Roberto Cavalli Changes His Tune

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Bidders, how can you resist this face? Photo: WireImage

It looks like Roberto Cavalli is about to sell a 20 percent stake in his company to Milan-based private equity firm Clessidra SGR SpA. Well, this is familiar territory. It looked like Cavalli would sell his company, or part of it, months ago, but he called off the bidding in July when he realized he wouldn't make as much money from the sale as he wanted. Back then, he noted he didn't need to sell anyway. But now he says, "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."

Conversations surrounding the sale have been described as "solid." No official comment has been made on the deal, but Cavalli said he hopes to list his company on the stock market in three to four years. Oh good. Our portfolio could use a little zest.

Cavalli To Sell [British Vogue]
Related: Roberto Cavalli Decides Not to Sell, and You Can Probably Guess Why