Ermenegildo Zegna NV

ZGN is exhibiting Stage 3 distribution with a medium-term bearish bias reinforced by a sequence of lower highs and lower lows. Price has broken below the 9/20/50 EMA cluster on rising volume and has failed to sustain oversold bounces, suggesting continuation of downward momentum. Execution will focus on initiating short positions now on catch-up selling rather than waiting for further rallies.

• ↑Q1 2026 revenue €417M (+7% YoY) driven by 14% DTC growth.
• ↑DTC now 85% of sales, delivering higher gross margins than wholesale.
• ↓Negative earnings yield and weak profitability reflect margin challenges.