"Roberto Cavalli is not for sale" says owner as it moves to quash speculation
See catwalk
Owner DAMAC Group, said it was 'addressing recent speculation in the press about Roberto Cavalli ' and wanted to give a 'clear assurance about the future of the business'.
It added: 'Since acquiring the Roberto Cavalli business in 2019, DAMAC have invested significantly in the growth and success of the company. Roberto Cavalli is not for sale. As before, we remain interested in strategic partners who can add value to the business.'
The statement came after the company last month said it was assessing the 'strategic partnerships' referred to in today's statement as part of its growth options as Italian media began to speculate about a potential sale.
Cavalli has faced the same challenges that have hit the rest of the luxury sector in recent years but has been busy this year opening new boutiques and launching regular collections as well as collaborations. This year alone those new stores have included Ibiza, Dubai Mall and Los Angeles, while collabs have included SKIMS and LeSportsac.
Launched in 1970, the label's founder died a little over a year ago. The company had been bought just before the pandemic by DAMAC, which is a multi-billion-dollar business conglomerate founded and headquarted in the UAE by Hussain Sajwani. The parent company also invests in luxury real estate, capital markets, hotels/resorts, manufacturing, catering, and data centres.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fashion Network
14 hours ago
- Fashion Network
Italian regulator hits Shein with 1 million euro greenwashing fine
Italy's competition authority (AGCM) imposed a 1 million euro (1.16 million dollar) fine on China-founded fast fashion online retailer Shein on Monday for misleading customers on the environmental impact of its products. This is Shein's second financial sanction by a European competition authority in little more than a month, after France fined the company 40 million euros on July 3 over fake discounts and misleading environmental claims. The Italian fine was imposed on Infinite Styles Services Co. Limited, a Dublin-based company that operates Shein's website in Europe, following a "greenwashing" investigation by AGCM launched last September. Shein did not immediately respond to a request for comment. AGCM said the environmental sustainability and social responsibility messages on Shein's website "were sometimes vague, generic, and/or overly emphatic, and in other cases omitted and misleading." Shein's claims on circular system design and product recyclability "were found to be false or at the very least confusing", and the green credentials of its 'evoluSHEIN by design' collection were overstated, the regulator said. Shein promotes the 'evoluSHEIN by design' collection as clothes made using more sustainable and responsible manufacturing. AGCM said consumers could be misled to think that the collection was made with eco-friendly materials and fully recyclable, "a fact that, considering the fibres used and currently existing recycling systems, is untrue". The authority also took issue with Shein's "vague and generic" commitments to cut greenhouse emissions by 25% by 2030 and to net zero by 2050, noting they contradicted its increase in emissions in 2023 and 2024. The Italian regulator said its overall assessment was influenced by an "increased duty of care" falling on Shein, "because it operates in a highly polluting sector and with highly polluting methods" such as fast and super-fast fashion. AGCM is in charge of consumer protection as well as competition. When AGCM's investigation was launched last year, Shein said it was "ready to cooperate openly with relevant Italian authorities, providing the necessary support and information to address any inquiries". Founded in China, Shein is known for its cheap tops and dresses. Its treatment of workers and environmental record came under increased scrutiny last year after reports that it was planning to list its shares in London.
Fashion Network
14 hours ago
- Fashion Network
Italian regulator hits Shein with 1 million euro greenwashing fine
Italy's competition authority (AGCM) imposed a 1 million euro (1.16 million dollar) fine on China-founded fast fashion online retailer Shein on Monday for misleading customers on the environmental impact of its products. This is Shein's second financial sanction by a European competition authority in little more than a month, after France fined the company 40 million euros on July 3 over fake discounts and misleading environmental claims. The Italian fine was imposed on Infinite Styles Services Co. Limited, a Dublin-based company that operates Shein's website in Europe, following a "greenwashing" investigation by AGCM launched last September. Shein did not immediately respond to a request for comment. AGCM said the environmental sustainability and social responsibility messages on Shein's website "were sometimes vague, generic, and/or overly emphatic, and in other cases omitted and misleading." Shein's claims on circular system design and product recyclability "were found to be false or at the very least confusing", and the green credentials of its 'evoluSHEIN by design' collection were overstated, the regulator said. Shein promotes the 'evoluSHEIN by design' collection as clothes made using more sustainable and responsible manufacturing. AGCM said consumers could be misled to think that the collection was made with eco-friendly materials and fully recyclable, "a fact that, considering the fibres used and currently existing recycling systems, is untrue". The authority also took issue with Shein's "vague and generic" commitments to cut greenhouse emissions by 25% by 2030 and to net zero by 2050, noting they contradicted its increase in emissions in 2023 and 2024. The Italian regulator said its overall assessment was influenced by an "increased duty of care" falling on Shein, "because it operates in a highly polluting sector and with highly polluting methods" such as fast and super-fast fashion. AGCM is in charge of consumer protection as well as competition. When AGCM's investigation was launched last year, Shein said it was "ready to cooperate openly with relevant Italian authorities, providing the necessary support and information to address any inquiries". Founded in China, Shein is known for its cheap tops and dresses. Its treatment of workers and environmental record came under increased scrutiny last year after reports that it was planning to list its shares in London.
Fashion Network
14 hours ago
- Fashion Network
Italian regulator hits Shein with 1 million euro greenwashing fine
Italy's competition authority (AGCM) imposed a 1 million euro (1.16 million dollar) fine on China-founded fast fashion online retailer Shein on Monday for misleading customers on the environmental impact of its products. This is Shein's second financial sanction by a European competition authority in little more than a month, after France fined the company 40 million euros on July 3 over fake discounts and misleading environmental claims. The Italian fine was imposed on Infinite Styles Services Co. Limited, a Dublin-based company that operates Shein's website in Europe, following a "greenwashing" investigation by AGCM launched last September. Shein did not immediately respond to a request for comment. AGCM said the environmental sustainability and social responsibility messages on Shein's website "were sometimes vague, generic, and/or overly emphatic, and in other cases omitted and misleading." Shein's claims on circular system design and product recyclability "were found to be false or at the very least confusing", and the green credentials of its 'evoluSHEIN by design' collection were overstated, the regulator said. Shein promotes the 'evoluSHEIN by design' collection as clothes made using more sustainable and responsible manufacturing. AGCM said consumers could be misled to think that the collection was made with eco-friendly materials and fully recyclable, "a fact that, considering the fibres used and currently existing recycling systems, is untrue". The authority also took issue with Shein's "vague and generic" commitments to cut greenhouse emissions by 25% by 2030 and to net zero by 2050, noting they contradicted its increase in emissions in 2023 and 2024. The Italian regulator said its overall assessment was influenced by an "increased duty of care" falling on Shein, "because it operates in a highly polluting sector and with highly polluting methods" such as fast and super-fast fashion. AGCM is in charge of consumer protection as well as competition. When AGCM's investigation was launched last year, Shein said it was "ready to cooperate openly with relevant Italian authorities, providing the necessary support and information to address any inquiries". Founded in China, Shein is known for its cheap tops and dresses. Its treatment of workers and environmental record came under increased scrutiny last year after reports that it was planning to list its shares in London.
