Dubai-based Vision Investment Company, controlled by the founder of Damac Properties Group, Hussain Sajwani, has bought troubled Italian fashion house Roberto Cavalli.
A debt restructuring agreement, which is required in order for the sale to go ahead, was given court approval in Milan on Tuesday.
The move was confirmed to Arabian Business by Niall McLoughlin, senior vice president – marketing and corporate communications. He said: “Vision Investment Company, part of the DICO Group which is the private investment vehicle of Mr Sajwani has made the purchase.”
According to a report earlier this year, sources told fashion industry trade publication WWD that the agreement – for 100 percent of the company – is worth approximately 160 million euros ($179.37m).
It is understood Vision beat off competitors including Diesel owner Renzo Rossi’s Only the Brave, US-based Marquee Brands, brand management company Bluestar Alliance and Israeli-Chinese private equity fund Infinity In 2017, Damac and Cavalli signed a deal to build a number of “Just Cavalli” villas in Dubai. The following month, the two firms signed a partnership for Roberto Cavalli to provide the interior design for a least five luxury hotels, with the first one expected to be built by 2023. Earlier this year, Florence-based Roberto Cavalli filed for bankruptcy in Italy and the US and closed all of its American stores. Since 2015, the company has been controlled by Italy-based private equity firm Clessidra.