With its former creative director Paul Surridge exiting the house in March, Roberto Cavalli SpA now has a new owner. According to WWD, Vision Investment Co., an investment company of Dubai’s billionaire Hussain Sajwani who owns Damac Properties Group, signed an agreement to acquire 100 percent of the Italian house.
The brand has recently been experiencing difficulty, having filed for bankruptcy and closing all stores in the United States on top of its creative lead departing after just two years. The fashion house was controlled by an Italian private equity firm before receiving five offers including Vision Investment’s. With Sajwani listed as the world’s fourth richest Arab with a net worth of $4.1 billion USD by Forbes, Damac Properties was ranked first in 2017 for the fastest-growing global company. Reports also state that Damac has been interested in buying the company as it had been partnering with Roberto Cavalli to create design rooms in a five-star hotel, which is expected to complete construction in 2023.
Details of the acquisition such as whether the brand will keep its current headquarters and employees have yet to be confirmed, so stay tuned for more updates.
While you’re here, read about LVMH’s acquisition of Stella McCartney.