MILAN — Walter and Giovanni Burani have been sentenced to six years in jail for fraudulent bankruptcy of the Mariella Burani Fashion Group and its parent company, Burani Designer Holding.
Prosecutor Luigi Orsi had requested nine years jail time for the founder and former chairman of the group, Walter, and his son Giovanni, former chief executive officer. Although the reasoning behind the court’s lighter sentence will not be known for three months, it is understood the behavior of the two men during the trial and the fact that they have paid back part of their debts were taken into account. The Buranis will end up paying around 13 million euros, or $17.8 million at current exchange.
Walter, husband of designer Mariella, and his son had expanded the firm into an apparel and accessories conglomerate in the early years of the Naughts, piling up a debt of more than $600 million and dabbling too freely and creatively with finance. Italy’s Ministry of Economic Development granted bankruptcy protection to MBFG in March 2010 and appointed three administrators to manage the group.
Giovanni Burani served a two-month prison sentence in summer 2010 while his father was under house arrest as part of a wider ongoing investigation into fraudulent bankruptcy. Orsi had also been investigating Burani Designer Holding, parent company of MBFG, for fraudulent bankruptcy.
MBFG, which was once listed on the Milan Stock Exchange, produced the Mariella Burani brand and collections for Ungaro and Matthew Williamson under licensing agreements.
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion