Dubai's Damac Group acquires Swiss luxury brand de Grisogono


Ian Oxborrow
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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.”

Fawaz Gruosi, the founder of de Grisogono, next to a $63 million Constellation colourless diamond display in Dubai. Anna Nielsen for The National
Fawaz Gruosi, the founder of de Grisogono, next to a $63 million Constellation colourless diamond display in Dubai. Anna Nielsen for The National

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.

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What should do investors do now?

What does the S&P 500's new all-time high mean for the average investor? 

Should I be euphoric?

No. It's fine to be pleased about hearty returns on your investments. But it's not a good idea to tie your emotions closely to the ups and downs of the stock market. You'll get tired fast. This market moment comes on the heels of last year's nosedive. And it's not the first or last time the stock market will make a dramatic move.

So what happened?

It's more about what happened last year. Many of the concerns that triggered that plunge towards the end of last have largely been quelled. The US and China are slowly moving toward a trade agreement. The Federal Reserve has indicated it likely will not raise rates at all in 2019 after seven recent increases. And those changes, along with some strong earnings reports and broader healthy economic indicators, have fueled some optimism in stock markets.

"The panic in the fourth quarter was based mostly on fears," says Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Company. "The fundamentals have mostly held up, while the fears have gone away and the fears were based mostly on emotion."

Should I buy? Should I sell?

Maybe. It depends on what your long-term investment plan is. The best advice is usually the same no matter the day — determine your financial goals, make a plan to reach them and stick to it.

"I would encourage (investors) not to overreact to highs, just as I would encourage them not to overreact to the lows of December," Mr Schutte says.

All the same, there are some situations in which you should consider taking action. If you think you can't live through another low like last year, the time to get out is now. If the balance of assets in your portfolio is out of whack thanks to the rise of the stock market, make adjustments. And if you need your money in the next five to 10 years, it shouldn't be in stocks anyhow. But for most people, it's also a good time to just leave things be.

Resist the urge to abandon the diversification of your portfolio, Mr Schutte cautions. It may be tempting to shed other investments that aren't performing as well, such as some international stocks, but diversification is designed to help steady your performance over time.

Will the rally last?

No one knows for sure. But David Bailin, chief investment officer at Citi Private Bank, expects the US market could move up 5 per cent to 7 per cent more over the next nine to 12 months, provided the Fed doesn't raise rates and earnings growth exceeds current expectations. We are in a late cycle market, a period when US equities have historically done very well, but volatility also rises, he says.

"This phase can last six months to several years, but it's important clients remain invested and not try to prematurely position for a contraction of the market," Mr Bailin says. "Doing so would risk missing out on important portfolio returns."

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Profile of Hala Insurance

Date Started: September 2018

Founders: Walid and Karim Dib

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Updated: May 17, 2023, 4:17 PM`