An investment company owned by Damac Properties' chairman, Hussain Sajwani, has completed a takeover of troubled Italian fashion house Roberto Cavalli in a deal worth millions of dollars.
Sajwani controls Vision Investment Company and has long been interested in acquiring Roberto Cavalli, a company it has used for the interior design of several real estate developments in Dubai.
A debt restructuring agreement, which is required to complete the sale, won court approval in Milan on Tuesday, according to Commercial Interior Design’s sister title, Arabian Business.
Niall McLoughlin, senior vice president of marketing and corporate communications, confirmed the takeover to Arabian Business in October.
“Vision Investment Company, part of the DICO Group which is the private investment vehicle of Mr Sajwani has made the purchase,” he said.
In July, CID reported that Sajwani’s investment vehicle had signed a binding agreement to buy the luxury Italian company.
Anonymous sources cited in a WWD report said the agreement for 100% of the company could be worth approximately $179m.
The takeover comes with Dubai-based real estate developer Damac flexing its financial muscles. Earlier this month, the company confirmed it had acquired two plots in Al Sufouh and Business Bay for $77m (AED285m) to expand its bank of land in the emirate.