A shakeup for luxury fashion
With Rihanna heading her own designer brand and Versace being owned by Michael Kors, things are changing in the world of luxury fashion. Now, it has been announced that Italian fashion house, Roberto Cavalli has been bought by Dubai-based property developer, Damac Properties.
In March, the Italian label filed for bankruptcy in Italy and the U.S. and closed all of its stateside stores. This news came a week after their Creative Director, Paul Surridge, decided to part ways with Roberto Cavalli. For a while, things were unclear form the brand; however, last month, Arabian Business reported Damac Properties was in the running to takeover the luxury fashion brand.
Nevertheless, last night, WWD reported, that Vision Investment Co.LCC, the investment company headed by Hussain Sajwani, the founder of Damac Properties Group has signed a binding agreement to obtain 100% of Roberto Cavalli SpA. for an undisclosed amount.
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This isn’t the first time that the two names were linked. Roberto Cavalli has previously collaborated with Damac on a series of “Just Cavalli” villas in Dubailand ,which sold out in the first month. Not only that, but in October of last year, it was announced that Aykon Hotels by Damac Properties will feature luxury interiors by Roberto Cavalli.
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