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In July 2021, Ermenegildo Zegna Group (Zegna), a popular Italian luxury house announced to go public by entering into a special purpose acquisition corporation (SPAC) deal with Investindustrial Acquisition Corp (IIAC). According to experts, the 111 years family business signed the SPAC deal with an intention to surpass the rivals by tapping the investor cash for its growth strategy. It was also a latest trend followed by the big fashion companies such as Versace's acquisition and LVMH Moet Hennessy Louis Vuitton's purchase of Tiffany & Company (in 2018) to grow bigger as well as to take over the rivals. Besides, Zegna's revenue dropped by more than 20% in 2020 than 2019. It suffered a net loss of around EUR45 million in 2020. Zegna would also continue to control 62% stake of the new merged entity and the shares of the new company would be traded on the New York Stock Exchange. Considered as a strategic move, the merger would enable Zegna to raise around $880 million. In addition to this, listing in the US would also offer more visibility to the brand. However, under SPAC, fashion was a risky business. The extensive lockdowns also indicated a move away trend by the consumers from formal wear. In spite of these challenges, Zegna-SPAC deal was expected to represent an affordable path for luxury. Would Zegna-SPAC deal make Zegna profitable and create opportunities for the company in future?