Italy's Cavalli in exclusive talks with Clessidra

MILAN, Italy - Italian fashion brand Roberto Cavalli is in exclusive talks with Clessidra that would give the private equity firm a majority stake in the label, Clessidra said in a statement on Wednesday.

The companies have set a target to reach an accord by March 2015.

The fashion designer would remain a shareholder, while Clessidra Executive Vice President Francesco Trapani would become chairman of the Cavalli Group, the statement said.