Roberto Cavalli Has a New Owner

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Roberto Cavalli has officially sold 90% of the brand to an Italian private equity firm, Clessidra SGR, according to WWD. The news comes one month after Peter Dundas was appointed to lead the brand as its new creative director.

"I am extremely satisfied to have signed this agreement with an Italian partner which, I am sure, will further develop what I have built in a lifetime," Cavalli told WWD. "Clessidra will provide financial, managerial, and human resources that will allow the company to grow further and face the challenges of the ever-evolving luxury market."

Roberto Cavalli is the latest in a slew of designers preparing to step back from their brands: Diane Von Furstenberg just named a successor and Donna Karan hired the designers behind Public School to take over DKNY.