Italian fashion group Roberto Cavalli denies talk of sale-Reuters

(Reuters) – Italian fashion group Roberto Cavalli said on Friday it had not signed any agreement on a possible sale of the group.

A report in Italian weekly Il Mondo said a sale to private equity group Permira was imminent for about 450 million euros ($600 million), or 13 times expected core earnings this year.

Roberto Cavalli said in an emailed statement that the report was “inaccurate and groundless” and that “…no agreement, not even preliminary, has been signed regarding a hypothetical sale of the group”.

Friday’s board meeting had nothing on the agenda regarding a sale, the company said.

Family-owned Roberto Cavalli, known for its exotic prints, has been courted by private equity in the past and buyers are still targeting the sector on the back of strong performance.

In 2012, Qatar’s royal family bought fashion group Valentino in a deal that valued the company at 31.5 times 2011 core earnings. Fashion house Versace said in September it is looking to sell a minority stake.

 

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