Dubai’s property tycoon buys Italy’s Cavalli in rescue attempt

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Dubai’s property tycoon buys Italy’s Cavalli in rescue attempt

On Thursday, the 28th of November 2019, Hussain Sajwani, the Chairman of Dubai’s Damac Properties, a flourishing real estate developer listed in Dubai Financial Market, had purchased the Florence-based Italian fashion house, Roberto Cavalli, as part of a rescue attempt, for an undisclosed amount, the companies said in a joint statement earlier on Thursday (November 28th), completing a longer sale process.

In point of fact, the Italian fashion house, much-known for its iconic fashion items, but swirled in the shadows over the past two decades amid a much-stiffer competition from larger industry conglomerates with a whopping sum of cash at their disposal, founded in the 1970s by the Italian fashion designer, Roberto Cavalli, 79.

Aside from that, the Roberto Cavalli, widely contemplated as an industry giant in the 1980s mostly due to its animal prints, had shredded off much of its earlier shines under the lights of cash-rich conglomerates as beforementioned, while Damac’s Sajwani’s buyout bid came as a breather for the Italian fashion house which had been struggling to enhance visibility and sales at a market largely dominated by cash-rich behemoths.

Besides, according to the joint statement issued by Damac and Roberto Cavalli earlier on Thursday (November 28th), Sajwani had purchased the Cavalli through his private investment firm, Vision investment, for an undisclosed sum, which had been a part of DICO Group having a swathe of luxury goods alongside services selling entities ranging from luxury resorts to hotels to shopping malls.