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Italy’s Zegna fashions New York listing in $3bn spac deal

Boss of luxury business says market is ‘very challenging’ for independent companies

Italian luxury fashion company Zegna will go public in New York on Monday by combining with a US special purpose acquisition company for an expected enterprise value of $3.1bn.

The spac was launched by European private equity group Investindustrial and is chaired by former UBS chief executive Sergio Ermotti. Its deal with Zegna was first reported by the FT in July and initially valued the combined company at $3.2bn.

“We are very proud to be the first Italian fashion company to be listed in New York,” said Gildo Zegna, the third generation of the family to run the company since its founding in 1910, in an interview at Zegna’s Manhattan flagship store on the Friday before the listing.

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