FT : Venezuelan government launches wave of repression after US seizure of Nicol

Venezuelan government launches wave of repression after US seizure of Nicolás Maduro
Armed militias patrol the streets and journalists arrested as crackdown on dissent widens

Venezuela’s government has launched a crackdown in the wake of the US capture of Nicolás Maduro, arresting journalists and deploying paramilitary forces to suppress any show of support for the authoritarian leader’s removal.

The wave of repression comes as Delcy Rodríguez, Maduro’s former deputy and the country’s new leader, moved to consolidate her hold over the oil-rich nation in the wake of the surprise US commando operation, which snatched Maduro from a military base to face trial.

Gun-toting paramilitaries known as colectivos have been deployed to the streets of Caracas under a state of emergency announced on Monday, which forbade Venezuelans from showing support for the US raid. Media unions said 14 journalists and media workers — 11 from foreign outlets — had been detained for hours before being released.

Most of the arrests of journalists took place around the National Assembly building as Rodríguez — whom US President Donald Trump said would lead a government open to Washington’s interests — was formally sworn in as acting president, according to the National Syndicate for Press Workers in Venezuela.

Since US commandos seized Maduro and his politician wife Cilia Flores on Saturday, the remainder of his regime has sought to stifle public celebration.

A state of emergency decree, dated January 3 but published in the official gazette on Monday, directed authorities to “immediately undertake the search for and arrest . . . of any person involved in the promotion of or support for the armed attack by the US against the territory of the republic”.

A human-rights activist in Caracas said repression had significantly escalated on Monday, with authorities “going through people’s phones to see if they had anything that could be construed as support for the actions of the US” and that colectivos have been “mobilised”, with checkpoints erected around the capital.

The colectivos are largely under the control of interior minister Diosdado Cabello, a member of the regime’s hardline faction who also oversees the police.

Opposition leader María Corina Machado described the crackdown as “really alarming” in an interview with Fox News on Monday night, saying it needed to be followed carefully by the US government and that the country’s transition to democracy needed to move forward.

“Delcy Rodríguez . . . is one of the main architects of torture, persecution, corruption, narco-trafficking,” Machado said. “She is the main ally . . . of Russia, China and Iran so this is an individual that could [not] be trusted by international investors and she is rejected . . . by the Venezuelan people.”

Journalists were initially allowed to enter the National Assembly building on Monday before Rodríguez’s swearing-in, though they were prohibited from taking photographs or broadcasting live. Later, they were barred from entering.

Rodríguez was sworn in by her brother Jorge, who as the president of the National Assembly is also next in the line of succession, according to Venezuela’s constitution. Among the first to congratulate Delcy Rodríguez on her inauguration were the ambassadors of Russia, China and Iran, according to video posted on social media.

Colombian television network Caracol said one of its reporters, Carlos Barragán, and his team had been “detained by officials from Venezuela’s general directorate of military counter-intelligence and were held for questioning for nearly two hours”.

The identity and whereabouts of several other detained journalists are unknown. Their families are afraid of making their names public for fear of reprisal.

Maduro’s regime was characterised by intense repression before his downfall, with authorities often violently putting down protests while opposition figures have been harassed, arrested or forced into exile. According to Foro Penal, a local rights watchdog, the country has 863 political prisoners.

The streets of eastern Caracas — an opposition stronghold — remained largely deserted in the days following Maduro’s capture, under the watch of armed colectivos.

“We can’t celebrate anything,” said a woman walking through the Chacao neighbourhood on Sunday evening, who declined to give her name. “If we celebrate, the colectivos could kill us.”

One colectivo named Ricardo told the Financial Times that Maduro’s extraction was believed to be the result of a traitor in his ranks, despite the fierce gun battle which preceded his capture in which dozens of his bodyguards were killed.

“We remain active with our rifles and will respond if necessary,” he said.

In an indication of how tense the situation remained in Caracas after the US strike, shots were heard near the presidential palace on Monday evening. A Venezuelan government spokesperson said it was “due to drones flying over the area without permission and the police firing warning shots. There was no confrontation, and the entire country is completely calm.”

