Bloomberg/Jerome Favreby Kudakwashe Muzoriwa
The Chairman of Dubai-based DAMAC Properties has acquired the Italian fashion group Roberto Cavalli through his private investment company, Vision Investments.
In a statement, DICO Group stated that Hussain Sajwani bought Cavalli through his private investment company part of the DICO Group, which owns luxury resorts and hotels as well as shopping malls.
The Florence-based group, founded by designer Roberto Cavalli in the early 1970s and famed for its animal prints, had been struggling for years to relaunch its sales and gain visibility in an industry that is increasingly dominated by large cash-rich conglomerates.
DICO Group said that the acquisition of Roberto Cavalli by Vision Investments is an evolution of a partnership that was signed in 2017 with the fashion house, under which Roberto Cavalli will develop the interiors for luxury hotels under the ‘AYKON Hotels’.
Italian private equity firm Clessidra took over Cavalli in 2015 in a bid to turn it around, but after two years started looking for a new investor as the fund holding the stake was close to its statutory investment limit and there was no sign of a recovery by the group, sources said at the time.