Zegna set to list on New York Stock Exchange following business combination

Italian luxury group Ermenegildo Zegna has announced the completion of its business combination with Investinustrail Acquisition Corp., a special purpose acquisition corporation sponsored by investment subsidiaries from Investindustrail. The newly combined company is further expected to commence trading on the New York Stock Exchange under the new ticker symbol ZGN, on December 20.

The CEO of the Zegna Group, Ermenegildo Zegna, will ring the opening bell at the Stock Exchange, joined by Thom Browne, members of the Zegna Group and Thom Browne leadership teams, Zegna board members and the chairman of the Industrial Advisory Board and Investindustrial Acquisition Corp.

The Zegna family will remain as majority shareholders and will continue its long-term stewardship of the company with a stake of nearly 66 percent.

According to a release, based on the transaction value, the merged entity is expected to have an enterprise value of 3.7 billion dollars, an initial market capitalisation of 2.4 billion dollars and will be well capitalised.

“Today marks a monumental milestone for Zegna and is the beginning of an exciting and pivotal new chapter in our 111-year legacy,” said Zegna. “What began as a wool mill built by my grandfather has now become a publicly traded, modern luxury group with a one-of-a-kind manufacturing platform, sophisticated digital operations and global scale and reach.”

“We are well-positioned to accelerate the successful strategies of the Zegna Group’s two core brands, Zegna and Thom Browne, while also continuing to build upon our heritage, our ethos of sustainability, and the unique craftsmanship that has made our name synonymous with excellence and luxury around the world. We will continue to meet our clients’ changing needs while working to attract new, younger clients through exciting collaborations and digital innovation across the Group.”

According to the founder of Investindustrial and chairman of the Industrial Advisory Board, Andrea Bonomi, there has been a positive reaction to the business combination with Zegna from markets, investors and the financial community. She added: “This excitement is evidenced by the amount of capital that has been raised to support the transaction, as well as by the participation of major institutional investors.”