The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
The Italian luxury group returned to profitability in the first half of 2021, after the pandemic sent sales plunging and pushed it into the red.
It reported a €31 million ($36 million) profit for the six months ending June 30, compared with a €86.7 million loss during the same period last year. Sales were up 50 percent year-on-year, at €603.3 million.
The company said it had seen “solid growth” in the third quarter, adding its performance at the end of September was close to pre-pandemic levels.
The family-owned menswear group, which owns Thom Browne in addition to its flagship Zegna brand, has plans to go public later this year by merging with a New York-listed special purpose acquisition company (SPAC), giving the firm an anticipated enterprise value of $3.2 billion.
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Why Ermenegildo Zegna Is Going Public
The Italian menswear brand is raising $880 million by merging with a New York-listed SPAC. The funds will give the luxury firm greater financial firepower to help it bounce back from a bruising pandemic year and fend off competitors.
The World Economic Forum in Davos, a retail convention in New York and menswear shows in Paris will command the industry’s attention. Plus, what else to watch for this week.
The owner of Lanvin, Sergio Rossi and other brands is the first fashion company to list on a US exchange in a year. But the tough economy and investor skepticism about money-losing start-ups is likely to keep others from following suit.
Kanye and Adidas, Johnny Depp and Dior: celebrity marketing can be a minefield as well as a goldmine — and social media has raised the stakes.
High-end brands continue to report record sales and profits, even as mass retailers trim their outlooks for the autumn and winter. Can it last?