Roberto Cavalli Acquired By Dubai Developer

Roberto Cavalli has a new owner. Amid financial troubles and without a creative director, the Italian house has been sold to Vision Investment Co., the investment company of Dubai-based billionaire Hussain Sajwani, who owns Damac Properties Group, a rapidly growing real estate development firm. Vision has signed a binding agreement to acquire 100% of Roberto Cavalli S.p.A. for an undisclosed amount. The announcement follows a rocky period for the Florence-based brand. Earlier this year, it filed for bankruptcy in Italy and the U.S. and closed all of its U.S. stores. In March, Paul Surridge left his post as creative director after just two years on the job. The trade also notes that Damac had been working with the Roberto Cavalli brand to design rooms in the five-star hotel towers it's developing.