Roberto Cavalli Announces Departure of Creative Director
October 12 2016 - 9:53AM
Dow Jones News
By Deborah Ball
Florence-based fashion house Roberto Cavalli SpA announced the
departure of its designer, as the company embarks on a
reorganization under new management.
The design house, famous for its provocative styles and a
favorite among celebrities, said Wednesday that creative director
Peter Dundas will leave Roberto Cavalli after just two years with
the house. Mr. Dundas's design team will carry on with the
collections until a new creative director is appointed "in due
course," the company said.
Last year, Italian private-equity firm Clessidra bought a 90%
stake in the label, with the founder of the house, Roberto Cavalli,
holding the remaining 10% stake. In July, the company said that
Gian Giacomo Ferraris would become its new chief executive.
Before joining Roberto Cavalli, Mr. Ferraris headed a successful
turnaround of Versace, where he lead an extensive reorganization,
improved profitability and struck a 2014 deal to sell a 20% stake
to private-equity firm Blackstone Group LP to fund growth.
At Roberto Cavalli, the new owners charged Mr. Ferraris with
relaunching a label that has remained a minnow in the fashion
world, despite its notoriety. It has been suffering of late from
the downturn in Russian shoppers, who have traditionally flocked to
the label.
In 2015, Roberto Cavalli had sales of EUR180 million ($199.8
million), down 14% compared with the previous year, in part due to
the decline in its Russian sales and a fall in licensing fees.
Costs stemming from its restructuring pushed the company into an
operating loss of EUR1.6 million.
The news from Cavalli come amid a slate of changes at other
European fashion houses. French luxury giant Kering SA appointed a
new chief for Bottega Veneta brand, whose business has begun to
wane this year, while Burberry Group PLC will have a new chief
executive starting next year.
Write to Deborah Ball at deborah.ball@wsj.com
(END) Dow Jones Newswires
October 12, 2016 09:38 ET (13:38 GMT)
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