Thom Browne Purchased by Ermenegildo Zegna Group for $500 Million USD
The company will be focusing on its global footprint.
Early Tuesday morning the Ermenegildo Zegna Group announced a majority acquisition of Thom Browne Inc. The New York-based label was bought for $500 million USD, meaning Ermenegildo Zegna Group receives 85-percent of Thom Browne’s shares. The remaining 15-percent goes directly to Thom Browne who will remain the chief creative officer of his eponymous line. CEO Rodrigo Bazan will also keep his role, having joined the company back in 2016 after leaving Alexander Wang.
In an official statement Browne shared his thoughts on the newly announced partnership:
“I am very proud and excited for my new partnership with Zegna. I feel that their passion for only the best quality and craftsmanship is very much aligned with how I have always approached my collection.”
The acquisition points to Zegna Group’s move towards resonating with a younger demographic. It is important to note that according to Business of Fashion, Thom Browne’s women’s line makes up 35-percent of the label’s sales.
CEO Ermenegildo Zegna shared that the luxury company’s investment will specifically assist Thom Browne in the realm of manufacturing and spearheading the expansion of its global retail network. Its international expansion, includes serving as the official tailor of the global soccer team FC Barcelona earlier this year.
Zegna later shared:
“On this strong footing and thanks to a thriving women’s business and strong appeal with millennials, we believe that we can build long-term value for all of our stakeholders.”
Stay tuned here as more news emerges following Thom Browne’s acquisition by the Ermenegildo Zegna Group.
