Roberto Cavalli Isn’t Selling a Stake to Clessidra After All


Roberto Cavalli, the greatest tease of the financial press ever in history, has decided not to sell a stake in his company to Italian private-equity firm Clessidra SGR SpA. Clessidra was in talks to buy a 30 percent stake in the company, but pulled out over the weekend. As of June it sounded like things were getting pretty hot and heavy between the two. But if we had stopped to think about this story between then and now, we might have realized something was awry. Cavalli suggested back then that a deal might be reached in just a month's time, even though he would allow Clessidra until September 30 to come to terms with the gigantic sum of money he expected them to pay. WWD reports:

“Relations have cooled,” a person familiar with the situation said. It was not clear if they have done so permanently.

Apparently Cavalli was a stickler in the negotiations. He wouldn't accept less money or offer a larger stake for the same price. It's unknown how much Clessidra was offering. But in June, Cavalli insisted his house was worth at least $426.4 million. Maybe Clessidra can put all those millions they're not investing in leopard-printed clothes toward this fabulous yacht that somewhat resembles a killer whale. Office holiday parties would never be the same.

Cavalli Sale Talks Break Down [WWD]