Investment Bank “VTB Capital” in talks to buy stake in the fashion house Roberto Cavalli, told “Vedomosti” a source in the VTB Group and a person familiar with the top managers of the fashion house. According to the latter, discussed the purchase of a 60% stake. Arrangements yet, say both men newspaper.
The interest of Russian investment to the Italian designer has already reported trade publication Women’s Wear Daily. Yesterday’s edition wrote, citing anonymous sources, that the deal could be around 500 million euros, or 667.5 million dollars. All company owned by designer Roberto Cavalli, can be estimated, according to the publication, to 830 million euros, or $ 1.1 billion. Cavalli is looking for an investor for more than five years. Earlier negotiations were with Investcorp, Permira, as well as with Clessidra, but they all ended in vain.
«VTB Capital” is a group of VTB, which fell under the sanctions imposed by the United States and the EU, because of these restrictions VTB, as well as some other Russian state-owned banks can not borrow from investors from the United States and EU countries for more than 90 days. Participation of “VTB Capital” in negotiating the purchase of a European company on the background of the exchange of sanctions “reflects market expectations that the sanctions will not be long, it is rather a kind of temporary restrictive measure, from which there will be serious difficulties”, says co-owner of Esper Group Victor Shchukin.
The “VTB Capital” until now there was no investment in the fashion business. Investment owns stakes in the Russian restaurant chain Burger King, grocery retailer “Lenta” network of fitness clubs and World Class “Fizkult».
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