Roberto Cavalli acquired by Dubai-based property tycoon
Italian luxury brand Roberto Cavalli has been acquired by chairman of Dubai-based DAMAC Properties, Hussain Sajwani, through his private investment company, Vision Investments.
The UAE-based investment company emerged as the top bidder among various entities that were vying for the globally recognised Florentine fashion brand and the deal was competed today.
German fashion designer Philipp Plein, private equity firm Blue Skye Financial Partners, brand house Bluestar Alliance, and Diesel owner Renzo Rosso were also believed to be interested in buying Roberto Cavalli, which was previously controlled by the Italian Private equity company, Clessidra.
The acquisition of the fashion house by Vision Investments, part of the DICO Group, is an evolution of a partnership that was signed in 2017 between Roberto Cavalli and the DICO Group. Under the partnership, Roberto Cavalli will develop the interiors for luxury hotels under the "AYKON Hotels with interior design by Roberto Cavalli" brand.
Speaking about the acquisition, 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 Hussain Sajwani with diverse interests in markets around the world. The company's investments are divided into five core areas; Capital markets, Real Estate, Hotels & Resorts, Manufacturing and Catering, and now luxury fashion.
Some of DICO Investment's most notable activities include the 50-storey DAMAC Towers Nine Elms in London, a luxury resort in the Maldives, shopping malls in Iraq, and the Mina Al Sultan Qaboos Waterfront real estate project in Oman, among others. The investment company plans to deploy approximately $3 billion over the next few years in key markets across Western Europe and the US.
The value of the deal was not disclosed but Italian media reports place it at $160 million.