>>> US After Hours Summary: MCHP +3.2% nicely higher on upside guidance; ZETA +7

After Hours Summary: MCHP +3.2% nicely higher on upside guidance; ZETA +7.4% on strategic collaboration with OpenAI; VEEV +2.1% after authorizing new $2 bln share repurchase program

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: MCHP +3.2% (guidance)

Companies trading higher in after hours in reaction to news: DRUG +9.8% (to announce topline results for BMB-101 Phase 2 trial), ZETA +7.4% (strategic collaboration with OpenAI), ALMS +6.9% (to report Phase 3 ONWARD topline data), VST +5.8% (to acquire Cogentrix Energy), OVID +3.8% (Point72 Asset Management discloses 5.1% stake), UAA +3.7% (Fairfax Financial discloses 22.2% stake), GPCR +3.4% (unit signs license with Genentech and Roche), VEEV +2.1% (authorizes new $2 bln share repurchase program), FTI +1.9% (awarded iEPCI contract for bp's 20K Tiber Project in the Paleogene), BRX +1.3% (update on Q4 investment activity), PENN +0.9% (new corporate organizational structure), GTLB +0.5% (CTO to resign), CABO +0.4% (to acquire all of the equity interests in Mega Broadband Investments Holdings), RTX +0.3% (awarded $438 mln FAA contract)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: None.

Companies trading lower in after hours in reaction to news: JCAP -4.4% (secondary public offering of 10 mln shares), DVLT -4.2% (stock offering), CRNX -1% (proposed public offering of common stock), APGE -0.9% ( to report interim results from the Phase 1b trial of APG777 ), O -0.8% (announces $750 mln convertible notes in a private offering), DOW -0.1% (CTO to retire, names new CTO)

SCMP : What assets does China have in Venezuela, and what could happen with Madu

What assets does China have in Venezuela, and what could happen with Maduro gone?
US move calls into question China’s future financial commitments in Latin American country, potentially hurting Beijing’s regional strategy

Amid prolonged international sanctions imposed on Venezuela, Chinese enterprises stood out as some of the few willing to pour resources into the South American country’s turbulent economy.

However, Saturday’s capture of Venezuelan President Nicolas Maduro by US forces – just hours after Maduro met with Chinese diplomats to reaffirm their strategic partnership – raises concerns about the future of such investments.
In this explainer, we examine the portfolio of Chinese assets in Venezuela and how they might stand to be affected by a US takeover.

What investments does China have in Venezuela?
Energy projects form the bedrock of China’s presence in the country, with state-owned giant China National Petroleum Corporation (CNPC) operating several key joint ventures.

Venezuela holds what is recognised as the world’s largest proven oil reserves, primarily in the central Orinoco Belt, located in the East Venezuela Basin along the Orinoco River.

PetroSinovensa, a joint venture established in 2008 by CNPC and Venezuela’s state-owned PDVSA, develops the extra-heavy crude of this territory – a significant portion of which is shipped directly to China to service Venezuela’s sovereign debt.

And while new state-led investments slowed during the height of US sanctions, with the stock of investment from China declining in the past few years, some private-sector initiatives continued to forge ahead.

In August, private firm China Concord Resources Corp began developing two Venezuelan oilfields as part of a 20-year deal signed in 2024. With a planned investment of US$1 billion, the project aims for a production capacity of 60,000 barrels per day by late 2026.

Telecommunications is another critical pillar of the bilateral relationship, with Chinese giants becoming the dominant providers for operators across the country. Huawei Technologies, which secured its first major contract with the Venezuelan government as early as 2004 – a US$250 million deal to improve the nation’s fibre optic infrastructure – continues to support the country’s 4G networks.

ZTE, meanwhile, was pivotal in developing the Homeland Card, a national ID system that serves as the primary way for citizens to access state subsidies and social programmes.

Venezuela’s strategic role in China’s Belt and Road Initiative has also led to notable infrastructure investments by Chinese interests. However, new projects stagnated in recent years as the Latin American nation’s economic crisis deepened.
For instance, with Venezuelan exports minimal, a port project was repurposed as an oil facility to help service some of its debts to China, according to a 2024 report by the Mercator Institute for China Studies.

How might these investments be affected?
While a pro-US regime is unlikely to resort to heavy-handed nationalisation or the direct confiscation of Chinese assets – moves that would risk spooking the Western investors needed to restore the country’s economic credibility – it is likely to announce a review of Maduro-era contracts, said Cui Shoujun, director of the Centre for Latin American Studies at Renmin University.

