Dubai: Damac Properties PJSC’s chairman bought Italian fashion group Roberto Cavalli SpA through his private investment firm.

Hussain Sajwani’s Vision Investments completed the acquisition of the Florentine brand on Thursday, according to a statement. It didn’t provide a value for the deal. The company confirmed they were purchasing the brand on October 30.

Roberto Cavalli was previously controlled by the Italian private equity company, Clessidra Sgr.

The deal is being valued by Italian media at 160 million euros.

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.