CEO and COO to depart from the Roberto Cavalli Group

Although the Roberto Cavalli Group has said goodbye to its Chief Executive

Officer Gianluca Brozzetti and its chief operating officer Carlo Di Biagio, who are set to leave the company next month, the group has firmly denied circulating rumors that its fashion brand is for sale.

According to previous reports from Italian newspaper Il Mondo, the Italian fashion brand was potentially for sale, with even a buyer already in the picture. The newspaper reported that investment company Permia was interested in the brand, which has an estimated value of 450 million euros, thirteen times the predicted EBITDA for the current fiscal year.

However the Roberto Cavalli Group has laid all speculation to rest in an official statement, stating that the "article in Il Mondo is false and completely unfounded". No agreement has been signed in connection with a hypothetical sale, added the group, stressing that there are no future sales on the boards agenda.

Nevertheless, changes are occurring at the Italian fashion house, with the departure of its CEO and COO. Surprisingly, the group will not be take on replacements for the two vacant roles. Instead the responsibilities will be divided between Daniele Corvasce, who is currently the group' s counselor and corporate legal affairs director and Cavalli himself, who is president of the company. Brozzetti and Di Biagio, who were both taken on late 2009, are set to depart from the group February 22, after the opening of Roberto Cavalli's largest store to date in Milan, according to WWD.

"I appreciated their experience, professionalism and great discipline they brought to the company, so that it could be stronger and ready for future growth challenges," said Cavalli to WWD, after the three had come to a mutual decision it was time for Di Biagio and Brozetti to step down from their roles.

Brozetti added that it had been "a great honour to work with one of the biggest creative talents of Italian fashion". Di Biagio and Brozetto have yet to confirm what their next step will be, however the pair will remain minority shareholders in the Roberto Cavalli Group.