Zegna vows to stay independent

Italian menswear brand Ermenogildo Zegna has vowed to stay independent. In an era of acquisitions and

takeovers, the luxury fashion house stated it had “absolutely no intention” of listing on the stock exchange or selling stakes privately, its chief executive Gildo Zegna told La Stampa newspaper Monday.

"We have the organisational, industrial and financial resources to support our luxury strategy, driven by retail sales and the strength of our supply chain," said Zegna.

Zegna said his menswear company was focusing on developing its own label, as "the Zegna brand is not yet developed to its full potential, either in the luxury segment, or the accessible segment."

According to Reuters, the company makes around 90 percent of sales from exports and sounded a positive note on sales in China, despite demand for luxury goods showing signs of cooling.

Zegna said his company's sales volumes in China had begun to accelerate again after a slowdown in 2013, without providing details.