Revenues at Italian luxury group Ermenegildo Zegna rose 2.9% on an organic basis in the last three months of the year, lifted by double-digit growth in the Americas and despite an 11% sales drop in China.

Full-year revenues at the company, whose brands include Zegna, Thom Browne and Tom Ford, fell 1.9% on an organic basis to €1.95 billion ($2.05 billion), beating a company-provided revenue consensus of €1.91 billion.

“We expect 2025 to play out differently across various geographies. While we have seen solid performance in the Americas and EMEA in the first weeks of January, we also believe that there will be ongoing volatility with respect to consumer demand in China,” Chairman and CEO Ermenegildo Zegna said in a statement.