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UAE property mogul buys Roberto Cavalli fashion label

 

Agence France-Presse

Dubai, United Arab Emirates  /  Fri, November 29, 2019  /  12:09 pm
UAE property mogul buys Roberto Cavalli fashion label

Models present creations during the Roberto Cavalli women's Fall/Winter 2019/2020 collection fashion show, on Feb. 23, 2019 in Milan. (AFP/Miguel Medina)

Hussain Sajwani, the Dubai billionaire with links to US President Donald Trump, has bought struggling Italian fashion house Roberto Cavalli, his DICO Group announced on Thursday. 

Sajwani is chairman of construction giant DAMAC Properties, a leading construction firm in the Middle East known for luxury developments, including the Trump International Golf Club that was inaugurated in Dubai in February 2017.

A statement from DICO did not specify how much Sajwani's private investment company Vision Investment paid for Roberto Cavalli. 

Read also: LVMH close to buying Tiffany for more than $16.3 billion: Source

The luxury fashion brand has been through repeated financial crises in recent years.

In October, a Milan court upheld the company's restructuring agreement with its creditors, allowing Sajwani to acquire the firm.

"I believe that the brand resonates with our idea of luxury," Sajwani said, according to DICO.

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