“I shall be a golden boy as long as I manage to compete with Gucci”. Such is the comment made by Hussain Sajwani, 63 years old, president of Damac: his company has recently acquired Roberto Cavalli’s brand. While raising the stakes, they formally made a public announcement: “I might build up a new skyscraper. That would be quite normal to me in the end. Likewise, I might build up some more luxury apartments, like the ones located at Damac Hills. That would not turn me on either. Conversely, competing with Gucci, especially in Milan, would make me happier indeed”, remarked Sajwani.
Who is Damac?
Damac is one of the most important real estate ventures in Dubai. They first got in touch with Cavalli back in 2017, while signing a deal to build up some “Just Cavalli” luxury apartments and villas in the Arab Emirate. As reported by tgcom24, Damac Properties first entered the fashion world in 2011: at that time, they signed an agreement with Versace to set up the interiors of a few flats in Saudi Arabia. Two years later, they started one more partnership with Fendi to set up some interiors as well.
After buying out Roberto Cavalli’s brand, by making a 160-million-euro investment, Hussain Sajwani has been focusing his business interest on fashion apparently. The entrepreneur seems to have a rather clear idea about that. To begin with, he announced some upcoming acquisitions. “The economic scenario winks at grouping companies together. Small businesses, competing with giants, cannot get through it”, pointed out Hussain Sajwani during an interview arranged by local media.
Ready to challenge
Sajwani well knows what he wants: he is aiming to challenge Gucci, and he is planning it painstakingly. “We won’t have to open 500 sale stores to compete with them. Just for the records, it would take us 10 years to open 500 sale stores. What we actually need is a capable fashion designer, alongside quality products and an effective marketing campaign: in doing so, we shall manage to compete with Gucci in two to three years or so”.
In the picture: left, Hussain Sajwani (from Wikipedia); left, a bag by Roberto Cavalli (taken from robertocavalli.com)