Ermenegildo Zegna is bringing a new luxury product to the New York Stock Exchange: itself. And it is doing it in the most financially trendy way, The New York Times reports.
Toiday the Italian company known for its master of the universe suits became, it says, the first Italian fashion brand to list on the exchange. It is going public by merging with a shell corporation (Investindustrial Acquisition). Zegna’s SPAC is led by Sergio Ermotti, the former chief executive of UBS.
The offering may be the zenith of the luxury industry’s rebound in 2021 after the pandemic closed stores across the globe in 2020, causing revenues to plummet — so much so that Ermenegildo Zegna, Zegna’s chief executive, who goes by Gildo, compared it to his “World War III.” Read more.
