The deal, announced in July, is the latest example of an Italian family-owned fashion business attracting outside investors to fund expansion, boost marketing spending and compete with bigger players, after the industry was hit hard by the coronavirus crisis. Investindustrial founder Andrea Bonomi said he and Ermotti had put their business proposition to Zegna in January at a meeting in the mountains, putting on hold possible alternatives until he came back with an answer a couple of months later. The Zegna family will have a 66% stake in the group resulting from the merger with Investindustrial Acquisition Corp, a special purpose acquisition company (SPAC) sponsored by private equity firm Investindustrial and chaired by former UBS chief executive Sergio Ermotti. raw materials are going to be scarcer and scarcer and more expensive," the CEO said. "If you don't control the supply chain you go nowhere. We have enough on our plate, but we'll keep an open mind."Īt a time when the coronavirus pandemic is wrecking havoc with global supply chains and inflating the price of natural resources, Zegna pointed to possible acquisitions of suppliers. we need to concentrate our resources, our energies on it. "The reason we're here is that we need scale," Zegna said. The group will remain focused on internal growth, without ruling out external expansion routes that "fit its DNA." this project will make us raise our voice and raise our bar." "Products that last and perform, and we're both of those - it's just a matter of accelerating.
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