Ermenegildo Zegna, the menswear luxury brand of Italy, is all set to go public on the New York Stock Exchange.
The 100-year-old reputed fashion label has announced that it plans to become a publicly traded firm via a company run by Investindustrial.
Notably, Investindustrial is a European investment firm that will provide the brand US $ 880 million (in cash) to pursue acquisitions.
As per media reports, the deal is worth US $ 3.2 billion, including debt.
Meanwhile, the Zegna family will, reportedly, retain a stake of 62 per cent and continue to run the business.
Gildo Zegna, CEO, Ermenegildo Zegna, told media that the luxury brand is planning to consolidate further – signalling that the company could be eyeing an acquisition spree in the luxury segment.
The brand also needs capital to expand its footprint, which at present has 300 stores across the world.
In a statement released to media, Sergio Ermotti, Chairman, Investindustrial SPAC, averred “Our goal now is to support Zegna in this important new chapter of its history while opening the opportunity to the public to invest in one of the last great iconic independent luxury brands.”