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Damac chairman Sajwani completes acquisition of Italy's Roberto Cavalli

Staff Report/Dubai
Filed on November 28, 2019

(KT file)

Damac Properties chairman, Hussain Sajwani, through his private investment company Vision Investments, has bought Italian fashion group Roberto Cavalli.

The acquisition of the Florentine brand was completed on November 28, 2019. The UAE-based investment company emerged as the top bidder amongst various entities that were vying for the globally-recognised fashion brand. Roberto Cavalli was previously controlled by Italian Private equity company Clessidra.

The acquisition of Roberto Cavalli by Vision Investments, part of Dico Group, is an evolution of a partnership that was signed in 2017 between the fashion house and Dico. Under the partnership, Roberto Cavalli will develop the interiors for luxury hotels under the 'Aykon Hotels with interior design by Roberto Cavalli' brand.

Sajwani said: "We are excited about carrying forward the incredible legacy of the Roberto Cavalli brand... I am happy to announce that the transaction was executed swiftly and that we will ensure stability. 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; 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 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.

Today, the Dico Group's global footprint extends across North America, Europe, Asia, Middle East and Africa. With its vision firmly set on growth and expansion, the Dico Group continues in its quest for diversification and business excellence.

- business@khaleejtimes.com


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