Following months of speculation, Damac Properties, a Dubai-based property developer, has come out as the new owner of Italian fashion house Roberto Cavalli. According to reports, Vision Investment, the investment company controlled by the founder of Damac Properties Group, Hussain Sajwani, has signed a binding agreement to obtain 100% of Roberto Cavalli for an undisclosed fee.
The news follows a rough time for the Italian fashion house, which filed for bankruptcy, in Italy and the U.S, in March, 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.