Industry study 行业研究
China Luxury Fashion中国奢侈时装
China went from half of Zegna's business to a quarter in four years. It turned positive again in 2026 — on fewer stores, and while a mountaineering jacket brand quietly took over the businessman's wardrobe.
- Region
- Mainland China / Greater China
- Currency
- CNY 亿元
- Data as of
- 15 Sept 2026
- Brands and segments
- 17
Euro and dollar figures converted at IRS yearly average rates. Growth is computed in each company's own reporting currency. Zegna reports 'organic' growth, which strips both FX and M&A.
Basis tags: cn currency-neutral · lc local currency · ar as reported · rsv retail sales value. Figures that are not from a filing also carry an evidence tag: stmt company statement · press media-reported. Click any number for its basis, evidence tier and source.
Findings
核心发现What the filings add up to. Every claim below is traceable to a figure on this page.
01China halved as a share of Zegna, then stopped falling.
45.6% of group revenue in 2021 to 22.7% in 2025. Greater China revenue peaked at €595.5M in 2023 and fell to €435.2M. 2026Q1 turned positive (+5.3% organic) and Q2 accelerated (+8.6%) — the first two consecutive positive quarters since Q4 2023.
02The recovery is happening on a smaller footprint.
Greater China directly-operated stores went 130 to 120 and wholesale doors 18 to 13, with about ten more ZEGNA leases not being renewed. Management calls it “fewer, better doors”. Same-store data does not exist because Zegna does not publish it.
03The market bottomed in mid-2024, not 2025.
Richemont's China + Hong Kong + Macau line read −27% in April–June 2024, the deepest print anywhere in this cycle. The climb back runs −27 to −18 to −7 to +2 to double digits.
04The recovery is not broad.
In the same half of 2026: Cucinelli Asia +14% constant currency, Moncler Asia +12%, Richemont Asia +21% — while Hugo Boss Asia/Pacific is −2% and Kering Asia-Pacific is −1%. One price tier down, nothing came back.
05About 90% of Zegna's Greater China customers buy inside the region.
Management has confirmed this repeatedly. Unlike most luxury peers, Zegna's China number is a clean read on domestic demand rather than a figure distorted by outbound shopping.
06The structural risk is not a competitor, it is the dress code.
No consultancy has quantified the shift from tailoring to premium outdoor, so this is converging evidence rather than a finding: Arc'teryx member motivation data, the price inversion (a Baoxiniao PSP jacket discounting to about 200 yuan against an Arc'teryx PSP at about 2,000), ANTA's outdoor segment at 169.96亿 and +59.2% in 2025, and six legacy Chinese menswear houses all pivoting to outdoor product lines at once.
Latest period growth
最新一期增长Who is growing right now. Each bar is the most recent reported growth print, labelled with the period it covers and the accounting basis. Periods differ by company — that is a property of the filings, not an error.
▪ marks a group or segment row rather than a single brand.
Momentum
增长动能One panel per brand, year-on-year growth on a shared time axis and a shared y-scale, latest bar highlighted. Reporting frequency differs by company; panels still align on the same calendar axis.
Base-year sensitivity
基期敏感性The same compound growth rate computed from three different start years. Where the sign flips, the story depends entirely on the base year chosen. This check exists because it caught a real error.
| Brand | CAGR 2021→2025 | CAGR 2022→2025 | CAGR 2023→2025 | Sign |
|---|---|---|---|---|
| Zegna Group Greater China杰尼亚集团大中华区 | stable | |||
| Brunello Cucinelli Asia布内罗·库奇内利亚洲 | stable | |||
| Hugo Boss Asia/Pacific雨果博斯亚太 | sign flips | |||
| Baoxiniao报喜鸟 | sign flips | |||
| Biyinlefen比音勒芬 | stable | |||
| HLA海澜之家 | stable | |||
| Joeone九牧王 | sign flips | |||
| Youngor Apparel segment雅戈尔时尚板块 | not disclosed | not disclosed | stable | |
| Amer Sports Greater China亚玛芬大中华区 | stable |
Hugo Boss Asia/Pacific, Baoxiniao and Joeone all flip sign depending on the start year: measured from 2021 or 2022 they grew, measured from 2023 they shrank. Zegna Greater China is negative from every base year, so that reading does not depend on the base chosen.
Revenue basis: these numbers are not the same thing
收入口径Everything above assumes each company's 'revenue' means the same thing. It does not. A shoe priced at RMB 599 sold through an owned store puts the full 599 into brand revenue; sold through a franchisee or distributor, the brand books only what it charged the channel. The same pair of shoes can therefore land as roughly twice the revenue at a DTC-led brand. The trade calls these sell-in and sell-out. A third term, sell-through, is the share of stock the end retailer actually sold, an inventory-health measure with nothing to do with revenue.
No China-scope channel disclosure
Global DTC share is not a Greater China channel split
The DTC-share history on the brand page is global, not Greater China. It also changes denominator from total revenue to branded products revenue. Neither basis supplies a China-scope channel split. No Greater China channel split matching the full group scope has been verified for this study.
