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The Italian fashion house Ermenegildo Zegna goes public in New York. The brand will nevertheless remain 62% controlled by its founders.
The Milanese group Zegna announced this morning via a press release its listing on the stock exchange. The house will have an “initial anticipated value of 3.2 billion dollars“, or about 2.7 billion euros. “Upon closing of the transaction, which is expected to occur in the fourth quarter of this year […] the Zegna family will continue to control the company with a stake of approximately 62%,” according to the statement.
Since 1990, Zegna has specialized in the manufacture of fabrics and menswear. At the end of 2020, the fashion house was present in 80 countries through nearly 300 stores.
“The Zegna family will remain at the helm following the transaction and we will continue to invest in creativity, innovation, talent and technology to maintain Zegna’s leadership position in the global luxury market,” explained Ermenegildo Zegna, the brand’s chief executive officer, in the release.
With the IPO, Zegna will merge with New York-listed Investindustrial Acquisition Corp. The investment in the Italian fashion brand will give Investindustrial an 11 percent stake in the company.
In an interview with Financial Time, the CEO says the house could have “remained independent for another 100 years, but the timing is right, the world has changed a lot and luxury has become very difficult.”
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The Italian fashion house Ermenegildo Zegna goes public in New York. The brand will nevertheless remain 62% controlled by its founders.
The Milanese group Zegna announced this morning via a press release its listing on the stock exchange. The house will have an “initial anticipated value of 3.2 billion dollars“, or about 2.7 billion euros. “Upon closing of the transaction, which is expected to occur in the fourth quarter of this year […] the Zegna family will continue to control the company with a stake of approximately 62%,” according to the statement.
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The Italian fashion house Ermenegildo Zegna goes public in New York. The brand will nevertheless remain 62% controlled by its founders.
The Milanese group Zegna announced this morning via a press release its listing on the stock exchange. The house will have an “initial anticipated value of 3.2 billion dollars“, or about 2.7 billion euros. “Upon closing of the transaction, which is expected to occur in the fourth quarter of this year […] the Zegna family will continue to control the company with a stake of approximately 62%,” according to the statement.
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