Roberto Cavalli sale to be rounded off by mid-October

After months of speculation, Italian designer Roberto Cavalli is closer to sealing

the deal to sell a majority stake in his eponymous fashion company than ever before.

The designer has apparently signed a letter of intent to sell a 60 percent stake in his company to VTB Capital for 500 million euros, or 399 million pounds, with the agreement expected to be finalized sometime mid-October, reported WWD.

The firm, which is part of VTB Group, a Russian investment bank is thought to be acting for a Cyprus-based fund, whose identity has yet to be revealed.

The agreement values the designer's fashion house at 830 million euros, or 662 million pounds according to current exchange rates, which is four times the amount of the company's sales in 2013, which reported sales of 201 million euros last year.