[PARIS] Italian fashion house Ermenegildo Zegna is listing its shares through a deal with a blank-cheque company that values the Italian fashion house at US$3.2 billion.
Zegna intends to raise US$880 million by combining with Investindustrial Acquisition Corp, a special-purpose acquisition company whose chairman is Sergio Ermotti, former chief executive officer of UBS Group AG.
The menswear designer is ending more than a century of being a private company as luxury-goods makers keeps consolidating.
Earlier this year, LVMH Moet Hennessy Louis Vuitton SE completed the acquisition of Tiffany & Co., the largest deal yet in the industry.
L Catterton, a private equity firm backed by LVMH, agreed to buy a majority stake in Italian fashion house Etro SpA on Sunday.
Firmly established in the US, SPACs have been gaining recent traction with companies and investors in Europe.
Avanti Acquisition Corp, a SPAC backed by French entrepreneur Ian Gallienne and Egyptian billionaire Nassef Sawiris, last year raised US$600 million to focus on European targets.
Last week, a SPAC backed by the luxury billionnaire Pinault family raised 275 million euros (S$441 million) to focus on entertainment companies in Europe.