Valentino: a Foundation in Liechtenstein Inherits the Founder’s Fortune

Since the passing of its founder, Valentino Garavani, on January 19, a financial restructuring process has been underway at the Italian fashion house.

The company plans to issue 450 million euros in bonds to refinance its debt and make repayments, notably by extending its maturities. The issuance of these senior secured bonds is expected by August, according to the document filed by the company. The goal is to give the group a little more financial flexibility at a time when its performance has been mixed.

Financially speaking, the results published last June indeed highlight these difficulties. In 2025, revenue fell by 15% to 1.12 billion euros compared to the previous fiscal year, while operating income shifted from a profit of 31 million euros in the same year to a loss of 103 million euros in 2025.

Since Kering acquired a 30% stake in 2023 for 1.7 billion euros, Valentino’s valuation has been a major issue. The French luxury giant still has the option to acquire the remaining 70% of the company’s equity, held by the Qatari fund Mayhoola, but the terms and timeline for this option have been modified to account for the challenging financial environment. This acquisition can now only take place starting in 2028, or even 2029, for Kering.

These financial developments are particularly significant in light of the revelations, published on Tuesday, July 7, regarding Valentino’s estate. According to documents revealed by the Italian press, the fashion designer did not name an individual as the primary heir to his vast estate, but rather a structure specifically created in Liechtenstein: the Valentino Garavani–Giancarlo Giammetti Foundation, designated as the sole heir to his estate. The will, drafted in Switzerland in 2023, thus outlines the transfer of an estate estimated at several hundred million euros, including notably the Château de Wideville near Paris, several villas in Italy, the 46-meter yacht TM Blue One, and a significant art collection.

Today, major international fortunes tend to favor establishing a foundation to preserve the integrity of an estate rather than dispersing it among multiple heirs. The foundation is thus expected to continue supporting the designer’s loved ones, including his longtime business partner Giancarlo Giammetti, as well as various cultural and philanthropic initiatives.