Dive Brief:
- Thom Browne CEO Rodrigo Bazan is stepping down from his role effective Aug. 31, according to a Wednesday press release from parent company Ermenegildo Zegna Group.
- Bazan has led the Thom Browne brand since 2016. Sam Lobban, who is currently executive vice president and general merchandising manager for apparel and designer at Nordstrom, will succeed Bazan on Sept. 2, per the release.
- The announcement came on the same day Zegna Group reported a 3% year-over-year revenue decline to 927.7 million euros, or about $1.1 billion, for the first half of fiscal 2025. Revenue for Thom Browne was down 22.4% for the period to 129.5 million euros, per a separate release.
Dive Insight:
Zegna Group acquired a majority stake in Thom Browne Inc. in 2018. At the time, the brand was valued at about $500 million, and Bazan, who was the brand’s CEO, continued in the role.
“Over the past nine years, I have been working side by side with Rodrigo, and together we have developed Thom Browne from a niche brand into today’s luxury icon of modern tailoring,” Thom Browne, chief creative officer and founder of his namesake brand, said in the release. “I am profoundly grateful for his unwavering support and dedication throughout this extraordinary journey.”
Since its acquisition, Thom Browne’s revenue has nearly tripled, according to Zegna Group’s Chairman and CEO Ermenegildo “Gildo” Zegna.
“Rodrigo’s entrepreneurial vision, along with his pivotal role in Thom Browne’s defense of its intellectual property rights against Adidas, has been instrumental in protecting and reinforcing the brand’s authentic and unique identity,” Zegna said in the release announcing Bazan’s departure.
However, the brand has been struggling for a while. Thom Browne revenue dropped 16.8% year over year to 315 million euros in fiscal 2024, and revenue declined 19% in the first quarter of 2025. The company attributed declines at the Thom Browne brand to a decision to reduce exposure in the wholesale channel, and in Q1, the brand posted a 48% year-over-year wholesale drop.
In the second quarter of 2025, Zegna Group said in its release that revenue declines at Thom Browne continued to be “significantly affected by the performance of the wholesale channel, which more than offset the growth recorded in the DTC channel.”
The company added that the brand has been streamlining its wholesale channel presence to focus on direct distribution.
“Leading Thom Browne over the past 9 years has been an extraordinary journey,” said Bazan in the release, adding that while he had decided to “step down to focus on new opportunities,” he would “always remain connected and supportive of the brand’s future.”
Meanwhile, Lobban, prior to his time at Nordstrom, worked at Selfridges in London, and was part of Mr Porter’s founding team, per the release. While at Nordstrom, he curated brand collaborations, which included work with Thom Browne.
Browne said in the release that Lobban’s “deep understanding of [the] brand’s distinctive DNA and his visionary approach make him the ideal partner to help shape the future of our brand.”
Zegna Group sold 14.1 million treasury shares to Temasek Holdings on Tuesday. The Singapore-based firm now holds 10% of Zegna Group.
