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Investing.com -- Ermenegildo Zegna NV (NYSE:ZGN) stock gained 3.2% in premarket trading following reports that Singapore’s state investment firm Temasek has built a 10% stake in the Italian luxury fashion house.
The investment by Temasek represents a significant vote of confidence in the Italian luxury brand, which has been working to expand its global presence. Zegna, known for its high-end menswear and textiles, went public in December 2021 through a SPAC merger.
While details about Temasek’s investment strategy regarding Zegna remain limited, the move aligns with the sovereign wealth fund’s history of making strategic investments in premium global brands. The Italian fashion house has been focusing on strengthening its position in the luxury market, particularly following its acquisition of American brand Thom Browne.
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