LEVI vs ZGN: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: LEVI is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. LEVI and ZGN share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined LEVI and ZGN exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Levi Strauss & Co. designs and sells jeans, casualwear and related apparel under the Levi's, Dockers, Beyond Yoga and Denizen brands across roughly 110 countries. It sells through three channels: its own retail stores and e-commerce (direct-to-consumer), traditional wholesale partners, and licensing. The company has been deliberately shifting its mix toward direct-to-consumer, which carries higher gross margins, and toward women's and non-denim categories, with women's apparel now around 35% of the business and Beyond Yoga expanding its premium activewear reach.

Full LEVI guide

Ermenegildo Zegna Group is a vertically integrated Italian luxury company that designs, makes, and sells high-end menswear, fabrics, and accessories. Its portfolio spans three brands: the flagship ZEGNA (tailoring, leisurewear, and its own luxury textiles), Thom Browne (a fashion-forward American label), and TOM FORD FASHION (licensed apparel and accessories). The group is unusual in luxury for controlling much of its own supply chain, from wool sourcing and fabric mills to directly operated stores, and it went public on the NYSE in 2021 through a SPAC combination. The Zegna family, through its Monterubello holding company, remains the controlling shareholder with a roughly 60% stake.

Full ZGN guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• LEVI drivers: Direct-to-consumer margin mix shift; Brand strength and denim leadership.
• ZGN drivers: ZEGNA brand elevation and direct retail; Margin discipline and net cash balance sheet.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Apparel is cyclical and discretionary, so a weaker consumer or slower back-to-school and holiday seasons can pressure sales quickly. For ZGN, luxury demand is cyclical and sensitive to a slowdown in China, tourism flows, and wholesale channel health, and Zegna took a provision related to the Saks Global receivable that highlights US department-store risk.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick LEVI if you believe its drivers more; ZGN if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the LEVI and ZGN guides.

LEVI. Figures are approximate as of early July 2026 and move with the market. Levi's reported Q1 FY2026 net revenues of about $1.7 billion, up 14% reported, and guided full-year FY2026 reported revenue growth of roughly 5% to 6% with adjusted EBIT margin expanding toward 11.8% to 12%. Q2 FY2026 results are due July 8, 2026, so figures here predate that report.

ZGN. As of July 2026, ZGN traded around $13-14 per share for a market cap near $3.6 billion, with a trailing P/E around 30x that reflects a premium luxury multiple on a business whose revenue was roughly flat but whose earnings grew about 20%. The FY2025 results (reported March 2026) showed margin expansion and a swing to net cash. The valuation prices in continued brand elevation, so it is sensitive to any deceleration in luxury demand.

Headline figures (approximate, JULY 2026): LEVI shows market cap ~$9.4B, share price ~$25, revenue (ttm) ~$6.3B, net income (ttm) ~$580M; ZGN shows revenue (fy2025) ~€1.92B (~$2.25B TTM), net profit (fy2025) ~€109M (up ~20% YoY), adjusted ebit (fy2025) ~€163M, gross margin (fy2025) ~67.5%.

LEVI and ZGN are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined LEVI and ZGN exposure against your real portfolio. It is not an investment adviser.