The Ermenegildo Zegna Group announced on Tuesday morning that it acquired a major stake — 85 percent — in Thom Browne. The designer's New York-based namesake label was bought by the Italian men's fashion house at a valuation totaling $500 million. Browne, who is the sole other shareholder in this agreement, will still independently run his namesake brand as chief creative officer alongside CEO Rodrigo Bazan, who joined Thom Browne in May 2016.
"My conceptual approach to design and the long-term vision of growing a true luxury design-led collection for men and women is something we both feel strongly about as the future strength of Thom Browne ... with Zegna," said Browne in an official statement. "Thom Browne will have a partner who not only understands the fundamentals of this business, but truly embodies them and brings the knowledge and skills of a global leader."
Per Zegna Group CEO Ermenegildo Zegna's official statement in a press release, the Italian luxury company's investment will support the business of Thom Browne with fabrics and manufacturing, as well as expanding its retail network around the world.
"Thom's visionary approach and his unique point of view have enabled him to build and nurture the most loyal clientele," said Zegna. "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."
Thom Browne, the label, has made recent efforts to expand its brand presence beyond the tailoring space by providing custom suits for the Cleveland Cavaliers and officially outfitting the Spanish football club FC Barcelona with off-field tailored and formalwear uniforms.