The Ermenegildo Zegna Group and Investindustrial Acquisition Corp., a special purpose acquisition corporation sponsored by investment subsidiaries of Investindustrial VII L.P., said on Monday that they entered into a definitive business agreement that is expected to make Zegna a public company listed on the New York Stock Exchange later this year.
“Over 111 years ago, my grandfather and namesake founded Zegna with the belief that caring for both the natural environment and for people was the bedrock for creating the finest textiles and a successful brand,” said chief executive officer Gildo Zegna. “Since then, we have proudly followed in his footsteps to become one of Italy’s true luxury houses. Today’s announcement underscores the success of our strategy of continuously focusing on the group’s brand equity while also continuing to build upon our heritage, our ethos of sustainability and the unique craftsmanship that has made our name synonymous with quality and luxury around the world. The Zegna family will remain at the company’s helm following the transaction’s completion, and we will continue to invest in creativity, innovation, talent and technology in order to sustain Zegna’s leadership position in the global luxury market.”
Upon closing of the transaction, which is expected to occur in the fourth quarter of this year, the Zegna family will continue to control the company with a stake of approximately 62 percent.