A former partner in Brooks Brothers raises a new problem for the Del Vecchio family. Tal Apparel, a Hong Kong-based clothing manufacturer, is demanding the return of the 100 million dollars he invested in 2016. In the complaint, Tal Apparel accuses Del Vecchio of “sabotaging” potential purchase offers, and of having led the brand into bankruptcy.
The allegations of the former partner
Tal Apparel sued Claudio Del Vecchio, his son Matteo, and Delfin, the holding company that controls the family’s investments, to court in New York’s Southern District. From Hong Kong, we said, they are asking for compensation of over 100 million dollars. The Asian company claims to have invested 100 million dollars in Brooks Brothers in 2016. But it did so, we learn, on the condition that it would repossess the sum if the majority shareholders, that is Del Vecchio, had sold the company to a price of less than 652 million dollars.
What now?
According to the Hong Kong company, the purchase offers for Brooks Brothers that arrived before the crash would not have been considered. The Del Vecchio family, on the other hand, would have refused to meet potential buyers, and then chose to file for bankruptcy. Brooks Brothers eventually moved 325 million dollars to Authentic Brands and Simon Property. “The accusations are false – a spokesman for the Del Vecchio family told the Financial Times -. We expect the court to dismiss the case”.
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