Split between the financial restructuring of Roberto Cavalli and the wish to buy additional brands. Hussain Sajwani, founder of the Damac Properties group out of Dubai (which is also the owner of Vision Investments with which it bought Cavalli), seems to have no issue with liquidity. As a matter of fact, according to some indiscretions, some brands are already in the investor’s crosshair. For example: John Richmond, Iceberg and Aquazzurra.
Hussain Sajwani’s need for shopping
According to financial sources cited by MF Fashion, Hussain Sajwani (in photo from Wikipedia), is assessing the Italian market to find potential acquisition and, eventually, give life to a new fashion conglomerate. Today, also thanks to Covid-19, there are many opportunities and a sort of mergermania has developed in the last few months. The list of potential brands has, allegedly, three brands. First, John Richmond, founded by the British stylist by the same name and now owned by the Ammaturo family via Arav Fashion. Second, Iceberg, currently held by Gilmar. Third, footwear brand Aquazzurra, owned by founder and designer Edgardo Osorio with his partner Ricardo D’Almeida. The latter has for a time been identified as a desirable acquisition by the market.
Everything without forgetting about the financial restructuring of brand Roberto Cavalli. According to MF Fashion, the brand’s balance sheet for 2020 closed with a revenue of 57.4 million euro, a loss of 127 million and a financial position of -69.33 million. Beside from the 160 million in funds that were provided at the time the brand was purchased 2 years ago, the new owners have had to provide an additional 23 million euro to bring the equity in the positive area. An equal amount is needed to close the debt currently held towards Staff International (OTB Group) for matters tied to old licenses. The owners in Dubai have already agreed to provide the sum. Cavalli should reach the breakeven point by 2023.