Philipp Plein to possibly sell, though negotiations are supposed to start from 700 million euros. Maybe not, he’s going to buy Cavalli

Philipp Plein might possibly decide to sell the small fashion empire he created by himself, though he would sit for negotiations as long as takeover bids are not lower than 700 million euros, to begin with. The German designer and entrepreneur founded a fashion group, headquartered in Switzerland, whose annual turnover amounts to around 300 million euros; he also takes control over three brands (Philippe Plein, Plein sport and Billionaire, which he bought out). Allegedly, he is looking around while seeking new business partners. Last autumn, while he was participating and giving a speech at the Pambianco Fashion Summit, Plein remarked his intentions of carrying out some merger & acquisition deals. Yet, seemingly he wanted to act as a buyer, rather than a seller: “There are several opportunities out in the market – he pointed out –, even though few fashion companies are independent, since most of them already belong to major groups or have been listed in the Stock Exchange”. Conversely, as reported by the Sole 24 Ore, the German entrepreneur has now appointed Mediobanca as financial advisor to transfer the control over the company: some big funds, such as Carlyle, Advent and Permira, are apparently interested in the buyout deal. Philipp Plein himself, as reported by the economic-financial daily newspaper, emphasized, in the social networks, that “he would not even join selling negotiations for less than 700 million euros”. In other words, the base price he fixed is 800 million euros at least. Philipp Plein is rather unpredictable though: in fact, according to some more rumours reported by the Sole 24 ore, he himself could be, along with Renzo Rosso, one of the potential buyers of Cavalli. Planning to buy then, not to sell.

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