Wessel & Vetts Fond

Wessel & Vetts Fond is a Danish family foundation whose history is bound up with Magasin du Nord, one of Denmark's best-known department store chains. The fund traces its origins to the two men who founded Magasin du Nord — merchant Theodor Wessel and privy councillor Emil Vett — and it exists to provide financial support to people and activities connected to the department store and to the founders' legacy. Its stated purpose is to give grants to individuals and initiatives with a link to the store and to the founders' families. The foundation's grant-making is broad but thematically consistent. It supports descendants of the founders through study and family grants, provides financial assistance to former and current Magasin employees with long service, and backs the store's three senior associations in Copenhagen, Aarhus and Odense. Each year it supports the awarding of two prizes to newly qualified Magasin apprentices — the Apprentice of the Year award and the Development Prize. It also supports the Julemærke homes, a Danish charity for vulnerable children, and is a regular sponsor of the traditional Wessel & Vett Cup and of KDY. Beyond direct grants, the foundation has built cultural and professional institutions around the Magasin name. In 2012 it launched the Wessel & Vett Fashion Prize, described by the foundation as the largest and most prestigious fashion prize in the Nordic region. It secured Magasin's historical collection and in 2013 opened the Magasin du Nord Museum. A related entity, Magasin du Nord Fonden, likewise supports activities related to the department store. The foundation is governed by descendants of Emil Vett. Its board has included Ditlev Wedell-Wedellsborg, Nina Wedell-Wedellsborg and Christian E. Kampmann, all great-grandchildren of Emil Vett. Historically the fund was a merger of two foundations created by the two founders: Wm. Vetts Fond, established in 1947, and Magasin du Nord's Fond, established in 1951. When Magasin was listed in 1954, two share classes were introduced so the family could retain control without owning a majority of the shares. After financial difficulties in the 1990s and the sale of Magasin to an Icelandic consortium led by Baugur Group in 2004, the foundation no longer owns shares in the department store, though for a period it co-owned the property housing Magasin's Kongens Nytorv department. Today it operates as a grant-making family foundation rather than a controlling shareholder.

Wessel & Vetts Fond is a Danish family foundation whose identity is inseparable from Magasin du Nord, the Copenhagen department store founded by merchant Theodor Wessel and privy councillor Emil Vett. The foundation as it exists today is a union of two funds established by the two founders: Wm. Vetts Fond, founded in 1947, and Magasin du Nord's Fond, founded in 1951. These funds were created to channel the founders' wealth back toward the store, its people and their own families. The foundation's history is also the history of the family's relationship with Magasin du Nord. When the department store was listed on the stock exchange in 1954, two classes of shares were introduced so that the family could keep control of the company without owning a majority of the shares. This structure preserved family influence for decades. In the 1990s, however, Magasin ran into financial difficulties after a period of losses. The company had taken over the Illum department store and with it a large credit exposure to Jyske Bank, and the bank eventually came to own around 40 percent of Magasin. The family lost its decisive influence over the company but reached a "peace treaty" with the bank under which the two jointly controlled the business. That arrangement lasted until 2004, when the bank withdrew and Magasin was sold to an Icelandic buyer consortium led by Baugur Group. From that point the foundation no longer owned shares in the department store, although for a period afterwards it was a co-owner of the property housing Magasin's Kongens Nytorv department. The foundation thus shifted from being a controlling shareholder vehicle to a grant-making institution focused on the Magasin community and the founders' legacy. In its modern form the foundation supports descendants of the founders through study and family grants, assists former and current Magasin employees with long service, and backs the store's three senior associations in Copenhagen, Aarhus and Odense. It also supports the Julemærke homes for vulnerable children and is a regular sponsor of the Wessel & Vett Cup and of KDY. It has created lasting institutions of its own: in 2012 it launched the Wessel & Vett Fashion Prize, which it describes as the largest and most prestigious fashion prize in the Nordic region, and it secured Magasin's historical collection and opened the Magasin du Nord Museum in 2013. A related foundation, Magasin du Nord Fonden, likewise supports activities connected to the department store and has instituted the Dansk Design Talent prize and runs the museum. The foundation is governed by descendants of Emil Vett; its board has included Ditlev Wedell-Wedellsborg, Nina Wedell-Wedellsborg and Christian E. Kampmann, all great-grandchildren of Emil Vett.

• 2013

  The Magasin du Nord Museum opens, based on the historical collection secured by the foundation.

• 2012

  The foundation launches the Wessel & Vett Fashion Prize.

• 2004

  Jyske Bank withdraws and Magasin is sold to an Icelandic consortium led by Baugur Group; the foundation ceases to own shares in the store.

• 1990

  Magasin faces financial difficulties after years of losses; Jyske Bank comes to own around 40% of the company.

• 1954

  Magasin du Nord is listed on the stock exchange; two share classes are introduced to preserve family control without majority ownership.

• 1951

  Magasin du Nord's Fond is established.

• 1947

  Wm. Vetts Fond is established by Emil Vett's side of the founding family.

A heritage family foundation tied to Magasin du Nord, combining charitable grants with cultural and fashion-prize initiatives.

• Wessel & Vett Fashion Prize
• Magasin du Nord Museum
• Wessel & Vett Cup
• Magasin apprentice awards

1. 1Forside - Wessel & Vetts Fondwesselogvettsfond.dk
2. 2Wessel & Vetts Fond (Wikidata)wikidata.org
3. 3Magasin du Nord Fonden (Danish Wikipedia)da.wikipedia.org