The Strategist

Dubai billionaire buys Roberto Cavalli fashion house

11/29/2019 - 01:43

Italian fashion house Roberto Cavalli has changed its owner. The company was bought by the Vision Investment company of the Dubai billionaire Hussain Sajwani.

Robert Spring via flickr
Robert Spring via flickr
Billionaire Hussain Sajwani, who is the founder and chairman of the Dubai developer Damac Properties, acquired the Italian fashion house Roberto Cavalli through his investment company Vision Investment, writes Bloomberg.

The acquisition of the Florentine brand was completed on November 28, follows from a statement by Vision Investment. Previously, Roberto Cavalli was controlled by the private Italian investment company Clessidra Sgr.

In July, it became known that Vision Investment signed an agreement to acquire a 100% of the fashion house. The Italian Forbes called this acquisition a matter of time. In late October, the agreement was approved by the Milan court. Bloomberg does not name the amount of the transaction, however, the publication L'Unione Sarda indicated that Sajwani bought the brand for € 160 million.

In July 2015, Clessidra acquired 90% of Roberto Cavalli for € 390 million. A few years later, the new owner began looking for an investor. As a result, Clessidra and the Cavalli board selected a company from Dubai out of five other bidders, the Khaleej Times, an UAE-based newspaper, noted.

Hussain Sajwani takes 962 place in the global ranking of billionaires of 2019. At the time of rating, his wealth was estimated at $ 2.4 billion. In 2013, his company Damac Properties collaborated with Donald Trump to create two golf courses under the Trump brand. The billionaire’s construction company is engaged in real estate projects for luxury villas, including partners Fendi Casa, Versace Home and Just Cavalli.