| Schedule of Scope of Consolidation |
The following table presents the Group’s scope of consolidation at December 31, 2025 and 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Company | | Registered office | | Share capital (functional currency) | | Held directly by | | % Group | | | | | At December 31, | | | | | 2025 | | 2024 | | Companies consolidated on a line-by-line basis | | | | | | | | | | | | Parent company | | | | | | | | | | | | Ermenegildo Zegna N.V. | | Amsterdam (Netherlands) | | 9,153,722 | | | | | | | | | Italian subsidiaries | | In.co. S.p.A. | | Valdilana (BI) | | 4,050,000 | | | Ermenegildo Zegna N.V. | | 100 | % | | 100 | % | | Tizeta S.r.l. | | Sesto Fiorentino (FI) | | 284,278 | | | Ermenegildo Zegna N.V.(36.4%) / Tom Ford International LLC (36.4%) /Tom Ford Distribution S.r.l.(27.2%) | | 100 | % | | 100 | % | | Lanificio Ermenegildo Zegna e Figli S.p.A. | | Valdilana (BI) | | 3,100,000 | | | Ermenegildo Zegna N.V. | | 100 | % | | 100 | % | | Ezi S.p.A. | | Milan | | 5,750,000 | | | Ermenegildo Zegna N.V. | | 100 | % | | 100 | % | | EZ Service S.r.l. | | Valdilana (BI) | | 500,000 | | | Ermenegildo Zegna N.V. | | 100 | % | | 100 | % | | Bonotto S.p.A. | | Colceresa (VI) | | 1,239,600 | | | Ermenegildo Zegna N.V. | | 60 | % | | 60 | % | | Cappellificio Cervo S.r.l. | | Biella | | 300,000 | | | Ermenegildo Zegna N.V. | | 51 | % | | 51 | % | | Thom Browne Services Italy S.r.l. | | Milan | | 10,000 | | | Thom Browne Trading SA | | 92 | % | | 92 | % | | Thom Browne Retail Italy S.r.l. | | Milan | | 10,000 | | | Thom Browne Services Italy S.r.l. | | 92 | % | | 92 | % | | Gruppo Dondi S.p.A. | | Carpi (MO) | | 1,502,800 | | | Ermenegildo Zegna N.V. | | 65 | % | | 65 | % | | Tessitura Ubertino S.r.l. | | Valdilana (BI) | | 100,000 | | | Ermenegildo Zegna N.V. | | 60 | % | | 60 | % | | Tom Ford Distribution S.r.l. | | Sesto Fiorentino (FI) | | 117,616 | | | Tom Ford Switzerland Sagl (85.02%) /Tom Ford International LLC (14.98%) | | 100 | % | | 100 | % | | Foreign subsidiaries | | | | | | | | | | | | Ermenegildo Zegna Giyim Sanayi ve Tic. A. S. | | Istanbul (Turkey) | | 118,291,439 | | | Ermenegildo Zegna N.V. | | 100 | % | | 100 | % | | Ermenegildo Zegna H.m.b.H. | | Wien (Austria) | | 610,000 | | | Ermenegildo Zegna N.V. | | 100 | % | | 100 | % | | Société de Textiles Astrum France S.à.r.l. | | Paris (France) | | 500,000 | | | Ermenegildo Zegna N.V. | | 100 | % | | 100 | % | | Ermenegildo Zegna GmbH | | Munich (Germany) | | 500,000 | | | Ermenegildo Zegna N.V. | | 100 | % | | 100 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Company | | Registered office | | Share capital (functional currency) | | Held directly by | | % Group | | Company | | Registered office | | Share capital (functional currency) | | Held directly by | | At December 31, | | Company | | Registered office | | Share capital (functional currency) | | Held directly by | | 2025 | | 2024 | | Zegna Japan Co., LTD | | Minato-Ku-Tokyo (Japan) | | 100,000,000 | | | Ermenegildo Zegna N.V. | | 100 | % | | 100 | % | | Fantasia (London) Limited | | London (UK) | | 499,800 | | | Ermenegildo Zegna N.V. | | 100 | % | | 100 | % | | Ermenegildo Zegna S.A. de C.V. | | Ciudad de Mexico (Mexico) | | 459,600,000 | | | Ermenegildo Zegna N.V. | | 100 | % | | 100 | % | | Ezeti Portugal. S.A. | | Lisbon (Portugal) | | 800,000 | | | Ermenegildo Zegna N.V. | | 100 | % | | 100 | % | Ermenegildo Zegna Madrid S.A. (3) | | Barcelona (Spain) | | 901,500 | | | Ezeti S.L. | | — | % | | 100 | % | | Ezeti S.L. | | Barcelona (Spain) | | 500,032 | | | Italco S.A. | | 100 | % | | 100 | % | | Italco S.A. | | Sant Quirze (Spain) | | 1,911,300 | | | Ermenegildo Zegna N.V. | | 100 | % | | 100 | % | | Ermenegildo Zegna Czech s.r.o | | Prague (Czech Republic) | | 1,350,000 | | | Ermenegildo Zegna N.V. | | 100 | % | | 100 | % | | Co.Ti. Service S.A. | | Stabio (Switzerland) | | 27,940,000 | | | Ermenegildo Zegna N.V. | | 100 | % | | 100 | % | | Consitex S.A. | | Stabio (Switzerland) | | 15,000,000 | | | Ermenegildo Zegna N.V. | | 100 | % | | 100 | % | | Ermenegildo Zegna Corporation | | New York, NY | | 500,000 | | | Ermenegildo Zegna N.V. | | 100 | % | | 100 | % | | Zegna (China) Enterprise Management Co., Ltd. | | Shanghai (China) | | 58,309,140 | | | Ermenegildo Zegna N.V. | | 100 | % | | 100 | % | | Ermenegildo Zegna (China) Co., LTD | | Shanghai (China) | | 50,000,000 | | | Ermenegildo Zegna N.V. | | 100 | % | | 100 | % | | Ermenegildo Zegna Far-East Pte LTD | | Singapore | | 21,776,432 | | | Consitex S.A. | | 100 | % | | 100 | % | | Ermenegildo Zegna Hong Kong LTD | | Hong Kong | | 538,240,000 | | | Ermenegildo Zegna N.V. | | 100 | % | | 100 | % | | E.Z. Trading (Hong Kong) LTD | | Hong Kong | | 82,120,000 | | | Ermenegildo Zegna N.V. | | 100 | % | | 100 | % | | Ermenegildo Zegna Canada Inc. | | Toronto (Canada) | | 700,000 | | | Ermenegildo Zegna N.V. | | 100 | % | | 100 | % | | Ermenegildo Zegna Australia PTY LTD | | Sydney (Australia) | | 18,000,000 | | | Ermenegildo Zegna Far-East Pte LTD | | 100 | % | | 100 | % | | E. Z. New Zealand LTD | | Auckland (New Zealand) | | 5,800,000 | | | Ermenegildo Zegna N.V. | | 100 | % | | 100 | % | | E. Z. Thai Holding Ltd | | Bangkok (Thailand) | | 3,000,000 | | | Ermenegildo Zegna N.V. | | 49 | % | | 49 | % | | The Italian Fashion Co. LTD | | Bangkok (Thailand) | | 16,000,000 | | | E. Z. Thai Holding Ltd (34%)/ Ermenegildo Zegna Far-East Pte LTD (31%) | | 65 | % | | 65 | % | | Zegna South Asia Private LTD | | Mumbai (India) | | 902,316,770 | | | Ermenegildo Zegna N.V. | | 51 | % | | 51 | % | | ISMACO TEKSTİL LİMİTED ŞİRKETİ | | Istanbul (Turkey) | | 10,000,000 | | | Ermenegildo Zegna N.V. | | 100 | % | | 100 | % | | Ezesa Brasil Participacoes LTDA | | San Paolo (Brazil) | | 77,481,487 | | | Ermenegildo Zegna N.V. | | 100 | % | | 100 | % | | Ermenegildo Zegna (Macau) LTD | | Kowloon Bay (Hong Kong) | | 4,650,000 | | | Consitex S.A. | | 100 | % | | 100 | % | | Ermenegildo Zegna Malaysia Sdn. Bhd. | | Kuala Lumpur (Malaysia) | | 3,000,000 | | | Ermenegildo Zegna Far-East Pte LTD | | 100 | % | | 100 | % | | Ermenegildo Zegna Maroc S.A.R.L.A.U. | | Casablanca (Morocco) | | 530,000 | | | Ermenegildo Zegna N.V. | | 100 | % | | 100 | % | | Ermenegildo Zegna Vietnam LLC | | Hanoi City (Vietnam) | | 132,294,900,000 | | | Ermenegildo Zegna N.V. | | 90 | % | | 90 | % | | Zegna Gulf Trading LLC | | Dubai (UAE) | | 300,000 | | | Consitex S.A. | | 49 | % | | 49 | % | | Zegna Consitex Arabia for Trading LLC | | Riyadh (KSA) | | 28,600,000 | | | Consitex S.A. | | 70 | % | | 70 | % | Zegna Doha Trading WLL (6) | | Doha (Qatar) | | 2,000,000 | | | Ermenegildo Zegna N.V. | | 70 | % | | — | % | EZ US Holding Inc. (7) | | Wilmington (U.S.A.) | | 1,000,099 | | | Ermenegildo Zegna N.V. | | — | % | | 100 | % | | E.Zegna Attica Single Member Societé Anonyme | | Athens (Greece) | | 650,000 | | | Ermenegildo Zegna N.V. | | 100 | % | | 100 | % | | Zegna for Retail of Readymade and Novelty Clothes W.L.L. | | Kuwait City (Kuwait) | | 125,000 | | | Zegna Gulf Trading LLC | | 49 | % | | 49 | % | | Ermenelgildo Zegna Denmark ApS | | Aarhus (Denmark) | | 400,000 | | | Ermenegildo Zegna N.V. | | 100 | % | | 100 | % | | EZ CA Holding Corp. | | Toronto (Canada) | | 1,000 | | | Ermenegildo Zegna N.V. | | 100 | % | | 100 | % | | Ermenegildo Zegna Korea Co. Ltd. | | Seoul (Korea) | | 11,134,170,000 | | | Ermenegildo Zegna N.V. | | 100 | % | | 100 | % | | Ermenegildo Zegna Monaco S.a.r.l. | | Principato di Monaco | | 150,000 | | | Ermenegildo Zegna N.V. (99%) / Consitex S.A. (1%) | | 100 | % | | 100 | % | | Thom Browne Inc. | | Wilmington (U.S.A.) | | 5,510 | | | Ermenegildo Zegna N.V. | | 92 | % | | 92 | % | | Thom Browne Japan Inc. | | Tokyo (Japan) | | 1,000,000 | | | Thom Browne Inc. | | 92 | % | | 92 | % | | Thom Browne Trading SA | | Stabio (Switzerland) | | 100,000 | | | Thom Browne Inc. | | 92 | % | | 92 | % | | Thom Browne France Services | | Paris (France) | | 50,000 | | | Thom Browne Trading SA | | 92 | % | | 92 | % | | Thom Browne UK Limited | | Beckenham (UK) | | 1 | | | Thom Browne Trading SA | | 92 | % | | 92 | % | Thom Browne (China) Co., Ltd. | | Shanghai (China) | | 195,973,210 | | | Thom Browne Trading SA | | 92 | % | | 92 | % | | Thom Browne (Macau) Limited | | Hong Kong | | 500,000 | | | Thom Browne Trading SA | | 92 | % | | 92 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Company | | Registered office | | Share capital (functional currency) | | Held directly by | | % Group | | Company | | Registered office | | Share capital (functional currency) | | Held directly by | | At December 31, | | Company | | Registered office | | Share capital (functional currency) | | Held directly by | | 2025 | | 2024 | | Thom Browne Canada | | Vancouver (Canada) | | 100 | | | Thom Browne Trading SA | | 92 | % | | 92 | % | | Thom Browne Hong Kong Limited | | Hong Kong | | 500,000 | | | Thom Browne Trading SA | | 92 | % | | 92 | % | | Thom Browne Eyewear (T.B.E.) SA | | Stabio (Switzerland) | | 1,000,000 | | | Thom Browne Trading SA | | 92 | % | | 92 | % | | Thom Browne Eyewear France SAS | | Paris (France) | | 40,000 | | | Thom Browne Eyewear SA | | 92 | % | | 92 | % | | Thom Browne Korea Ltd. | | Seoul (South Korea) | | 100,000,000 | | | Thom Browne Trading SA | | 92 | % | | 92 | % | | Tom Ford International LLC | | Delaware (U.S.A.) | | 11,000,099 | | | Ermenegildo Zegna N.V. | | 100 | % | | 100 | % | | Tom Ford Switzerland Sagl | | Stabio (Switzerland) | | 1,000,000 | | | Tom Ford International LLC | | 100 | % | | 100 | % | | Tom Ford Showroom Limited | | London (UK) | | 1 | | | Tom Ford Distribution S.r.l. | | 100 | % | | 100 | % | | Tom Ford Retail UK Limited | | London (UK) | | 1 | | | Tom Ford International LLC | | 100 | % | | 100 | % | | Tom Ford Studio Limited | | London (UK) | | 50,000 | | | Tom Ford International