• Italy's news in English
 

Sanctioned Russian bank in talks to buy Cavalli

Published: 13 Aug 2014 14:58 GMT+02:00

"The transaction with Roberto Cavalli was implemented by VTB Capital's business division, which is responsible for providing consulting services to our clients," the source said on condition of anonymity.

"VTB Group continues to actively develop its international operations in line with the existing business strategy," it added.

According to the Russian business daily Vedomisti, VTB Capital wants to buy a 60-percent stake in the fashion house known for exotic prints and sand-blasted jeans.

The stake's €500 million ($670 million) price values Roberto Cavalli at €830 million, Vedomisti cited a trade journal as saying.

VTB Capital, which says it is not directly affected by EU sanctions, declined to confirm the report when contacted by AFP.

Cavalli's fashion house also declined to comment.  

The 73-year-old designer has sought to sell part or all of his company for several years.

The Bahreini investment fund Investcorp reportedly discussed a price of €450 million, while the Financial Times said a comparable level had been mulled by the European fund Permira.

Don't miss a story about Italy - join us on Facebook and Twitter

AFP/The Local (news@thelocal.it)

Your comments about this article

Today's headlines
Profile
Sergio Mattarella: Sicilian 'man of the law'
Sergio Mattarella arrives at Rome's Constitutional Council after his election. Filippo Monteforte/AFP

Sergio Mattarella: Sicilian 'man of the law'

Italy's new president is a white-haired Sicilian who might never have got anywhere near the corridors of power but for the Mafia killing of his beloved elder brother. READ  

Italian nuns' murder
Church official calls for journalist's release
Photos (from left to right) show Olga Raschietti, Bernadette Boggia and Lucia Pulici. Photo: Missionaire di Maria/AFP

Church official calls for journalist's release

A senior member of Burundi's influential Catholic Church on Saturday called for the release of a radio station boss who has been arrested for complicity in the murder of three Italian nuns. READ  

Sicilian judge elected Italian president
Sicilian judge Sergio Mattarella has been elected Italian president. Photo: Gerry Penny/AFP

Sicilian judge elected Italian president

Sergio Mattarella, a constitutional court judge from Sicily who has come to symbolise Italy's battle against organised crime, was on Saturday elected the country's president. READ  

Italy to teach school subjects in English
There are already teachers ready to start giving classes in English, Education Minister Stefania Giannini said. Photo: Andreas Solaro/AFP

Italy to teach school subjects in English

Pupils at Italian primary schools will soon be able to learn subjects in English, Education Minister Stefania Giannini has said. READ  

Italian Erasmus student falls to death in Holland
Francesco Branchi, 24, was studying at Radboud University in Nijmegen, Holland. Photo: Jesse-zandstra

Italian Erasmus student falls to death in Holland

An Italian student studying at a university in Holland has died after falling out of a window, according to Italian media reports. READ  

Ferrari unveil car to power back to F1 glory
The SF15-T is the concept of British designer James Allison. Photo: Ferrari

Ferrari unveil car to power back to F1 glory

Ferrari unveiled their car for the new season online on Friday, the legendary Italian stable counting on the SF15-T to bring back the glory years after a miserable 2014. READ  

Italy's jobless rate dipped in December
Italy's youth unemployment rate dropped by a percentage point in a month. Employment photo: Shutterstock

Italy's jobless rate dipped in December

The unemployment rate in Italy fell slightly to 12.9 percent in December, while the youth jobless rate also dropped, statistics agency Istat said on Friday. READ  

Immigrants gave €123bn to Italy economy in 2014
Immigrants in Italy last year brought over €123 billion to Italy’s economy. Photo: Euros photo: Shutterstock

Immigrants gave €123bn to Italy economy in 2014

Immigrants in Italy last year brought over €123 billion to Italy’s economy, a think-tank has said. READ  

'Ndrangheta mafia boss found in Rome attic
Police brought in the fire brigade to locate the missing mafia suspect. Fire service photo: Shutterstock

'Ndrangheta mafia boss found in Rome attic

A boss from the powerful 'Ndrangheta mafia has been found hidden away in an attic in Rome, 20 days after police came knocking at his door. READ  

Mother flees Italy with son, 6, to join Isis
The mother-of-three is believed to have left Italy in December to join the extremist group Isis. Photo: al-Furqan Media/AFP

Mother flees Italy with son, 6, to join Isis

A woman has left her family home in northern Italy to join jihadist group Isis in Syria, taking her six-year-old son with her, Italian media reported on Friday. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Germany

More news from Germany at thelocal.de

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Norway

More news from Norway at thelocal.no

Latest news from The Local in Sweden

More news from Sweden at thelocal.se