Hussain Sajwani, Dubai-based Damac Properties’ Chairman, has purchased the world-renowned fashion house of Italy, Roberto Cavalli, in what can be called a rescue effort. Both the companies announced this new development through a joint statement dated November 28, 2019. The purchase process has been completed, as per the reports, but the amount of the deal has not been disclosed.

Sajwani has bought the fashion group based in Florence through Vision Investments, his private investment firm, which is also a part of the DICO Group. DICO is known for owning shopping malls, luxury resorts, and hotels.

It is a known fact that Cavalli has been struggling to regain visibility and sales for years now as the industry is witnessing increasing domination by big cash-rich corporations. Cavalli, founded in the 1970s by the designer Roberto Cavalli, has enjoyed significant fame for its designs, especially animal prints, during its heyday.

In its statement, DICO Group considered the deal as a noted step in their strategy. The firm also revealed that the move is the development of a collaboration signed in 2017. The Group also stated that it would make sure Cavalli’s management remains stable.

It is vital to note that Cavalli was taken over in 2015 by one of Italy’s private equity companies, named Clessidra. However, they began looking for a new investor just after two years as the group struggled to recover.