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Roberto Cavalli Wins Court Approval for Sale to Dubai's Damac Founder

Private equity firm Clessidra took over 90 percent of the label from its founder in 2015, but was unable to turn the brand around.
Roberto Cavalli | Source: Shutterstock
By
  • Reuters

SESTO FIORENTINO, Italy — Italy's troubled fashion house Roberto Cavalli said on Tuesday a court had approved a debt restructuring agreement needed for its sale to Dubai's Vision Investment Company, a group owned by the founder of Damac Properties Group .

Italian private equity firm Clessidra took over 90 percent of the label from its founder in 2015, in a deal that valued the company at about €390 million (£337 million), sources said at the time.

But the new owner was unable to turn around the Italian brand despite appointing a new chief executive and a new designer. The group started looking for an investor over a year ago, given that the Clessidra fund holding the Cavalli stake was close to its statutory investment limit, a source had said.

Clessidra and the board of Cavalli chose the Dubai-based company among five other offers. Damac is already a partner of Cavalli in a real estate project in the middle eastern region.

By Claudia Cristoferi; editor: Giulia Segreti.

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