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Delfina Delettrez, at home on the Fendi farm

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The jewellery designer Delfina Delettrez – petite, made-up and blown-out, wearing a vermilion mid-length voile-panel dress from Fendi’s spring/summer 2021 collection and a pair of vertiginous raffia heels – is standing in mud, cradling a damp, dirty lamb to her chest. Plucked moments before from a massive scrum of flighty sheep that have just been driven into a paddock on this farm north of Rome, the lamb vibrates with alertness. The trembling, Delettrez tells me, is normal for such a tiny new animal; this one was born the day before, and is still getting to grips with its neuromuscular system. Behind us, the hundred-strong herd bleats and bellows in full-throated cacophony. A photographer and her assistant hop from set-up to set-up, tripod and gels in tow; a pair of stylists coo over the other baby lambs capering in the paddock in between tracing fussy orbits around Delettrez with brushes and lip pencils. But Delettrez herself, her head bent to whisper into the lamb’s ear, seems to have momentarily forgotten any of the rest of us exist.

Delfina Delettrez with a flock of sheep at her family agricultural estate, I Casali del Pino, just outside Rome. She wears Fendi embroidered Byssus-silk midi dress, POA, and raffia shoes, POA, both from the spring/summer 2021 collection
Delfina Delettrez with a flock of sheep at her family agricultural estate, I Casali del Pino, just outside Rome. She wears Fendi embroidered Byssus-silk midi dress, POA, and raffia shoes, POA, both from the spring/summer 2021 collection © Lea Anouchinsky
The hallway at Casa Cappella, the restored property where Delettrez and her family stay at weekends
The hallway at Casa Cappella, the restored property where Delettrez and her family stay at weekends © Lea Anouchinsky

There is a modicum of cringe potential to this visual salvo: a fourth-generation Fendi (Delettrez is the 33-year-old daughter of the Roman house’s artistic director of accessories and menswear, Silvia Venturini Fendi) dressed to the nines for a portrait sitting on one of her family’s many properties. Accessorised with a token beastie in an attempt to confer a bit of country-life bona fides, the cynic might append. But portrait sittings rarely tell the full story. Delettrez, it turns out, actually knows farm animals, and farm life. The particular farm we are shooting on, I Casali del Pino, is a 100 per cent certified organic agricultural estate founded in 2003 by her aunt, Ilaria Fendi; a place whose 175 hectares – set inside the Parco di Veio nature reserve – Delettrez has roamed since she was a teenager. These days she, her partner, the artist Nico Vascellari, and her three children share one of the restored houses on the property with her mother, Silvia. The amphibious Gator tractor she roars around on when in residence is the vehicle on which she first learnt to drive. New sheep, old sheep, dirty and clean sheep; biodynamic produce, cheese and salumi production; firewood-gathering, fence-checking and copious woodland walking. All these are actual, non-photo-op components of Delettrez’s life here.

The 16-room hotel at I Casali del Pino (on right)
The 16-room hotel at I Casali del Pino (on right)

On a good traffic day, I Casali del Pino is only about a half-hour drive from the Colosseum; but its unalloyed natural rhythms and seasonal cycles are a world away from Delettrez’s professional milieu, which unfolds between Rome (where she collaborates with a workshop of some 30 metal and gem artisans, and lives in a loft-like flat in Ostiense, the city’s answer to Williamsburg) and Paris (where she has a pied-à-terre on the Place de Furstenberg). “This thing happens for me that the second I cross through the gate here, I actually feel my body relax,” she says. “Because we’re inside the reserve, it’s all completely protected. So very suddenly it looks like you’re in Tuscany – you go from a suburban road to seeing only fields and pines and cypresses. There are the farm animals, the pigs and the sheep” – Ilaria Fendi later tells me she keeps almost 1,000 of the latter on the estate – “but also deer, wild boar, foxes…” 

The Casali themselves were formerly a borgo, inhabited by the employees of what was, a century and a half ago, a thriving tobacco farm. The building housing the restaurant – which on sunny Saturdays bustles with stylish young Romans out for some kilometro zero cuisine and open green spaces – was the drying warehouse. The Casa Cappella, where Delettrez and her extended family live at weekends, was the owner’s house. Above its cavernous deconsecrated chapel (in which she has been known to throw a blow-out party or two), there is a bedroom where the parish priest slept; the barest hint of incense still lingers in the air. Another holds at least half a dozen antique iron-and-wood children’s beds – cousins and friends of her children pile in for regular sleepovers. (“It’s like a bunk room – only beds in it. It’s kind of surreal and wonderful.”) The kitchen, its walls and floor clad in ornate ceramic tiling, still has its original hearth, which blazes against the bone-penetrating damp on the day we spend here together. 

