Dubai-based real estate firm completes Roberto Cavalli acquisition

The value of the deal with Italian fashion brand was not disclosed

                                

Hussain Sajwani, chairman of Dubai-based luxury real estate company Damac Properties, has bought the Italian elite brand Roberto Cavalli through his private investment firm, local media Gulf News reports.

Sajwani initially confirmed that he would buy the brand in late October. His investment firm, Vision Investments completed the acquisition on November 28.

The amount involved in the deal was not disclosed.

The troubled Italian brand was previously owned by the Italian private equity company Clessidra SGR. In April, the fashion house started looking for a deal with creditors in order to avoid bankruptcy.

The Italian brand revealed that it had received five bids for the brand, including Sajwani’s. Other bids were submitted by the Italian OTB Group- the owner of Diesel, Maison Margiela and other fashion brands- and US brand management company Bluestar Alliance.

Cavalli had previously worked with Damac Properties while building "Just Cavalli" villas in Dubai in 2017.

Another major acquisition in the fashion world was announced earlier in November when French company LVMH, owner of luxury brands including Dior and Givenchy, agreed to buy US jeweller Tiffany for a stunning $16.2bn.

FURTHER READING: LVMH acquires Tiffany in $16.2bn deal

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