Dubai Developer Tight-Lipped Over Cavalli Takeover

26 June 2019

Reported front-runners for a takeover of luxury fashion brand Roberto Cavalli, Damac Properties are remaining tight-lipped over the potential move.

In a statement to Arabian Business, PR representatives speaking on behalf of the Dubai property developer said they were not able to comment. But in a separate statement to Dubai Financial Market (DFM), Adil Taqi, Group CEO, denied a news report from Reuters, which suggested Damac was in ‘pole position’ to acquire the brand.

Roberto Cavalli is up for sale, with five different offers reportedly put forward. The other firms reportedly interested are include Italy’s Diesel-owner OTB and US brand management company Bluestar Alliance.

Damac is a partner with the Italian fashion house for their Just Cavalli Villas in Dubailand. While it was announced in October last year that Aykon Hotels by Damac Properties will feature luxury interiors by Roberto Cavalli.

Cavalli held a board meeting on Wednesday to examine the bids, though the final decision rests with the bankruptcy court which granted creditor protection to the brand in April.

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