Italy's Industrie Zignago Santa Margherita SpA on Saturday launched a takeover bid for fashion giant Marzotto SpA.

Zignago, a holding company also controlled by the Marzotto family, has offered 17.25 euros and a newly-issued Zignago share worth a nominal amount for every three Marzotto shares.

The company said the bid for the owner of Hugo Boss AG and the Valentino label, will allow it to fulfill its target of creating an integrated drinks and fashion group.

Italian media reports say the 415.1 million euros cash portion of the offer will be paid in part by the company's liquidity and the rest by loans.

Zignago said in a statement the offer is "underpinned by an industrial project that calls for the exploitation of synergies between the two companies and an increase in the scope in Zignago's business".

It added: "In general, Zignago believes that the offer in time will lead to the strengthening of a group that is strongly focused on high-end products."