“They might allege that joint ventures between Venezuela and China, such as PetroSinovensa, are unconstitutional,” he added, noting that this could lead to the revocation of preferential terms for Chinese companies, diluting Chinese equity or introducing American giants – such as oil major Chevron – as new controlling stakeholders.

Joint ventures, including PetroSinovensa, have already been asked by PDVSA to reduce crude production, according to a Reuters report on Sunday.

Analysts caution that the telecommunications sector is particularly vulnerable. Xu Tianchen, senior China economist at the Economist Intelligence Unit, noted how these Chinese investments may now raise national security concerns.

“Companies like Huawei and ZTE have been deeply embedded in Venezuela for years, and a pro-US government is likely to order the dismantling or banning of core communications equipment provided by Chinese firms,” Cui said.

What could this mean for Beijing’s regional influence?
The unfolding events threaten Chinese ambitions in Latin America, an important emerging market that has historically served as a key source of commodities and a strategic testing ground for Beijing’s global influence.

“Any successor to Maduro is likely to choose to work with the US to secure his or her survival, and this will come at the cost of existing Chinese interests,” Xu said, noting that Latin American governments will adopt a more cautious attitude towards Chinese strategic investments as US influence increases.

From China’s perspective, Cui predicted that investments in the region will increasingly be directed to countries with better security conditions and stronger rule of law – where regime changes do not threaten the validity of commercial contracts – shifting from large-scale infrastructure projects to initiatives in areas such as agriculture, new energy sources, and consumer goods to reduce geopolitical sensitivities.

The Information : Nvidia’s Big Ambitions to Solve Manufacturing Shows Slow Retur

Nvidia’s Big Ambitions to Solve Manufacturing Shows Slow Returns So Far

The Takeaway
  • Nvidia’s Omniverse software for robotics shows slow returns despite big ambitions.
  • Nvidia shuttered Omniverse Cloud service due to nearly nonexistent demand.
  • Omniverse software is difficult to use and often breaks, frustrating developers.

In the past two years, Nvidia’s business of selling chips for AI has rocketed into the stratosphere, lifting the company’s revenue to nearly $148 billion in the nine months through October, up from $27.5 billion for the same period in 2023. But CEO Jensen Huang isn’t satisfied. Perpetually worried about threats to his business, Huang has been prodding his team to build a business selling chips and software to design robots and solve manufacturing problems—a venture that could be a future source of growth.

The software, which runs exclusively on Nvidia chips, helps people design and simulate digital twins of real-world objects, such as a car or piece of machinery. Huang has said that these tools, known as Omniverse, could allow Nvidia to capture a slice of the $50 trillion manufacturing and logistics industries. But after four years of effort, Nvidia’s attempts to turn the Omniverse software into a money-making business have made little progress, according to four current and former Nvidia employees familiar with the business.

Publicly, Huang continues to tout the business as a multitrillion‑dollar opportunity for Nvidia. He’s expected to do so this week at the annual Consumer Electronics Show in Las Vegas, where Huang is speaking and Nvidia has a packed schedule of events showcasing the role of Nvidia’s chips and software in manufacturing and robotics. Guests include the CEO of industrial engineering conglomerate Siemens and the CTO of Agility Robotics, a leading manufacturer of humanoid robots, along with executives from PTC and Synopsys, two of the world’s largest providers of design and simulation software.

Privately, however, Huang is frustrated that the Omniverse business hasn’t yet taken off, according to four people familiar with Huang’s thinking, although Nvidia’s mushrooming revenue means few people would notice the Omniverse shortfall.

Nvidia spent hundreds of millions of dollars renting thousands of graphics processing units, or GPUs, from Oracle, Google and Microsoft so it could offer what it calls an Omniverse Cloud service for large companies that wanted to run large-scale simulations on servers, according to two people with direct knowledge of the matter. But while Nvidia has promoted a long list of companies that use Omniverse software—ranging from BMW and Siemens to Foxconn and Boston Dynamics—few signed up to run large-scale simulations on the Omniverse Cloud servers, said the former Nvidia employees.

