Dubai developer DAMAC buys Italian fashion brand Roberto Cavalli

Dubai developer DAMAC buys Italian fashion brand Roberto Cavalli

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Vision Investment Co.LCC, the investment company headed by Hussain Sajwani, the founder of Damac Properties Group has signed a binding agreement to obtain 100% of Roberto Cavalli SpA. for an undisclosed amount. The Dubai developer was expected to purchase the troubled Italian fashion group Roberto Cavalli in early July.

Two other binding offers for the group were submitted by Italy’s Diesel-owner OTB and U.S. brand management company Bluestar Alliance.

Cavalli held a board meeting to examine the bids, though the final decision rests with the bankruptcy court which granted creditor protection to the brand in April.

In October of 2018, Damac Properties announced a global hotel hospitality partnership with fashion house Roberto Cavalli Group. Under the deal, Roberto Cavalli will develop interiors for at least five luxury Damac hotels under the ‘AYKON Hotels with interior design by Roberto Cavalli’ brand. Situated within Al Sufooh in Dubai Marina, the first AYKON 220-room tower and five star hotel will offer skyline Dubai views. Construction will begin in 2019 and is scheduled for completion by 2023.  In 2017, the two joined forces to launch the world’s first villas featuring Just Cavalli interiors.

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