Designer Zegna to Go Public in SPAC Deal Worth $3.2 Billion
Bloomberg 15 hrs ago Angelina Rascouet
(Bloomberg) Ermenegildo Zegna is listing its shares via a $3.2 billion deal with a blank-check company, letting the Italian fashion house join other luxury brands tapping investor cash while keeping the founding family in control.
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Zegna said Monday it will raise $880 million by combining with Investindustrial Acquisition Corp., a special-purpose acquisition company whose chairman is Sergio Ermotti, former chief executive officer of UBS Group AG. The Zegna family will control 62% of the combined entity and the shares will trade on the New York Stock Exchange.
Ermenegildo Zegna Will Go Public Through a SPAC Deal nytimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nytimes.com Daily Mail and Mail on Sunday newspapers.
Luxury Goods Market to Witness Stunning Growth | Luxottica Group, Hermes, Rolex
iCrowd Newswire
16 Jul 2021, 11:30 GMT+10
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Circularity Is the Way Forward, Says Richemont in Sustainability Paper
Women s Wear Daily (WWD) 19 hrs ago Samantha Conti
LONDON What color is profitability?
Most accountants would say black, but Compagnie Financière Richemont and its watch, jewelry and fashion brands think it should be green. According to a new report, the group is pursuing a “green growth” agenda that aims to increase profitability while shrinking its carbon footprint, and is working toward circularity in sourcing and sales.
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The parent of brands including Cartier, Chloé, IWC and Yoox Net-a-porter Group talks about ESG accomplishments and aspirations in its 2021 sustainability report “Movement for Better Luxury,” which will be released on July 14.
Nearly 70 per cent of malt distilleries are ultimately owned by companies outside Scotland with wealthy people linked to the whisky industry including a French fashion billionaire, an Australian yoghurt tycoon, a Swiss philanthropist and Thailand’s richest man.
The Ferret can reveal that of the 126 Scots distilleries only a third (42) are owned by Scottish firms.
Companies based in Bermuda, Gibraltar, China, France, Japan, Philippines, Taiwan and Thailand are among those investing in an industry which was worth £3.8bn to the Scottish economy in 2020.
Foreign investment has been welcomed by some commentators. But others expressed concern that profit could flow out of Scotland and domestic industry be excluded.