Dubai: Dubai-based Vision Investment Company, the private investment vehicle of Damac Properties Group Chairman Hussain Sajwani, has bought Italian fashion house Roberto Cavalli.
“Vision Investment Company, part of the DICO Group, which is the private investment vehicle of Mr Sajwani, has made the purchase. We will make further comments in due course,” according to a statement from Niall McLoughlin, senior vice president, Damac Properties.
The deal is being valued by Italian media at 160 million euros.
A debt restructuring agreement, which was required in order for the sale to go forward, was given court approval in Milan on Tuesday. Cavalli was granted creditor protection in April by an Milan bankruptcy court.
In June, it was reported that Damac was considering buying the troubled Italian fashion group.
Two other bids for the group were submitted by Italy’s Diesel-owner OTB and US brand management company Bluestar Alliance. Cavalli said it had received five offers for the brand. In 2017, Damac and Cavalli signed a deal to build “Just Cavalli” villas in Dubai.