Vision Investment Company, the investment company of Damac Properties chairman Hussein Sajwani, has signed a binding agreement to acquire Italian fashion house Roberto Cavalli, according to media reports.
According to a report in WWD, anonymous sources believe the agreement – for 100 percent of the company – is worth approximately 160 million euros ($179.37 million).
A separate report in Vogue Business said that Vision emerged as the highest bidder, beating competitors including Diesel owner Renzo Rossi’s Only the Brave, US-based Marquee Brands, brand management company Bluestar Alliance and Israeli-Chinese private equity fund Infinity Group.
Roberto Cavalli has yet to publicly confirm the sale, as the sale requires approval by the Milan Court in a process that could take as much as three months. Cavalli is expected to present an agreement by August 3.
In 2017, Damac and Cavalli signed a deal to build a number of “Just Cavalli” villas.
The following month, the two firms signed a partnership for Roberto Cavalli to provide the interior design for a least five luxury hotels, with the first one expected to be built by 2023.
Damac and Vision could not immediately be reached for comment by Arabian Business.
Florence-based Roberto Cavalli filed for bankruptcy in Italy and the US and closed all of its American stores. Since 2015, the company has been controlled by Italy-based private equity firm Clessidra.For all the latest fashion trends from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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