The chairman of Dubai-based property developer Damac Properties has bought out Italian fashion group Roberto Cavalli.
Hussain Sajwani completed the purchase following a court-sanctioned restructuring of the Milan-based company's debts.
“Vision Investment Company, part of the Dico Group, which is the private investment vehicle of Mr Sajwani, has made the purchase," Damac Properties' senior vice-president Niall McLoughlin said in a statement. "We will make further comments in due course."
Mr Sajwani has developed associations with a number of the major Italian fashion houses over the past decade through licensing deals allowing Damac Properties to sell branded villas and apartments.
Damac Properties struck a deal with Versace to include branded apartments at its Al Jawharah tower in Jeddah in 2011, and followed this with the launch of Fendi-branded apartments in 2013. Its first deal with Roberto Cavalli Group was announced in 2017, which was followed by a global partnership deal with Mr Sajwani's private investment vehicle, Dico Group, last year.
Roberto Cavalli Group was bought from its eponymous founder by Italian private equity firm Clessidra last year in a deal that Reuters reported to be worth about €390 million.
However, it proved unable to turn the company around, leading to the debt restructuring deal that paved the way for Mr Sajwani to buy the business.
Alongside the Roberto Cavalli fashion label and global chain of boutiques, the company lends its brand to a spirits business, a line of chocolates and three nightclubs - one of which is in Dubai.