- Huw Hughes |
The chairman of Dubai-based Damac Properties, Hussain Sajwani, has confirmed the purchase of 100 percent of Italian fashion group Roberto Cavalli through his private investment company Vision Investments, part of the Dico Group.
The acquisition of the brand, which was completed on 28 November, marks the evolution of a 2017-signed partnership between the fashion house and the Dico Group which sees Roberto Cavalli design the interiors for luxury hotels under the 'Aykon Hotels with interior design by Roberto Cavalli' brand.
Weeks of speculation were finally ended in July when it was confirmed that Vision Investments was the highest bidder for the Italian brand previously controlled by Italian Private equity company Clessidra. Other speculated buyers included German fashion designer Philipp Plein and private equity firm Blue Skye Financial Partners.
Roberto Cavalli acquisition finalised
Commenting on the acquisition in a statement, 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. I am happy to announce that the transaction was executed swiftly and that we will ensure stability in management.
“At Dico Investments, we aspire to own internationally recognized brands, and this acquisition marks a significant step in our strategy.”
Established in 1992, the Dico Group is the multi-billion-dollar investment arm of Dubai property tycoon Hussain Sajwani. Luxury fashion is one of the company’s five core areas of investment.
The company said it plans to deploy approximately 3 billion dollars over the next few years in its key markets across Western Europe and the US.
Photo credit: Roberto Cavalli, Facebook