After its IPO in New York, the CEO of the Zegna brand said that organic growth was the group’s priority.
Italian luxury group Ermenegildo Zegna has completed its merger with special purpose acquisition company (SPAC) Investindustrial Acquisition Corp and is now listed on the New York Stock Exchange as of today under the ticker symbol “ZGN.”
Zegna, an Italian brand founded in 1910 as a textile company and now a leader in luxury men’s fashion, has turned to investors to finance its expansion. “The priority is organic growth… more than acquisitions, we will talk about integrations that follow our values and our DNA,” Gildo Zegna told the daily La Stampa.
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In an interview with La Repubblica newspaper, the executive explained that the group would consider acquisitions if the opportunity arose, but added that the company has “so many organic growth opportunities” that it is in no hurry to buy.
The Zegna family retained nearly 66 percent of the company after its merger with a U.S. blank check company. Ermenegildo Zegna told La Stampa that the IPO would help the company “gain scale in a more competitive market, where size matters,” adding that it would also strengthen the value of the brand.
In July 2021, the company explained that “The U.S. market is booming. Our brand and factories will remain Italian, but the U.S. offers us the necessary visibility and the most important investors in our sector are there.”
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Featured photo : © Zegna