By  on October 20, 2010

MILAN — The Zegna Group is simplifying its financial structure.

Ermenegildo Zegna said Tuesday it has incorporated its Dutch subholding company Ermenegildo Zegna International NV into the group’s Italian-based holding company, Ermenegildo Zegna Holditalia, retroactive to Jan. 1, 2010.

Future dividends from the group’s global subsidiaries previously paid to and distributed by the Holland-based subholding founded in 1978 will now be paid directly to Ermenegildo Zegna Holditalia.

According to a spokesman, the decision was taken to simplify control of the company and reduce administration costs.

Zegna confirmed the subholding company’s net assets at the end of 2009 were valued at 354 million euros, or $488 million at current exchange, a sum that could fill the group’s coffers. Ermenegildo Zegna Holditalia closed the first half of 2010 with a loss of 543,000 euros, or $751,000, according to sources.

However, the consolidated balance sheet from the first half was not available and a spokesman underlined that there are still revenues to be registered for the period in question.

 

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