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Thu 28 Nov 2019 03:51 PM

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Damac chairman completes deal for Roberto Cavalli fashion house

Hussain Sajwani's Vision Investments says acquisition is an evolution of a partnership that was signed in 2017

Damac chairman completes deal for Roberto Cavalli fashion house

Hussain Sajwani’s Vision Investments completed the acquisition on Thursday.

The chairman of Damac Properties has completed a deal to buy Italian fashion group Roberto Cavalli through his private investment firm.

Hussain Sajwani’s Vision Investments completed the acquisition of the Florentine brand on Thursday, according to a statement which didn’t provide a value for the deal.

The UAE-based investment company emerged as the top bidder for the fashion brand which was previously controlled by the Italian private equity company, Clessidra.

The acquisition of Roberto Cavalli by Vision Investments, part of the DICO Group, is an evolution of a partnership that was signed in 2017 between the fashion house and the DICO Group.

Under the partnership, Roberto Cavalli will develop the interiors for luxury hotels under the Aykon Hotels with interior design by Roberto Cavalli brand.

Speaking about the acquisition, Sajwani said: “We are excited about carrying forward the incredible legacy of the Roberto Cavalli brand. 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.

"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 investment arm of Sajwani with diverse interests in markets around the world.

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.

The investment company plans to deploy approximately $3 billion over the next few years in key markets across Western Europe and the US.

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