Statement of Changes in Beneficial Ownership (4)

FORM 4 [X] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

1. Name and Address of Reporting Person ^* Ermotti Sergio	2. Issuer Name and Ticker or Trading Symbol Investindustrial Acquisition Corp. [ IIAC ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below)
(Last) (First) (Middle) SUITE 1, 3RD FLOOR,, 11-12 ST JAMES'S SQUARE	3. Date of Earliest Transaction (MM/DD/YYYY) 12/17/2021
(Street) LONDON, X0 SW1Y 4LB (City) (State) (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) _X _ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Ordinary Shares	12/17/2021		C		1359375	A	⁽¹⁾⁽²⁾	1359375	D
Class A Ordinary Shares	12/17/2021		D		1359375 ⁽²⁾	D	⁽²⁾	0	D

*Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)*
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)			11. Nature of Indirect Beneficial Ownership (Instr. 4)
Class B Ordinary Shares	⁽³⁾	12/17/2021		J ⁽³⁾		1284375		⁽¹⁾	⁽¹⁾	Class A Ordinary Shares	1284375	$0.00	1359375	D
Class B Ordinary Shares	⁽¹⁾	12/17/2021		C			1359375	⁽¹⁾	⁽¹⁾	Class A Ordinary Shares	1359375	⁽¹⁾⁽²⁾	0	D

Explanation of Responses:
(1)	As described in the Issuer's registration statement on Form S-1 (File No. 333-249462) under the heading "Description of Securities-Founder Shares", the Class B ordinary shares, par value $0.0001 per share, automatically convert into Class A ordinary shares, par value $0.0001 per share, of the issuer at the time of the Issuer's initial business combination, or earlier at the option of the holder, on a one-for-one basis, subject to adjustment for share splits, share capitalizations, reorganizations, recapitalizations and the like, and certain anti-dilution rights and have no expiration date.
(2)	In connection with the Issuer's business combination with Ermenegildo Zegna Holditalia SpA (Zegna) and EZ Cayman, (i) the reported securities were converted into Class A Ordinary Shares and exchanged into Common Stock of Zegna and (ii) the reporting person resigned from the Issuer's board of directors.
(3)	The reported securities were received from Investindustrial Acquisition Corp. L.P. for no consideration in a pro rata distribution that is exempt pursuant to Rule 16a-9.

Reporting Owners
Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Ermotti Sergio SUITE 1, 3RD FLOOR, 11-12 ST JAMES'S SQUARE LONDON, X0 SW1Y 4LB	X