MILAN — The Roberto Cavalli Group said Friday that chief executive officer Gianluca Brozzetti and chief operating officer Carlo Di Biagio are leaving the company and their responsibilities will be split between Cavalli himself, who is also president of the firm, and Daniele Corvasce, counselor and corporate legal affairs director.
Brozzetti and Di Biagio will remain minority shareholders of the group. The shift was revealed along with the company’s 2013 unaudited earnings before interest, taxes, depreciation and amortization, which are expected to represent 11.2 percent of total revenues. Sales in the fiscal year ended Dec. 31 grew 9.3 percent to 201 million euros, or $265.3 million at average exchange.
Brozzetti and Di Biagio, who were tapped in September 2009, are leaving on the eve of the Feb. 22 opening of the biggest Roberto Cavalli boutique, five floors located on Milan’s Via Montenapoleone, and after spearheading the company’s global growth while rationalizing its structure.
Cavalli said he was “really grateful” to the two executives for refocusing his company. “I appreciated their experience, professionalism and great discipline they brought to the company, so that it could be stronger and ready for future growth challenges,” he said.
“It’s been a great honor to work with one of the biggest creative talents of Italian fashion,” said Brozzetti. “In these years, we have appreciated the great talent of the designer and, learning to look at things from different angles, together we have succeeded in creating the growth on international markets that this brand deserves.”
When the two executives joined the company, Cavalli said the move closed the door on selling a stake in the firm to investors, after abandoning plans to let go of 30 percent of his business to Italian private equity firm Clessidra SGR SpA. Coincidentally, the Cavalli Group earlier on Friday issued a statement in response to an article published in the weekly Il Mondo that claimed the designer was negotiating a sale to private equity firm Permira. The statement specified that “no agreement, not even preliminary, has been signed in reference to a hypothetical sale of the group.” The statement also said there were no plans to discuss a sale of the company during a meeting of the board scheduled that day.
Brozzetti joined Cavalli from Finnish yacht builder Nautor’s Swan, where he was ceo. He has also had senior roles at Asprey, Bulgari, Gucci Group and Louis Vuitton, and is an alumnus of McKinsey & Co. and Procter & Gamble Co.
Di Biagio is a former finance director of P&G in Italy, and joined Cavalli from board-level roles at a number of Italian and international firms and has experience taking companies public, namely motorcycle makers Ducati and Vectrix.
Outlining year-end results, the group said revenues in 2013 were lifted by a 7.1 percent growth in retail sales, which accounted for 70 percent of the business.
Sales in Cavalli-owned units grew 18.6 percent. The company has 179 boutiques, including 90 Roberto Cavalli, 44 Just Cavalli, 31 Cavalli Class and 14 Roberto Cavalli Junior, up by 11 units compared with the previous year. In 2013, new stores opened in cities including Saint-Tropez, Vienna and Hong Kong. The company renovated its Rodeo Drive boutique in Los Angeles and expanded its Beijing unit at the Peninsula. New franchised stores included locations in Bucharest, Romania; Riyadh, Saudi Arabia; Kuwait City; a second venue in Istanbul, and renovated shops-in-shop at Printemps in Paris and Selfridges in London.
Last year, sales derived from licenses grew 15.3 percent, lifted by the relaunch of Just Cavalli, produced and distributed by Staff International, which succeeded Ittierre.
There'll be no rest for those headed to Europe for men's, as Paris just closed the gap with Milan. According to a provisional calendar released by the Chambre Syndicale, Paris Men's Week will now open a day earlier on January 16. See new highlights on the official lineup on WWD.com. #wwdnews #wwdfashion (📷: @kukukuba)
BREAKING: Jonathan Saunders is leaving @DVF. The designer has resigned from his position as chief creative officer of Diane von Furstenberg, the company said in a statement on Friday. At the time of his hire, von Furstenberg said Saunders’ arrival symbolized and facilitated her stepping back from the day-to-day duties that occupy the work of a full-time creative director. The British designer joined DVF in May 2016 and was in charge of all product categories. #wwdnews
For @versace_official’s spring ad campaign, the brand emphasized the archival prints from the spring tribute collection dedicated to the late Gianni Versace. Closing out the show were five of Gianni’s favorite models: Cindy, Naomi, Carla, Helena, and Claudia. Bowing on December 18, the new campaign is yet another tribute to supermodel-dom as the images by Steven Meisel are fronted by @iamnaomicampbell, @cturlington, @gisele and more. #wwdfashion
Four-time Oscar-nominated actress Annette Bening has been waiting 20 years to play Gloria Graham in "Film Stars Don't Die in Liverpool," which will be released on December 29. The movie about Graham – a Hollywood star known for her controversial relationship with a younger Englishman named Peter Turner – is based off a memoir Turned wrote. "She felt vulnerable to him, because she loved him, she really did love him. And anyone that we really truly are in love with, we re vulnerable to in a very deep way," said Bening. Read our full interview with the modern icon of an actress on WWD.com. #wwdeye (📷: @ninebagatelles; Styled by @cristinaehrlich)
The crisp white button down: a staple that can be dressed up or down and accessorized throughout the decades. Here, on a Art Basel-goer in 2017 on the left and on the iconic Audrey Hepburn in “Roman Holiday” in 1953 on the right. #tbt #wwdfashion (📷: Andrew Morales)
Known for her work with @victoriassecret, 25-year-old model @georgiafowler is raising her profile in Hollywood. Fowler stars in @vincecamuto’s holiday campaign, which launched in partnership with “Pitch Perfect 3.” “Almost every shoot with Vince Camuto, I’ve had to face a fear…It was definitely a challenge. I’m so grateful for it, though. I’ve always wanted to be a pop star, so that was the perfect chance,” Fowler said. Head to WWD.com to read about Fowler’s experience modeling, including at the #VSFashionShow, and her relationship with Nick Jonas. #wwdeye (📷: @jilliansollazzo)
EXCLUSIVE: Huda Kattan just became the first beauty influencer to land a major beauty deal. Kattan's business, @hudabeauty, has received a minority investment from private equity firm TSG Consumer Partners. The brand, which industry sources say is on track to do $200 million in retail sales for 2017, will receive support on product, retail and geographic expansion through the deal. Get all the details on the deal and read @_a_collins' interview with Kattan on WWD.com. Link in bio. (📷: @jgreenery) #wwdbeauty #wwdnews
Peruvian model @juanaburga_official – who is known for walking the runways of @rodarte, @viviennewestwood and @torybuch – is making the move to the big screen with drama “Los Últimos.” The film premiered in Argentina in November and arrives in the U.S. and Europe in 2018. On making the switch from modeling to acting, Burga told WWD: “It’s a completely different thing – a lot of people think it’s similar or try to connect things, especially like getting used to the camera or being looked at all the time or playing these different characrers, but film is a completely different story.” #wwdeye (📷: @jgreenery)
London’s newly opened @designmuseum will look back on the life and work of Azzedine Alaïa in a show that the designer helped to curate before he died of heart failure last month. The retrospective, which Alaïa had worked on with Mark Wilson, chief curator of the @groningermuseum, will look at the impact of his work worldwide. The show, “Azzedine Alaïa: The Couturier,” will run from May 10 to October 7. Read more about the exhibit on WWD.com #wwdnews #wwdfashion (📷: @zefashioninsider)