IMAGE CREDIT: THE NATIONAL
On November 28, 2019 Damac Chairman’s Vision Investment bought the Italian fashion group Roberto Cavalli. Vision Investments is the private investment firm that is owned by the chairman of Dubai Financial Market-listed Damac Properties, Hussain Sajwani. Vision Investment is a part of the DICO Group, alleged to be the multi-billion-dollar investment arm of Hussain Sajwani.
Roberto Cavalli, is the Florence-based group, which was founded by designer Roberto Cavalli in the early 1970s. The brand is famously known for its animal prints; however, for past few years it had been struggling to re-launch its sales and gain visibility in an industry that is more and more dominated by large cash-rich miscellanies.
However, in March, Cavalli asked for creditor protection so that they could make their sale process easier. In June, five potential investors came to rescue the fashion house, which includes Dubai’s Damac, US brand management company Bluestar Alliance, and Italian Diesel-owner OTB.
According to reports, Sajwani was the top bidder for the acquisition deal of Italy’s fashion brand, previously Robert Cavalli was controlled by Italy’s private equity firm, Clessidra.
Speaking about the acquisition, Hussain Sajwani said that they are ending a long sale process. Further he added, “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.”
The DICO group in a statement said that the deal was an important step in the group’s strategy and was a progression of a partnership that was signed back in 2017, under which the Italian brand would develop the interiors for some luxury hotels. Also, the group assured that they would do everything to ensure the stability of Cavalli’s management.
