Italian luxury menswear brand Zegna has announced its performance for the first half of the year, with group revenue rising by 6% YoY to 960 million euros ($1.02 billion), while profits plummeted by 40% to 31.3 million euros ($33.3 million). Operating profit dropped by 33% to 80.9 million euros ($86.1 million). Chairman and CEO Ermenegildo Zegna stated that the group’s performance in the first half of the year did not meet expectations, and the third-quarter DTC business is expected to be lower than the second quarter, though there is some optimism for the fourth quarter. The group aims to increase sales in the recently acquired Tom Ford fashion business, particularly in markets such as China, Japan, and South Korea. Despite the economic slowdown, the company remains committed to its mid-term expansion plans in China but has delayed its originally scheduled store openings for this year, shifting its focus to bespoke and personalized in-store services.