PROSPECTUS SUPPLEMENT NO. 1	Filed Pursuant to Rule 424(b)(3)
(to prospectus dated April 11, 2022)	Registration No. 333-262242

Ermenegildo Zegna N.V.

Up to 231,623,100 Ordinary Shares

Up to 20,116,667 Ordinary Shares Issuable Upon Exercise of Warrants

Up to 6,700,000 Warrants

This prospectus supplement supplements the prospectus dated April 11, 2022 (as supplemented or amended from time to time, the “Prospectus”), which forms a part of our registration statement on Form F-1 (No. 333-262242). This prospectus supplement is being filed to update and supplement the information in the Prospectus with the information contained herein.

The Prospectus and this prospectus supplement relate to the issuance by us of up to 20,116,667 of our ordinary shares, nominal value €0.02 per share (“Ordinary Shares”), which include up to (i) 6,700,000 Ordinary Shares issuable upon the exercise of 6,700,000 private placement warrants (the “Private Placement Warrants”) originally issued by us in a private placement transaction in connection with the Business Combination (as defined below) at an exercise price of $11.50 per Ordinary Share, and (ii) 13,416,667 Ordinary Shares issuable upon the exercise of 13,416,667 warrants (the “Public Warrants” and, together with the Private Placement Warrants, the “Warrants”) originally issued to public shareholders of Investindustrial Acquisition Corp. (“IIAC”) in its initial public offering, and converted into warrants to purchase Ordinary Shares at the closing of the Business Combination at an exercise price of $11.50 per Ordinary Share. The Prospectus and this prospectus supplement also relate to the offer and sale from time to time by the selling securityholders or their permitted transferees of (a) up to 231,623,100 Ordinary Shares (including (i) up to 36,960,600 Ordinary Shares issued to certain selling securityholders concurrently with the closing of the business combination (the “Business Combination”) between us and IIAC, (ii) up to 6,700,000 Ordinary Shares issuable upon exercise of our Private Placement Warrants, and (iii) up to 187,962,500 Ordinary Shares currently held by certain selling shareholders) and (b) up to 6,700,000 of our Private Placement Warrants. The Prospectus and this prospectus supplement also cover any additional securities that may become issuable by reason of share splits, share dividends or other similar transactions.

The Ordinary Shares and our Public Warrants are listed on the New York Stock Exchange (“NYSE”) under the symbols “ZGN” and “ZGN WS,” respectively. On May 4, 2022, the closing sale price as reported on NYSE of the Ordinary Shares was $9.96 per share and of our Public Warrants was $1.83 per Public Warrant.

This prospectus supplement should be read in conjunction with the Prospectus, which is to be delivered with this prospectus supplement. This prospectus supplement is qualified by reference to the Prospectus, except to the extent that the information in this prospectus supplement updates and supersedes the information contained in the Prospectus.

This prospectus supplement is not complete without, and may not be delivered or utilized except in connection with, the Prospectus.

Investing in our securities involves a high degree of risk. Before buying any securities, you should carefully read the discussion of material risks of investing in our securities in “Risk Factors” beginning on page 7 of the Prospectus.

Neither the Securities and Exchange Commission nor any state securities commission or any other regulatory body has approved or disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

The date of this prospectus supplement is May 5, 2022.

On May 5, 2022, Ermenegildo Zegna N.V. (“Zegna Group,” “the Group,” or “the Company”), announced unaudited revenues of €377.6 million for the First Quarter of 2022, an increase of 25.4% year-over-year¹.

Highlights from First Quarter 2022 Revenues

Zegna’s One Brand strategy and continued focus on luxury leisurewear have allowed Zegna to continue to strengthen its position as a global leader in luxury menswear. For its First Quarter 2022, Zegna Group posted a 25.4% year-over-year increase in revenues, to €377.6 million. This strong performance was driven by a continued rebound of the Zegna segment, whose revenues increased 27.1% year-over-year to €283.5 million with robust performance in all product lines, as well as the performance of the Thom Browne segment, up 22.3% year-over-year, with revenues totaling €98.1 million, with consistent performance in both DTC and Wholesale channels.

Zegna-branded products, which include apparel, bags, shoes and leather goods, as well as licensed goods and royalties, posted revenues that were up 22.1% year-over-year to €224 million, driven in large part by the continued robust growth in two primary categories, Luxury Leisurewear and Shoes, and by the strong rebound of Made-to-Measure. Revenues of the Group’s Textile business line saw a strong increase to €30.2 million, up 64.6% year-over-year, thanks to healthy demand. The 56.8% expansion in revenues for the Third-Party Brands business line to €24.4 million reflected strong supplies to our key third-party customers. Thom Browne continues to exert significant appeal among younger consumers around the world, leading to growth across all channels, with the women’s growth rate outperforming men’s.

Growth was strong across most geographies, with North American revenues increasing 85.1% year-over-year to €61.8 million, thanks to the very strong demand for the Zegna brand’s new icons and luxury leisurewear collections in the United States, where, also thanks to the brand’s strong Retail performance, revenues were up 97.2% year-over-year. Latin America also almost doubled thanks to strong DTC revenues for the Zegna brand. The Group saw healthy sales in EMEA, up 38.9% year-over-year to €134.5 million, with very dynamic performance in the UAE. The UK and France also overperformed. APAC revenues showed mixed performance, with the Greater China Region slowing down since March due to new COVID-related restrictions, which reversed the positive performance recorded until February. The rest of APAC (excluding the Greater China Region) rebounded by 27.8% year-over-year, as many countries lifted COVID-19 restrictions.

