After months of speculation, Dubai-based property developer Damac Properties has emerged as the new owner of Italian fashion house Roberto Cavalli.
Last month, Arabian Business reported Damac Properties was in the running to takeover the luxury fashion brand, and last night WWD reported, Vision Investment Co.LCC, the investment company controlled by the founder of Damac Properties Group, Hussain Sajwani, has signed a binding agreement to obtain 100% of Roberto Cavalli SpA. for an undisclosed amount.
The news follows a turbulent time for the Italian fashion house. In March, it filed for bankruptcy in Italy and the U.S. and closed all of its stateside stores. One week before filing, Cavalli's creative director, Paul Surridge, left after two years at the helm.
Damac has already partnered with Cavalli on a series of “Just Cavalli” villas in Dubailand ,which sold out in the first month. In October last year, it was announced that Aykon Hotels by Damac Properties will feature luxury interiors by Roberto Cavalli.