Roberto Cavalli Is Finally Selling a Stake in His Company

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Just a week ago, Roberto Cavalli expressed doubt about his move to sell a 30 percent stake in his company to private equity firm Clessidra. But this week, he finally signed a letter of intent to sell. This is momentous because, while only a letter, it marks Cavalli's firmest commitment to relinquish part of his empire for cash since he started saying ages ago that he wanted to sell. Cavalli told Italy's Il Sole 24 Ore his company has until September 30 to decide how much that 30 percent stake will cost, but that they hope to finish the deal by the end of this month. He adds that his house as a whole could be worth more than $426.4 million, especially since sales are improving.

So what happens after the deal is sealed? First up on the Cavalli-Clessidra projects list is finding the label a chief executive. Currently it has no CEO. Then they'll renew Cavalli's eyewear license. And then they'll probably sail off into the sunset on a yacht together to toast each other and enjoy the feeling of being rich.

Cavalli agrees to sell 30 pct to Clessidra-report [Reuters]