updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6114hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6114
\n<\/p>\n
As per the deal, the Zegna family is expected to raise $880 million by collaborating with Investindustrial. It will also retain a 62% majority stake in the company, valued at $2.5 billion.<\/p>\n<\/div>\n
The Ermenegildo Zegna Group, an Italian luxury fashion line, will publicly list on the New York Stock Exchange (NYSE<\/a>). Catering exclusively to men, the fashion company has agreed with Investindustrial Acquisition Corp to go public for an initial enterprise value of $3.2 billion. <\/span>Investindustrial is a special purpose acquisition corporation, or SPAC<\/a>, launched by the Investindustrial Group\u2019s investment subsidiaries. Founded and managed by Andrea Bonomi, the group is based in London and has been affiliated with Italian couture brands for quite some time now.<\/a> Through the SPAC, Zegna will go public later this year.<\/span><\/p>\n The Zegna decision to partner and with the SPAC and go public is borne out of the desire by the fashion company to expand its reach in Asia and the United States. Funds received from public investors will enable the fashion company to compete aggressively with bigger <\/span>brands. <\/p>\n The US SPAC led by Sergio Ermotti, former chief executive at Swiss bank <\/span>UBS<\/span><\/a>, will structure the new public profile of the company in the manner that best serves Zegna\u2019s interest in increased growth and expansion. China is also a big target for the company. In 2019, the company\u2019s sales accounted for 35% of its 1.3 billion in 2019. The United States also remains on the radar due to its prevalence of affinity for luxury clothing. In addition, the SPAC deal will also help the company\u2019s profile expand further by acquiring other brands.<\/span><\/p>\n Founded by Ermenegildo Zegna in 1910, the company was privately owned for 111 years by the Zegna family. Initially a textile company, it eventually snowballed into a leading luxury brand over time. <\/span>Zegna currently owns and operates approximately 300 stores in 80 countries. The new SPAC partnership allows Zegna to retain relative autonomy in the <\/span>brand\u2019s visual appeal<\/span><\/a>.<\/span><\/p>\n As per the deal, the Zegna family is expected to raise $880 million by collaborating with Investindustrial. It will also retain a 62% majority stake in the company, valued at $2.5 billion. The transaction between both parties should also pull in nearly $880 million for the company, in gross figures. Zegna CEO Gildo Zegna believes that although the company would have <\/span>done just fine under<\/span><\/a> private ownership, the benefits of going public is a much-needed boost in market expansion and proceeds generation. Gildo said:<\/span><\/p>\n \u201cToday\u2019s announcement underscores the success of our strategy of continuously focusing on the group\u2019s brand equity, while also continuing to build upon our\u2026unique craftsmanship\u2026\u201d<\/p>\n<\/blockquote>\n Over the past few years, similar occurrences have taken place between fashion-line powerhouses and private equities. Bigger fashion brands are also buying up smaller ones to increase global visibility. Capri Holdings, formerly known as Michael Kors Holdings, acquired Versace for $2.1 billion in 2018. Tapestry, formerly known as Coach, has acquired Kate Spade and Stuart Weitzman.<\/span><\/p>\n All parties should complete the initiative in the fourth quarter of this year.<\/span><\/p>\n Zegna and Investindustrial: a Promising SPAC Partnership<\/b><\/h2>\n
\n
![\"Tolu](\"https:\/\/www.coinspeaker.com\/wp-content\/themes\/cs\/images\/team\/ajiboye-tolu-profile-photo-01.jpg\")
<\/figure>\n