Roberto Cavalli close to signing agreement with VTB Capital

After years of searching for a investor, it appears to be that Roberto Cavalli

may be close to signing a deal with VTB Capital for a majority stake in his eponymous company.

On Sunday, private discussions between Cavalli and VTB, part of VTB group a Russian investment bank were understood to be under way for a deal to sell 60 percent of Cavalli's company for 500 million euros, or 399 million pounds, according to WWD. The agreement values the designer's fashion house at 830 million euros, or 662 million pounds according to current exchange rates.

When discussions concerning a potential stake sale between private equity firm Permira and Roberto Cavalli came to an abrupt halt in June, speculation surrounding a possible sale continued, with investment firm Investcorp and a group of investors led by Swiss watchmaker Franck Muller believed to be interested in acquiring a stake in the Italian company.

If the sale is successful, it is thought to close sometime in October. The majority stake sale would end Cavalli's ongoing search for an investor, which first began nearly six years ago. Cavalli was close to selling a minority stake (30 percent) to private equity firm Clessidra at the time, before the agreement was dropped due to a disagreement over price.

Once completed, the potential sale would join the growing list of acquisitions of Italian labels by foreign companies. The deal would come six months after Versace sold a 20 percent stake to Blackstone for 150 million euros, or 119 million pounds, which valued the group at 750 million euros, or 599 million pounds.