Refile: Zegna targets over 10% yearly sales growth after Tom Ford deal

Ermenegildo Zegna NV

05/12/2023 12:18

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       MILAN, Dec 5 (Reuters) - Ermenegildo Zegna  JN0.F  aims
to grow its sales on average by more than 10% annually over the
medium term, with profit rising twice as fast, after it bought
Tom Ford's fashion operations earlier this year, the Italian
fashion group said on Tuesday.
    The family-owned group, which debuted on Wall Street in late
2021, targets a growth of around 20% in adjusted operating
profit in the next few years, it said presenting its strategy to
investors.
    It also expects to generate a strong cash flow surplus.
    Zegna listed in New York by merging with a special purpose
acquisition company backed by Italian private equity firm
Investindustrial. 
    Zegna, based in the northwestern Italian region of Piedmont
and famous for its tailored suits, took control of Tom Ford
Fashion operations as part of the brand's acquisition by Estée
Lauder  EL.N  in early 2023.

 (Reporting by Claudia Cristoferi; Editing by Valentina Za)
 ((claudia.cristoferi@thomsonreuters.com; 0039 0266129692;))