Demand for Omniverse Cloud was nearly nonexistent from its launch in 2022 through at least early 2025, leaving the company scrambling to find internal uses for the chips so they wouldn’t sit idle, they said. In August, Nvidia shuttered the service due to a lack of demand, a person with direct knowledge of the matter said.

Some Omniverse tools allow customers to build 3D scenes or objects and simulate how they behave in virtual environments—for example, running conveyor belts in a factory. Others such as DRIVE Sim allow customers to run large-scale simulations to help develop self-driving cars. One of the tools, Isaac Sim, lets people train robots in virtual environments.

Developers who have used Omniverse tools for building and simulating scenes and objects often say the software was hard to use, that it easily broke and that its features felt incomplete.

One reason, according to three former Nvidia employees, is that the Omniverse division’s engineers were often tied up building demonstrations of new features and products that worked in controlled settings but didn’t hold up in real-world use.

In meetings with subordinates, Huang has voiced frustration with the Omniverse team for wasting engineering time on demonstrations that don’t turn into real products, according to two people familiar with the business.

His vision is for every company to simulate its robots, vehicles and factories before building them in the real world, driving billions of dollars in purchases of Nvidia’s chips, much as companies do now for training and running AI models. Behind the scenes, though, he has grown impatient with his team over its slow adoption among large companies, according to five people familiar with the business.

Long-Term Bet

The Omniverse business is important enough to Huang that both his children have jobs in the group. His daughter Madison is a senior manager in Omniverse’s marketing team while his son Spencer is a product manager for robotics.

Nvidia is also investing in companies that make simulation tools, in hopes of driving Omniverse’s adoption by getting those companies to ensure their software works with Omniverse’s tools. In the latest example, Nvidia in December announced a deal to invest $2 billion in Synopsys, one of the world’s leading providers of software for designing semiconductors. Synopsys completed its $35 billion acquisition of Ansys in July, whose software is widely used to simulate real-world physical behavior.

In theory, demand for simulation could be enormous. One of the biggest potential opportunities is in robotics, where developers lack spatial and motion data on how humans move and use objects needed for the development of humanoid robots. Some robots, such as Tesla’s Optimus, have been relying on humans wearing motion-capture devices to gather such data. But that approach is costly and time-consuming, compared to using simulators.

But Nvidia is already facing fierce competition in this area. Unity Technologies, whose software has been used to develop popular videogames such as Pokémon GO, also offers tools for generating scenes and objects and lets customers design, test and train robotic systems in virtual environments. Another rival is Gazebo, an open-source robot simulator launched by nonprofit Open Robotics. And many companies are building their own simulation software in-house as there isn’t any standardized software that fits all of their needs.

To be sure, it’s still early in the field. Nvidia executives compare Omniverse to earlier long-term company bets on technologies like Cuda, Nvidia’s software for training and running AI models on its GPUs. Huang backed that effort aggressively despite objections from analysts and activist investors who argued that Nvidia was spending billions of dollars on a business that generated little immediate revenue.

“Just as we invested in Cuda for over a decade before it revolutionized deep learning, Nvidia has spent years building Omniverse as the foundational software to open the next massive market for accelerated computing: physical AI,” Rev Lebaredian, Nvidia vice president overseeing Omniverse, said in a written statement.

“That long-term vision is now paying off as major cloud service providers spin up dedicated simulation infrastructure, as robotics and auto companies use our frameworks to build and train the next generation of autonomous machines,” he added.

Half-Baked Software

Nvidia officially launched Omniverse in 2021, positioning it as a software and simulation tool that would let designers work together on 3D designs virtually, similar to a shared Google doc but for 3D models and environments.

BMW was one of the company’s first high-profile customers, using Nvidia’s Isaac robotics software to design and improve how materials flowed through its car factories.

In the past few years, Nvidia has announced a dizzying array of Omniverse customers with industrial manufacturers such as Dassault and Foxconn, autonomous vehicle developers like Mercedes-Benz and Jaguar Land Rover and robotics firms like Boston Dynamics and Figure AI.

The idea was that Omniverse software would both drive more demand for Nvidia’s GPUs and get people to pay as much as $4,500 a year per chip for enterprise software licenses and support. Alternatively, customers could sign up for Omniverse Cloud, which bundled access to GPU servers with those licenses.

