Italian luxurious group Ermenegildo Zegna is to listing within the US by a cope with a special-purpose acquisition firm (SPAC).
It’s going to worth the family-owned trend powerhouse, based in 1910, at US$3.2bn (£2.3bn).
The SPAC was established by European personal fairness group Investindustrial and is headed by Sergio Ermotti, former chief govt at UBS, Reuters reported.
Zegna will retain 62% of the mixed holding after promoting a portion of its stake, elevating US$880mln.
“We might have remained unbiased for an additional 100 years, however the second is acceptable and the world has modified lots and luxurious has turn out to be very difficult,” chief govt Gildo Zegna instructed the Monetary Instances.
The halt to worldwide tourism has hit small high-end manufacturers greater than bigger teams. On Sunday, Italian trend label Etro agreed to promote a majority stake to LVMH-backed fund L Catterton.