roberto cavalli has been sold
The leopard-loving fashion house has been snapped up by an Italian private equity firm.
After falling out about the price on a previous attempt in 2009, Roberto Cavalli has finally signed a deal with Italian private equity firm Clessidra SGR to sell 90% of his company. "I am extremely satisfied to have signed this agreement with an Italian partner which, I am sure, will further develop what I have built in a lifetime," Cavalli told WWD, adding that, "Clessidra will provide financial, managerial and human resources that will allow the company to grow further and face the challenges of the ever-evolving luxury market."
The deal is part of a complete overhaul for the brand, which last month saw the appointment of Norwegian designer Peter Dundas, who moved from his Creative Director position at the colorful house of Emilio Pucci. Recently, Cavalli also announced that former Bulgari CEO Francesco Trapani had been named Chairman, and former CEO of both Guerlain and Sephora, Renato Semerari, would become CEO. Of the deal with Clessidra, Trapani said, "We really wanted to reach this agreement as we strongly believe in the potential of Roberto Cavalli," adding that, "It is a company with a unique style, unparalleled market positioning and a truly global awareness. Cavalli's brand identity is an asset that we want to preserve, a key factor on which we will found all the company's plans for international growth."