Delettrez at the wheel of her Gator amphibious tractor – the vehicle on which she first learnt to drive
Delettrez at the wheel of her Gator amphibious tractor – the vehicle on which she first learnt to drive © Lea Anouchinsky

In non-Covid times, I Casali del Pino is also home to a country-house hotel; the 16 rooms are in a three-storey outbuilding where the tobacco-pickers would bunk. (“My daughter loves to stay in the hotel when we come,” Delettrez says. “For her, it’s a lot more fun being a guest.”) There is an on-site alimentari, selling the farm’s organic output of cheeses, meats and dried pasta and various sauces made with grains and produce grown in situ.

For Delettrez, I Casali manifests “the idea of subtraction, not addition” – the place where she peels away the constraints of her work week and replaces them with open hours and nature. “We sit for half a day in front of the fire. We take the tractor out and have a picnic by a beautiful river over the ridge beyond the farm, or a different lunch in a different wood every day. It’s one of the only places I can decide exactly how to use my time.” 

The agricultural estate is made up of 175 hectares
The agricultural estate is made up of 175 hectares © Lea Anouchinsky
Sheep and goat milk cheeses made on the estate
Sheep and goat milk cheeses made on the estate © Lea Anouchinsky

From the time Delettrez founded her eponymous line in 2007, themes of nature have underpinned many of her collections. Gemstone frogs cluster atop rings; tiny enamel caterpillars sit on delicate leaf pendants or earrings shaped from 18ct gold. Honeycombs and spiderwebs are imagined into striking statement necklaces. And there is no shortage of bones, skulls or allusions to memento mori. The Baroque has always permeated her designs. “The mystery of it attracts me,” she says. “I’m Roman, it’s a part of my culture.” Death, one of the Baroque’s abiding themes – and nature’s great equaliser – isn’t something she shies away from. 

“I spent part of my childhood in Brazil,” she tells me. “I learned that nature can be scary. The insects are much bigger there, the colours are more acid. If you think about it, there is repulsion in nature, there is violence in it. There are a lot of shadows, and the shadows are always interesting to me. My parameters of beauty are constantly shifting. It doesn’t matter sometimes if something is [considered] pretty or ugly; if I respond to it, if it compels me, it’s interesting.” 

In the kitchen at I Casali del Pino. She wears Fendi embroidered linen shirt, POA, and linen trousers, POA, both from the spring/summer 2021 collection
In the kitchen at I Casali del Pino. She wears Fendi embroidered linen shirt, POA, and linen trousers, POA, both from the spring/summer 2021 collection © Lea Anouchinsky

Recently, Delettrez has been engaging with these signal themes from a new platform. In December, Fendi’s new artistic director for couture and womenswear, Kim Jones, announced that Delettrez would be joining his team as creative director of jewellery. It’s a new role within the house (though not Delettrez’s first work for Fendi: she collaborated on a watch collection in 2016). She showed her first pieces on 27 January 2021 as part of Fendi’s maiden foray onto the January couture calendar (previously it only showed once annually, in July). 

Delettrez characterises alta gioielleria as “total liberty, without having to think about serial production; basically, you’re creating artworks. Experimentation and art are the first points of order,” she says, in that order. (The privileges of her proximity to the brand aren’t lost on her; beyond conventional access to the historic company archives, she notes, “I have the good fortune to be able to walk into my mother’s and grandmother’s closets” for inspiration.) She collaborated closely with Jones: “In the collection, there’s this union of the two cultures: the England of Woolf, that Bloomsbury [aesthetic] that is a passion of Kim’s, and Rome. There was one image in particular from Virginia Woolf’s Orlando that really struck me, of a Russian princess who wears a pearl choker on her head instead of around her neck – a personal, eclectic choice. For me, it began from there.” 

The estate is set in the Parco di Veio nature reserve
The estate is set in the Parco di Veio nature reserve © Lea Anouchinsky

She feels largely unencumbered by the constraints of high jewellery’s orthodoxy. The absence of formal training has, in part, allowed her to gravitate to unusual material treatments, combinations and ideas in her own designs. The Delfina Delettrez signature engagement ring, for instance, conceals a diamond eternity band beneath another of solid metal. Nose and ear cuffs, laden with precious stones, are par for the course. For Fendi, she has experimented with material sleights of hand: Rome is evoked in the heaviness of marble, but the “stone” is really Murano glass, in some cases coated with resin – a technical innovation as well as a creative departure. “I wanted to unite that lightness… with a marble effect – [to create] ‘objects’ in marble inspired by marble sculpture, but they’re actually glass.”

