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Dubai-based VIC buys Roberto Cavalli Group
01 Nov 19 1 min read
Vision Investment Company (VIC), part of the Dico Group and the private investment vehicle of Dubai-based billionaire Hussain Sajwani, has acquired Roberto Cavalli. Sajwani is chairman of Damac Properties. VLC had signed an agreement in July to fully acquire the Italian fashion house. An Italian court approved the debt restructuring agreement on October 29.
Italian private equity firm Clessidra acquired 90 per cent of Roberto Cavalli in 2015 for reportedly $433.10 million, but couldn't turn around the brand and started looking for an investor over a year ago.
Roberto Cavalli had filed for bankruptcy in Italy and the United States and shut down all its US outlets. Italian media reported the transaction value of the acquisition at $177.7 million.
Damac Properties had also signed an agreement with Roberto Cavalli a couple of years back to build ‘Just Cavalli’ villas in Dubai.
Italian private equity firm Clessidra acquired 90 per cent of Roberto Cavalli in 2015 for reportedly $433.10 million, but couldn't turn around the brand and started looking for an investor over a year ago.
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Roberto Cavalli had filed for bankruptcy in Italy and the United States and shut down all its US outlets. Italian media reported the transaction value of the acquisition at $177.7 million.
Damac Properties had also signed an agreement with Roberto Cavalli a couple of years back to build ‘Just Cavalli’ villas in Dubai.
Fibre2Fashion News Desk (DS)
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