Clessidra acquires Roberto Cavalli
Clessidra SGR, the leading Italian manager of private equity funds, has signed a definitive agreement to acquire a 90 percent majority equity stake in Roberto Cavalli. The founder Roberto Cavalli will hold the remaining 10%.
Founded in Florence in the seventies, the company has become a brand of reference in the international luxury goods market, thanks to an extensive network of about 200mono-brand boutiques. Besides its high-end line “Roberto Cavalli”, the brand also designs the young casual “Just Cavalli”, the bridge line “Cavalli Class”, and the kids “Roberto Cavalli Junior” collections. All these women’s and men’s collections are complemented with awide range of licensed products, including bags, sunglasses, watches, shoes,jewellery, and a fragrance line.
Roberto Cavalli also signs an internationally renowned “Home Collection” and is active in the hospitality sector through its network of Cavalli Clubs and Cavalli Cafes. In 2014, the company increased its consolidated turnover to approximately Euro 210 million. The agreement is for the acquisition of a 90% stake in the Florentine fashion house capital by a newly established company called Varenne.
Among the shareholders of Varenne, a company of which Clessidra holds the absolute majority, there are some co-investors with minority stakes, including the international investment firm L-GAM and Chow Tai Fook Enterprises Ltd, a Hong-Kong based holding company controlled by the Cheng family.
The Roberto Cavalli deal is the first operation carried out through the thirdmanaged fund Clessidra Capital Partners 3 (CCP 3). Embracing the philosophy that has characterized the management of previous funds, CCP 3 will be mainly devoted to investments in the Italian market.
Clessidra’s Executive Vice-Chairman Francesco Trapani will be the Chairman ofRoberto Cavalli S.p.A.. Previously, he was the CEO of Bulgari for over 25 years,then CEO of the Watch and Jewellery Division at LVMH. Renato Semerari will be the CEO of Roberto Cavalli S.p.A. Until today, Semerari served as President of the New York Stock Exchange-listed multinational Coty Group. Prior to joining Coty, Semerari served as the CEO of Guerlain and as the Presidentand CEO of Sephora Europe, both companies of the LVMH group.
It is worth mentioning that Norwegian designer Peter Dundas was appointed ascreative director at Roberto Cavalli last March. “I am extremely satisfied to have signed this agreement with an Italian partnerwhich, I am sure, will further develop what I have built in a lifetime” statedRoberto Cavalli, founder of the Florentine maison. “Clessidra will provide financial, managerial and human resources that will allow the company to grow further and face the challenges of the ever-evolving luxury market”.
“We really wanted to reach this agreement as we strongly believe in the potential of Roberto Cavalli”, commented Francesco Trapani. “It is a company with a unique style, unparalleled market positioning and a truly global awareness. Cavalli’s brand identity is an asset that we want to preserve, a key factor on which we will foundall the company’s plans for international growth.”