MILAN — As part of a generational transition, Brunello Cucinelli has set up a trust to benefit his daughters, Camilla and Carolina, in order to guarantee a proper handover of his namesake company.
This story first appeared in the June 27, 2014 issue of WWD. Subscribe Today.
The purpose is also to ensure an overall unified management of the real estate assets in Solomeo, Italy, where the company is headquartered, and support for the Brunello Cucinelli Foundation to “execute those works that we define as embellishments of mankind,” said the entrepreneur, who is chairman and chief executive officer of the company, publicly listed on the Milan Stock Exchange.
“Following the very welcome ‘generation pact,’ whose purpose is to guarantee youth, continuity and contemporary character to the Brunello Cucinelli SpA industry, my wife and I strongly endorsed the establishment of a ‘trust’ for the benefit of our daughters Camilla and Carolina, as an ideal complement to the ‘guardianship’ project,” said Cucinelli.
Cucinelli, who controls the company through Fedone Srl, has established “an irrevocable trust” transferring his entire participation in Fedone to Esperia Trust Company Srl (Banca Esperia Group), which receives such participation as trustee. Fedone owns 41.9 million shares of the company, or 61.6 percent of the share capital.
Camilla Cucinelli, a member of the company’s board, and her sister Carolina are already fully involved in the company.
The trust also provides for the appointment of a protector, called Committee of Wise Men, consisting of five members, including the beneficiaries, whose purpose is to assist and advise the trustee.
The trust will not change the governance of the company, nor the attribution of powers and responsibilities.