Dubai’s property group has bought Roberto Cavalli. The investment group of DAMAC Properties, Vision Investments, Hussain Sajwani, has made an official statement about the purchase of Roberto Cavalli. The exchange included the totality of the stakes of Roberto Cavalli SpA, in which, until yesterday, the Clessidra speculation subsidize held a stake of over 90%.
“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,” stated Hussain Sajwani, the Dubai businessman who founded real estate developer DAMAC Properties in 2002.
“I am happy to announce that the transaction was executed swiftly and that we will ensure stability in management,” said Sajwani, who has been ranked 962nd in the list of Billionaires by Forbes in 2019.
Sajwani’s group won the race for Roberto Cavalli, abandoning different contenders, among them Renzo Rosso’s OTB and US bunch Bluestar Alliance. The Clessidra venture finance put Roberto Cavalli available to be purchased after a few endeavors at relaunching the name. The situation of Roberto Cavalli’s present CEO, Gian Giacomo Ferraris, who assumed the undertaking of resuscitating the weak name in 2016, appears for the time being sheltered.
When Paul Surridge, the Creative Director of the label, stepped down, due to which the company faced a loss of €33.7 million in 2017, and the label was emerging from this period of significant damage. Still, without a head of design in April, its US subsidiary ceased trading.
The recuperation plan introduced by Roberto Cavalli, upheld by the new proprietor, has persuaded the Milan exchange court, which regarded the “time allotment of the rebuilding activity incredibly concise and solid,” and made sure of the organization’s “capacity to take care of leasers as concurred.” The prickly issue of conceivable activity cuts at Roberto Cavalli’s Italian industrial facilities and its home office in Osmannoro, close to Florence, is as yet uncertain.