Roberto Cavalli Sold

Roberto Cavalli has been sold to Clessidra SGR in a deal that sees the private-equity firm acquire 90 per cent of the Italian fashion house. Talks between the two companies previously broke down in 2009, allegedly as a result of a disagreement over price.

It was March 2014 when industry rumours re-surfaced about the sale of Cavalli's eponymous house, with numerous investors named as potential suitors, including the VTB Captial arm of Russian investment bank VTB Group and private equity fund Permira.

"I am extremely satisfied to have signed this agreement with an Italian partner which, I am sure, will further develop what I have built in a lifetime," Cavalli told WWD. "Clessidra will provide financial, managerial and human resources that will allow the company to grow further and face the challenges of the ever-evolving luxury market."

Last month Peter Dundas was named as a creative director at the house, while last week it was announced that Francesco Trapani will take on the role of chairman and Renato Semerari will be the new chief executive officer.

"We really wanted to reach this agreement as we strongly believe in the potential of Roberto Cavalli," Trapani said. "It is a company with a unique style, unparalleled market positioning and a truly global awareness. Cavalli's brand identity is an asset that we want to preserve, a key factor on which we will found all the company's plans for international growth."