DIC in Rivoli bid

Dubai International Capital is in negotiations to buy luxury brand retailer Rivoli Group, ArabianBusiness.com can reveal.

DIC - part of Dubai Holding - is hoping to tie up a deal with Rivoli owners Adel Zarouni and Ramesh Prabhakar within weeks - less than a month since its bid for Liverpool Football Club ended.

Sources suggest the deal will be worth "several hundred million dollars - probably over the US$500 million mark."

Since 1988, the Rivoli Group has been building its strong position in the fast growing retail environment in the UAE and the lower Gulf states. The group has become one of the largest importers and retailers of luxury brands in the Middle East and offers a wide range of product categories from watches and writing instruments to menswear accessories, gift items and eyewear.

It represents brands such as Montblanc, Longines, dunhill, Links of London, Glashütte, Carl. F. Bucherer, Milleret, Hour Choice, Kenzo and Vertu.

Currently, the Rivoli Group operates over 200 retail outlets, inclusive of 35 Rivoli Stores, 90 Hour Choice outlets and mono-brand boutiques of various franchises.

Sources suggest that DIC executives believe a deal would give the company a strong footing in the fast growing luxury brands market, which has seen huge growth in the past year.

"The Liverpool deal fell through at the last minute but DIC is always active in looking for new deals, and this is one that makes a lot of sense. It is an area that DIC hasn't been involved in but the market is growing fast, and obviously it means this would be a very good investment," says a source close to the talks.

DIC has previously taken stakes in DaimlerChrysler, Travelodge and The Tussauds Group.

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