioned in H1, our adjusted EBITDA reached $81 million, down 33% compared to H1 of last year. This performance has been impacted namely by the top-line decline at Thom Browne by the costs at Tom Ford Fashion to build up the organization and the team of talent and by higher concentration of costs, especially in marketing in the first six months of the year.

正如我在上半年已經提到的，我們調整後的 EBITDA 達到 8,100 萬美元，比去年上半年下降了 33%。這項業績受到 Thom Browne 營收下滑、Tom Ford Fashion 建立組織和人才團隊的成本以及成本集中度較高（尤其是今年前六個月的營銷成本）的影響。

Opposite to last year where we generated close to 55% of full year adjusted EBIT in H1 and 45% in H2. I think that this year, the balance across the two semesters will be more skewed towards the second half of the year.

與去年相反，我們上半年的調整後息稅前利潤接近全年調整後息稅前利潤的 55%，下半年為 45%。我認為今年兩個學期的平衡會更偏向下半年。

Let's now look at our results by segment. Zegna segment that, as you know, includes Zegna brands, the Textile division, and third-party brands, generated 12.8% margin vis-a-vis 15.5% in H1 of last year. The difference in the margin between the two, six months period is largely related to three aspects.

現在讓我們按細分市場來看看我們的結果。如您所知，Zegna 部門包括 Zegna 品牌、紡織部門和第三方品牌，利潤率為 12.8%，而去年上半年為 15.5%。兩者六個月期間的利潤率差異主要與三個方面有關。

First, the above-mentioned concentration of marketing costs in the first half of this year, while last year it was much more skewed into the second part of the year. Selected business structures set up such as, as an example, the themes of personalization, make to measure CRM, correlated activities like the Zegna brand Retail Summit which we held in the Q1 of this year.

首先，上述行銷費用集中在今年上半年，而去年則更偏向下半年。選定的業務結構，例如個人化主題、量身訂製的 CRM、相關活動（例如我們在今年第一季舉辦的傑尼亞品牌零售高峰會）。

Third factor was as I already mentioned, that a few newly opened or re-modeled stores, so no comp stores are experiencing a slower ramp up to their full potential.

第三個因素是，正如我已經提到的，一些新開或改建的商店，因此沒有一家比較商店正在經歷較慢的增長速度，以充分發揮其潛力。

As already highlighted, Thom Browne adjusted EBIT margin performance has been determined by the decrease in revenues, only partially offset by the increase in gross profit margin driven by channel mix and better inventory management, therefore, lower obsolescence approvals.

正如已經強調的那樣，Thom Browne 調整後的息稅前利潤率表現是由收入的下降決定的，僅部分被渠道組合和更好的庫存管理推動的毛利率的增長所抵消，因此，報廢審批的減少。

Going to Tom Ford, Tom Ford recorded EUR12 million adjusted EBIT negative result. This result reflects two things. First the investment the company deserves to making talent in organization at that quarter and market level and also in terms of complying to a public entity requirement.

湯姆福特 (Tom Ford) 則錄得 1,200 萬歐元調整後息稅前利潤 (EBIT) 負值。這個結果反映了兩件事。首先，公司應該投資在該季度和市場層面培養組織人才，以及遵守公共實體的要求。

Second, our strategic decision to continue investing on Tom Ford Fashion brand and retail, even if top-line is performing below the initial expectations. Let me also repeat here what I have already said. Each one of Tom Ford fashion performance is not comparable to the numbers we have seen in the first half of last year because the latter reprices only two months consolidation and even more because the first two months after the acquisition did not reflect many of the investments that we started making later on -- and later on.

其次，我們的策略決策是繼續投資 Tom Ford 時尚品牌和零售，即使營收表現低於最初預期。我也在此重複我已經說過的話。Tom Ford 時尚的每項業績都無法與我們去年上半年看到的數字相提並論，因為後者重新定價僅兩個月的整合，甚至更多是因為收購後的前兩個月並沒有反映出許多投資我們後來開始製作——後來。

I know that it is difficult for you to estimate how comfort fashion performance will evolve through the year, but like to just me say here that I do not expect H1 loss to double.

我知道您很難估計舒適時尚性能在這一年中將如何發展，但我想在這裡說，我預計 H1 損失不會翻倍。

Moving to page 11. You can see here summarized our reported income statement for H1 and H2 of the two years. Let me make here two comments First, on the financial expenses line, which declined from EUR44.6 million to EUR29 million this year. This expense -- financial expense reduction largely reflects the cost that we have incurred at the beginning of last year for the warrant reductions, which is cost was higher over -- slightly over EUR20 million.

