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Italian luxury fashion house Ermenegildo Zegna Group has purchased an 85 percent stake in Thom Browne, which is currently valued at $500 million, Business of Fashion reports. Thom Browne himself is now the only other shareholder. Previously, private equity firm Sandbridge Capital held a majority stake in the company dating back to 2016.

“My goal is to keep Thom Browne independent,” Ermenegildo Zegna, chief executive of the Zegna Group, told BoF. “It’s a good company, a good organization, a good business, profitable. The company has to stay independent and autonomous from Zegna with support and help from the group. It will be a gradual approach. If something is working, don’t change it, just support it.”

Thome Browne will look to expand its global reach under Zegna, while also taking advantage of the group’s expertise in fabrics and manufacturing.

“I feel that their passion for only the best quality and craftsmanship is very much aligned with how I have always approached my collections,” Browne noted. “My conceptual approach to design and the long-term vision of growing a true luxury design-led collection for men and women is something we both feel strongly about as the future strength of Thom Browne.”

BoF also points out that chief executive Rodrigo Bazan will continue his role with Thom Browne, following his appointment in 2016. The brand reportedly accumulated $100 million in sales in 2016 and was on pace to generate $120 million to $125 million in 2017. Bazan has yet to disclose figures for 2018, but insists that the label is still growing.

For more on Zegna Group’s acquisition of Thom Browne, follow on over to Business of Fashion.

Back in July Thom Browne announced a new partnership with FC Barcelona.

Not NYC, not LA.

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