2009 August 5
Cavalli Talks Cut Off
(NEW YORK) Though Roberto Cavalli has been planning to sell a significant stake in his company for months, the designer seems to be wavering yet again, Reuters reports today. A source told the paper that talks between Cavalli and private equity fund Clessidra have been broken off following a dispute about the company’s value. In June, the designer revealed that he had signed a letter of intent to sell a 30 percent stake to Clessidra, with September 30 the deadline to settle on the price. Cavalli has hesitated in the past when it comes to selling: in May, he said that he no longer was interested in selling a stake in the company—but then he signed the letter of intent with Clessidra in June.
Cavalli’s company has had its share of uncertainty recently; in fact, in February, the designer announced that he would not show the Just Cavalli Fall 2009 collection in Milan due to production issues (in the end, he staged a small presentation instead). Ittierre, the production company behind Just Cavalli, filed for bankruptcy shortly before the slated runway show. While it seems unlikely that Cavalli would fold his secondary line, insiders expect that he might bring the production of Just Cavalli in-house—though if he could find an appropriate buyer of a stake in Cavalli, it might be an easier feat.
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