Roberto Cavalli now has a new owner
Roberto Cavalli – One of the top Italian luxury fashion brands was officially bought by Vision Investment Co.LCC based in Dubai that belongs to billionaire Hussain Sajwani who owns Damac Properties, a rapidly growing real estate development company. The capital value that Vision invested in the Roberto Cavalli brand has yet to be revealed.
The Italian fashion giant now has a new owner
It is reported that Roberto Cavalli has filed for bankruptcy in Italy and the United States and closed all stores in the United States in March.
Vision Investment Co.LCC has signed a binding agreement to obtain 100% of Roberto Cavalli SpA. Vision has won over other 4 competitors (including Bluestar Alliance and Renzo Rosso’s OTB) to occupy Roberto Cavalli brand.
After months of speculation, Damac Properties has emerged as the new owner of the Italian fashion giant-Roberto Cavalli. Damac has already collaborated with Cavalli at some projects before as a series of “Just Cavalli” villas in Dubailand, which sold out in the first month. Besides, designing rooms in the five-star hotel towers that Damac is developing. According to an announcement on October last year, Damac Properties’ Aykon Hotels will be featured Roberto Cavalli’s luxurious interior.
Roberto Cavalli-One of the most famous Italian fashion brands
The exactly information about the ownership transfer and the capital value that Vision invested to buy the Roberto Cavalli brand has yet to be revealed (According to some rumors, this amount is up to 160 million euros). Many questions have not been answered such as “Will the brand retain its headquarters and staff?”, but a restart of the company is said to be part of the deal.
All information is still being updated. Keeping to update about this and other fashion industry news and trends on Vuhes.
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