According to independent estimates, the deal for the sale of the Italian brand amounted to 160 million euros.
Luxury Italian fashion house Roberto Cavalli has changed ownership. Its new owner is Vision Investment, an investment company owned by Dubai-based billionaire Hussein Sajwani. The acquisition of the fashion house from the Italian Clessidra Sgr. closed November 28th.
The agreement on the sale of 100% Roberto Cavalli became known in the summer of 2019, after which the transaction received the necessary approvals from the regulatory authorities in Italy. Officially, the amount of the transaction was not disclosed, but, according to expert estimates, 160 million euros were paid for the asset. Clessidra acquired 90% Robeto Cavalli in the summer of 2015, paying 390 million euros for the fashion house, but put the asset up for sale a few years later. Vision Investment reportedly outperformed four other contenders for the luxury brand.
Hussein Sajwani's fortune, according to 2019, is estimated at $ 2.4 billion, which allows the businessman to enter the top 1000 richest people on the planet. Sajwani is Chairman of Damac Properties, a major real estate developer that builds villas for Fendi Casa, Versace Home and Just Cavalli, among others. Sajwani's Dico Group owns the 50-story Damac Towers Nine Elms in London, a luxury resort in the Maldives and shopping malls in the Middle East.
Roberto Cavalli founded his fashion house in the 70s of the last century. Roberto Cavalli has been one of the top brands in the luxury clothing market for several decades and faced a drop in sales in 2014. According to expert estimates, the company's position was affected by a significant decrease in demand for products in Russia, which was one of the key markets for Roberto Cavalli. In the spring of 2019, the company had to close all shops in the US and cease operations in North America. The company currently operates 15 stores in Europe, 31 in the Middle East and 6 in Asia.