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Sergio Ermotti (63) has a passion for Italian fashion. The boss of UBS is a board member and shareholder of Italian fashion brand Zegna. It’s a very lucrative side hustle, as “NZZ” reports. Ermotti’s stake in the luxury brand is said to be worth $20 million.
The Ticino native sought financial involvement with Zegna after leaving UBS at the end of 2020. He persuaded the label’s boss and owner, Gildo Zegna, 67, to go public. As a founding investor, Ermotti was on the board of directors.
In December 2021, Zegna shares went on sale in New York. It is clear that the IPO today has a good star. The shares are now worth 40 percent more than when they were listed. UBS boss Sergio Ermotti owns 0.6 percent of the capital.
Joining the Italian family business pays off. As “NZZ” further reported, Ermotti’s investment is now worth over $20 million. That’s not all: There’s also dividend income and board remuneration. For 2022 this was €200,000 in cash and shares.
Prospects for China as a growing market
The corona crisis hit Zegna hard. Now the luxury label is successful again. This is the result of a forward strategy followed to avoid being swallowed by one of the biggest players in the industry.
Zegna increased its operating profit by almost half in the first half of 2023. Sales increased quarterly to over 900 million euros. Growth is now back, especially in the US and Europe. Once again, people are gifting themselves with a slightly more expensive suit. Those in charge have high hopes that the Chinese market will revive. (pbe)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
