Dubai Property Developers Lead The Battle Of Italy Luxury Brand Roberto Cavalli

According to sources, the potential buyer of Italy luxury goods company Roberto Cavalli (Robert Caavalli), Damac, a real estate developer from Dubai, is most likely to emerge as their new employer.

Last week, Roberto Cavalli revealed that they had received five takeover quotes, three of which wanted to buy. brand Of all assets, one is a binding offer to buy some assets of the group, and another is a non binding offer which is interested in the acquisition.

According to sources, one of the three binding quotes that Roberto Cavalli received for buying all the assets of the brand came from Damac. They are also in the lead in competition with other rivals. The other two quotations for the acquisition of all assets are from the US brand management company Bluestar Alliance and Italy. fashion Group OTB.

Damac is currently working with Roberto Cavalli in a real estate project.

Roberto Cavalli and its largest shareholder, Clessidra, a private equity fund in Italy, declined to comment.

Roberto Cavalli held a board meeting on Wednesday to assess the price received, but did not give concrete results, and the final decision of the transaction was still in the hands of the bankruptcy court of Milan.

In 2015, Clessidra, a private equity firm in Italy, acquired a stake in Roberto Cavalli 90% through a newly established holding company Varenne. (see the historical report of "gorgeous ambition"): Italy private equity fund Clessidra officially acquired the majority stake in Roberto Cavalli.

As a matter of fact, since 2014, Roberto Cavalli has been losing money. It only made profits in 2015 because of the real estate profits in Paris. In 2017, sales of Roberto Cavalli fell 1.8% to 152 million 400 thousand euros compared with the same period last year.

Since last July, the Clessidra fund has been actively seeking new investors for Roberto Cavalli, hoping to promote the expansion of brand international business.

In April 5th, flowery records followed Roberto Cavalli's financing record and restructuring process over the past three years. (see historical report: troubled Italy luxury brand Roberto Cavalli has disclosed details of its investment record and restructuring process in the past three years).

In March 29th of this year, Roberto Cavalli submitted a reorganization plan to the Milan court to negotiate an agreement with creditors to continue its operation while seeking new investors. The plan was passed by the court in April 8th. The brand received a 120 day bankruptcy protection to find new investors or to reach a new creditor's agreement.