Ermenegildo Zegna takes another step towards Wall Street. As announced last July, the Piedmontese fashion house has decided to list in New York and the landing, as anticipated by the number one of Investindustrial Andrea Bonomi, could take place between the end of November and the beginning of December.
“I confirm that Zegna will be listed on Wall Street at the end of November, the first days of December,” Bonomi said during the Class Agora Milan fashion conference.
The quotation will not take place through the classic IPO, but rather via a spac (Investindustrial Acquisition Corp) launched by Investindustrial. Following the operation, the Zegna family will maintain a stake of 62% of the capital, while Investindustrial and other shareholders will have 11%, with a lock-up of up to a maximum of 3 years. The rest will go to the market. Based on the value of the transaction, the merged entity is expected to have an initial enterprise value of $3,2 billion with an expected capitalization of 2,5 billion of dollars.
We recall that a few days ago the group presented i accounts of the Frfirst half, closed with revenues of 603,3 million euros (+49,9% compared to the first six months of 200) driven by the performance achieved in the Greater China area, where the company recorded growth of 81,1 %. Revenues in Italy also rose sharply, from 51,3 million euros to 84,7 million euros, and in the United States, from 50,5 million euros to 65,1 million euros). Adjusted EBIT increased by 11,1% to €66,8 million, while half-year profit amounted to €32,2 million, compared with a loss of €87,8 million in the first half of 2020. Net financial debt amounted to 73,3 million euros, from 6,7 million euros at the end of 2020. The months of July, August and September continued to show "solid growth in revenues compared to the same period of 2020”, underlined the company in a note and “the group's worldwide performance is therefore close to pre-Covid levels at the end of September".
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