Jul 19, 2021
The Italian fashion house Ermenegildo Zegna will go public in New York, the Milan group announced in a statement Monday, which will however remain 62% controlled by its founders.
The house, which will go public “later this year”, will have “an expected initial value of 3.2 billion dollars”, about 2.7 billion euros, the statement said.
“The Zegna family will remain at the helm following the transaction and we will continue to invest in creativity, innovation, talent and technology in order to maintain Zegna’s leadership position in the global luxury market”, commented Group CEO Ermenegildo Zegna, quoted by the press release.
Founded in 1910, the Zegna house, initially specialized in the manufacture of fabrics and men’s clothing, has developed over the years into a global brand. In 2018, it took a majority stake in the American luxury brand Thom Browne, whose turnover has since doubled.
At the end of 2020, the group was present in 80 countries through 296 stores managed directly. For 2021, Zegna expects to approach the level of sales of 2019, when China accounted for a third of its turnover.
“Following the closing of the transaction, which should take place in the 4th quarter of this year (…) the Zegna family will continue to control the company with a stake of approximately 62%”, according to the press release.
All rights of reproduction and representation reserved.
© 2021 Agence France-Presse
All the information reproduced in this section (or on this page as the case may be) is protected by intellectual property rights held by AFP. Consequently, none of this information may be reproduced, modified, redistributed, translated, commercially exploited or reused in any way whatsoever without the prior written consent of AFP. AFP cannot be held responsible for delays, errors or omissions which cannot be excluded, nor for the consequences of actions or transactions carried out on the basis of this information.