Zegna Group has begun trading on NYSE under new ticker symbol “ZGN”
December 20, 2021: Closing the year with a landmark milestone, Ermenegildo Zegna N.V., the Italian luxury group, has completed its business combination with Investindustrial Acquisition Corp. (IIAC), a special purpose acquisition corporation sponsored by investment subsidiaries of Investindustrial VII L.P. The newly combined company has commenced trading on the New York Stock Exchange under the new ticker symbol “ZGN” from today.
The Zegna family will continue its long-term stewardship of the Company through an ownership stake of nearly 66%, while Investindustrial will be a significant shareholder with an approximately 13% stake. The free float will be approximately 21%. Based on the transaction value, the merged entity is expected to have an initial enterprise value of $3.1 billion, an initial market capitalization of $2.4 billion. The transaction delivers approximately $761 million in gross proceeds.
Ermenegildo Zegna, CEO of Zegna Group, rang the opening bell at NYSE today. He was joined by Thom Browne (creative head of Thom Browne – owned by Zegna), members of the Zegna and Thom Browne leadership teams, by Zegna Board member Paolo Zegna, and by Andrea C. Bonomi, Founder of Investindustrial and Chairman of the Industrial Advisory Board, and Sergio Ermotti, Chairman of Investindustrial Acquisition Corp.
Ermenegildo “Gildo” Zegna, CEO of Zegna Group, said: “Today marks a monumental milestone for Zegna and is the beginning of an exciting and pivotal new chapter in our 111-year legacy. 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.”
Mr. Zegna also mentioned that at the end of November 2021, the Group’s worldwide performance was substantially in line with pre-COVID-19 levels. Zegna’s recent rebranding put the brand under the spotlight as well.
Earlier this year, Zegna demonstrated its continued momentum, delivering strong sales and profitability for the first half of 2021, with revenues up 50% year-over-year. The Group’s ongoing growth in the luxury leisurewear segment, as well as its newly found resonance with younger generation, uniquely positions it for long-term success.