Zegna reshapes leadership as fourth-generation family members move up

MILAN (Reuters) -Italian luxury menswear maker Ermenegildo Zegna on Monday outlined a succession plan, as Chief Executive Gildo Zegna moved to the role of executive chairman, while his sons Edoardo and Angelo are stepping up to lead the family-owned group's flagship brand.

The group appointed the current finance chief,  Gianluca Tagliabue, as its new CEO, effective on January 1. He had been finance chief for nearly 10 years.

Edoardo and Angelo Zegna, members of the fourth generation of the founding family, will serve as co-chief executive officers of the Zegna brand, the group's main label alongside Thom Browne and Tom Ford Fashion.

Edoardo Zegna, 39, is chief marketing officer of the Zegna brand and group sustainability officer. Angelo Zegna, 37, is CEO of the Zegna brand's EMEA region and global client strategy director.

"They continue the family legacy and have demonstrated their business leadership over the past years," Gildo Zegna, 70, said in the statement, adding that he will act as a "custodian" of the brand's vision and values.

Gian Franco Santhià, currently group controller and chief accounting officer, will become group CFO.

Founded in 1910 by Ermenegildo Zegna in the northern town of Trivero, the group began as a fabric maker before expanding into luxury menswear.

It listed on the New York Stock Exchange in 2021 and now has a market capitalization of $2.6 billion.

The Zegna family owns 60% of the group, corresponding to roughly 75% of the voting rights. 

Private equity firm Investindustrial holds an 11% stake, while Singapore's state investment firm Temasek earlier this year increased its stake to 10%.

(Reporting by Elisa Anzolin in Milan and Juveria Tabassum in Bengaluru; Editing by Kirsten Donovan and Matthew Lewis)