Dubai's Damac denies being in 'pole position' to buy Roberto Cavalli

Dubai-listed developer, led by Hussain Sajwani, said it gave no statement regarding Cavalli's purchase to the media

Hussain Sajwani, chairman and founder of Damac Properties.
Hussain Sajwani, chairman and founder of Damac Properties.

Dubai-listed real estate developer Damac Properties has denied media reports that it is in “pole position” to buy Italian fashion group Roberto Cavalli, which is said to be struggling financially.

The firm in a missive on Dubai Financial Market added that it “didn’t give such [a] statement to the media”.

Reuters reported last week that a source said Damac was in “pole position” to buy Roberto Cavalli, which is owned by private equity firm Clessidra.

The news outlet’s source reportedly added that two other binding efforts for the whole group had been submitted by Italy’s Diesel-owner OTB and US brand management company Bluestar Alliance.

14 June, 2019, saw Cavalli announce that it had received five offers for the brand, Reuters added.

Damac and Roberto Cavalli share a working relationship – Hussain Sajwani, chairman and founder of Damac Properties, signed an international hospitality agreement with the fashion house last year.

As part of the deal, Damac will back the construction of a project named 'Aykon Hotels with interior design by Roberto Cavalli’.

Sajwani said at the time that Damac was pleased to have strengthened its partnership with Roberto Cavalli, having first worked with the fashion house in 2017.

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