"Roberto Cavalli is not for sale" says owner as it moves to quash speculation
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Owner DAMAC Group, said it was 'addressing recent speculation in the press about Roberto Cavalli ' and wanted to give a 'clear assurance about the future of the business'.
It added: 'Since acquiring the Roberto Cavalli business in 2019, DAMAC have invested significantly in the growth and success of the company. Roberto Cavalli is not for sale. As before, we remain interested in strategic partners who can add value to the business.'
The statement came after the company last month said it was assessing the 'strategic partnerships' referred to in today's statement as part of its growth options as Italian media began to speculate about a potential sale.
Cavalli has faced the same challenges that have hit the rest of the luxury sector in recent years but has been busy this year opening new boutiques and launching regular collections as well as collaborations. This year alone those new stores have included Ibiza, Dubai Mall and Los Angeles, while collabs have included SKIMS and LeSportsac.
Launched in 1970, the label's founder died a little over a year ago. The company had been bought just before the pandemic by DAMAC, which is a multi-billion-dollar business conglomerate founded and headquarted in the UAE by Hussain Sajwani. The parent company also invests in luxury real estate, capital markets, hotels/resorts, manufacturing, catering, and data centres.
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