Italian luxury group Ermenegildo Zegna has bought an 85 per cent stake in US fashion house Thom Browne in a deal valuing the latter at about $500 million. The deal with Sandbridge Capital and Thom Browne would expand its business in the United States and widen its customer base, the Italian group said. Thom Browne will be managed independently after the deal.

Founder designer Thom Brown will hold the remaining 15 per cent stake in the New York-based company and Rodrigo Bazan will continue as its chief executive officer, according to US media reports.

Founded in 2001, the US company employs nearly 200 with 31 flagship stores around the world. The family-owned Italian group, founded in 1910, has been investing heavily to introduce new, versatile fabrics for formal and more sports-oriented clothing.

New York-based private equity firm Sandbridge Capital also owns stakes in French snowsports equipment maker Rossignol, luxury online retailers Farfetch and RealReal. (DS)

Fibre2Fashion News Desk – India

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