But even as Nvidia’s Omniverse team was working on these partnerships, the company’s AI chip business was taking off. The late 2022 introduction of OpenAI’s ChatGPT kicked off a race among big tech companies to develop competitive AI technologies—with most companies using Nvidia’s AI chips for their development work.

Despite that success, Huang is known for his paranoia about losing ground to rivals and for pushing the company to find new sources of revenue.

His frustration about the lackluster performance of Omniverse has been particularly pointed. During a 2023 all-hands meeting, Huang chided Lebaredian about Omniverse, asking whether his group had made any money yet, according to a person who attended the meeting.

Around that same period, Huang became angry with the Omniverse team when he learned that a partnership Nvidia had announced with BMW was much smaller in scope than he initially was led to believe, one of the people familiar with the business said. BMW didn’t respond to emails and calls seeking comment. An Nvidia executive said in 2023 that BMW had over 20,000 factory planners worldwide using Omniverse software, though he didn’t elaborate on how that translated into sales.

In another example, Huang grew agitated during a conference call after a team in the Omniverse division asked for more staff to develop a new product, according to a person who was on the call. Huang berated them for the next hour, accusing the team of wasting their engineers’ time and lecturing them on how Nvidia builds products. The team already had more than enough people, he told them.

Throughout 2023 and 2024, the Omniverse team showed Huang numerous demonstrations of software ranging from tools that allow multiple people to collaborate on 3D models to concepts for streaming software and new simulation programs including one for cars. But the team hadn’t turned any into products. Huang told the team they were trying to do too many things at once and that they should focus on one thing that could become a product, the person said.

That prompted the team to focus more on software for building digital twins. At the same time, robotics became a bigger part of Omniverse, as more companies began using Isaac Sim to generate synthetic data.

But the robotics industry is still in its early days and major players such as Tesla are still building their own simulation software rather than turning to Nvidia’s offerings, according to people familiar with the industry.

Moreover, roboticists complain about shortcomings in Nvidia’s software. Isaac Sim, for example, isn’t useful for training a robot to manipulate complex objects, especially objects such as clothing, whose shape changes constantly, according to this cofounder and the cofounder of another robotics startup.

The Omniverse tool does work for teaching a robot how to walk or move around on its own, the startup cofounders said. But getting the robots to interact with other objects is critical, they said.

Getting users to pay for subscriptions to Omniverse Cloud has also been an uphill battle. Dan Cole, chief operating officer at Loupe, which designs automated manufacturing equipment for customers such as aerospace companies, said he bought a handful of computers running Nvidia chips for his developers to simulate machines in a factory. Although he is aware that companies can license Omniverse servers in the cloud for his employees, it didn’t make sense given the cost, he said.

It’s not just the robotics software that can cause problems. Several software developers said Omniverse’s scene creation tools are hard to use and can malfunction outside a set of narrowly defined scenarios. The instructions for how to use these tools are poor and outdated, making it hard to fix problems building virtual objects and worlds, they said.

Valentin Forager, a software developer, said Omniverse software worked well for creating virtual retail-store shelves, which his firm uses to develop sensors that track how shoppers look at products in real stores. But when he tried to simulate humans in the same virtual environment, his computer crashed.

“As soon as you try to do things that are a little bit outside the box, this thing is broken and almost never works,” Forager said.

Forager said that when he approached an Nvidia representative at a company-sponsored event in November in Seoul, the representative admitted that Omniverse wasn’t ready for his particular needs and suggested that he use Unity’s software.

Industry Demand

Nvidia may be ahead of its time when it comes to simulation. The company’s executives say they are trying to create a market that doesn’t yet exist and nobody knows they need. Many industrial manufacturers also don’t have the expertise and money to invest in it, according to former Nvidia employees and industry insiders.

It’s also hard for Nvidia to build simulation software that works broadly for users in many different types of businesses. Simulation software is different for robotics compared with cars and industrial equipment.

One solution Nvidia has come up with is investing more in startups that offer digital twins and simulation services so the company can better understand what customers want. This also encourages them to build their industry-specific services on top of Omniverse’s software tools.

One of those investments is in MetAI, a Taiwan-based startup that builds digital twins for semiconductor foundries, including construction planning and factory layout simulation for facilities at Taiwan Semiconductor Manufacturing Co.

