It’s 14 June and the Italian fashion group Roberto Cavalli’s future could be decided today.
Today is the last day for the companies to submit their bids as a part of acquiring the fashion retailer.
It might be recalled that back in April, Cavalli was granted 120 days of creditor protection from courts to help the retailer restructure its debts as well as find a new investor.
Earlier this year, it was reported that Philipp Plein could be buying Cavalli though there were no further reports on the same. The Italian media, has however, said that there should be at least 4 bidders including the likes of Damac Properties (UAE) and Renzo Rosso, the Diesel founder.
Start of 2019 saw Cavalli Group dissolving its operations in North America. Reportedly, the total debt to be cleared by the group today is a huge 105 million euros, out of which 47 million euros is owed to banks. And, rest to suppliers and creditors.
In March, it got its final blow when Paul Surridge, Creative Director, Cavalli, quit the Group.