Roberto Cavalli Net Worth $500 Million
As of January 2014, Cavalii returned to the role of men’s creative director from his son, Daniele Cavalli, starting with the 2014 fall collection, appointing Martyn Bal as his righthand man Also, on 24 January 2014, Gianluca Brozzetti (CEO) and Carlo Di Biagio (COO) announced they were leaving the fashion brand.
In May 2014, Cavalli approached Investcorp, an investment firm in the Persian Gulf, as a potential buyer of a stake in his fashion brand.
On March 29, 2019, Roberto Cavalli closed its US stores and is preparing to liquidate its North American operations. On the same day the brand announced plans to seek an agreement with creditors in a bid to keep the business afloat while it continues to search for an investor, security guards entered the company’s US stores—including approximately seven full-line stores and a handful of off-price outlets—and instructed employees to leave, according to two salespeople. Employees were told by senior corporate management that the fashion house planned to close its brick-and-mortar stores in the US as the business restructures.
As a result of these changes, several corporate executives, including US CEO Salvatore Tramuto, have resigned. The US corporate team was notified on March 22 that the North American operation, which operates as Art Fashion Corp., was insolvent and that it would need to close all stores, according to a senior-level executive with direct knowledge of the information.
A Cavalli spokesman has confirmed that Art Fashion Corp. will file for Chapter 7 bankruptcy—also known as liquidation bankruptcy—in the US this week. E-commerce operations were temporarily shut down until logistics can be re-routed through the European operation, he said. The company’s 93 US employees were terminated on Friday, though they will receive a final paycheck this week, the spokesman said.