Dubai: Damac Properties PJSC’s chairman bought Italian fashion group Roberto Cavalli SpA through his private investment firm.

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Hussain Sajwani’s Vision Investments completed the acquisition of the Florentine brand on Thursday, according to a statement. It didn’t provide a value for the deal. The company confirmed they were purchasing the brand on October 30.

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Roberto Cavalli was previously controlled by the Italian private equity company, Clessidra Sgr.

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The deal is being valued by Italian media at 160 million euros.

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In June, it was reported that Damac was considering buying the troubled Italian fashion group.

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Two other bids for the group were submitted by Italy’s Diesel-owner OTB and US brand management company Bluestar Alliance. Cavalli said it had received five offers for the brand. In 2017, Damac and Cavalli signed a deal to build “Just Cavalli” villas in Dubai.

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