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Dubai-based Vision Investment Company, owned by Damac Properties Group, has completed the acquisition of the Italian luxury label.
The court in Milan gave its approval for a debt restructuring agreement, necessary for the sale to go ahead, on October 19. Reportedly, the acquisition concerns 100% of Roberto Cavalli, worth an estimated €160 million. In 2017, Damac and Cavalli signed a deal to build a series of “Just Cavalli” villas in Dubai, and later signed a partnership for Roberto Cavalli to provide the interior design for a least five luxury hotels, with the first one expected to be built by 2023. The Italian fashion label has filed for bankruptcy earlier this year.
Source: Arabian Business