Dubai – Mubasher: Hussain Sajwani, the chairman of the Dubai-based DAMAC Properties has sealed a takeover deal of the Italian fashion group Roberto Cavalli SpA.
Sajwani has fully bought the brand icon Cavalli through his private investment company, Vision Investments, according to a press release on Thursday.
The UAE investment company topped the bidders amongst various entities that were competing over acquiring the worldwide recognised fashion brand, which was previously controlled by the Italian Private equity company, Clessidra.
The acquisition of the Florentine brand was sealed on Thursday, 28 November.
Meanwhile, this takeover deal by Sajwani’s private company, part of the DICO Group, boosts the partnership that was signed in 2017 between Roberto Cavalli fashion house and the DICO Group.
Commenting on this acquisition, DAMAC Properties’ chairman 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.”
Upon this acquisition, Roberto Cavalli will develop the interiors for luxury hotels under the ‘AYKON Hotels with interior design by Roberto Cavalli’ brand.