Ermenegildo Zegna Group To Go Public in SPAC Deal Worth $3.2 Billion
Upon completion of the deal, the Zegna family will retain a controlling stake of approximately 62 per cent.
The post Ermenegildo Zegna Group To Go Public in SPAC Deal Worth $3.2 Billion appeared first on LUXUO.
Credit: Ermenegildo Zegna
Italian luxury house Ermenegildo Zegna Group has agreed to go public by merging with Investindustrial Acquisition Corp. (IIAC), a US special-purpose acquisition company. The deal values the world-renowned fashion house at US$3.2 billion.
Upon finalisation of the transaction ? expected to happen in the fourth quarter of 2021 ? the Zegna family will hold onto the company’s control with a stake of approximately 62 per cent. IIAC will be provided with an 11 per cent stake in the Italian brand.
READ MORE: Richemont Acquires Luxury Handbag Maker Delvaux
This is a strategic shift for the 111-year-old family-run business and follows a trend of consolidation in the luxury goods market. In 2018, Michael Kors Holdings Ltd. acquired Versace for US$2.1 billion. Earlier this year, LVMH Moët Hennessy Louis Vuitton SE purchased Tiffany & Co. at US$15.8 billion. Unlike these deals, however, Zegna’s transaction allows it to go public yet retain a controlling stake.
Credit: William Daniels
In a statement to FT, Gildo Zegna, the brand’s 65-year-old CEO said Zegna could have remained independent for another 100 years, but felt the moment was appropriate as “the world has changed a lot and luxury has become very challenging?.
He add...
The post Ermenegildo Zegna Group To Go Public in SPAC Deal Worth $3.2 Billion appeared first on LUXUO.
Credit: Ermenegildo Zegna
Italian luxury house Ermenegildo Zegna Group has agreed to go public by merging with Investindustrial Acquisition Corp. (IIAC), a US special-purpose acquisition company. The deal values the world-renowned fashion house at US$3.2 billion.
Upon finalisation of the transaction ? expected to happen in the fourth quarter of 2021 ? the Zegna family will hold onto the company’s control with a stake of approximately 62 per cent. IIAC will be provided with an 11 per cent stake in the Italian brand.
READ MORE: Richemont Acquires Luxury Handbag Maker Delvaux
This is a strategic shift for the 111-year-old family-run business and follows a trend of consolidation in the luxury goods market. In 2018, Michael Kors Holdings Ltd. acquired Versace for US$2.1 billion. Earlier this year, LVMH Moët Hennessy Louis Vuitton SE purchased Tiffany & Co. at US$15.8 billion. Unlike these deals, however, Zegna’s transaction allows it to go public yet retain a controlling stake.
Credit: William Daniels
In a statement to FT, Gildo Zegna, the brand’s 65-year-old CEO said Zegna could have remained independent for another 100 years, but felt the moment was appropriate as “the world has changed a lot and luxury has become very challenging?.
He add...
-------------------------------- |
|
Riva?s Stunning 82? Diva ? the Latest Flybridge Yacht
06-05-2024 04:05 - (
luxury )
Gold Luxury Watches Are the Ultimate Midas Touch of Timepieces
06-05-2024 04:05 - (
luxury )