Runors are back about a possibile change of control of Roberto Cavalli, the iconic fashion griffe that Clessidra sgr has been controlling with a 90% stake since April 2015 (see ahere a previous post by BeBeez), WWD wrote adding that the private equity firm “is open to new investors in the company in order to inject new equity and help the maison to grow internationally”.
Rumors about a possibile divestment of Clessidra from Cavalli were circulating about two years ago, just after Italmobiliare took control of Clessidra management company. A divestment was seen in the framework of a refocus of Clessidra’s investment approach less exposed to fashion and luxury sectors (see here a previous post by BeBeez).
Year 2018 seems to be a good timing for finding a partner for Clessidra as Cavalli has completed a turnaround, revenues are growing again and the break-even is expected to be reached by the ed of the year. This is thanks to the work of the new creative director Paul Surridge and ceo Giangiacomo Ferraris.
Roberto Cavalli reached 152.4 million euros in revenues in 2017 (down from 155.2 millions in 2016), with a still negative ebitda of 7.1 millions (anyway quite better the – 26.2 millions posted in 2016) and a net positive financial position for 1,2 millions.
Clessidra had bought Cavalli on the basis of an enterprise value of about 380-390 million euros or a 16x multiple of 2014 ebitda, which had been of about 23 millions with 210 millions in revenues that year.