DTC channel sales grew 23.1% year-over-year to €218.1 million, with similar performance by the Zegna-branded products business line and Thom Browne segment. The Zegna brand DTC channel revenue increase – up 23.2% to €183.9 million – was driven by a strong recovery across geographies, especially North America and Europe, mitigated by the Greater China Region since early March. Thom Browne’s strong growth in EMEA, North America and Japan was also offset by the Covid-19 related restrictions in the Greater China Region.

Revenues in the Wholesale channel grew by 31.4% year-over-year, with both brands showing solid performance and further enhanced by the rebound of the Textile and Third-Party Brands business lines. We note that our Wholesale shipments to Russia (which are currently suspended) have not historically represented a material portion of the Group’s revenues.

***

⁽¹⁾  All growth rates are year-over-year and are expressed at actual foreign exchange rates.

First Quarter 2022 Unaudited Revenues - Breakdown by Segment

(Euro thousands in Actual FX)	Q1 2022A UNAUDITED			Q1 2021A UNAUDITED			Δ% vs 2021A
Group Revenues		377,579			301,194			+25.4	%
- Zegna segment		283,523			223,056			+27.1	%
- Thom Browne segment		98,128			80,219			+22.3	%
- Eliminations		(4,072	)		(2,081	)		n.s.

First Quarter 2022 Unaudited Revenues - Breakdown by Geography

(Euro thousands in Actual FX)	Q1 2022A UNAUDITED		Q1 2021A UNAUDITED		Δ% vs 2021A
Group Revenues		377,579		301,194		+25.4	%
EMEA 1		134,456		96,812		+38.9	%
- of which Italy		64,091		48,159		+33.1	%
- of which UK		10,970		5,177		+111.9	%
North America 2		61,803		33,381		+85.1	%
- of which United States		56,933		28,868		+97.2	%
Latin America 3		5,665		2,995		+89.1	%
APAC 4		174,816		167,259		+4.5	%
- of which Greater China Region5		141,980		141,570		+0.3	%
- of which Japan		14,139		12,812		+10.4	%
Other 6		839		747		+12.3	%

1. EMEA includes Europe, Middle East and Africa.

2. North America includes the United States of America and Canada.

3. Latin America includes Mexico, Brazil and other Central and South American countries.

4. APAC includes the Greater China Region, Japan, South Korea, Thailand, Malaysia, Vietnam, Indonesia, Philippines, Australia, New Zealand, India and other Southeast Asian countries.

5. For Zegna’s reporting purposes the Greater China Region includes the Chinese mainland, Hong Kong S.A.R., Macau S.A.R. and Taiwan

6. Other revenues mainly include royalties.

Note: Revenues are after eliminations.

First Quarter 2022 Unaudited Revenues - Breakdown by Product Line

(Euro thousands in Actual FX)	Q1 2022A UNAUDITED		Q1 2021A UNAUDITED		Δ% vs 2021A
Group Revenues		377,579		301,194		+25.4	%
- Zegna branded products 1		223,979		183,483		+22.1	%
- Thom Browne		97,937		80,223		+22.1	%
- Textile		30,244		18,378		+64.6	%
- Third Party Brands		24,402		15,558		+56.8	%
- Agnona		25		139		n.s
- Other		992		3,413		(70.9	%)

1. Zegna branded products include apparel, bags, shoes and small and large leather goods, as well as licensed goods and royalties Note: Revenues are after eliminations.

First Quarter 2022 Unaudited Revenues - Breakdown by Channel

(Euro thousands in Actual FX)	Q1 2022A UNAUDITED		% on revenues			Q1 2021A UNAUDITED		% on revenues			Δ% vs 2021A
Group Revenues		377,579		100	%		301,194		100	%		+25.4	%
- DTC Zegna branded products 1		183,909					149,228					+23.2	%
- DTC Thom Browne		34,181					27,947					+22.3	%
Total Direct to Consumer (DTC)		218,090		58	%		177,175		59	%		+23.1	%
- Wholesale Zegna branded products 1		40,070					34,255					+17.0	%
- Wholesale Thom Browne		63,756					52,276					+22.0	%
- Wholesale Third Party Brands and Textile		54,646					33,936					+61.0	%
- Wholesale Agnona		25					139					(82.0	%)
Total Wholesale		158,497		42	%		120,606		40	%		+31.4	%
Other		992		0	%		3,413		1	%		(70.9	%)

1. Zegna branded products include apparel, bags, shoes and small and large leather goods, as well as licensed goods and royalties Note: Revenues are after eliminations.

Monobrand Store Network as of March 31st 2022

	as of March 31st , 2022						as of December 31st , 2021						as of December 31st , 2020
# Stores	ZEGNA		THOM BROWNE		GROUP		ZEGNA		THOM BROWNE		GROUP		ZEGNA2		THOM BROWNE		GROUP
EMEA		69		9		78		69		9		78		71		6		77
Americas		50		5		55		50		5		55		39		4		43
APAC		125		37		162		126		38		164		128		28		156
DTC		244		51		295		245		52		297		238		38		276
EMEA		88		5		93		89		5		94		99		10		109
Americas		73		3		76		74		3		77		82		3		85
APAC		32		30		62		32		30		62		31		23		54
Wholesale		193		38		231		195		38		233		212		36		248
Total		437		89		526		440		90		530		450		74		524

Monobrand store count includes our DOSs (which are divided into boutiques and outlets) and our Wholesale monobrand stores (including also monobrand franchisees).

As of December 31st 2020, number of Zegna DTC stores were 255 (and 195 Wholesale) reflecting 17 Korean DOSs, which were converted to franchising in Jan-21. For a more homogenous comparison with end-2021, store numbers have been restated accordingly.