The Italian fashion group Ermenegildo Zegna Group has completed its initial public offering, which it announced in the summer. As of Monday, the group’s shares will be traded on the New York Stock Exchange under the symbol ZGN, announced the parent company of the Zegna and Thom Browne brands on Friday.
For the move, the Italians also used the merger with a so-called Special Purpose Acquisition Company (SPAC), i.e. an already listed company that was founded specifically as a vehicle for the IPO of other companies. The merger with Investindustrial Acquisition Corp. was carried out on Friday, according to the company. The transaction generated gross revenues of $ 761 million (€ 676 million), the Zegna Group said. The company’s value is now estimated at 3.1 billion US dollars, the market capitalization at the stock market launch is 2.4 billion US dollars. The majority owners remain the Zegna family, who, according to the company, hold almost 66 percent of the shares.
CEO Ermenegildo “Gildo” Zegna described the IPO as a “monumental milestone” for the fashion house. With the move begins “an exciting and decisive chapter in our 111-year tradition,” he said in a press release. The group of companies is now “in a good position to further advance the successful strategies of the two core brands”.
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