Zegna completes business combination with IIAC. Credit: Andrew Milligan sumo/Flickr.

Italian luxury fashion house Ermenegildo Zegna Group has completed its merger with special purpose acquisition firm Investindustrial Acquisition Corp (IIAC).

The merger secured IIAC’s shareholders with over 97% voting in favour of the merger on 15 December 2021.

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As part of the agreement, Zegna family will hold nearly 66% ownership in the merged entity, while IIAC will reportedly hold 11% stake and the remaining 27% to be available for investment.

The newly merged entity is set to list on the New York Stock Exchange (NYSE) and start trading under the new ticker symbol “ZGN” on 20 December.

It will have an initial enterprise value of $3.1bn, as well as an initial market capitalisation of $2.4bn.

The deal has raised approximately $761m in gross proceeds.

In addition, the brand launched a new logo and transition to which is expected to be completed by 2022.

Zegna Group CEO Ermenegildo “Gildo” Zegna said: “Today marks a monumental milestone for Zegna and is the beginning of an exciting and pivotal new chapter in our 111-year legacy. What began as a wool mill built by my grandfather has now become a publicly traded, modern luxury group with a one-of-a-kind manufacturing platform, sophisticated digital operations and global scale and reach.

“We are well positioned to accelerate the successful strategies of the Zegna Group’s two core brands, Zegna and Thom Browne, while also continuing to build upon our heritage, our ethos of sustainability, and the unique craftsmanship that has made our name synonymous with excellence and luxury around the world. We will continue to meet our clients’ changing needs while working to attract new, younger clients through exciting collaborations and digital innovation across the group.”