Almost three months after the deadline set by a Milan judge to approve the restructuring plan, a ruling has not yet been issued.
Roberto Cavalli keeps waiting for the court’s greenlight. Almost three months after the deadline set by a Milan judge to approve the restructuring plan, a ruling has not yet been issued. The judge’s say is necessary to finalize the sale of the company to Damac, according to WWD.
Unions Filctem Cgil and Femca Cisl have emphasized growing “worries and uncertainties over the future of the employees” of Cavalli in Milan and Florence. In a joint statement, the unions reminded that the approval of the judge is necessary for the definitive acquisition of Cavalli.
They say it’s key to “really understand the true intentions of the new owner; it is incomprehensible and therefore unacceptable that until today it has not been possible to have clarity on the company’s prospects and the fate of the 200 Cavalli employees”.
The unions stated that the approval of the judge is “key to understand the intentions of the new owner”
Roberto Cavalli is owned by private equity fund Clessidra, who took control of the company in 2015. This summer, Vision Investment signed a binding contract for the fashion company to buy 100% of the group. Terms of the deal were not disclosed. Vision is controlled by Hussain Sajwani, founder of the Dubai-based property developer Damac.
According to financial sources cited by WWD, the transaction valued Cavalli at around 160 million euros and included a capital increase of around 65 million euros and the payment of all creditors.