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Ermenegildo Zegna, a leading Italian fashion group, has agreed to go on a joint venture with a US-based private equity firm in a partnership that gives the business a profit of $ 3.2bn and a combined investment that destroys the high-end market.
Zegna, a family company since its inception in 1910, will earn $ 880m in addition to Location led by a European financial management team led by former UBS chief executive Sergio Ermotti.
Part of the proceeds go to help Zegna set up her own men’s clothing business and empower them to hunt for other brands to earn, and build on. his purchase of $ 500m of Thom Browne of America in 2018.
Gildo Zegna, a 65-year-old man, told FT: “We would have been less than 100 years old. But the moment is right and the world has changed so much and so high standards have become so difficult.”
Zegna, who in consultation with the plague before the plague he said he was not interested in taking the business, adding: “The opportunity came and we took advantage of it. The level is needed… and the right friend… we can do our best to take advantage of new opportunities if possible.”
The idea of writing it differs from the methods many self-employed, family-oriented people have taken – even before the epidemic destroyed companies – to sell large corporations or small businesses.
Etro, the leading family retailer, is the one to follow this Monday, when it is expected to confirm the sale of more than 500 million stocks looking at its business at L Catterton, a private group sponsored by LVMH.
According to Zegna’s actions, the couple will sell their share and save 62% of all the companies, who are being paid $ 2.5bn.
Ermenegildo Zegna in London: The group had previously refused to join the group © Jason Alden / Bloomberg
The results include about $ 400m raised last year by Investindustrial Acquisition Corp, a New York-based organization with Zegna affiliated, as well as $ 250m from unnamed business owners.
Another $ 225m will come from Investindustrial, a fundraiser run by Andrea Bonomi, as soon as the project is completed. Bonomi, a successor to Italian families, has found Zegna since January to make a deal after months of negotiations.
The assets at Zegna will give Investindustrial 11% stake in the company, as well as shares that they will receive as Spac sponsors. Investindustrial has committed to closing its three-year shareholding on its financial benefits.
Zegna was founded by Gildo’s grandmother, Ermenegildo, as a luxury clothing retailer in northern Italy in Treviso.
The company was known for its men’s suits since the 1960s, and was one of the first high-profile companies to enter China in 1991, establishing an active brand and, importantly, forming strong relationships with homeowners in the market that is now their largest market.
While the demand for men’s suits has diminished in recent years, the company has turned to what Gildo Zegna described as “extreme entertainment”, and invested in “buying sheep” where others have sold their factories just to compare design, sales and marketing.
Since the acquisition of Thom Browne, Zegna told FT that the group re-established its name, and included its marketing. Zegna, which employs more than 6,000 people, also has a close relationship with Chanel, Tom Ford and Gucci, where they make fabrics.
Gildo’s cousin Paolo, his sister Anna, and Edoardo and Angelo’s two sons also serve in this field. Asked if the idea of writing his own sections meant that an elder outside the Zegna family could replace Gildo, Bonomi replied that it was “the right thing” for the next elder to be Zegna but that it would be appropriate.
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