Cavalli wins court approval for sale to Damac’s owner

Roberto Cavalli will finally be Dubaiti. The court has approved the debt restructuring agreement, an essential step to close the sales agreement to Vision Investment Company. The Dubai-based company is controlled by the founder of Damac Properties Group.

The Italian private equity firm Clessidra took over 90% of the company from its founder in 2015, in a deal that valued the group at 390 million euros. The fund appointed a new chief executive officer and a new creative director but failed to turn the results around.

Last July, Vision Investment signed a binding agreement to acquire 100% of the company. Although the value of the deal was not disclosed, market sources indicated that the transaction was around 160 million euros.