Vision Investment Company, the investment company of Damac Properties chairman Hussein Sajwani, has signed a binding agreement to acquire Italian fashion house Roberto Cavalli, according to media reports.
According to a report in WWD, anonymous sources believe the agreement – for 100 percent of the company – is worth approximately 160 million euros ($179.37 million).
A separate report in Vogue Business said that Vision emerged as the highest bidder, beating competitors including Diesel owner Renzo Rossi’s Only the Brave, US-based Marquee Brands, brand management company Bluestar Alliance and Israeli-Chinese private equity fund Infinity Group.
Roberto Cavalli has yet to publicly confirm the sale, as the sale requires approval by the Milan Court in a process that could take as much as three months. Cavalli is expected to present an agreement by August 3.
In 2017, Damac and Cavalli signed a deal to build a number of “Just Cavalli” villas.
The following month, the two firms signed a partnership for Roberto Cavalli to provide the interior design for a least five luxury hotels, with the first one expected to be built by 2023.
Damac and Vision could not immediately be reached for comment by Arabian Business.
Florence-based Roberto Cavalli filed for bankruptcy in Italy and the US and closed all of its American stores. Since 2015, the company has been controlled by Italy-based private equity firm Clessidra.
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