Clessidra buys control of fashion label Cavalli

Milan

ITALIAN private equity fund Clessidra acquired control of fashion house Roberto Cavalli on Thursday for an undisclosed sum, concluding one of the longest-running courtships in the luxury goods industry.

Clessidra, which has invested in jeweller Buccellati, held discussions with Cavalli back in 2008 and 2009 and since then, talks had been on and off with other private equity firms including Permira, Investcorp and Russia's VTB Capital.