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Thu 12 Dec 2019 02:24 PM

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Damac chairman Hussain Sajwani throws down the gauntlet to Gucci

Sajwani has revealed plans to rival Gucci and other top fashion houses following purchase of Roberto Cavalli

Damac chairman Hussain Sajwani throws down the gauntlet to Gucci

The 63-year-old, property developer, completed the purchase of Italian fashion giant Roberto Cavalli last month through his private investment company Dico Group.

Damac founder and chairman Hussain Sajwani has revealed ambitious designs to take on the world’s fashion industry.

The 63-year-old property developer completed the purchase of Italian fashion giant Roberto Cavalli last month through his private investment company Dico Group.

But he told the Skybridge Alternatives (SALT) conference in Abu Dhabi, his foray into fashion would not stop there as he looked to ready a challenge to the industry.

He said: “When this opportunity came for Roberto Cavalli, the fashion industry, something very different in a highly competitive market. For me, at this age, I wanted to take this challenge, I want to see if I can succeed in Milan competing with Gucci.

“Then I will have the confidence myself that I am successful. Today, yes, you may rate me as successful, I am never happy with my success. I can build another building, so what? I can do another Damac Hills, so what? If I can compete with Gucci, in their home town, then I will be a little bit more happy.”

Sajwani said he is looking forward to pitting his wits against Bernard Arnault, owner of LVMH, the French multi-national luxury goods conglomerate, which has just agreed to buy Tiffany for $16.2 billion.

Just as he has amassed a huge property portfolio across Dubai and into Oman and the United Kingdom, he revealed he is looking for a similar collection from the luxury sector.

He said: “We are at an early stage, I want to really go berserk and acquire another chain very quickly. If, with God’s help I become successful, definitely the objective is not to just buy one brand, because today the world is moving to scale and if you’re not big you don’t survive.”

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