Clessidra, the Italian private equity fund, bought the majority stake of Roberto Cavalli in 2015. The company revenues were around 210 million euros.
Recently Clessidra started the dismissal process of the brand and the Cavalli management asked for a blank settlement with its creditors to the Milan’s Court also shutting down all its operations in the USA. It seems that its revenues in 2018 were around 160 million euro.
What happened in between?
Two CEOs, two Creative Directors, the closure of one of the most prestigious cafés in Florence, distribution shrinking.
In 2015 Clessidra was owned by Claudio Sposito (the mastermind behind the acquisition of Buccellati and Harmont and Blaine) and presided by Francesco Trapani, former Bvlgari CEO.
In 2016 Sposito sudden death opened new scenarios.
Trapani offered to buy Clessidra but eventually didn’t find an agreement with Sposito heirs and left.
Clessidra was sold for 20 million euro to Carlo Pesenti Italmobiliare, a holding focused on other kind of investments.
The change in direction of Clessidra very likely heavily influenced the destiny of Roberto Cavalli.
An example of how only dedicated groups and investors can manage successfully a fashion or a luxury brand.