Due to Market Crisis, Cavalli Not Selling Company

The market crisis is why Roberto Cavalli has changed his mind about selling his fashion empire.

Italian fashion designer Roberto Cavalli has announced he was selling his fashion home in April, but he has had a change of heart. According to latest WWD reports. Cavalli told Italian financial paper Il Sole 24 Ore that he was not thinking about selling his empire before 2009 due to the state of the market and lower evaluation of his business than expected.

- I'm not selling the company. The timing is not ripe yet for such a step. What's more, as I have already said a thousand times, we don't need [to sell] - Cavalli said in an interview.

Fan of the tiger print added that he heard about vast numbers in a conversation with the bank a year ago, while today, the market is in a crisis.

- I'm not selling for 800-900 million [euros] - the company was apparently valued at 1.4 billion euros in 2007, said the designer, Vogue writes.