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This Former SPAC Beat the Market in 2022. Is It a Buy for 2023?

TheMotleyFool

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This Former SPAC Beat the Market in 2022. Is It a Buy for 2023?: https://g.foolcdn.com/editorial/images/713378/bespoke-fashion.jpg

Special purpose acquisition companies (SPACs) have really fallen out of favor in 2022 as many high-profile stocks that came public in this manner have declined significantly in value. But that doesn't mean there aren't some diamonds in the rough among the former SPACs.

In fact, some, like Ermenegildo Zegna N.V. (NYSE: ZGN) have outperformed the broader market in 2022. Zegna is down about 1% for the year versus declines of about 20% and 30% for the S&P 500 and NASDAQ, respectively.

But unlike many SPACs, this isn't an electric vehicle company or an unprofitable tech company; in fact, it's a 112-year-old Italian luxury fashion house, and it looks compelling going forward. Here's why.

Source Fool.com

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