Hussain Sajwani, the chairman of Dubai-based DAMAC Properties, has purchased Roberto Cavalli SpA through his private investment company Vision Investments. Terms of the deal were not disclosed.
The acquisition of the Florentine fashion brand was completed on November 28th.
The UAE-based investment company emerged as the top bidder amongst various entities that were vying for the globally recognized fashion brand. Roberto Cavalli was previously controlled by Italian private equity company Clessidra.
The acquisition of Roberto Cavalli is an evolution of a partnership that was signed in 2017 between the fashion house and the DICO Group, a division of Vision Investments. Under the partnership, Roberto Cavalli will develop the interiors for luxury hotels under the ‘Aykon Hotels with interior design by Roberto Cavalli’ brand.
“We are excited about carrying forward the incredible legacy of the Roberto Cavalli brand,” said Sajwani. “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.”
Established in 1992, the DICO Group is the multi-billion-dollar investment arm of Sajwani with diverse interests in markets around the world. The company’s investments are divided into five core areas; namely, capital markets, real estate, hotels & resorts, manufacturing and catering, and now luxury fashion.
Some of DICO Investment’s most notable activities include the 50-story 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 U.S.
Today, the DICO Group’s global footprint extends across North America, Europe, Asia, the Middle East, and Africa.