What is happening with Roberto Cavalli?

On 2nd April, the court of Milan granted ailing Italian luxury fashion brand Roberto Cavalli SPA creditor protection (“Pre Concordato” status) with up to 120 days to present a turnaround plan. At the end of March, The Art Fashion Corp, the business that operates Cavalli's North American operations, filed for bankruptcy, locally known as Chapter 7, after the brand’s majority owner, private equity firm Clessidra, found itself unable to inject more money into it and failed to sell its 90 percent stake. Roberto Cavalli’s management is currently investigating all possibilities to secure the future of the company.