(AGI) Rome, Apr 30 - A 90 percent stake in Florentine fashionhouse Roberto Cavalli has been bought by private equity firmClessidra SGR. Last year the prestigious fashion company madeabout 210 million euros. Under the deal, a new company calledVarenne will own the stake. Founder Roberto Cavalli will holdthe remaining 10 percent. Hourglass holds a majority of Varenneshares, but there are a number of co-investors with minoritystakes, including L-Gam, an international investment fund, andChow Tai Fook Enterprises, a holding company in Hong Kongcontrolled by the Cheng family. This operation is the firstbuyout Clessidra has carried out through,Clessidra CapitalPartners 3. It will mainly make investments in Italy. Thechairman of Roberto Cavalli will be Francesco Trapani,executive vice president of Hourglass, CEO of Bulgari for morethan 25 years, and CEO of the watches and jewellery division ofLVMH. CEO will be Renato Semerari, president of themultinational Coty Group, which is listed on the New York StockExchange. He has been CEO of Guerlain and European Presidentand CEO of Sephora, both LVMH group companies. Norwegiandesigner Peter Dundas has been creative director of RobertoCavalli since last March. Roberto Cavalli said: "I am verypleased to have completed this operation with an Italianpartner that I am convinced will know how to make the most ofwhat I have built in a lifetime. The financial, managerial andhuman contribution of Hourglass will ensure that my companywill be able to develop to address and overcome the challengesthat the continuously evolving luxury market imposes." Thecompany was founded in Florence in the 1970s, and became areference brand in the luxury segment, with a global network of200 single-brand boutiques. The group includes the "RobertoCavalli" line, the casual young "Just Cavalli" line, the bridgeline "Cavalli Class" and the children's collection "RobertoCavalli Junior". All these collections also have a range oflicensed accessories, including handbags, sunglasses, watches,shoes, jewellery and perfumes. Roberto Cavalli also has a "HomeCollection" which sells in the hospitality sector with "CavalliClub" and "Cavalli Caffe". (AGI) . .