LLC | | 100 | % | | 100 | % | T.F. Property Ltd (2) | | London (UK) | | 1 | | | Tom Ford International LLC | | — | % | | 100 | % | | Tom Ford Retail LLC | | New York (U.S.A.) | | 2,060,000 | | | Tom Ford International LLC | | 100 | % | | 100 | % | | Tom Ford Retail Hong Kong Limited | | Hong Kong | | 1,000,000 | | | Tom Ford International LLC | | 100 | % | | 100 | % | | Tom Ford Hong Kong Limited | | Hong Kong | | 1,000 | | | Tom Ford International LLC | | 100 | % | | 100 | % | Tom Ford Retail Macau Limited (4) | | Macau | | 25,000 | | | Tom Ford Retail Hong Kong Limited (96%) / Tom Ford Hong Kong Limited (4%) | | — | % | | 100 | % | | Tom Ford Retail Korea (Yuhan Hoesa) | | Seoul (Korea) | | 50,000,000 | | | Tom Ford International LLC | | 100 | % | | 100 | % | | Tom Ford Retail Japan GK (Godo Kaisha) | | Tokyo (Japan) | | 10,000,000 | | | Tom Ford International LLC | | 100 | % | | 100 | % | | Tom Ford Clothing Retail Shanghai Company Limited | | Shanghai (China) | | 37,000,155 | | | Tom Ford Retail Hong Kong Limited | | 100 | % | | 100 | % | | Italian associates and joint arrangements | Filati Biagioli Modesto S.r.l. (1) | | Montale (PT) | | 16,884,402 | | | Ermenegildo Zegna N.V. | | 48.5 | % | | 45 | % | | Luigi Fedeli e Figlio S.r.l. | | Monza (MB) | | 3,358,000 | | | Ermenegildo Zegna N.V. | | 15 | % | | 15 | % | | Foreign associates and joint arrangements | Norda Run Inc. (5) | | Toronto (Canada) | | 8,069,414 | | | EZ CA Holding Corp. | | 32.5 | % | | 25 | % | | Other investments valued at fair value | | Acquedotto Piancone S.r.l. | | Valdilana (BI) | | 42,000 | | | Lanificio Ermenegildo Zegna e Figli S.p.A. | | 67 | % | | 67 | % | | Pettinatura di Verrone S.r.l. | | Verrone (BI) | | 3,000,000 | | | Lanificio Ermenegildo Zegna e Figli S.p.A. | | 15 | % | | 15 | % | | Sharmoon.EZ.Garments Co. Ltd | | Wenzhou (China) | | 100,000,000 | | | Ermenegildo Zegna N.V. | | 5 | % | | 5 | % | | F2 S.r.l. | | Schio (VI) | | 90,000 | | | Bonotto S.p.A. | | 29 | % | | 29 | % | | Consorzio Re.Crea | | Milan | | 1,038,543 | | | Ermenegildo Zegna N.V. | | 15.4 | % | | 15.4 | % |
The following changes in the scope of consolidation of the Group occurred during the year ended December 31, 2025. (1)In April 2025, the interest held in Filati Biagioli Modesto S.p.A was increased from 45% to 48.5% following the exercise of a put option. (2)On May 6, 2025, T.F. Property Ltd, a fully owned subsidiary of Tom Ford International LLC, was liquidated. (3)On July 22, 2025, Ermenegildo Zegna Madrid S.A. was absorbed by Ezeti S.L. through a merger duly registered with the Mercantile Registry of Barcelona. (4)On September 29, 2025, Tom Ford Retail Macau Limited, a subsidiary jointly controlled by Tom Ford Retail Hong Kong Limited and Tom Ford Hong Kong Limited, was dissolved. (5)On December 3, 2025, the Group acquired an additional 7.5% interest in Norda Run Inc. (6)On December 7, 2025, the Group acquired the ZEGNA business in Qatar from the previous franchise partner. The business is held through Zegna Doha Trading W.L.L., a newly incorporated entity in which the Group holds a 70% interest. (7)On December 17, 2025, EZ US Holding Inc. was absorbed by Tom Ford International LLC through a statutory merger.
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