ERMENEGILDO ZEGNA  Buys THOM BROWN For 500 Million Dollars

The Financial Times quoted a statement from Sandbridge Capital regarding Ermenegildo Zegna, Italian Men's luxury group acquiring 85% stake in Thom Browne in other words Thom Brown has been purchased for an outstanding amount of around 500 million dollars by Ermenegildo Zegna, the Italian family business.

Owner of the brand Thom Browne also in a statement added that this deal gave Thom Browne a partner that 'brings the knowledge and skills of a global leader.'Ermenegildo Zegna's revenues according to reports increased 4.5% at 1.2 billion euros (1.4 billion dollars) in 2017, while the Group’s net profit reached 32.8 million euros (38.4 million dollars), a rise of 64 per cent year on year.

Thom Browne according to reports by the Financial Times will be the only other shareholder besides Zegna family in The Thom Browne label. Also, his position as the Chief Creative Officer of the brand still remains as well as the Chief Financial Officer, Rodrigo Bazan.