The Cipriani family who established Harry’s Bar in Venice in 1931, consolidates its empire in catering by landing in Milan and taking the keys to Palazzo Bernasconi, the ex-atelier of the tailor Gianni Campagna. The Venetian dynasty – with strong roots in America and with over $200 million in revenues – has rented the historic residence at via Palestro 24 from Merope Asset Management for 50 years (the total disbursement should be close to 130 million euros). Merope Asset Management is comprised of 18 Lombardian business families of which 10% is owned by John Elkann and the financier Federico Imbert. The objective is to transform the building, scheduled to open in 2021, into a boutique hotel with two annexes branded Cipriani, as well as a spa and a fitness center. “We were looking for a place that lived up to our expectations in Milan – explained Giuseppe Cipriani, who leads the family holding – and Palazzo Bernasconi has all the characteristics we were looking for”.
The operation, curated by Dea Real Estate Advisor, and the Swiss investment bank Credit des Alpes, closes the turbulent odyssey of the iconic Milanese property, which was overwhelmed in the last decade by debt and a very tough legal battle between the heirs of Campagna. The volcanic tailor purchased it for 30 billion lire in 1998, crowning a novel career that began at the age of seven in a laboratory in Roccamulera, Sicily, then continued to Milan where he was hired by Caraceni. His career took off in 1966 when he won the prestigious “Ago d’oro”. He was thus able to start out on his own and bought himself a Fiat 124 Spider to accompany his inevitable bicycle.” I have 44 pulsations at rest like Fausto Coppi”, he boasted.
Under the sign donning scissors and the letter “C” for Campagna hoisted on Palazzo Bernasconi, many passed by to buy his clothes. Although snubbed by the big names in Milanese fashion Campagna managed to make his way by taking over the activities of his mentor, Caraceni. The descending parable of the Twin Towers crisis resulted in the US customers closing the purse strings. This crisis had also overwhelmed the headquarters on via Palestro, which was then leased to Banca Popolare di Milano. Unfortunately, Campagna’s death in 2017 was the straw that broke the camel’s back. The tailor’s three children then disputed the fate of the property amongst themselves. In the end, Merope appeared and bought the property in 2018 for 35 million euros. Thus the beginning of a new era for the Cipriani Group. The family of Dean Arrigo has just settled the dynastic match with the Luxembourg branch that controls the whole group, with Giuseppe, son of the progenitor, who took over the shares of the Blue Skye fund and those of the brothers for 40 million euro. From St. Mark’s Square, one step at a time, the Venetian family opened 11 venues and is present in New York, Miami, Las Vegas, Moscow, Dubai, Abu Dhabi, Honk Kong, Punta dell’Este and Moscow, and has over 2,500 employees. A luxury brand made in Italy where now, after the roaring years of fashion, Palazzo Bernasconi enters.