By  on August 8, 2014

Roberto Cavalli didn't wait for Christmas to give himself a present. Just as business activities slow down in Italy ahead of the central week of August, sources say the designer is close to inking a deal to sell 60 percent of his namesake company to VTB Capital, part of VTB Group, a major Russian investment bank, for 500 million euros, or $667.5 million.

The sale is expected to be finalized as early as today or Saturday, with a closing in October.

Earlier this year,negotiations with private equity fund Permira hit a bump over the price valuation of the company.

Bahrain-based Investcorp, a former Gucci owner, was also said to be looking at the company.

The price tag also was an issue in August 2009, when the designer suddenly abandoned plans to sell a 30 percent stake in his business to Italian private equity firm Clessidra SGR SpA after lengthy discussions.

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