Milan, Italy (CNS) – Italian fashion honcho Roberto Cavalli is reportedly selling 20 percent of his company’s stakes to private equity firm Clessidra SGR SpA. It would be second deal in as many months for the firm, Vogue reports.
Business daily Il Sole 24 Ore reported last week that Cavalli had agreed to sell a stake of between 15 and 20 percent to Clessidra, adding he was close to signing a preliminary agreement.
“I had to think hard about it over the last few weeks and I believe that it is the right way to ride the recovery after this moment of international economic-financial crisis,” Cavalli told the Italian daily.
“It is one of the serious Italian funds,” he told reporters at his Autumn/Winter 2009/2010 menswear show in Milan when asked about Clessidra.
He also said that it’s just the beginning and he hopes to list the company on the stock market in three or four years. Just Cavalli clothing line is not expected to be affected by any deal as it is under license to IT Holding SpA.