The Italian fashion group Roberto Cavalli SpA has been acquired by Dubai based DAMAC Properties Chairman, Hussain Sajwani, through his private investment company, Vision Investments.
The acquisition was finalized on Thanksgiving Day, November 28.
The UAE-based investment company emerged as the top bidder vying for the globally recognized fashion brand. Roberto Cavalli was previously controlled by the Italian Private equity company, Clessidra.
The acquisition of Roberto Cavalli is a step forward for the partnership that was signed in 2017 between the fashion house and the DICO Group. Under this partnership, Roberto Cavalli will create the interiors for luxury hotels under the 'AYKON Hotels with interior design by Roberto Cavalli' brand.
The acquisition was made by Vision Investments, part of the DICO Group.
The DICO Group is a multi-billion-dollar investment arm of Hussain Sajwani and was established in 1992. The company's investments are divided into five core areas; namely, Capital markets, Real Estate, Hotels & Resorts, Manufacturing and Catering and now luxury fashion. Its notable activities include the 50 storey DAMAC Towers Nine Elms in London, a luxury resort in the Maldives, shopping malls in Iraq, and the Mina Al Sultan Qaboos Waterfront real estate project in Oman, among others. It also plans to utilize approximately $3 billion over the next few years in key markets across Western Europe and the US.
Speaking about the acquisition, Hussain Sajwani said, “We are excited about carrying forward the incredible legacy of the Roberto Cavalli brand. DICO has a long and fruitful association with Roberto Cavalli, and I believe that the brand resonates with our idea of luxury.”
Image:
Hussain Sajwani, founder and Chairman of DAMAC Properties and the DICO Group of Companies (PRNewsfoto/DAMAC Properties)
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