Briatore is the subject of a multi-million-pound damages claim from Angelo Galasso, a designer whose shirts are worn by David Beckham.The two Italians have joined battle over the fate of Billionaire Italian Couture, the label they launched in 2005.
Its products are aimed at the mega-rich and include £1,000 jeans with gold buttons and a £30,000 crocodile-skin umbrella.
Last year Briatore, 59, was forced to step down as boss of the Renault F1 team after a race-fixing scandal.
The tycoon, whose former girlfriends include the models Naomi Campbell and Heidi Klum, had his life ban from the sport overturned last month. He denies any wrongdoing.
On Friday he quit as chairman of Queen’s Park Rangers football club, although he retains a 20% stake.
Named after Billionaire Club, Briatore’s nightclub in Sardinia, the UK-based men’s fashion label aimed to combine his financial resources with Galasso’s design flair and 5,000-strong client base.
However, a claim form lodged with London’s commercial court last week records Galasso’s complaint that Briatore in effect took the business from him.
When the company was set up in 2004, Briatore held a 51% stake while Galasso had 49%. But in his writ, Galasso claims that at a meeting in mid-2007 Briatore told him he was hoping to obtain further funding for the label from an Italian company called Percassi Group. In exchange for giving up his 49% stake, Galasso said he was offered 20%, plus an annual bonus of 5% of profits.
Galasso claims that when he returned his share certificate, Briatore did not deliver on the revised agreement.
“I’m really, really disappointed,” said Galasso. “Flavio kept saying ‘trust me, trust me’. But he didn’t respect the deal. He didn’t respect me.”
Briatore’s lawyer did not respond to a request for comment.
