Zegna shares begin trading in New York – WWD
NEW YORK – The Ermenegildo Zegna group is now a public company.
“It’s a unique experience and truly a historic moment,” Chairman and CEO Gildo Zegna said Monday morning, the first day of trading, before ringing the bell on the New York Stock Exchange, to applause and applause. .
The frame was surrounded by his cousin Paolo Zegna; his son Edoardo; the artistic director of the company Alessandro Sartori; Andrea Bonomi, founder of Investrindustrial; Thom Browne and Rodrigo Bazan, CEO of the American designer company.
“I am very proud to be Italian, we are the ambassadors of Made in Italy, and very proud to be the first Italian fashion house to be listed in New York,” said Zegna.
The shares started trading under the ticker ZGN shortly after 9:30 a.m. at $ 10.30.
In July, Zegna announced that it was planning an initial public offering in a deal that is expected to give the fashion group a market cap of $ 2.5 billion. The Italian men’s clothing giant has entered into a business deal with Investindustrial Acquisition Corp., a special-purpose acquisition company sponsored by investment subsidiaries of Investindustrial VII LP.
The IIAC has raised total gross proceeds of $ 402.5 million under its IPO. The new PIPE facility is in addition to the $ 250 million PIPE facility and the € 184.5 million forward purchase agreement (subject to adjustment) with an IIAC subsidiary revealed in last july.
The IPO is expected to allow Zegna to continue its global expansion and further develop its manufacturing pipeline through acquisitions.
The Zegna family will continue to control the luxury business with an approximate 62% stake. Investindustrial will hold an 11% stake and 27% will be float. Based on the value of the transaction, the merged entity will have an expected initial enterprise value of $ 3.2 billion.
Ahead of the announcement, the menswear giant launched a major rebranding project, which will result in the label known simply as Zegna.