Roberto Cavalli closes sale to Damac chairman
The process was interrupted last October pending the approval of the judge. Now, Hussain Sajwani, chairman of Damac Properties has confirmed the acquisition.
Roberto Cavalli, officially owned by Damac chairman. The sale process was interrupted last October pending the approval of the judge. Now, Hussain Sajwani, chairman of Damac Properties has confirmed the acquisition, made through Vision Investments.
“I am happy to announce that the transaction was executed swiftly and that we will ensure stability in management,” Sajwani said in a statement. Last July, Vision Investment signed a contract to acquire 100% of the company. Although the amount of the deal was not disclosed, market sources indicated that it was around 160 million euros.
The purchase of Roberto Cavalli ended several months of speculation. In July 2018, the company went on the market in search of a buyer, and in October hired the investment bank Rothschild as an advisor in the deal. Among the groups that bid for the company are OTB, owner of Diesel, Phillip Plein and Bluestar Alliance.
At the same time of the sale process, Roberto Cavalli carried out a restructuring plan, which meant the closure of the group’s operations in the United States. The company’s subsidiary in the American market, ArtFashion Corp, filed for chapter 11 last April.
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