Fashion

Roberto Cavalli says no sale agmt signed

Follows report of accord to sell majority stake to Permira

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Pier Paolo Bozzano

America24, 26 gennaio 2014, 02:11

Italian fashion house Roberto Cavalli said it has not reached any agreement to sell the company.

The statement from the company follows a report in the Italian weekly magazine Il Mondo that Roberto Cavalli, who controls the fashion house bearing his name through Euromobiliare Fiduciaria, planned to sell a majority of the group to private equity firm Permira in a deal worth about 450 million euros, or around 13 times EBITDA forecast for the current fiscal year and 17 times EBITA for the last fiscal year. According to that report, Cavalli himself would remain as the design chief for the group after the change of ownership.

"No agreement, not even preliminary, related to the hypothetical sale of the group has been signed," the fashion house said in a statement, adding that a board meeting scheduled for today did not have a sale on the agenda.

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