“I think people underestimate how many resources are required to build these simulations with real domain knowledge,” said Daniel Yu, CEO of MetAI. “It takes a lot of time. Omniverse is not a complete application —it’s a horizontal, open platform for developers to build on.”

>>> Moderna issues letter to shareholders

Moderna issues letter to shareholders (31.56 +0.70)
  • "Beginning in 2026, we expect a cadence of oncology readouts as we work toward a multi-indication oncology franchise. With nine clinical readouts anticipated over the next several years, we believe oncology represents a major long-term value driver for Moderna. We are proud to demonstrate the role our mRNA-based therapies could play in transforming the lives of those affected by cancer.
  • Three of the nine expected clinical readouts are Phase 3 programs for intismeran. We are encouraged by the momentum behind intismeran and look forward to the five-year Phase 2b melanoma data in early 2026 and the Phase 3 data, potentially in 2026. If the data are positive, we would then work to prepare for a potential launch, together with our partner Merck, of this important medicine as early as in 2027.
  • Our early-stage oncology programs continue to mature in parallel, including our wholly owned mRNA-4359 program. This product has shown an encouraging clinical signal in Stage 4 lung and skin cancer patients, where approved immune-therapy treatments did not work. Targeting approval in 2028, early data are promising for future mRNA-4359 development options, and we are encouraged by the potential to address such a high unmet need for many patients.
  • By 2028, we also expect to launch our first rare disease program in PA, supported by data expected in 2026. These milestones position us to diversify our revenue base as oncology and rare disease therapeutics begin contributing meaningfully in the latter half of the decade. Moving forward, we will continue to look at innovative ways to use mRNA technology across oncology."

TechCrunch : Teradar reveals its first terahertz-band vision sensor for cars

Teradar reveals its first terahertz-band vision sensor for cars

Two months after coming out of stealth with a $150 million fundraise, Boston-based Teradar is showing off its first flagship terahertz sensor at Consumer Electronics Show 2026 this week. The company is positioning the sensor, called Summit, as the first long-range, high-resolution sensor of its kind “designed for high performance in any type of weather, filling a critical gap left by legacy radar and lidar sensors.”

The sensor will start shipping until 2028 if Teradar can lock down contracts with automakers. If that happens, the company expects the Summit will help enable those companies to add partial, or even full, autonomy features to their vehicles.

Teradar’s whole approach is about leveraging the relatively-unused terahertz band of the electromagnetic spectrum between microwaves and infrared. And it’s a solid-state sensor, meaning there are no moving parts. All this is meant to give Teradar’s sensor the best qualities of lidar and radar sensors, with few of the drawbacks.

It’s a potentially attractive proposition for automakers who might wince at the cost of lidars or the limitations of radars. Teradar says it’s already working to prove its tech with five top automakers from the U.S. and Europe, and three Tier 1 suppliers.

Teradar’s impending entry into the market comes at a pivotal moment for automotive sensor suppliers. Leading U.S. lidar company Luminar just filed for bankruptcy protection in December after contracts with Volvo and Mercedes-Benz fell apart, as the automakers backed away from the tech.


Those deals also crumbled partly because of low-cost competition from China, according to Luminar. Lidar adoption has been strong in China’s auto market and shows little sign of slowing up. In October, Chinese lidar company Hesai said it had built more than 1 million lidar sensors in 2025.

Other U.S. companies in the space, like Ouster (acquired and merged with rival Velodyne after a wave of consolidation) have diversified into potential markets like robotics and smart infrastructure.

Teradar is looking beyond automotive, too, and that vision was reflected in its recent raise. The $150 million Series B included funding from Lockheed Martin’s venture arm, and VXI Capital, a new defense-focused fund led by the former CTO of the U.S. military’s Defense Innovation Unit.

Lidar isn’t completely dead in the auto industry, however. Rivian in December said it would integrate a roof-mounted lidar sensor (from an unnamed supplier) in its upcoming R2 SUV, signaling that there is still an appetite for using advanced sensor technology to bring autonomy to passenger vehicles, especially if it’s affordable.

Teradar CEO Matt Carey told TechCrunch in November that he believes his terahertz sensor can meet all those marks, and sounded eager to pounce on the opportunity.

