Dubai-based property developer Damac Properties has just signed an agreement for an undisclosed amount to acquire 100 percent of Roberto Cavalli. An announcement made today reveals that the founder of Damac Properties group, Hussain Sajwani, has emerged as the new owner of the Italian fashion house.
This news marks an end to a difficult time faced by the brand since it filed for bankruptcy in March. The brand also shut down all its stores in the US while a week ago, its creative director Paul Surridge exited the company. Rumors of Damac Properties acquiring the company arose in June, but Damac Properties refused to comment on the matter. According to Gulf News, other contenders were the OTB Group which owns Diesel, and US brand management company Bluestar Alliance, the owners of Tahari and Bebe.
Roberto Cavalli and Damac Properties are no strangers as the developers have previously worked with the fashion house on the interiors of the Aykon Hotel, and more recently, the Just Cavalli Villas in Dubailand, which were sold out within a month.
Roberto Cavalli’s new owner Sajwani was listed as the world’s fourth-richest Arab in 2018. The Emirati billionaire established Damac Properties in 2002, and since then has worked with luxury brands including Versace and Fendi.