The fourth-generation Ermenegildo Zegna Group announced this week it had reached an agreement with Sandbridge Capital and Thom Browne (below), the 53-year-old American designer. Zegna bought 85% of the Thom Browne brand leaving Browne the founder as the sole remaining shareholder. He will continue as chief designer and run the company independently.

Gildo Zegna, chief executive of the Zegna Group, said in a statement his family business had always been open to opportunities for external growth “and, since we started looking at partnerships, I always knew that Thom Browne would be the perfect fit. “In addition to the immediate benefits with regards to fabrics and manufacturing support, we can leverage our global reach to further expand Thom Browne’s retail network. Most importantly, we share the same passion for excellence and impeccable, modern tailoring.”