Back in January, rumors surfaced that Robert Cavalli was ready to sell part of his eponymous company. Flash forward, the rumors were correct.
Cavalli, is close to finalizing the sale of a majority stake in the company. He is said to have signed a letter of intent to sell 60 percent of the brand to the VTB Capital arm of Russian investment bank VTB Group that is acting for an unidentified Cyprus-based fund, according to WWD.
This is not the first time Cavalli has negotiated a deal to sell stake in his company, back in 2009, the designer signed another letter of intent, which is legally non-binding to sell 30 percent of his company to Clessidra SGR Spa before withdrawing. And that is what is making the latest deal anything but a final act.
If deal was to be executed, it will value the company at more than 1 billion dollars therefore netting Cavalli 655 million dollars if he decides to sell his stake.