移至第 11 頁。您可以在這裡看到我們報告的兩年上半年和下半年的損益表。我在這裡提兩點意見，首先是財務費用項目，今年財務費用項目從4460萬歐元下降到2900萬歐元。這項費用——財務費用的減少很大程度上反映了我們去年初因認股權證減少而產生的成本，略高於——略高於 2000 萬歐元。

On the tax rate, you see an implicit slight increase in the tax rate in H1 of this year for the full year to help you navigate through the year. I confirm what we already said in April. So we expect a normal tax rate to be more in the region of 30%.

在稅率方面，您會看到今年上半年全年的稅率隱性略有增加，以幫助您度過這一年。我確認我們在四月已經說過的話。因此，我們預計正常稅率將在 30% 左右。

Let me now move to page 12, where we comment on CapEx and trade working capital. The cash out for CapEx in H1 reached EUR60 million, over 6% of revenues. Of this EUR60 million, about 55% relates to store network, opening re-modeling and the remaining two investments in production, including the land for the shoe factory that Gildo mentioned that we are going to build close to pharma and in IT systems and digital applications.

現在讓我轉到第 12 頁，我們在其中評論資本支出和貿易營運資本。上半年資本支出現金支出達到 6,000 萬歐元，佔收入的 6% 以上。在這 6000 萬歐元中，約 55% 涉及商店網路、開業改造和其餘兩項生產投資，包括 Gildo 提到的我們將在製藥廠附近建造鞋廠的土地以及 IT 系統和數位化方面的投資。 。

As we have already anticipated, '24 and '25 are going to be important years for investments in key projects that we decided not to postpone because they are fundamental to pursue our long-term ambitions starting from the shoe factory where we are going to in-house at least 50% of the Zegna shoe production. And second, because selectively, we will continue to invest in store network to open some key locations for our brands.

正如我們已經預料到的那樣，「24 和 25」將是關鍵項目投資的重要年份，我們決定不推遲這些項目，因為它們對於實現我們從鞋廠開始的長期目標至關重要。鞋履產量至少佔50%。其次，因為有選擇地，我們將繼續投資商店網絡，為我們的品牌開設一些關鍵地點。

As already anticipated in '24 and also '25, we expect CapEx to be slightly above 6% on revenues. Trade working capital reached EUR476 million at the end of June or 24% on revenues. Trade working capital has remained fairly stable versus June of last year, thanks to a better inventory management, stable trade receivables, also as a consequence of some conversion of wholesale store -- in store into directly operated concessions.

正如 24 年和 25 年預測的那樣，我們預計資本支出將略高於收入的 6%。截至 6 月底，貿易營運資金達到 4.76 億歐元，佔營收的 24%。與去年 6 月相比，貿易營運資金保持相當穩定，這得益於更好的庫存管理、穩定的貿易應收帳款，以及部分批發商店轉變為直營特許經營的結果。

Looking at page 13, we look at the free cash flow, like we just comment that the negative EUR7 million free cash flow was mainly due to the above mentioned CapEx trend, the EUR60 million cash out related to CapEx.

看第13頁，我們查看自由現金流，就像我們剛剛評論的那樣，700萬歐元的負自由現金流主要是由於上述資本支出趨勢，即與資本支出相關的6000萬歐元現金支出。

Final page, net financial indebtedness, I would like here to outline the EUR24 million of cash outflows related to the acquisition of a 2% stake in Thom Browne, in relation to a contractually defined put option, EUR15 million related to the acquisition of the Korean businesses in Zegna and Thom Browne. As a result of this, our net financial position at the end of June was equal to EUR66 million of net debt versus EUR11 million of net debt at the end of December.

最後一頁，淨財務債務，我想在此概述與收購 Thom Browne 2% 股權相關的 2,400 萬歐元現金流出（與合約定義的看跌期權相關），與收購韓國公司相關的 1,500 萬歐元現金流出。和Thom Browne 的業務。因此，我們 6 月底的淨財務狀況相當於 6,600 萬歐元的淨債務，而 12 月底的淨債務為 1,100 萬歐元。

I will finish here my presentation to leave space to your questions.