“Our main job is to make sure our sensor gets on all automobiles, and whatever the best way to do that is, that’s what we’re going to pursue,” he said.

WWD : Ermenegildo Zegna Group’s New Chapter Post Handover

Ermenegildo Zegna Group’s New Chapter Post Handover
Effective Jan. 1, brothers Angelo and Edoardo Zegna are tasked with leading the Zegna brand forward as CEOs while their father Gildo has assumed the role of executive chairman.

Effective Jan. 1, Gildo Zegna, undoubtedly instrumental in shaping the Ermenegildo Zegna Group into the international, publicly listed company it is today and driving it into the 21st century, passed the baton to his two sons.

Although not entirely unexpected, this was a forward-looking choice that stood out in an industry where the generational handover is often not a top priority. However, it is one that must be planned “bravely, when you are in good health, and have the right energy,” said Gildo Zegna at the end of November, when he revealed he would become executive chairman of the group, which in addition to the Zegna brand also comprises Thom Browne and Tom Ford Fashion, in addition to the textile segment.

Zegna, who has led the group since 2006 and was previously group chairman and chief executive officer, turned 70 on Sept. 30 and said that he had started working on the handover plan two years ago, and more actively over the past year.

Chief financial officer Gianluca Tagliabue took on the role of CEO of the group on Jan. 1.

Gildo Zegna’s sons Angelo and Edoardo, members of the family’s fourth generation, were named co-CEOs of the Zegna brand, reporting to Tagliabue.

What will the group look like under their leadership? According to their father, they are “complementary and naturally balance each other out. They don’t compete with one another. Edoardo is more extroverted and very rational, Angelo is more execution-driven. They will play for the team with no ego. They have a clear vision and they will continue the family legacy, having demonstrated their business leadership over the past years. Together, they will not only carry forward the brand’s timeless heritage, but strengthen it further.”

It is true their expertise and different skills were developed over the years, also outside the family company.

Edoardo Zegna, 39, has lived in Washington, New York and San Francisco and is currently based in London. He has worked at Gap Inc. with the creative concept team in New York from 2009 to 2011 and after that, from 2011 to 2014, he was head of product at the American fashion brand Everlane and one of the first employees of that company.

He was appointed head of content and innovation and omnichannel at the Ermenegildo Zegna Group in 2014, later becoming chief marketing and digital officer of Zegna as well as group chief sustainability officer. He greatly contributed to Zegna’s One Brand strategy; the entirely traceable Oasi Cashmere collections; the Zegna X digital customization tool aimed at raising the bar of luxury service, and the exclusive Villa Zegna experiences. As co-CEO of Zegna, he will lead all aspects of brand strategy, from brand image to marketing, and, together with Zegna’s artistic director Alessandro Sartori, design matters, including store design.

Angelo Zegna, 37, held the role of CEO of Zegna’s Europe, Middle East and Africa region and global event strategy director and global client strategy director, and as co-CEO he will oversee product development, merchandising and commercial strategy, driving performance across markets and channels.

Earlier in his career he oversaw Zegna’s retail business in the U.S., spearheading transformative programs focused on client experience and commercial excellence, such as an app to offer personalized styling remotely.

Before that he contributed to strategic and operational projects at Luxottica in São Paulo and New York and worked as a consultant with Bain & Company in Mumbai, where he focused on strategy and performance improvement across emerging markets.

As for Tagliabue, before talking on his CFO role, he was chief operating officer, overseeing the supply chain, a key position for Zegna. He’s now tasked with further integrating Thom Browne and Tom Ford Fashion into the group.

In his new role as executive chairman, Gildo Zegna will continue to oversee the group’s textile platform, the foundations of the company.

As well as the group’s textile division, he will oversee the group general counsel’s office (including internal audit), and the external relations department, which encompasses sustainability, investor relations and corporate communications.

The executive has been instrumental in shaping the Zegna group into an international powerhouse with 2024 sales of 1.94 billion euros; selecting Sartori, who has been successfully evolving Zegna’s style; taking control of the Thom Browne brand in 2018; inking a long-term agreement with the Estée Lauder Cos. Inc. in 2023 for the production and distribution of the Tom Ford Fashion label, and publicly listing the group on the New York Stock Exchange in December 2021.