Cavalli, an Italian fashion brand, is collaborating with real estate developer Damac Properties to build a $545 million ultra-luxury skyscraper in Dubai.
In 2018, DICO International, Mr. Hussain Sajwani’s private investment company, signed an international hospitality agreement with Roberto Cavalli Group, a worldwide fashion house, to design the interiors for AYKON Hotels, which will be launched in Dubai by 2023.
Mr. Sajwani acquired the Florence-based Cavalli in November 2019 through his private investment company Vision Investments, part of the DICO Group, which owns luxury resorts, hotels, and shopping malls.
Construction of the 70-story tower in Dubai Marina, which will contain 485 flats, is set to begin in 2022 and is expected to be completed in four years. As wealthy customers desire experiences beyond luxury goods, more companies in the industry, including Armani and Bulgari, are investing in hotels and real estate, particularly in big cities and exotic locations.
“I am thrilled to be launching the Cavalli tower just a few days before Milan Fashion Week to illustrate the fashion legend’s rebirth. The multi-million project, an important step aimed at reviving the luxury brand, which expects to reach break even in 2023, is “an effortless extension of Cavalli’s vision beyond patterns, garments and sensational catwalks.”
Cavalli, known for its vibrant prints and designs, has been striving to revive its sales and gain exposure in a sector dominated by major corporations like LVMH and Kering.
Mr. Sajwani stated that he was committed to rebuilding Cavalli, relaunching the brand in important countries such as North America, and maintaining a “dominant position” in womenswear and expanding the brand into new business areas while “carrying on Roberto Cavalli’s legacy by adhering to established fashion traditions.”