Italy: Ermenegildo Zegna listed on the stock market<

The Italian luxury group Ermenegildo Zegna, whose initial value is estimated at $ 3.1 billion, has succeeded in the New York Stock Exchange.

The fashion house made an encouraging beginnings on Monday at Wall Street, after its merger with a financial vehicle on the European group invested, thus becoming the first Italian fashion label to be listed in New York.

The market capitalization of the new entity, which will remain controlled by the Zegna family with a share of almost 66%, was evaluated by the group at 2.4 billion dollars.

The initial corporate value was estimated at $ 3.1 billion.Title ZGN -The Stock Exchange Initials -gained 5.92% to $ 10.74 at the end of the New York Stock Exchange.

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Among the world leaders in high-end male ready-to-wear, Zegna achieved in the first half of a turnover of 603.3 million euros, up almost 50%, and gave net profit from28.15 million euros.

For all 2021, the group, which will retain its head office in Milan, table on revenues of 1.02 billion euros, after a year 2020 disturbed by the coronavirus pandemic.

Present in 80 countries with 296 stores managed in its own, Zegna has changed positioning in recent years, favoring more luxury leisure clothing in order to target a younger clientele.