In between sojourns in Venice to oversee the production of the jewels (“It was very dramatic, working with these Murano artisans with the city in this almost spectral state”), Delettrez has these past several months been collaborating with her brother, Giulio Cesare, to reinvent Villa Laetitia, the 25-room hotel on the River Tiber owned by her grandmother, Anna Fendi. Its distance from the centro storico’s crowds, its stile Liberty interior charms, and its old-world restaurant have won it a diehard fan contingent in the fashion world. The rooms – all unique and named for family members or collaborators – are dense with heirlooms, as well as Anna Fendi’s studio designs. The siblings are reconfiguring the Villa to serve a further function as a private members’ club. It will have its own bar, and the building’s beautiful glass conservatories have been commandeered for club use. “In many ways, it’s already so close to entertaining in a family home,” she says of the Villa. “Our clients know us, and we know them; some insist on the same room every visit. Every once in a while I’ll come to stay the night, and in the room I sleep in there’s a chest of drawers from my childhood. The room named after Giulio is full of things from his. The one named after Karl [Lagerfeld] is lined with his original sketches. Each space, each thing, tells a personal story.”

“It’s one of the only places I can decide exactly how to use my time,” says Delettrez of the farm
“It’s one of the only places I can decide exactly how to use my time,” says Delettrez of the farm © Lea Anouchinsky

Back at I Casali, Ilaria Fendi has joined us at Casa Cappella for a late-afternoon lunch. Delettrez, long since changed out of her Fendi ensemble and into old trousers and Wellington boots, is handing around platters of sheep’s and goat’s milk cheeses and spicy salamis, all made just across the lawn at the alimentari. Pasta all’amatriciana, studded with glistening cubes of pig’s cheek, is ladled into bowls. Afterward, aunt and niece – Fendi leaning against the mantel, Delettrez seated on the stone ledge in front of it, arms wrapped around her knees – discuss the rigours of running a farm that adheres to Italy’s strict criteria for organic agriculture and animal husbandry, and the years of certification hurdles that required clearing; Fendi, a total neophyte in 2003, learnt as she went. They tell me about the ancient history of the region, which pre-dates the presence of their farm by almost 3,000 years; the Piazza D’Armi of Veii – where the Romans laid siege to, and ultimately defeated, the local Etruscan populace – is an easy walk from the house. The entire area is an architectural gold mine; the better preserved, Delettrez says, for being relatively unknown. “I think we” – the family – “feel a bit like the guardians of this place.”

Earlier, before the sun disappeared behind a wall of pewter cloud, Delettrez piled us all into the Gator’s truck bed and powered down a dirt road towards a canyon below the farm. At one point she braked abruptly and pointed to the ridge: an enormous boar was weaving along the edge of the treeline. A monumental stone arch – another Etruscan site – emerged from just beyond the slope. She cut the motor, hopped down and pulled up the chain link from around the grass in front of it, so we could come underneath for a closer look. The air was cold and restless; the bleating of the sheep in the paddock, far up the hill, carried faintly down. Somewhere above us, the huge boar fossicked for food. I thought about something Delettrez had said when we spoke earlier in the month: “Being able to spend my time exactly how I want to there – it’s like a material good, how satisfying it is. That place for me is the real concetto di lusso.” 



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FC Barcelona and Real Madrid will be forced to pay back illegal state aid

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FC Barcelona and Real Madrid will be forced to pay back millions of euros in illegal state aid after the EU’s highest court ruled Brussels was right to declare that beneficial tax arrangements they enjoyed for a quarter of a century were illegal.

The decision by the European Court of Justice upholds previous rulings by the European Commission and comes as Barcelona, the world’s highest-earning football club, is enduring one of the biggest crises in its history. 

This week police arrested the club’s former president, its current chief executive and its general counsel, in connection with a separate legal case ahead of a vote on Sunday to decide its next president. Barcelona, which recorded a loss of €100m last year, also has to contend with a debt pile of more than €1bn.

In 2016 Margrethe Vestager, the EU’s competition chief supremo, ordered four Spanish football clubs to pay back tens of millions of euros received since the 1990s in the form of sweetheart property deals, tax breaks and soft loans.

