It has finally been confirmed that the new owner of Roberto Cavalli is Dubai-based property developer Damac Properties.
Arabian Business reported in June this year that the developer was bidding for the Italian fashion house and it was confirmed on the 16th of July by WWD, that Vision Investment Co.LCC, the investment company controlled by the founder of Damac Properties Group, Hussain Sajwani, has acquired 100% of Roberto Cavalli SpA – at what price is yet to be reported.
Having been a time of financial instability for the fashion brand, Cavalli declared itself bankrupt in America and Italy, closing all of its stores in the US. Paul Surridge, Cavalli’s ex creative director, resigned from his position just a week before the company filed for bankruptcy.
Just Cavalli Villas
This isn’t the first time Damac and Roberto Cavalli have joined forces, as the property giant created some “Just Cavalli” villas in Dubailand, which sold out as soon as the collaboration was announced. Not only that, in 2018, it was reported that Damac Properties’ Aykon Hotels would be decked out with luxury interiors and furnishings by the Italian fashion brand.