Europe's news in English

COPY LINK

BUSINESS

An Italian shoemaker has made the world’s first 24-carat gold shoes

Filthy rich and already boast enough glass slippers to win a dozen princes? Italian shoemaker Antonio Vietri has the thing for you: 24-carat gold shoes.

Published: 28 March 2017 15:00 CEST

An Italian shoemaker has made the world's first 24-carat gold shoes

Antonio Vietri shows off his creations. Photo: Marco Bertorello/AFP

Vietri, from Turin in northern Italy, hopes to attract shoppers from wealthy Gulf countries with his blue or black suede moccasins with stitched gold-plated uppers.|

“These are the first shoes in the world in 24-carat gold,” he told AFP. “The particularity of these shoes is that gold is not simply applied, it is not like an accessory or a button. Gold is an integral part of the shoe”.

Photo: Marco Bertorello/AFP

READ ALSO: Pope goes shoe shopping, Italians are delighted

Small strips of gold are woven by hand and sewn with leather to ensure the moccasin uppers are comfortable.

Vietri is just one of a wave of “Made in Italy” producers seeking to tap into the high-end Gulf fashion market, particularly in oil-rich states such as the United Arab Emirates, Saudi Arabia and Qatar.

His men's gold line was launched in 2016 “after eight months of studies and attempts,” Vietri said. The women's followed this year.

Photo: Marco Bertorello/AFP

“The difficulty was in finding the right balance between the strength of the gold and the flexibility of the shoe,” he said.

“If the shoe is too light, the gold will bend. If the shoe is too heavy, it hurts.”

Each pair of shoes, made with 230 grams of gold, is one-of-a-kind and is made to measure using 3D foot scanners.

Photo: Marco Bertorello/AFP

They retail for up to 25,000 euros ($27,000) for the men's collection, and 30,000 euros for the women's line.

The price includes delivery by helicopter, and the shoes are presented in a black lacquered box.

Photo: Marco Bertorello/AFP

Vietri also does a traditional line with prices starting at 250 euros, and another in which shoes feature designs by international artists.

The luxury collection features silk pumps embellished with gold or silver and customers can decorate their chosen model with pearls or diamonds.

Member comments

Log in here to leave a comment.

Become a Member to leave a comment.

Five expensive mistakes to avoid when buying a house in Italy

There’s always a lot to keep in mind when buying property, but the Italian purchase process may be quite different to what you’re used to in your home country.

As well as involving high taxes and fees, it’s likely to be more complex and formal in some ways – and this can lead to potentially costly pitfalls.

The Local spoke to three Italian property law experts at legal firm Mazzeschi to find out what foreign buyers should be aware of before they sign anything.

1) Check your estate agent’s contract

If you use a real estate agency in your Italian home search, normally you’ll need to sign a contract with them. That contract should stipulate their fees, their duties, and their tax information.

There is one other thing in the contract which potential buyers must look out for: an exclusivity clause, meaning the potential buyer may use only that estate agent in their property search for a set period of time.

“Usually in Italy estate agents like using this exclusivity clause. It is normally the same for sellers as it is for buyers. It means you cannot have another estate agent and usually contracts say this, “says Caterina De Carolis, Lawyer at Mazzeschi.

READ ALSO: How to avoid hidden traps when buying old property in Italy

“If the time frame is not yet up, and the potential buyer uses another agency, they may still be liable to pay the agency fee for the initial estate agent they entered their contract with,” she adds.

Some contracts might not have an exclusivity clause. It’s always worth double-checking.

“If you use another agency to find a house, you’ll be liable to pay the agency with the exclusivity clause in the contract around 2-5 percent of the house’s sale price,” says De Carolis.

“The exact percentage is always in the contract.”

2) Make sure to agree on a price beforehand

This rule is universal, and may sound obvious. But there are costly consequences in Italy if the price is not formally agreed and written down.

Lawyers at consultancy firm Mazzeschi urge their clients to make sure the full price of the property is declared in the transfer deed (l’atto di trasferimento).

This is because if you resell at a market price higher than your purchase price, you are subject to pay a capital gains tax called plusvalenza. Plusvalenza is the difference between purchase and sale price.

Checking the price of the property beforehand will save you in the long run. Photo by Kirill KUDRYAVTSEV / AFP.

3) Don’t change your mind – it will cost you

If the potential buyer has signed a binding proposal (proposta vincolante) – the process before a preliminary contract is drawn up – it becomes less straightforward to withdraw from the purchase.

“This is because the binding proposal in Italy is a lot more formal,” says Mario Mazzeschi, Head of and Attorney at Law of Mazzeschi Consultancy.

The binding proposal works similarly to an offer. When the potential buyer puts forth their offer, the potential seller decides whether or not to accept. The period of time for this part depends on the proposal drawn up.

READ MORE: Five things non-residents need to know about buying property in Italy

If, before the time is up, the potential buyer decides to withdraw their offer for any reason, they will likely lose their deposit.

“This deposit is usually around 5-10 percent in most cases, so the buyer will have to pay that,” says De Carolis.

“If the buyer decides to withdraw, they are usually liable to pay the seller twice the amount of the deposit.”

If the proposal is not accepted by the potential seller, the potential buyer pays nothing.

4) Don’t pay anything before the preliminary contract is signed

With the exception of the above, buyers are advised not to pay anything until the preliminary contract is signed. The preliminary contract allows both parties to set out clear guidelines.

“The buyer should check with a lawyer before signing the preliminary contract as it will save them in the long run,” says Mazzeschi.

A notary should be present at this signing, adds Giuditta De Ricco, Lawyer at Mazzeschi Consultancy.

“Notaries are public functionaries. They are never on the side of the buyer or the seller, but for sure a notary is needed.”

“They are completely neutral and often it is wiser and safer for the potential buyer to put their deposit into the notary’s escrow account so the notary can transfer the money to the potential buyer.”

5) Have the property checked beforehand

While the notary will normally check the paperwork before the sale goes through, you’ll need a different professional to check the property itself.

It may then be in the buyer’s best interest to hire a contractor themselves (this will normally be a qualified geometra, or surveyor) to get the structure of the building checked out and detail any faults or repair work needed.

This should be done before the negotiation stage, as unless there is something specific in the preliminary contract you may lose anything you have paid by pulling out of the purchase at this stage.

“The only way out of this after signing a contract is if you can prove the seller acted maliciously,” says Mazzeschi.

Key vocabulary

Transfer deed – l’atto di trasferimento

Binding proposal – proposta vincolante

Notary – notaio

Preliminary contract – contratto preliminare di vendita

Final contract – atto di vendita or rogito notarile

Deposit – caparra

Surveyor – geometra

Estate agent – agente immobiliare

Please note that The Local cannot advise on individual cases. For more information about how you can buy property in Italy, contact a qualified professional.

SHOW COMMENTS

Url copied to clipboard!