FC Barcelona subsequently contested the decision before the General Court, the EU’s second-highest tribunal, which annulled the commission’s judgment. However, after a final appeal from Brussels the ECJ ruled in favour of the EU.

In its decision on Thursday — which is final — the ECJ deemed the tax scheme “liable to favour clubs operating as non-profit entities over clubs operating in the form of public limited sports companies”, holding that it could therefore qualify as illegal state aid under EU rules.

The General Court had previously annulled Brussels’ decision over what it said was lack of sufficient evidence that the tax arrangements offered to the four football clubs, which also include CA Osasuna and Athletic Bilbao, were illegal.

But the commission had questioned the court’s “heavy burden of proof” on regulators in its appeal, arguing that a lower tax rate was obviously more favourable than a higher one.

The ECJ argued that the difficulty in assessing the extent of state aid — because of the complexity of tax deductions — did not preclude the commission from banning government practices that it considered gave sports clubs unfair advantages. 

It said: “The impossibility of determining, at the time of the adoption of an aid scheme, the exact amount, per tax year, of the advantage actually conferred on each of its beneficiaries, cannot prevent the commission from finding that scheme was capable, from that moment, of conferring an advantage on those beneficiaries.”

The Spanish government said on Thursday it had “absolute respect” for the court’s decision. FC Barcelona and Real Madrid did not immediately respond to requests for comment.

The judgment will be seen as a big win for regulators in Brussels who have for years been trying to stop highly successful commercial clubs from freeriding on the back of taxpayers.

The European Commission said on Thursday it noted “the judgment by the Court of Justice to follow the Commission’s arguments”.

Thursday’s ruling is the second time Brussels has won an appeal of its state aid decisions in recent weeks. Last month judges at the General Court rejected a legal challenge by budget airline Ryanair to state aid given to rivals on discriminatory grounds.

At present Barcelona is dealing with the fallout of what the Spanish media dubs Barçagate — allegations, denied by the club, that it corruptly hired outside groups to defame former president Josep Maria Bartomeu’s adversaries on Facebook.

Bartomeu was temporarily detained by the Catalan police earlier this week. He, the club, and other individuals in the case, which is being investigated by a Barcelona court, have all denied any wrongdoing.



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Italy raises €8.5bn in Europe’s biggest-ever green bond debut

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Investors flocked to Italy’s inaugural environment-focused government bond offering on Wednesday, allowing the country to raise more than €8bn.

The banks running the issuance chalked up around €80bn in orders for €8.5bn of debt. It was the biggest debut sovereign green bond from a European issuer to date, according to Intesa Sanpaolo, which worked on the deal.

Other recent Italian bond sales have also attracted strong demand, after former European Central Bank president Mario Draghi became prime minister last month.

Demand for the debt highlights the popularity of green bonds, which provide funding for environmental projects and require borrowers to report to investors on how the funds are used. 

Tanguy Claquin, head of sustainable banking at Crédit Agricole, which was a co-manager on the transaction, said the sale was met with “very strong support” from investors, particularly those that are required to consider environmental factors in their portfolios.

The bond, which matures in 2045, was issued with a yield of 1.547 per cent. The underwriters were able to reduce the premium against a normal Italian government bond maturing in 2041 to 0.12 percentage points, a slimmer premium than the 0.15 points initially mooted.

Italy follows several European countries, including Poland, Ireland, Sweden and the Netherlands, into the green debt market. France has issued 11 green bonds since 2017, totalling $30.6bn according to Moody’s Investors Service. Germany joined the market last year with two green Bunds. In its budget on Wednesday, the UK announced plans to sell at least £15bn of green bonds in two offerings this year. 

Italy is the first riskier southern-European government to tap the green market. The spreads on Italian debt relative to the eurozone benchmark German bonds fell to a six-year low of less than 0.9 percentage points in early February in a sign of investors confidence in Draghi’s leadership of the EU’s third-largest economy. The spread widened during last week’s volatile bond market trading but remains low by recent standards.

Spain plans to follow Italy with a green bond offering in the second half of 2021. Analysts expect an initial €5-10bn sale at a 20-year maturity. Johann Plé, senior portfolio manager at AXA Investment Managers said the demand for Italy’s sale “should reinforce the willingness of Spain and others to follow suit.”

Plé said the price investors paid for the Italian green bond “remained fair” and that this “highlights that strong demand does not necessarily mean investors have to pay a larger premium”.

