A Middle Eastern investment group has confirmed the acquisition of Italian footwear and fashion group Roberto Cavalli, reports Leatherbiz.
Founder of Dubai-based DAMAC Properties, Hussain Sajwani, confirmed he had completed the purchase of Roberto Cavalli on November 28. He made the acquisition through an investment company he runs, DICO Investments.
Roberto Cavalli said in July 2018 that it wanted to find a new owner; DICO was one of a number of suitors to emerge. And although it took until the end of November for the competition authorities to approve the acquisition, the group’s work to build ties to Roberto Cavalli was already under way. For example, DICO recently launched a hotel on Dubai’s waterfront under its Aykon brand, with interior design from Roberto Cavalli.
“We aspire to own internationally recognised brands,” Mr Sajwani said. “I believe that the [Roberto Cavalli] brand resonates with our idea of luxury.”