Zegna Group Form 20-F and results releases
China channel split not sourced
Asia revenue and global retail and wholesale figures do not establish the channel mix in China. No China-scope split has been verified for this study.
Brunello Cucinelli annual and interim reports
Asia/Pacific is not a China channel split
The regional series covers Asia/Pacific. No China-scope retail, online and wholesale revenue split has been verified. Global channel figures are not used here.
HUGO BOSS annual report and quarterly statements
No company filing supporting a China channel split
The revenue figures elsewhere in this study are global figures reported by the trade press. They supply neither a company-filed China revenue figure nor a China channel split.
No company filing sourced for China channel mix
No company filing supporting a China channel split
Global accounts reported by the trade press do not establish China revenue by channel. No company-filed China split was sourced.
No company filing sourced for China channel mix
No company filing supporting a China channel split
A directly-operated store opening is not a revenue split. No company-filed China channel figures were sourced.
No company filing sourced for China channel mix
China-scope channel split not verified
No channel table with a verified period, revenue denominator and matching China scope has been obtained for this study. Owned stores, franchise and licensed brands cannot be converted into revenue shares from store counts.
Channel split not sourced from Baoxiniao company filings
China-scope channel split not verified
No matching China-scope revenue split has been verified in company filings for this study. Store counts and gross margin are not a substitute for channel revenue.
Channel split not sourced from Biyinlefen company filings
China-scope channel split not verified
No matching China-scope channel revenue table has been verified for this study. A franchise store label alone does not establish the price at which the group books revenue.
Channel split not sourced from HLA company filings
China-scope channel split not verified
No channel revenue split on the same geographic scope and denominator has been verified for this study. The store count does not establish the revenue mix.
Channel split not sourced from Joeone company filings
Apparel-segment channel split not verified
A verified China channel table for the apparel segment alone has not been obtained. Whole-company figures, which include the investment business, cannot fill this gap.
Channel split not sourced from Youngor company filings
China channel split not sourced
The study carries Asia excluding Japan, not China alone. No China-scope channel revenue table has been verified. A global retail share would not answer the China question.
Hermès annual reports and results releases
China channel split not sourced
Regional revenue and business-group disclosures do not provide a verified China retail, wholesale or travel-retail revenue split for this study. No group-wide mix is carried across.
LVMH annual reports and results releases
China channel split not sourced
Asia-Pacific revenue and house-level global retail commentary are different scopes. No China-scope channel split has been verified for this study.
Kering annual reports and results releases
China, Hong Kong and Macau channel split not sourced
The regional growth series does not establish the region’s retail and wholesale revenue shares. No channel split on this geographic scope has been verified for this study.
Richemont annual reports and trading updates
Global brand channels are not China channels
Moncler brand Asia revenue covers more than China. No China-scope DTC and wholesale split has been verified. Global brand channel figures are not substituted.
Moncler Group annual reports and results releases
The DTC figures are global, not China
DTC share is consolidated global revenue, disaggregated by product segment rather than geography. Greater China revenue has no corresponding channel dimension. The global DTC series is not a China series.
Amer Sports FY2025 20-F, revenue and geographic notes (SEC)
Position and trajectory
定位与轨迹Horizontal axis is price positioning — a judgement value assigned by our analysts, not a measured figure. Vertical axis is year-on-year growth. Each brand is a vertical trail of yearly points; the filled dot is the latest year, sized by revenue.
Bubble area is consolidated revenue, not retail scale. Franchise-led and distribution-led brands are systematically drawn too small. A global DTC share does not establish a China channel split. Where that split is undisclosed, the difference cannot be measured. Comparing areas across brands means using two different rulers. See channel structure.
Price positioning is a judgement on a 1–5 scale. It is not sourced from filings and must not be read as a measured price index.
Data
数据表Annual revenue for every brand, in the common currency, with the original reporting currency and the scope of the disclosure. Empty cells are values the company did not disclose.
