MILAN — A day after revealing Temasek Holdings’ investment in the company, the Ermenegildo Zegna Group on Wednesday reported revenues of 927.7 million euros in the first half of the year. This is a 3.4 percent decrease from 960.1 million euros in the same period in 2023. In the second quarter, revenues fell 5.7 percent to 468.9 million euros, dented by the appreciation of the euro. In organic terms, they were down 2.6 percent.

In an interview, chairman and chief executive officer Gildo Zegna said the performance was impacted by “our choice to streamline our wholesale channel, but the decrease was offset by a strong direct-to-consumer business, up 8 percent in organic terms in the second quarter, even beyond our expectations.” Also, the Americas and the Middle East contributed to b

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