Clessidra acquires Roberto Cavalli
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Following months of discussions and negotiations, Italian private equity firm Clessidra and fashion brand Roberto Cavalli have finally come to an agreement. Clessidra has acquired 90 percent of the Florence-based brand, for an estimated 400 million euros, or 291 million pounds according to current exchange rates.
“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” said Cavalli, to WWD, on the label which he founded in the 1970s. “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 firm has named former LVMH executive Francesco Trapani as the label’s chairman, and Renato Semerari as its new chief executive officer, who previously left his role as president for Coty’s categories and innovation department. The new appointments follow the hiring of Peter Dundas as the fashion label’s creative director.
“We really wanted to reach this agreement as we strongly believe in the potential of Roberto Cavalli,” added Trapani. “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.”
Former talks between the two companies are said to have occurred in 2009, but reportedly ended after a disagreement over price.