Green bonds often command higher prices, and therefore lower yields, than their conventional equivalents from the same issuer. The German green Bund currently trades with a “greenium” around 0.04 to 0.05 percentage points, roughly double the gap when it was initially issued, according to UniCredit analysis, while French government green debt is roughly 0.01 percentage points lower in yield than conventional bonds.

Italy’s pitch on the environmental impact and reporting of its green projects drew positive reactions from some investors. Saida Eggerstedt, head of sustainable credit at Schroders, which invested in the bond, said the details provided on projects including low-carbon transport, power generation, and biodiversity were “really impressive”.



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German regulator steps in as Greensill warns of threat to 50,000 jobs

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Germany’s financial watchdog has taken direct oversight of day-to-day operations at Greensill Bank, as the lender’s ailing parent company warned that its loss of $4.6bn of credit insurance could cause a wave of defaults and 50,000 job losses.

BaFin appointed a special representative to oversee Greensill Bank’s activities in recent weeks, according to three people familiar with the matter, as concern mounted about the state of the lender’s balance sheet.

The German-based lender is one part of a group — advised by former UK prime minister David Cameron and backed by SoftBank — that extends from Australia to the UK and is now fighting for its survival.

On Monday night Greensill was denied an injunction by an Australian court after the finance group tried to prevent its insurers pulling coverage.

Greensill’s lawyers said that if the policies covering loans to 40 companies were not renewed, Greensill Bank would be “unable to provide further funding for working capital of Greensill’s clients”, some of whom were “likely to become insolvent, defaulting on their existing facilities”.

In turn that may “trigger further adverse consequences”, putting over 50,000 jobs around the world at risk, including more than 7,000 in Australia, the company’s lawyers told the court.

A judge ruled Greensill had delayed its application “despite the fact that the underwriters’ position was made clear eight months ago” and denied the injunction.

Greensill Capital is locked in talks with Apollo about a potential rescue deal, involving the sale of certain assets and operations. It has also sought protection from Australia’s insolvency regime.

Greensill was dealt a severe blow on Monday when Credit Suisse suspended $10bn of funds linked to the supply-chain finance firm, citing “considerable uncertainties” about the valuation of the funds’ assets. A second Swiss fund manager, GAM, also severed ties on Tuesday. Credit Suisse’s decision came after credit insurance expired, according to people familiar with the matter.

While the bulk of Greensill’s business is based in London, its parent company is registered in the Australian city of Bundaberg, the hometown of its founder Lex Greensill.

In Germany, where Greensill has owned a bank since 2014, BaFin, the financial watchdog, is drawing on a section of the German banking act that entitles the regulator to parachute in a special representative entrusted “with the performance of activities at an institution and assign [them] the requisite powers”.

The regulator has been conducting a special audit of Greensill Bank for the past six months and may soon impose a moratorium on the lender’s operations, these people said.

Concern is growing among regulators about the quality of some of the receivables that Greensill Bank is holding on its balance sheet, two people said. Regulators are also scrutinising the insurance that the lender has said is in place for its receivables.

Greensill Bank has provided much of the funding to GFG Alliance, a sprawling empire controlled by industrialist Sanjeev Gupta.

“There has been an ongoing regulatory audit of the bank since autumn,” said a spokesman for Greensill. “This regulatory audit report has specifically not revealed any malfeasance at the bank. We have constructive ongoing dialogue with all regulators in all jurisdictions where we operate.”

The spokesman added that all of the banks assets are “unequivocally” covered by insurance.

Greensill, a 44-year-old former investment banker, has said that the idea for his company was shaped by his experiences growing up on a watermelon farm in Bundaberg, where his family endured financial hardships when large corporations delayed payments.

Greensill Capital’s main financial product — supply-chain finance — is controversial, however, as critics have said it can be used to disguise mounting corporate borrowings.

Even if an agreement is struck with Apollo, it could still effectively wipe out shareholders such as SoftBank’s Vision Fund, which poured $1.5bn into the firm in 2019. SoftBank’s $100bn technology fund has already substantially written down the value of its stake.

Gupta, a British industrialist who is one of Greensill’s main clients, separately saw an attempt to borrow hundreds of millions of dollars from Canadian asset manager Brookfield collapse.

Executives at Credit Suisse are particularly nervous about the supply-chain finance funds’ exposure to Gupta’s opaque web of ageing industrial assets, said people familiar with the matter.

The FT reported earlier on Tuesday that Credit Suisse has larger and broader exposure to Greensill Capital than previously known, with a $160m loan, according to two people familiar with the matter.

Additional reporting by Laurence Fletcher and Kaye Wiggins in London



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