我的演講就到這裡結束，為大家的提問留出空間。

Thank you, operator. Can you open up to the Q&A.

謝謝你，接線生。能開放一下問答嗎？

Thank you. (Operator Instructions) Anthony Charchafji, BNP Paribas.

謝謝。（操作員指示） Anthony Charchafji，法國巴黎銀行。

Hi, thank you. Good morning. It's Anthony Charchafji from BNP Paribas. I hope you are doing well. I have two questions, please. So the first one would be on China trading. If you can give us some comment how it was during the summer in July and August and if you have early indication of September?

你好，謝謝。早安.我是法國巴黎銀行的安東尼‧查查夫吉 (Anthony Charchafji)。我希望你一切都好。我有兩個問題，請問。所以第一個是關於中國貿易的。您能否給我們一些評論，七月和八月的夏天怎麼樣？

And my second question would still be in terms of top-line. So your midterm target that you -- that you laid out last December was calling for a 10% top-line CAGR and 20% EBIT CAGR with 2023 base. So just wanted to know if this still holds so you expect a rebound and if we can have this rebound in H2 or in 2025?

我的第二個問題仍然是關於營收。因此，您去年 12 月制定的中期目標是，以 2023 年為基礎，實現 10% 的營收複合年增長率和 20% 的息稅前利潤複合年增長率。所以只是想知道這種情況是否仍然有效，因此您預計會出現反彈，以及我們是否可以在下半年或 2025 年實現反彈？

Okay. Thank you, Anthony. On China, I'll ask Gianluca to answer and then on the midterm target ask Gildo to answer for you. Thank you. We are fine. Actually, sorry, you started your question asking how we are doing. So, thank you so much.

好的。謝謝你，安東尼。關於中國，我會請吉安盧卡來回答，然後關於中期目標，請吉爾多為你回答。謝謝。我們很好。事實上，抱歉，您的問題是問我們的情況如何。所以，非常感謝你。

Hi Anthony. So China, we are still seeing the same trajectory of challenging and volatile environment. So July and August has not been -- we have not seen an inflection point on China so far.

嗨安東尼。因此，在中國，我們仍然看到同樣充滿挑戰和動盪的環境。因此，七月和八月到目前為止，我們還沒有看到中國出現轉折點。

Let me add one piece of information, I’ve been in China two weeks ago and I met all major landlords, surely the situation remains challenging for almost everybody. I would say they all are still positive on the midterm as we are, but it's, I would say, kind of a normalization process or consumption and everybody is watching closely the dynamic.

讓我補充一點信息，兩週前我去過中國，我見到了所有主要的房東，當然，這種情況對幾乎每個人來說仍然充滿挑戰。我想說，他們對中期仍然持樂觀態度，就像我們一樣，但我想說，這是一種正常化過程或消費，每個人都在密切關注這一動態。

But from our standpoint, we have the full trust of landlords. We have a good traction by our potential and loyal customers. I think the VILLA Zegna Shanghai a few months ago was approved. And so we are watching the situation with positive mind. And I think that we will be still be careful on 2025, hoping that the situation can evolve rapidly then I can tell you.

但從我們的角度來看，我們得到了業主的充分信任。我們的潛在和忠實客戶對我們有很大的吸引力。我認為上海傑尼亞別墅幾個月前就獲得了批准。因此，我們正在以積極的心態觀察局勢。我認為到2025年我們仍然會保持謹慎，希望情況能夠迅速發展，然後我可以告訴你。

Within the quarter if we need to give you flavor within the quarter, August worse than July versus August, we have seen soft traffic, soft demand, so softer than July, August.

在這個季度內，如果我們需要給你一個季度內的風味，八月比七月和八月更糟糕，我們看到流量疲軟，需求疲軟，所以比七月、八月更疲軟。

And so by brand, clearly, Thom Browne in August over the soft --.

因此，從品牌來看，顯然 Thom Browne 在 8 月就超過了軟裝--.

Yes. I would say -- yes, I would say that Zegna is holding up better than Thom Browne and I think Tom Ford is a small -- a not more potential, I mean it’s a more reality with still big potential. We just opened a new store in China world, and we’ll be watching the development of that very careful. But we are still a bit on the mid-term, and we will not slow down our plan on China.

