The IPO at NYSE is a tool to continue on the growth strategy implemented by the brand, especially dimensionally. Now that Zegna is listed it can start acting. The brand closed its first day on Wall Street with a 6% increase: not bad for a day where the stock markets (not just in the USA), underperformed. Brand’s financial operation is concluded thanks to a SPAC in partnership with Investindustrial. Gildo Zegna (president and CEO), can now shed a spotlight on the company’s objective. The priority is vertical integration, he explains. If any occasion though may appear for the purchase of brands, they won’t go to waste.
Now that it’s listed
With the listing done, Zegna (with a market value of 3.2 billion USD) is still 66% owned by the reference family, with the residual 34% held by Investindustrial (13%) and the rest on the market (21%). With regards to the first day on the NYSE, Gildo Zegna (in photo, at the center), spoke with satisfaction about the achievement. “We never were sprinters, but rather marathoners – he explained to Il Sole 24 Ore -. Since the first meeting with Investindustrial at the start of 2021, to the announcement of the SPAC on July 19th, we have had to deal with many unforeseen complications and issues”. They didn’t end in summer, just the opposite: “Those complications turned us into marathoners capable of curving around the problems”.
And now the investments
Financial resources will be re-invested, explains Mr. Zegna. Specifically in acquisitions, and mostly of a vertical integration nature. “Since the very beginning we have been focused on textiles and got closer to the fashion segment – he continues -. And that’s why we understand the importance of an authentic vertical integration that can ensure the company will limit the unforeseen issues tied to production and sourcing”. The group appears to be focused on suppliers, but not just. “If any opportunity should present itself, in terms of full or partial acquisitions of brands fitting our DNA – concludes the CEO -, we will fulfill them, as we did in 2018 with Thom Browne”.
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