| Brand | 2021 | 2022 | 2023 | 2024 | 2025 | Reporting currency | Scope |
|---|---|---|---|---|---|---|---|
| Zegna Group Greater China杰尼亚集团大中华区 | EUR | Greater China Region as Zegna defines it in its 20-F: mainland China, Hong Kong SAR, Macau SAR and Taiwan. Covers all three brands — ZEGNA, Thom Browne, TOM FORD FASHION. Zegna does not disclose mainland China separately, and does not report comparable/same-store sales at all. | |||||
| Brunello Cucinelli Asia布内罗·库奇内利亚洲 | EUR | Asia region as Cucinelli reports it — includes China, Japan, Korea, Taiwan, SEA. China is never disclosed separately; all China commentary is qualitative. | |||||
| Hugo Boss Asia/Pacific雨果博斯亚太 | EUR | Asia/Pacific segment. Hugo Boss never discloses Greater China or China revenue — only qualitative commentary. Sits roughly one price tier below Zegna, which is why it matters as a control. | |||||
| Baoxiniao报喜鸟 | CNY | Group revenue, China scope, in CNY 亿元. Covers the namesake Baoxiniao brand plus licensed foreign brands such as HAZZYS. | |||||
| Biyinlefen比音勒芬 | CNY | Group revenue, China scope, in CNY 亿元. | |||||
| HLA海澜之家 | CNY | Group revenue, China scope, in CNY 亿元. Mass-market scale, not a Zegna competitor — included to show the price axis. | |||||
| Joeone九牧王 | CNY | Group revenue, China scope, in CNY 亿元. | |||||
| Youngor Apparel segment雅戈尔时尚板块 | not disclosed | not disclosed | CNY | Apparel segment revenue only, China scope, in CNY 亿元. The listed company also runs a large investment business, which is excluded here. | |||
| Amer Sports Greater China亚玛芬大中华区 | USD | Greater China geographic segment, Arc'teryx-led. Not menswear, and that is the point. Arc'teryx China member data shows only 38% actually do outdoor sports; the rest buy for workplace identity. Hard shells run 4,500–9,000 yuan and down jackets 3,200–12,000 — overlapping Zegna's entry tier. Chinese membership went from 14,000 in 2018 to 1.7 million by September 2023. |
Values in CNY 亿元. Euro and dollar figures converted at IRS yearly average rates. Growth is computed in each company's own reporting currency. Zegna reports 'organic' growth, which strips both FX and M&A.
Peer scale reference
同业规模参考Private houses that publish nothing to investors. Their figures are global revenue reported by the trade press from chamber-of-commerce accounts, so they are shown here rather than plotted against regional disclosures.
- CanaliEUR m
- 2022
- 2023
- 2024
- 2025
Global revenue, not China. Private Italian company, no investor disclosure. Management says roughly 20% of revenue is Asia. Figures come from Il Sole 24 Ore and FashionNetwork Italia reporting.
- KitonEUR m
- 2023
- 2024
- 2025
Global revenue, not China. Private Italian house with no investor disclosure. China revenue is not disclosed and nothing public was found. Figures come from Italian trade press reporting on chamber-of-commerce accounts.
- CornelianiEUR m
- 2023
- 2024
- 2025
- not disclosed
Global revenue, not China. Private Italian house with no investor disclosure. China revenue is not disclosed and nothing public was found. Figures come from Italian trade press reporting on chamber-of-commerce accounts.
These figures are global revenue, not Mainland China / Greater China. They are kept off every chart on this page on purpose — plotting them beside regional disclosures would compare two different things.
What we do not yet know
尚未可知Gaps in the disclosure. We leave these empty rather than estimate them.
- Zegna's DTC share is reported on two different denominators across the period. Figures from FY2024 onward are on branded products revenue, which excludes third-party brands and textile manufacturing. Series that splice the two bases overstate the channel shift.
- Zegna's mainland China revenue, separate from Hong Kong, Macau and Taiwan. Never disclosed.
- Any Zegna same-store or comparable-sales figure. The company does not report the metric.
- Cucinelli's China revenue. Only “Asia” is disclosed.
- Hugo Boss's China revenue. Only “Asia/Pacific”.
- Revenue for CERRUTI 1881 and KENT&CURWEN under Biyinlefen. Not broken out.
- China revenue for Kiton and Corneliani. Nothing public exists.
- A quantified estimate of how much menswear budget moved to premium outdoor. No institutional report has measured it.
Sources
资料来源Every filing used in this study.
- Ermenegildo Zegna N.V. Form 20-FSEC EDGAR19 Mar 2026
- Zegna Group quarterly revenue releasesZegna Group30 Jul 2026
- Brunello Cucinelli annual and interim reportsBrunello Cucinelli S.p.A.28 Aug 2026
- HUGO BOSS quarterly statements and annual reportHUGO BOSS AG04 Aug 2026
- Italian trade press on Italian menswear house accountsIl Sole 24 Ore18 Jun 2026
- FashionNetwork Italia company results coverageFashionNetwork Italia02 Jul 2026
- 报喜鸟控股 annual and interim reportsCNINFO 巨潮资讯网26 Aug 2026
- 比音勒芬 annual and interim reportsCNINFO 巨潮资讯网25 Aug 2026
- 海澜之家集团 annual and interim reportsCNINFO 巨潮资讯网28 Aug 2026
- 九牧王 annual and interim reportsCNINFO 巨潮资讯网27 Aug 2026
- 雅戈尔集团 annual and interim reportsCNINFO 巨潮资讯网29 Aug 2026
- Hermès International quarterly sales releasesHermès International30 Jul 2026
- LVMH quarterly and half-year revenue releasesLVMH23 Jul 2026
- Kering quarterly and half-year resultsKering28 Jul 2026
- Richemont results, reports and presentationsCompagnie Financière Richemont16 Jul 2026
- Moncler Group quarterly revenue releasesMoncler S.p.A.23 Jul 2026
- Amer Sports, Inc. quarterly results and Form 20-FAmer Sports, Inc.19 Aug 2026