Sheikh Salah al-Balawi of Saudi Arabia buys a controlling stake in Italian fashion designer Roberto Cavalli's business, The Times reports. To date, the purchase negotiations have not yet been completed, although they are in the final stage. Salah al-Balawi owns several high-tech companies in the Middle East. The Sheikh, who is a friend of the Cavalli family, is willing to pay $ 600 million for 60% of the asset.
However, it is possible that the Italian fashion designer, who estimates his entire business at a billion euros, would still prefer not to sell a controlling stake in it, or sell shares to several buyers.
The Roberto Cavalli brand produces clothing for men and women, underwear, shoes and accessories. Cavalli founded his business in 1972. His fashion house experienced a decline in popularity in the 80s and 90s, but in recent years, Roberto Cavalli clothing has increasingly attracted the attention of leading fashion magazines. Among Cavalli's clients there are even several world celebrities, such as Victoria Beckham.
However, as a businessman, the fashion designer has proven himself not from the best side. Recently, an Italian court sentenced him to 14 months in prison for tax evasion. Cavalli is currently appealing this sentence.
Lenta.ru