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  "notes": "Includes footnote regarding Investindustrial Acquisition Corp.",
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      "text": "In FY 2023 SG&A expenses rose to €901m, with an incidence on revenues of 47.3% (46.6% in FY 2022). The increase in SG&A is driven by the consolidation of TFF and by the Thom Browne Korean business take over. The impact of these two items was mitigated by better incidence in the Zegna segment. The impact of the TFF consolidation on SG&A is largely related to the portion of PPA associated with the ongoing licence amortisation (€2.2m) and the royalties that TFI pays to The Estée Lauder Companies Inc. (ELC). In 2021 SG&A expenses incorporated the costs related to the Business Combination(*).",
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