Cavalli Calls Off Company Sale Plans

Roberto Cavalli - www.popcrunch.com

Roberto Cavalli has declared that he would no longer be pushing through with the sale of his fashion label.

WWD reports the Italian designer told Italian financial daily Il Sole 24 Ore that he wouldn't consider selling before 2009 because of the market conditions and lower than expected valuations of his business.

"I'm not selling the company. The timing is not ripe yet for such a step. What's more, as I have already said a thousand times, we don't need [to sell]," he reportedly said in the interview.

Cavalli, who put his fashion label up for sale back in April, further explained, "A year ago, [the banks] spoke to me about certain numbers, which today have vanished with the stock market crisis. I'm not selling for 800-900 million [euros],"

His company was initially valued by Merrill Lynch, which was advising on the sale, at 1.4 billion euros in 2007.

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