PE firm Clessidra SGR to buy Italian fashion house Roberto Cavalli

Italian private equity firm Clessidra SGR yesterday struck a deal to buy fashion house Roberto Cavalli, for an undisclosed sum.

Under the deal, Clessidra will buy a 90-per cent stake in the Florence-based fashion group, while its founder Roberto Cavalli will hold the remaining 10 per cent.

Cavalli said, ''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.''

Former Bulgari CEO Francesco Trapani would become the new chairman of the fashion house while Renato Semerari, former CEO of Guerlain and former president and CEO of Sephora in Europe, would be appointed CEO.

Best known for its creations in denim and in printed leather, Roberto Cavalli is a well known Italian fashion designer with an estimated personal net worth of over $500 million.

With the group valued at around $1 billion, Roberto Cavalli's brands includes, Just Cavalli, Cavalli's children clothing line, Cavalli wine, and Cavalli vodka among others.

Roberto Cavalli lines are sold in boutiques in over 50 countries worldwide, and Italy, Eastern Europe, Middle East and North America are currently contribute around 80 per cent of its revenues.