Ermenegildo |enga buys Thom Browne label

Italian men’s luxury group Ermenegildo Zenga has agreed to buy 85 per cent of US luxury lable Thom Browne from Sandbridge Capital for $500m. The Milan based family owned company by acquiring Thom Browne, a $1.2bn business built on traditional menswear, brings men’s suite for younger generation.

Gildo Zenga, CEO of Ermenegildo Zenga said Thom Browne fitted with the Italian groups’s ethos of “ excellence and impeccable modern tailoring.  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”.

Mr Zenga last year introduced wash and go Merino wool suits to attract young consumers.

Thom Browne the 53-year-old American designer, launched a new silhouette in menswear in 2001, making trousers and jackets slim and shrunken, looking smartnow has over 200 employees and 31 flagship stores around the world.

Thom Browne remains only other shareholder with 15 per cent stake.