Valentino, the surprises contained in the will and the issuance of a EUR 450 million bond to address its debt burden. The Roman fashion house has identified a bond issue as the most suitable solution for rebalancing its financial exposure and improving cash liquidity. It is the first time the brand has opted for such an operation, a move more commonly undertaken by major luxury groups. Even more surprising, however, are the provisions contained in the will of designer Valentino Garavani.
The bond to refinance debt
Valentino plans to launch a EUR 450 million bond issue on the financial markets by the end of August in order to refinance its existing bank debt. As reported by MarketScreener, the proposed senior secured bond would have a seven-year maturity and would initially be underwritten by HSBC. Last year, Valentino’s shareholders, Mayhoola with a 70 per cent stake and Kering with 30 per cent, injected EUR 100 million into the company to strengthen liquidity following a difficult 2025.
They also committed to providing additional financial support, if required, during 2026. According to the minutes of Valentino’s board meetings, the proceeds from the bond issue will be used for the early repayment of bank debt, capital expenditure and general liquidity requirements.
The surprises in the will
A notary in Switzerland has disclosed the will of Valentino Garavani, the designer and founder of the fashion house, who passed away on 19 January 2026 at the age of 93 without direct heirs. The sole beneficiary named in the will is the Valentino Garavani – Giancarlo Giammetti Foundation, a foundation based in Vaduz, Liechtenstein, which will be responsible for managing an estate estimated to be worth hundreds of millions of euros, including property, works of art, yachts and financial assets.
According to RaiNews, a number of assets are already held by the foundation, including the 30-room villa on Rome’s Appian Way, the 46-metre yacht Tm Blue One, and the operating activities of the namesake Italian foundation. The crown jewel of the estate, the sixteenth-century Château de Wideville near Paris, is expected to be put up for sale. Corriere della Sera suggests that Valentino may have intended, through the foundation itself, to recognise those who were close to him during his lifetime or those who promote and preserve his artistic legacy through the allocation of funds, assets, property use and other forms of support. The execution of the will is currently under way and is expected to be a lengthy process.
Photo: Valentino
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