Italian luxury fashion brand Zegna to go public in $3.2 billion SPAC deal

The Financial Times has it that Italian luxury fashion group Ermenegildo Zegna has agreed to go public through a merger with a special-purpose acquisition company (SPAC) in the U.S.

The merger gives the business an enterprise value of $3.2 billion.

“We could have remained independent for another 100 years, but the moment is appropriate and the world has changed a lot and luxury has become very challenging,” Chief Executive Officer Gildo Zegna told the Financial Times.