After a lot of rumours swirling around the city, it's now been confirmed that Damac Properties has officially bought the troubled fashion brand Roberto Cavalli.
Vision Investment Company, the investment company of Damac Properties chairman Hussein Sajwani, has signed a binding agreement to acquire Italian fashion house Roberto Cavalli, according to Arabian Business.
Roberto Cavalli has yet to publicly confirm the sale, as the sale requires approval by the Milan Court in a process that could take as much as three months. Cavalli is expected to present an agreement by August 3.
In 2017, Damac and Cavalli signed a deal to build a number of “Just Cavalli” villas. The following month, the two firms signed a partnership for Roberto Cavalli to provide the interior design for a least five luxury hotels, with the first one expected to be built by 2023.
Damac and Vision could not immediately be reached for comment by Arabian Business.
Florence-based Roberto Cavalli filed for bankruptcy in Italy and the US and closed all of its American stores. Since 2015, the company has been controlled by Italy-based private equity firm Clessidra.