MILAN — Victor Uckmar, the tax lawyer hired by former Valentino chairman Matteo Marzotto earlier this week in response to a probe initiated by Italy’s financial police, on Friday clarified several of the judge’s statements regarding the confiscation of some of the family’s assets.
Uckmar noted that the investment fund to which the capital derived from the sale of Valentino Fashion Group was allegedly transferred, is based in Ireland and not in the Cayman Islands, as the judge stated.
He added that, since 2007, the fund is publicly listed in the Netherlands, on the Euronext Stock Exchange in Amsterdam, under the watch of the Dutch Stock Exchange authorities, or Autoriteit Financiële Markten, the equivalent of the Securities and Exchange Commission in the U.S.
Another point Uckmar made is that the investment management of the fund is entrusted to Leo Fund Managers Ltd., a London-based firm, controlled by the Financial Services Authority, the equivalent of the Bank of Italy. Uckmar highlighted that “primary institutional Italian investors have invested in this fund” and that all this information and data are available on the Web sites of the fund. “The above is also already known to the Italian tax authorities, which have acquired all the relevant information after a specific inspection activity carried out in Italy at primary Italian financial intermediaries,” concluded Uckmar.
As reported, 13 individuals, including members of the Marzotto family, are being investigated for alleged omission of earnings and assets declaration in association with the sale of Valentino Fashion Group to private equity fund Permira in 2007.
A Milan branch of the Guardia di Finanza, an Italian police force under the authority of the national Minister of Economy, has confiscated assets, including land and real estate properties, worth more than 65 million euros, or $83.4 million at current exchange, owned by a number of Marzotto family members. The properties include villas in the luxury mountain resort Cortina d’Ampezzo; apartments in Milan and Rome, and a castle in Trissino, near Vicenza and not far from the Marzotto headquarters in Italy’s Valdagno.
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