Zegna set to go public
Luxury Italian brand Zegna is set to go public using a special purpose acquisition (SPAC). It is listing its shares on the New York Stock Exchange through a $3.2 billion deal and plans to raise $880 million though a combination with Investindustrial Acquisition Corp. The Zegna family will retain overall control of the company with 62 per cent of the new entity. Law firm Sullivan & Cromwell is advising the Ermenegildo Zegna Group on the transaction which is expected to close at the end of 2021 whilst Kirkland & Ellis and Chiomenti are dealing with SPAC issues. Chiomenti is advising its long-term client Investindustrial on all of the transaction’s corporate and tax aspects with corporate partners Carlo Croff and Luigi Vaccaro and tax partner Massimo Antonini advising. Meanwhile Kirkland's deal team for Investindustriali includes corporate partners David Perechocky and Jonathan Davis, capital markets partners Cedric Van den Borren and Christian Nagler and debt finance partner Neel Sachdev. Deutsche Bank, Goldman Sachs & Co LLC and JP Morgan Securities Plc are receiving advice from Shearman & Sterling.
LVMH ups stake in Off-White
LVMH has acquired a majority stake in menswear designer Virgil Abloh’s Off-White label whilst expanding his role at LVMH in a move to attract younger customers.
Prada, Zegna Groups Jointly Acquire Cashmere Company
Italy’s Prada Group and Ermenegildo Zegna Group have partnered to acquire a majority stake in Filati Biagioli Modesto SpA, a Montale- based company that specialises in the production of cashmere. The deal is part of a new effort to protect the supply chain in Italy.
Sotheby’s Accepts Cryptocurrency for 100+ Carat Diamond
Auction house Sotheby’s announced that cryptocurrency will be accepted as payment for a 101.38-carat, pear-shaped D Flawless diamond.
Richemont acquires leather goods house Delvaux
Swiss luxury group Richemont announced that it is acquiring 100 percent of Belgian handbag house Delvaux in a private transaction.
Adidas Sues Thom Browne Over "Similar" Stripes
Adidas is suing Thom Browne in the latest battle over its famous three stripes. According to the trademark infringement and dilution complaint filed in a New York federal court in June, Adidas claims that Thom Browne is “now offering for sale and selling athletic-style apparel and footwear featuring two, three, or four parallel stripes in a manner that is confusingly similar to Adidas’s three-stripe mark.” The case is the latest in a number of lawsuits and challenges Adidas has waged over stripes, including those against brands such as J. Crew and Juicy Couture to Tesla and Forever 21.
PVH Corp Sells Heritage Brands to Authentic Brands Group
US fashion group PVH Corp. announced in June that it is selling its heritage brand business to Authentic Brands Group, solidifying its focus on its Tommy Hilfiger and Calvin Klein brands.
Bentley Opens New Quality Assurance Facility in England
British automaker Bentley Motors has certified for delivery the first vehicle – a Bentayga V8 - from its new Excellence Centre at Crewe, England, part of a continued push towards modernizing production.
LVMH, French president unveil renovated La Samaritaine
French luxury conglomerate LVMH’s Bernard Arnault and French President Emmanuel Macron came together to inaugurate the newly renovated department store on June 21, completing a nearly 16-year restoration project.
Rémy Cointreau Reveals Sustainable Champagne House with Ambitious Plans
French spirits group Rémy Cointreau is returning to the world of sparkling wines after unveiling the refreshed Champagne house Telmont. Now part of Rémy Cointreau, Telmont is looking to become a 100 percent organic champagne house.
Ralph & Russo sold to ecommerce group
British couture house Ralph & Russo announced it had been acquired by Retail Ecommerce Ventures (REV), the latest indication that the luxury fashion sector is undergoing a period of consolidation. Ralph & Russo is known for its feminine and embellished gowns.