是的。我會說——是的，我會說傑尼亞比湯姆·布朗（Thom Browne）表現得更好，我認為湯姆·福特（Tom Ford）規模較小，但潛力並不大，我的意思是它更現實，但潛力仍然很大。我們剛在國貿天地開設了一家新店，我們將非常仔細地關注其發展。但我們還處於中期階段，我們不會放慢對中國的計畫。

In terms of target, you asked Anthony about target, whether the target of the center are confirmed. I must be fair to you that there is no doubt that '24 has turned to be below our initial expectations. These are facts, both for internal and macro reason.

目標方面，您向安東尼詢問了目標，中鋒的目標是否確定。我必須公平地告訴你，毫無疑問，'24 已經低於我們最初的預期。這些都是事實，無論是出於內部原因還是宏觀原因。

And in particular, the wholesale sector is facing the same situation. And this, I think, goes beyond one country, I think that is a macro situation. However, as I anticipated for China, our ambitions have not changed. And it could possibly take a bit longer, but we are committed to delivering our promises.

尤其是批發業也面臨同樣的情況。我認為，這超出了一個國家的範圍，我認為這是一種宏觀情況。然而，正如我對中國的預期一樣，我們的雄心壯志並沒有改變。這可能需要更長的時間，但我們致力於兌現我們的承諾。

Okay. Thank you. It's very helpful. Maybe I have just one follow-up on China and maybe to talk a bit about margins. So your gross margin was up 220 bps, which is a nice surprise. I mean, you mentioned, Gianluca that half of it was on channel mix and the other half on -- on inventory management.

好的。謝謝。這非常有幫助。也許我只有一個關於中國的後續行動，也許會談談利潤率。所以你們的毛利率上升了 220 個基點，這是一個不錯的驚喜。我的意思是，你提到，Gianluca，一半是通路組合，另一半是庫存管理。

But could you quantify maybe the impact of China in the regional mix? Was it a drag? And maybe then the magnitude of the inventory boost if you can quantify it? Thank you.

但您能否量化中國在區域組合中的影響力？這是一個拖累嗎？如果你能能量化的話，也許庫存增加的幅度有多大？謝謝。

We don't disclose the gross margin by country. So of course, it is been surprised China is the longest margin in the industry. So of course, I think China soft is not helping. But despite this, we have been able to define our gross profit.

我們不會以國家/地區揭露毛利率。因此，當然，令人驚訝的是中國是該行業中利潤率最高的國家。當然，我認為中軟並沒有提供幫助。但儘管如此，我們仍然能夠定義我們的毛利。

So it means that the actions on prices, the actions on inventory. We are able to more than offset the fact that the longest country in term of margin has not been positive. So I think we are not going to disclose sort of margin by country because we have never done so.

所以這意味著對價格的影響，對庫存的影響。我們能夠抵銷這樣一個事實，即利潤率最長的國家並非為正值。因此，我認為我們不會按國家/地區披露某種利潤率，因為我們從未這樣做過。

But definitely, if you point out the point that is we read it as a positive thing. The fact that the brands were able to make a further step in terms of margin, and that is -- that was one of -- and still is one of the areas where we want to recover vis-a-vis some peers. It is having a stronger margin, knowing that, of course, we have part of our business is B2B, the textile.

但毫無疑問，如果你指出這一點，我們就會將其視為一件正面的事情。事實上，這些品牌能夠在利潤率方面取得進一步的進步，這曾經是，現在仍然是我們希望相對於一些同行恢復的領域之一。它擁有更強的利潤率，當然，我們的部分業務是 B2B（紡織品）。

So it's not really like-for-like the comparison of our gross margin. But -- compared to last year, we were able to increase. And this despite, as you correctly pointed out, the fact that China went behind. And -- so I think it's an indication that our initial margin, the brand power of our brands is sustaining the prices, although we have little by little increase the prices.

因此，我們的毛利率並不是真正的同類比較。但是——與去年相比，我們能夠增加。正如您正確指出的那樣，儘管中國落後了這一事實。而且 - 所以我認為這表明我們的初始利潤，我們品牌的品牌力量正在維持價格，儘管我們逐漸提高了價格。

At this point, maybe touching also a point that you might ask or someone else, -- we are -- I don't think at this point, we still have huge price increases on a like-for-like to be done. As we have already said, we want to manage prices to offset cost and to offset currencies, which we are still doing.

