DUBAI: Italian fashion house Roberto Cavalli has been bought by the chairman of Dubai-based DAMAC Properties, Hussain Sajwani, through his private investment company, Vision Investments, it was confirmed on Thursday.
The UAE-based investment company emerged as the top bidder against organizations that were vying for the fashion brand. Roberto Cavalli was previously controlled by the Italian Private equity company, Clessidra.
According to a press release, the acquisition of Roberto Cavalli by Vision Investments, part of the DICO Group, is an evolution of a partnership that was signed in 2017 between the fashion house and the DICO Group.
Speaking about the acquisition, 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.
Rumors of the sale first emerged in July, with international media reporting that the fashion house had been bought by the Dubai-based firm.