Sales at the UK arm of Italian luxury fashion house Zegna jumped by almost a quarter in 2023 thanks to the return of tourists following the Covid-19 pandemic.
The division has reported a turnover of £30.7m for the 12 months, up from the £24.8m it posted for 2022.
Newly-filed accounts with Companies House also show that Zegna’s pre-tax profit increased over the financial year from £745,027 to £977,811.
The 24 per cent rise in turnover comes after its sales also grew by nine per cent in 2022 compared to 2021.
A statement signed off by the board said: “The business activity during 2023 was still influenced by the unstable market situation linked to the increase in energy, gas and transport costs.
“Despite this scenario, the recovery, favoured by the restart of world economies and the increase in tourist movements in the previous year, also continued in 2023, with the most significant effect in this year’s first half.”
Zegna added: “The business trend is confirmed to be growing in the first months of 2024; within this scenario of recovery, special attention remains on the unstable situation of Ukraine and Israel, the continuation of which could be a risk factor for the global economies.
“In the first months of the year, the turnover costs trend is in line with the forecasts for the period.”
The division’s UK turnover increased from £14.1m to £29.4m in 2023 while its European sales rose from £739,234 to £1.2m. In the rest of the world, its turnover grew from £20,934 to £92,702.
The wider Zegna group, which has been listed on the New York Stock Exchange since 2021, reported a revenue of €1.9bn for 2023, up from €1.4bn, while it increased its pre-tax profit from €101m to €169m.