299
Fashion Jobs
L'OREAL GROUP
Assistant CRM Manager
Permanent · HONG KONG
L'OREAL GROUP
Key Account Manager
Permanent · HONG KONG
H&M
Total Rewards Manager, Supply Chain
Permanent · TSIM SHA TSUI
H&M
Accounts Specialist
Permanent · TSIM SHA TSUI
ESTÉE LAUDER COMPANIES
Assistant Demand Planning Manager
Permanent · HONG KONG
ESTÉE LAUDER - BRAND
Retail Marketing Manager, Estée Lauder
Permanent · HONG KONG
CLINIQUE
Assistant Education Manager, Clinique
Permanent · HONG KONG
CLINIQUE
Senior Marketing Manager, Clinique
Permanent · HONG KONG
TOMMY HILFIGER
Senior Manager, Creative Services, Tommy Hilfiger Asia Pacific
Permanent · HONG KONG
AESOP
Retail Consultant
Permanent · SHA TIN
NEWELL
Senior Manager, Indirect Sourcing
Permanent · HONG KONG
L'OREAL GROUP
Group Product Manager
Permanent · HONG KONG
ADIDAS
Senior Manager, Materials Availability Management
Permanent · HONG KONG
L'OREAL GROUP
Assistant Purchasing Manager (Marketing, Digital IT)
Permanent · HONG KONG
PUMA
Manager Innovation Technical Apparel
Permanent · HONG KONG
DR. MARTENS
Head of Financial Accounting, Apac
Permanent · TSIM SHA TSUI
TJX COMPANIES
Director of Sourcing, Apparel -Hong Kong
Permanent · HONG KONG
A & F
Hollister CO. - Brand Representative (Part-Time / Full-Time), Hysan Place
Permanent · CAUSEWAY BAY
A & F
Hollister CO. - Brand Representative (Part-Time / Full-Time), Yoho Mall
Permanent · HONG KONG
A & F
Abercrombie & Fitch - Brand Representative (Part-Time / Full-Time), Harbour City
Permanent · TSIM SHA TSUI
KERING EYEWEAR
Kering Eyewear Assistant Trade Marketing Manager Travel Retail
Permanent · HONG KONG
JAEGER
Training Manager
Permanent · HONG KONG
By
Reuters
Published
Dec 21, 2021
Reading time
2 minutes
Download
Download the article
Print
Text size

Italian luxury group Zegna climbs on Wall Street debut

By
Reuters
Published
Dec 21, 2021

​Shares in Italian luxury menswear group Zegna rose on their New York market debut on Monday, after the company completed a merger with a U.S. blank check company in a deal with an enterprise value of $3.1 billion.


Zegna - Spring-Summer2022 - Menswear - Milan - © PixelFormula


At 1634 GMT, the shares traded at $10.92 apiece, up 6.6% from the opening price of $10.24. The company had said in a statement that the initial market capitalisation of the combined group would be $2.4 billion.

Zegna's Chief Executive Gildo Zegna told a press conference the listing would help the company accelerate a transition towards "comfort clothing."

"Products that last and perform, and we're both of those - it's just a matter of accelerating ... this project will make us raise our voice and raise our bar."

At a time when the coronavirus pandemic is wreaking havoc with global supply chains and inflating the price of natural resources, Zegna pointed to possible acquisitions of suppliers.

"If you don't control the supply chain you go nowhere ...raw materials are going to be scarcer and scarcer and more expensive," the CEO said.

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.

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.

"Zegna was a dream for us," he said.

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.

Zegna, founded in 1910 as a textile company and now a leader in luxury menswear under the family's third generation, reaped gross proceeds of $761 million from the listing, mostly from Investindustrial and other participants in the deal.

As part of the overall transaction, the luxury group raised $169 million out of $402.5 million initially amassed by the SPAC as 58% of its investors took their money back - mass redemptions have been a common feature for this kind of deal in recent weeks.

A backstop deal with outside investors helped fill most of the gap, with the final enterprise value of $3.1 billion just short of the $3.2 billion initially mooted.

Over the past few weeks several companies, including Grab Holdings and BuzzFeed, that merged with SPAC entities to go public have seen their shares tumble, as investors pull the rug out from under the stocks hyped in Wall Street's frenzied blank-check deals this year.

The average redemption rate has more than doubled to 58% in the fourth quarter from a year earlier, data from Dealogic showed, as many companies fall short of investors' lofty expectations.

© Thomson Reuters 2024 All rights reserved.