MILAN — Roberto Cavalli said he met again on Tuesday night with Clessidra SGR SpA representatives, who laid out what he called an “interesting plan” for his fashion house — but declined to divulge details.
Cavalli is in talks with the Italian private equity fund to sell 20 percent of his company. But as the talks focus on more concrete details, the designer said a question mark continues to hang over his head as to whether selling is the right thing to do, especially in a downturn when company valuations are low.
“I’m attracted by the idea of having an interesting partner, but the price is very different,” said Cavalli, who stressed he will discuss the transaction with all of his family, including his five children. “This is a moment of change and one must organize themselves in a different manner. Business was much easier these past years, but today you have to push your workers to take things in a more constructive way and with more fantasy.”
He also revealed he is seeking a chief executive officer. His daughter, Cristiana Cavalli, is company president, but there isn’t a ceo.
As for his relationship with Just Cavalli licensor Ittierre SpA, which filed for bankruptcy protection earlier this year, the designer admitted he will continue to work with the IT Holding SpA subsidiary since the license doesn’t expire until 2010.
During Milan Fashion Week in February, Cavalli told the press he wanted to take the Just Cavalli line in-house, citing delayed deliveries and behind-schedule production. The line generated annual revenues in 2007 of around 240 million euros, or $317 million at current exchange.
Convinced only his efforts will help Ittierre get back on track, Cavalli said he would personally address some of the 2,000 sale points that carry his secondary line. “I will personally call between 200 and 300 of the best stores to tell them that I’m involved and I will speak to the 400 [Ittierre] workers in Isernia” where Ittierre’s plants are, stressed Cavalli.
On a lighter note, Cavalli said he is ironing out a new project — his own fashion world Web site — that should be up by Christmas.
“I would like the world to be sweeter and there to be more love, and I’d like to transmit these values through my own Web site with blogs, live online appearances, pushing young designers,” said Cavalli.
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion