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Inside Vivienne Westwood's fortune and how she 'handed over £70m fashion empire'

It would be Dame Vivienne Westwood’s birthday today, with the legendary fashion designer, who died last December, turning 82.

Born in Tintwistle in April 1941, Vivienne was a pioneer in the fashion industry with the designer and businesswoman largely responsible for bringing modern punk and new wave fashions into the mainstream.

Sadly passing away in Clapham, London, on December 29, 2022, at the age of 81, Vivienne left an impact on not just the world of fashion – but the world as a whole.

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A mother, a fashion pioneer, an author and the co-founder of the SEX shop with her then partner Malcolm McLaren at 430 King’s Road in the heart of Chelsea, London – she was an icon in every sense of the word.

Vivienne died in December 2022

The fashion trailblazer had two children: Ben Westwood (born 1963) who she welcomed with first husband Derek Westwood; and Joseph Corré (born 1967) with second husband Malcolm McLaren, who is the founder of lingerie brand Agent Provocateur.

In 1992 she married her former fashion student, Andreas Kronthaler, who persuaded the designer – who had lived in an ex-council flat in Clapham for 30 years – to move to a grander home in the same area in 2000.

But what about Vivienne’s fortune – which grew from the 1970s until her passing last year?

Son burning inheritance

Joe set fire to his his £5 million punk collection on a boat on the River Thames
(Image: PA)

In November 2016, the son of son of Vivienne Westwood and Malcolm McLaren, Joe Corré set fire to £5million worth of punk rock memorabilia.

The protest was staged to encourage use of renewable energy with he and his mum standing on a barge on the River Thames when setting fire to the memorabilia.

Speaking to the crowd while standing on the barge, Joe said: “Punk was never, never meant to be nostalgic – and you can’t learn how to be one at a Museum of London workshop.”

Vivienne was in support of her son’s protest
(Image: pa)

He went on: “Punk has become another marketing tool to sell you something you don’t need. The illusion of an alternative choice. Conformity in another uniform.”

Asked about the incident by The Sunday Telegraph, the paper asked Joe: “Did this feel like burning a Picasso?”

To which he replied: “I don’t know what burning a Picasso feels like. But I thought that was great. Punk rock is not important.

“Punk has become another marketing tool to sell you something you don’t need.”

Signing over fortune before death

Vivienne signed over her fortune to Jeff Banks prior to her passing

After her death, MailOnline revealed that Vivienne had “handed over” the reins of her £70m business empire to friend and fellow designer Jeff Banks, 79.

She is said to have put him in charge of her clothing company just before Christmas, which in turn made him a director of Vivienne Westwood Ltd, according to a filing to Companies House on December 22.

At the time it was reported, it was said that the firm that Jeff Banks became a director of held cash and assets of more than £50m.

When Jeff was put in charge of Vivienne’s company, Vivienne’s husband of 30 years Andreas, was made a director and secretary of his wife’s property business.

Worth £18m, according to MailOnline, Andreas was put in charge of her estate.

Her two sons, Ben and Joe, were said to have had no formal role in their mother’s business “but may inherit her £150m fortune”, according to the paper.

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Source: Celebrities - dailystar.co.uk


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