Fashion Designer Roberto Cavalli Decides Against Selling His Company

Milan, Italy (CNS) - Italian fashion designer Roberto Cavalli has decided against selling his label because of current market conditions.

The 67-year-old designer will not revisit the idea of selling before 2009 because valuations of his business did not meet expectations, he told the Italian financial daily Il Sole 24.

"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]," said Cavalli.

Merrill Lynch's services valued the company at $2.19 billion, according to Women's Wear Daily.

"A year ago, [the banks] spoke to me about certain numbers, which today have vanished with the stock market crisis. I'm not selling for 800 to 900 million [euros]."

Celeb such as Madonna, Jennifer Lopez and Gwyneth Paltrow have been ambassadors for the company.