Damac chairman buys Italian firm Roberto Cavalli

Vision Investment Company (VIC), the private investment vehicle of Dubai-based billionaire Hussain Sajwani, chairman of Damac Properties, has acquired the Italian fashion house Roberto Cavalli.

VIC is part of Dico Group, which is a private investment vehicle of the Damac chairman.

"Vision Investment Company, part of the Dico Group, which is the private investment vehicle of Sajwani, has made the purchase. We will make further comments in due course," Niall McLoughlin, senior vice president of Damac Properties, confirmed to Khaleej Times on Wednesday.

The Italian court on Tuesday approved the debt restructuring agreement, which was essential to sell Roberto Cavalli to the Dubai-based firm.

In July, Dubai-based firm had signed an agreement to fully acquire the company.

Italian private equity firm Clessidra acquired 90 per cent of Roberto Ravalli in 2015 for reportedly 390 million euros ($433.10 million). But the new owner couldn't turn around the Italian brand and it started looking for an investor over a year ago. Clessidra and the board of Cavalli chose the Dubai-based company among five other offers. Roberto Cavalli had filed for bankruptcy in Italy and the US and shut down all of its outlets in the US.

Though VIC refused to disclose the value of the acquisition, Italian media quoted the transaction value at 160 million euros ($177.7 million; Dh652 million).

Damac Properties had also signed an agreement with Roberto Cavalli a couple of years back to build "Just Cavalli" villas in Dubai.