Ermenegildo Zegna, the Italian luxury fashion group, has agreed to go public by combining with a US special-purpose acquisition company in a deal that gives the business an enterprise value of $3.2bn and bucks the trend of consolidation sweeping the luxury industry.
Zegna, a family-owned company since its foundation in 1910, will raise $880m by combining with a Spac launched by European private equity group Investindustrial and chaired by former UBS chief executive Sergio Ermotti.
Part of the funds raised will go to helping Zegna invest in its menswear business and give it firepower to hunt for other brands to acquire, building on its $500m purchase of US luxury label Thom Browne in 2018.
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