Roberto Cavalli sells his label← Back
About 2 Years, 9 Months, 3 Weeks, 2 Days, 8 Hours, 34 Minutes ago.
The Italian label known for its exotic patterns and animal prints is changing hands: Roberto Cavalli has been bought by an Italian private equity firm, it was unveiled yesterday.
Clessidra SGR has bought a 90% majority stake of the fashion label, whilst founder Roberto Cavalli will remain in possession of the remaining 10%. The deal has been in the works for quite some time, as Clessidra SGR first registered interest in 2009, but failed to come to an agreement with Cavalli. It then emerged in December last year that both parties were in talks again.
Clessidra isn’t the only brand to have courted Cavalli: in the past couple years InvestmentCorp, VTB Capital and Permira were all also said to have been interested in buying the label. This is not the first luxury acquisition by Clessidra: the holding company bought a majority stake in high-end jewellery brand Buccellati in March 2013.
Talking to WWD about the sale, Cavalli commented: "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. 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 fashion house recently recruited Peter Dundas as Creative Director, who had previously held the same title at Pucci for seven years, and only last week appointed Renato Semerari as the new CEO and Francesco Trapani as chairman. Dundas will present his first collection for the label in September.