FLASH
Shkruar nga Pamfleti
Act of the Court of Rome, section XIV of the bankruptcy dated January 29, 2025: declares the closure of the bankruptcy of "Atelier Realm srl" after the distribution of assets to creditors.
The procedure lasted 6 years, writes Corriere della Sera. The company, with about ten employees, produced luxury bags under the VBH brand. Celebrities and international stars such as Gwyneth Paltrow, Jennifer Lopez, Uma Thurman, Sarah Jessica Parker and Michelle Obama have been photographed with their VBH bags and the photos were hung in the Rome showroom. But finances did not hold up and the deep red was not Valentino's, but the balance sheet with a loss.
Agreement with the bankruptcy trustee
The precious bags (still available online for prices of up to 14 thousand euros) were produced in the Pontassieve laboratory from precious python, crocodile and calfskin skins. The designer was the American Vernon Bruce Hoeksema, or VBH, owner of the company and partner of Valentino Garavani (as well as manager and partner in several companies of the fashion house since the 90s). Hoeksema will most likely be one of the heirs and perhaps in the 550 thousand euros that he has poured into the atelier's coffers, after a settlement agreement with the bankruptcy trustee, there is already an "advance" of the inheritance. The unfortunate entrepreneurial adventure has produced a loss of millions, taking into account the other jewelry company put into liquidation, but already left behind.
The five protagonists of heritage
The pain of the death of the designer, who passed away on January 19 at the age of 93, now accompanies the path to legacy, which is a formative one with several clear points and at least five protagonists, i.e. potential heirs, without any direct successors or predecessors.
Who are they?
Partner Hoeksema (68 years old); former partner, associate and lifelong friend Giancarlo Giammetti (83); nephew Piero Villani (77), son of sister Wanda who died in 1997, engineer, for decades involved in the central nodes of the empire; the family of Brazilian Carlos Souza with 40-year-old sons Sean and Anthony; and finally the Valentino-Giammetti Foundation with a philanthropic mission. It is not clear, meanwhile, the degree of family connection of Oscar Garavani, the designer's "great-grandson". In this context, the will left by Valentino, most likely, determines who gets what. But guessing billions of figures is bold: Valentino had a wealth of income (and considerable expenses), but no more dividends from companies.
Queen Elizabeth's bank account
The formative one is precisely that of liquidity and financial investments. Information is circulating about the existence of an account in London at Coutts & Company, a British private bank that manages zero-sum assets for ordinary people. Here, in addition to Valentino, it is said that Queen Elizabeth also had an account. A centuries-old institution in the service, mainly, of the English elite.
Change of residence
Both Garavani and Giammetti have been based in London for more than 10 years, since 1998 when the fashion house was sold to Hdp for around 260 million euros. Then, at least until 2021 according to the documents consulted, the designer was resident in Switzerland, in the Chalet Gifferhorn in Gstaad. In recent years, he may have moved to Italy, in the Roman villa. Residence and the origin of capital are topics that could be included in the inheritance procedure.
liquidity
A few years ago there were traces of considerable liquidity (similar to that obtained in 1998) in a Luxembourg company, then put into liquidation, around which revolved many financial companies in different jurisdictions with tax advantages. The capitals associated with Valentino (and to a lesser extent also those of Hoeksema) have been moved over the years relying on financial companies registered mainly in the Netherlands and the Channel Islands. The main architect of this archipelago is the Dutch lawyer Ronald Feijen. While the great engineer who "screws" the main social joints with the family seal (and small share quotas) is Valentino's nephew, Piero Villani.
Villas and yachts
The stable points are real estate and yachts, mainly owned directly by the designer. The Roman villa with over 30 rooms, recorded on the balance sheet at 1.6 million euros, a small fraction of the real market value. The Wideville Castle in France, purchased in January 1995 by the Settons for 80.7 million French francs (about 12 million euros) and which today has a significantly higher value. Then the house in Tuscany, the chalet in Gstaad.
A large part of the art collection, meanwhile, is kept between the mansion in Holland Park, in Kensington, London (where precious Picassos are said to hang on the walls) and the luxury apartment in New York, overlooking Park Avenue. These too are fundamental but still mysterious assets of the estate. Finally, the yacht, the 46-meter TM Blue One, built in 1988: it costs over a million euros a year for the accounts of Seaboats and its current value is 12.4 million euros, according to an assessment by the technical studio of commander Alberto Bertacca.
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