Zegna debuts at NYSE, Italian fashion lands on Wall Street


The Italian fashion and luxury group has chosen the American stock exchange to finance its growth over the next few years. It becomes the 19th Italian company contracted in New York

Who knows if Ermenegildo Zegna, when he founded the fashion house that takes his name in 1910, would have ever imagined that his nephew Gildo would one day ring the bell on Wall Street. That moment has arrived: the Ermenegildo Zegna fashion house founded in Trivero in the Biella area went public on the New York stock exchange, as it had announced last July. The company specializing in luxury men’s clothing and present in 80 countries with 296 direct stores has decided to ally with Invesintundstrial Acquisition Corp to open up to the most important financial market in the world.

Listing of 2.4 billion

The Zegna family will retain control, holding 66 percent of the company, which will start from an initial capitalization of 2.4 billion euros. The operation is consistent with what has been happening in the luxury sector for years. Numerous companies, even with a ten-year history behind them, are deciding to strengthen themselves to compete on the global market. According to Deloitte, mergers and acquisitions increased further globally last year. But Zegna’s choice differs from the paths taken by other Italian brands, which have instead decided to ally themselves with foreign fashion houses, or to sell directly. The Biella-based group has in fact focused heavily on the New York stock exchange, from which it hopes to be able to collect a flow of money that will allow it to finance future growth while remaining independent.

Quotation through Spac

The operation to list Zegna was carried out through a SPAC, a type of company that was created for the sole purpose of raising a sum sufficient to integrate with a company considered interesting and bring it to the stock exchange.

The choice of quotation is often underestimated by Italian entrepreneurs, who historically do not like trading on the stock exchange for fear of losing control of the companies. But in recent years, also thanks to the SPACs, Wall Street has become a little more Italian: in fact, only in 2021 have Stevanato, Helbiz and Genenta Science already completed the listing, reaching 19 Italian companies traded on the New York floor.



Source-tg24.sky.it