在這一點上，也許也觸及了你或其他人可能會問的一點——我們——我認為在這一點上，我們仍然需要大幅提價。正如我們已經說過的，我們希望透過管理價格來抵消成本和貨幣，我們仍在這樣做。

We expect still to have positive impact from mix because we are increasing even more, and the current drop through of (technical difficulty) an example. We are more and more creative products, iconic products at high price point, the fact that we are seeing recognition of customer means that -- we are in the right direction, as Gildo mentioned.

我們預計混合仍然會產生積極的影響，因為我們正在增加更多，而當前的下降（技術難度）就是一個例子。我們提供越來越多的創意產品、高價位的標誌性產品，我們看到客戶的認可這一事實意味著——正如吉爾多所提到的，我們正走在正確的方向上。

I think that let me just say something about the importance of the merchandise mix. I think that for any brand, it becomes key. What you drop in the market and the timing of the drop. And we see the importance of continuative product. However there is a risk that brand relies too much on continuity product and not enough in innovative products.

我想我只想談談商品組合的重要性。我認為對於任何品牌來說，這都是關鍵。您在市場上掉落的物品以及掉落的時間。我們看到了持續產品的重要性。但存在品牌過度依賴連續性產品而對創新性產品依賴不夠的風險。

So we've seen that the drop to that was delivered after the summer, I mean, had positive effect across the world. So this is a push for us to continue with this new strategy, not only in Zegna, but also in the other two brands because we see that when we come out with newness performing to brand, delivered well in the store to our customer, potentially a new customer, you get a reaction, whether it's China, United States or whatever.

因此，我們看到夏季之後的下降，我的意思是，在全世界範圍內產生了積極的影響。因此，這推動我們繼續實施這項新策略，不僅在傑尼亞，而且在其他兩個品牌，因為我們看到，當我們推出新的品牌表現並在商店中很好地交付給我們的客戶時，潛在的一個新客戶，你會得到反應，無論是中國、美國或其他地方。

So I think that since fall/winter was the first drop strategy season, we confirm the validity of that strategy together with the validity of the continuity program, replenishment program that however, has to be moderated in order to leave more room for newness.

所以我認為，由於秋冬是第一個下降策略季節，我們確認了該策略的有效性以及連續性計劃和補貨計劃的有效性，但必須對其進行調整，以便為新事物留出更多空間。

And I think that we are gearing up the entire supply chain, the Filiera material, the fabric, the yarn is becoming extremely important. We are ready to unveil a couple of new projects for [mid-wear] early next season, and we think that on the upper end of our scale, and we think that those projects will be really coming out at the right moment.

我認為我們正在準備整個供應鏈，Filiera 材料、布料、紗線變得極為重要。我們準備在下個季度初推出幾個[中裝]新項目，我們認為這是我們規模的上限，而且我們認為這些項目將在正確的時刻真正推出。

So the customer is there and is able to react provided you come out with newness, and that's -- we see it across the board.

因此，只要你推出新產品，客戶就在那裡並且能夠做出反應，這就是——我們全面看到這一點。

Okay, thank you very much. Very helpful.

好的，非常感謝。非常有幫助。

Thank you, Anthony, and we can move to the second set of questions, actually.

謝謝你，安東尼，實際上我們可以轉向第二組問題。

Louise Singlehurst, Goldman Sachs.

路易絲·辛格赫斯特，高盛。

Hi, good afternoon everyone. Gildo, Gianluca, and Paola thanks for taking my question. Just one quick follow-up on China, just to clarify. Are there any changes in terms of the plans for stores? Or have you delayed any kind of store rollouts or refurbishments for the time being, just to check that there is nothing happening medium-term?

嗨，大家下午好。Gildo、Gianluca 和 Paola 感謝您提出我的問題。只是為了澄清這一點而對中國進行快速跟進。門市計畫是否有變化？或者您暫時推遲了任何類型的商店推出或翻新，只是為了檢查中期是否沒有發生任何事情？

And then my main question is actually in regards to the EBIT and the profitability. Obviously, a really good gross margin expansion. Can we expect that to hold just in terms of gross margin in the second half? Are there any kind of factual in terms of like currency, et cetera, headwinds that we should be considering in the second half.

我的主要問題實際上是息稅前利潤和盈利能力。顯然，毛利率的擴張非常好。我們能否預期下半年毛利率將維持這一水準？我們在下半年是否應該考慮貨幣等方面的實際阻力。

And when we think about the underlying OpEx, OpEx cost growth looked at around 20% in the first half, obviously accelerated with Tom Ford, but can you help us think about the underlying inflation and the outlook for the second half and if there is any cost-saving activity to consider and to help protect the margin in a tougher macro environment. Thank you.

