Damac Group, the Dubai-based parent group of Damac Properties, has acquired Swiss jewellery brand de Grisogono, further diversifying its holdings.
The Dubai developer, which purchased Italian fashion house Roberto Cavalli in 2019, did not disclose the price of the deal.
De Grisogono filed for bankruptcy in 2020. Its acquisition is part of Damac's strategy to expand its portfolio by adding distressed luxury assets and making them profitable, the developer said on Tuesday.
“Keeping in line with our ambitions to expand our business into the luxury and high-end fashion realm, bidding for de Grisogono came to us naturally,” said Hussain Sajwani, founder and chairman of the Damac Group.
“A relatively young, but established brand it has immense potential that needs to be uncovered and leveraged. I believe that with Damac’s expertise and know-how, we will be able to bring the brand to a justifiable success, by strengthening its global development and network.”
Damac has already linked up with de Grisogono for the Safa One twin tower project in Dubai, situated on the edge of Safa Park, which has been designed to replicate a masterpiece necklace.
Damac said the theme of the project is “The Nature of Luxury”, with lush garden terraces and hanging gardens, an artificial beach and swimming pool.
Tower A, the taller of the two tower blocks, will have an urban tropical island “with cascading waterfalls, plentiful plants, as well as the sounds and sights of exotic birds”.
One, two and three-bedroom apartments will be available on the luxury levels, while super luxury levels will feature two, three, four and five-bedroom apartments. Prices start at Dh1.6 million ($435,970).
Damac also recently won a $120m bid to acquire land in the upscale Miami district of Surfside, where it plans to build an ultra-luxurious, Cavalli-branded condominium project.
De Grisogono, which was established in 1993 by Fawaz Gruosi, is known for its “Creation I” necklace, which featured the largest D flawless diamond in the world and fetched $33.7m at an auction in 2017.