Temasek takes 10% stake in Italian luxury group Zegna

Temasek is deepening its luxury play with a new investment in Italian fashion house Ermenegildo Zegna Group, acquiring a 10% stake in the company’s ordinary share capital.

The Singapore-headquartered investment firm will purchase 14.1 million treasury shares in Zegna at US$8.95 per share, in line with the stock’s volume-weighted average price between 30 June and 25 July.

The deal adds to Temasek’s previous market purchases of nearly 12.7 million ordinary shares, bringing its total holding to one-tenth of Zegna’s share capital post-transaction.

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The US$126.4 million deal is expected to close today (30 July) and will see Zegna reinforce its balance sheet to fuel organic expansion across its portfolio of luxury brands.

Zegna’s current portfolio includes the namesake menswear label as well as Tom Ford Fashion, which it operates under licence.

“I am delighted to welcome Temasek as a strategic investor,” said Ermenegildo “Gildo” Zegna, chairman and CEO of the Zegna Group. “Their investment is a strong endorsement of our vision and long-term growth potential, while firmly recognising the global significance of the Italian luxury sector.”

Temasek brings to the table extensive experience in luxury, as well as deep market knowledge in Asia, a region where Zegna is actively looking to scale. The partnership is expected to open new doors for the Group as it accelerates its growth strategy.

“Ermenegildo Zegna Group has successfully established itself in the high-end luxury segment and presents significant long-term value creation opportunities,” said Nagi Hamiyeh, head of EMEA at Temasek.

“We look forward to being a thoughtful, long-term partner to the Zegna family and management team," he added. 

Hamiyeh is expected to join Zegna’s board of directors in June 2026.

The partnership marks another step in Temasek’s quiet but deliberate push into the luxury sector.

In 2016, the Singapore investment firm acquired a 4% stake in Italian outerwear label Moncler, known for turning alpine heritage into global fashion cachet. That same year, it also led a US$110 million funding round in luxury eCommerce platform Farfetch, backing its omni-channel ambitions and expansion into Asia.

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