當我們考慮潛在的營運支出時，上半年的營運支出成本增長約為20%，湯姆·福特(Tom Ford) 的推動顯然加速了這一增長，但您能否幫助我們考慮一下潛在的通膨和下半年的前景，以及是否有任何成長需要考慮並幫助在更嚴峻的宏觀環境中保護利潤的成本節約活動。謝謝。

Yes. I will pick the first on China. At least in 2024 (technical difficulty) go. And so we had a few projects, a few opening, a few refurbishment of stores and so we did them, and I think that we are happy to have done it. For '25, we are considering certain doors, whether to confirm that to postpone them. And there is a potential study to consolidate some doors, maybe in certain markets -- we have too many doors and maybe we have to consolidate.

是的。我會選擇第一個關於中國的。至少2024年（技術難度）走。所以我們有一些項目，一些開業，一些商店翻新，所以我們做了這些，我認為我們很高興做到了。對於'25，我們正在考慮某些門，是否確認推遲它們。有一項潛在的研究可以整合一些門，也許在某些市場——我們有太多門，也許我們必須整合。

And so we are working on a plan that doesn't stop, if you want me -- development of our brand in China, but maybe consolidating some doors and rebalancing, if you want the small with the mid there with a big size doors that would help.

因此，如果您需要的話，我們正在製定一項不會停止的計劃——在中國發展我們的品牌，但也許會整合一些門並重新平衡，如果您想要小型門和中型門以及大尺寸門，會有幫助的。

I just make an example, in Europe, we had a good traction with some resort doors. We have opened smaller doors and this is quite new to us. So the testing we are doing in some area could be helpful to the other. I mean another example, Villa Zegna, Villa Zegna and Salotto Zegna, have been tested -- will be tested in New York, and we will try to take the best out of it to [China].

我只是舉個例子，在歐洲，我們對一些度假村的大門有很好的吸引力。我們打開了更小的門，這對我們來說是很新鮮的。因此，我們在某些​​領域所做的測試可能會對其他領域有所幫助。我的意思是另一個例子，Villa Zegna、Villa Zegna 和 Salotto Zegna，已經過測試——將在紐約進行測試，我們將盡力充分利用它[中國]。

So there could be maybe fewer and less doors and maybe in addition, a few addition of Salotto Zegna to current doors in major markets that can make our offer even more precious and even more of our luxury than the one we have in-line with the personalization or approach of our brand, which is proving to be very effective and the same experience can hold true for Tom Ford and Thom Browne.

因此，門的數量可能會越來越少，此外，在主要市場的現有門中添加一些 Salotto Zegna 的門，可以使我們的產品比我們現有的門更加珍貴，甚至更加奢華。我們品牌的個人化或方法非常有效，同樣的體驗也適用於Tom Ford 和Thom Browne。

What Rodrigo and Tom are doing in Thom Browne with the cultural events also with the help of our made-to-measure service in the most commercial part of the collection is proven to be effective. Likewise applies to Tom Ford. To Tom Ford, we have given them the maximum, the best of our made-to-measure organization, and they see that the (technical difficulty) the organizing the event and proving to be very effective in particular in the United States.

Rodrigo 和 Tom 在 Thom Browne 舉辦的文化活動以及我們在該系列最具商業性部分的定制服務的幫助下，被證明是有效的。同樣適用於湯姆福特。對於湯姆福特（Tom Ford），我們為他們提供了我們量身定制的最大、最好的組織，他們看到組織這次活動的（技術難度）並被證明是非常有效的，特別是在美國。

So I think there is an important cross-utilization also among brands in terms of product, in terms of what is right and what is less right in order to foster growth in -- for each of the three brands regardless of the geography.

因此，我認為品牌之間在產品方面、在什麼是正確的、什麼是不太正確的方面也存在著重要的交叉利用，以促進三個品牌中每一個品牌的成長，無論其地理位置如何。

Thank you Louise. And for the second, I leave to Gianluca.

謝謝你，路易絲。第二個問題，我留給詹盧卡。

So the question was on the EBIT.

所以問題是關於息稅前利潤。

Was on gross margin, if what we have seen in the first half, please correct me if I'm wrong, but is something that we can project in the second part of the year. And actually, there was some differences and then on the OpEx, yes.

