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Companies & Markets

UAE property mogul buys Roberto Cavalli fashion label

Published Thu, Nov 28, 2019 · 10:40 PM
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[DUBAI] Hussain Sajwani, the Dubai billionaire with links to US President Donald Trump, has bought struggling Italian fashion house Roberto Cavalli, his DICO Group announced on Thursday.

Mr Sajwani is chairman of construction giant DAMAC Properties, a leading construction firm in the Middle East known for luxury developments, including the Trump International Golf Club that was inaugurated in Dubai in February 2017.

A statement from DICO did not specify how much Mr Sajwani's private investment company Vision Investment paid for Roberto Cavalli.

The luxury fashion brand has been through repeated financial crises in recent years.

In October, a Milan court upheld the company's restructuring agreement with its creditors, allowing Mr Sajwani to acquire the firm.

"I believe that the brand resonates with our idea of luxury," Mr Sajwani said, according to DICO.

AFP

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