Zegna plans new Singapore store, buys Thom Browne brand
Ermenegildo Zegna has revealed plans to open a new store in Singapore, part of a plan to broaden its reach, which included acquiring young US brand Thom Browne this week.
No details were provided about the store, other than it is part of a broader expansion in Asia, with other stores planned for Beijing and Tokyo.
Ermenegildo Zegna, which has traditionally specialised in high-end Italian suits, is expanding its range in the hope of attracting a new, younger customer demographic. It has bought an 85 per cent stake in Thom Browne from private equity owner Sandbridge Capital in a transaction valuing the brand at US$500 million. Its namesake founder, who started the label in 2001 with a single shop selling by appointment only, will retain 15 per cent of the business and remain as its creative director. Rodrigo Bazan will continue as CEO.
Small, fast-rising brands are attracting a growing market share internationally by satisfying demand for high-end casual wear.
Ermenegildo Zegna, CEO of Zegna Group and the grandson of its founder, says the acquisition was the largest purchase in the family-owned company’s 108-year history.
“We were lucky to do this deal,” he said in an interview reported by the New York Times. “We have been looking for a trophy brand like Thom Browne for quite some time, but everything was either too big, too expensive or not attractive enough as a proposition.
“Then this came up, and I knew that Thom Browne would be the perfect fit for us,” he said.
Besides menswear, Thom Browne produces womenswear, shoes, knitwear and accessories. Annual sales are currently about US$100 million.