Roberto Cavalli branches into hotel interior design in deal with Dubai developer Damac

Above, an artist illustration of a Just Cavalli Villa designed for Dubai developer Damac. (Courtesy Damac)
Updated 01 October 2018
0

Roberto Cavalli branches into hotel interior design in deal with Dubai developer Damac

  • The agreement is part of the company’s bid to expand the luxury and fashion brand into lifestyle categories and find new sources of revenue
  • Roberto Cavalli is on track to break even this year and return to a net profit in 2019

MILAN: Italian fashion house Roberto Cavalli has signed a partnership agreement with Damac Properties under which it will provide the interior design for at least five luxury hotels, starting with a first one to be built in Dubai by 2023.
The agreement, which follows a separate collaboration with Damac on Cavalli-branded villas, is part of the company’s bid to expand the luxury and fashion brand into lifestyle categories and find new sources of revenue for the Florentine label famous for its animal prints. Company officials declined to give financial details of the deal.
Roberto Cavalli is on track to break even this year and return to a net profit in 2019, Chief Executive Gian Giacomo Ferraris said at an event to announce the hotel project on Monday.
He declined to comment on market speculation that Italian private equity group Clessidra, which bought 90 percent of Roberto Cavalli in 2015, might be looking to sell, other than saying that management was focused on executing a strategy agreed with the shareholder.
“The company is making big improvements, but to remain competitive, it needs to invest,” Ferraris said, adding Clessidra was fully supporting the company’s growth.
“The important thing is to ensure that the growth happens in an organic manner and quickly.”
Clessidra’s Managing Director Manuel Catalano said earlier this month the private equity group was working well with Ferraris, who is also former head of fashion house Versace, and had no intention of exiting Roberto Cavalli in the near term.


India’s richest man to battle Amazon, Walmart in e-commerce

Updated 5 min 3 sec ago
0

India’s richest man to battle Amazon, Walmart in e-commerce

  • The businessman plans to start his e-commerce business in Gujart and then expand into the rest of India
  • He says his new e-commerce platform will help enrich small retailers and shopkeepers in Gujart

MUMBAi: Asia’s richest man Mukesh Ambani announced details of a new online shopping platform Friday that will see his oil-to-telecoms conglomerate take on Amazon and Walmart in India’s burgeoning e-commerce market.
Ambani, the chairman of Reliance Industries, said the company’s telecoms and consumer businesses planned to roll out the venture in the western state of Gujarat before expanding across India.
“Jio and Reliance Retail will launch a unique new commerce platform to empower and enrich our 12 lakh (1.2 million) small retailers and shopkeepers in Gujarat,” Ambani told a summit attended by Prime Minister Narendra Modi.
Ambani, 61, has been drip-feeding his e-commerce plans for India over the past few months in announcements that are no doubt being keenly watched by US giants Amazon and Walmart.
Reliance shook up India’s telecoms market in September 2016 when it launched its 4G Jio network with free voice calls for life and vastly cheaper data.
The launch sent the profits of other mobile players spiralling downwards and sparked consolidation across the industry as rivals scrambled to match Reliance’s deep pockets.
Amazon and leading Indian e-tailer Flipkart, which was bought by Walmart for $16 billion last year, have been expanding aggressively to gain a bigger slice of India’s growing online customers.
They have incurred huge losses along the way, however, and analysts say that Reliance’s entry into the e-commerce sphere will make their jobs even harder.
India’s e-commerce sales are expected to triple between now and 2022, when they are likely to pass the $100 billion mark, according to recent research by industry body NASSCOM and PricewaterhouseCoopers.
The rise is being fuelled by greater smartphone penetration, in part thanks to Jio, and a rising middle class with more disposable income.