是毛利率，如果我們在上半年看到了什麼，如果我錯了，請糾正我，但這是我們可以在今年下半年預測的。實際上，存在一些差異，然後在營運支出上，是的。

So he’s right. On the gross margin, the number that we are publishing, which is between 66% and 67% is something we don't see a major element that can move the needle up or down. I called out already, but it is not material. There is a EUR3 million PPA that is not recurring.

所以他是對的。就毛利率而言，我們公佈的數字在 66% 到 67% 之間，我們認為沒有一個主要因素可以推動績效的上升或下降。我已經喊過了，但這並不重要。有 300 萬歐元的非經常性購電協議。

For the rest, I'm not calling out anything that is material that might move the needle for instance, also some currencies we are already covered on the fall/winter '24. So from a hedging perspective. So I think we are in a good shape to bring the same gross profit margin through the year.

對於其餘的內容，我不會指出任何可能會起到推動作用的重要內容，例如我們已經在 24 年秋冬季報道過的一些貨幣。所以從對沖的角度來看。因此，我認為我們處於良好狀態，可以在全年實現相同的毛利率。

In terms of OpEx here, I would couple marketing from SG&A. In marketing, the incidence in the first half has been 7%. And last year, full year, the incidence was more close to 6%. And so our full year will be closer to the 6% rather than 7% and that's exactly the point that we mentioned before. So we have a balance of expenses in marketing that is much more weighted on the first half. But the full year will go back to an incident that is closer to the one of last year.

就營運支出而言，我會結合 SG&A 的行銷。在行銷方面，上半年的發生率為7%。而去年全年，發病率更接近6%。因此，我們全年的成長率將更接近 6%，而不是 7%，這正是我們之前提到的這一點。因此，我們的行銷費用平衡在上半年的比重要大得多。但全年將回到更接近去年的事件。

In terms of SG&A, I don't call out any major trajectory of change compared to last year. Of course, we are reducing selectively some CapEx, which might differ depreciation more through next year. We are reconsidering some discretionary costs.

就銷售、管理費用而言，與去年相比，我沒有指出任何重大變化。當然，我們正在選擇性地減少一些資本支出，這可能會導致明年的折舊差異更大。我們正在重新考慮一些可自由支配的費用。

We are intervening and that is mostly on the G&A side. So -- but I don't think it is a major change, if you look at the first half, it's more an inertial pattern from an inflation standpoint. And of course, we are paying all the attention to no priority and discretionary costs that we can reconsider. So that will be probably in the element of inflection point in the second part of SG&A, the biggest one being on market.

我們正在進行幹預，主要是在一般行政費用方面。所以，但我不認為這是一個重大變化，如果你看看上半年，從通膨的角度來看，這更多的是一種慣性模式。當然，我們非常關注沒有我們可以重新考慮的優先和可自由支配的成本。因此，這可能是 SG&A 第二部分的轉折點，也是市場上最大的轉折點。

I don't know if we -- if we answered to your questions if you have any follow-up.

我不知道我們是否回答了你的問題，是否有任何後續行動。

That's great, thank you.

太好了，謝謝。

Thank you. I don't know if we have any follow-up questions. Otherwise, I think we can we can close the call. If you have any follow-up questions, any questions we are here, operator but let us know. Otherwise, we thank everybody.

謝謝。我不知道我們是否還有後續問題。否則，我想我們可以結束通話。如果您有任何後續問題，我們在這裡有任何問題，請告訴我們。否則，我們感謝大家。

At this time, we do not currently have any questions registered.

目前，我們還沒有登記任何問題。

Okay. So thank you so much for the questions. And we are going to see in a very short period of time. So on October 22, we will have our Q3 revenues results conference call. We will meet again there. Thank you for the time being and for any follow up any questions, any deep dive, Alice, and myself as usual, we are here whenever you want. Thank you, Gianluca.

好的。非常感謝您提出的問題。我們將在很短的時間內看到這一點。因此，我們將在 10 月 22 日召開第三季營收業績電話會議。我們會在那裡再次見面。感謝您暫時以及任何後續問題、任何深入研究、愛麗絲和我自己，一如既往，只要您需要，我們就在這裡。謝謝你，吉安盧卡。

Thank you, everyone, for joining us today. This concludes our call, and you may now disconnect your lines.

謝謝大家今天加入我們。我們的通話到此結束，您現在可以斷開線路了。