UAE-based leading business conglomerate, DAMAC Group has purchased the Switzerland-based jewelry brand, de GRISOGONO.
The brand, which filed for bankruptcy in early 2020, was identified by Mr. Hussain Sajwani, Founder and Chairman of the DAMAC Group, who became the top bidder amongst several others bidding to acquire the brand.
Headquartered in Geneva, de GRISOGONO was established in 1993 by Mr. Fawaz Gruosi. Over the past 30 years, the brand earned a reputation with its signature use of black diamonds.
According to the company statement, “Most known for its ‘Creation I’ necklace, which featured the largest D flawless diamond in the world and fetched a staggering $33.7 million at an auction in 2017, de GRISOGONO is a name synonymous with glamour.”
“Keeping in line with our ambitions to expand our business into the luxury and high-end fashion realm, bidding for de GRISOGONO came to us naturally. A relatively young, but established brand it has immense potential that needs to be uncovered and leveraged. I believe that with DAMAC’s expertise and know-how, we will be able to bring the brand to a justifiable success, by strengthening its global development and network.”
The DAMAC Group has been taking interest and is intent on expanding its portfolio by adding distressed luxury assets, to turn them over into profit-making investments.
The acquisition comes closely after the Dubai-based billionaire purchased Italian fashion house, Roberto Cavalli, in the fourth quarter of 2019. Further, Damac won the $120 million bid to acquire land in the upscale Miami neighborhood of Surfside where the developer plans to build an ultra-luxurious, CAVALLI branded condominium project.
These acquisitions are part of the Group’s vision to extend its global footprints across sectors and geographies. Currently, the brand portfolio covers high-end fashion, luxury real estate, hospitality, and data centers among more, with a presence in North America, Europe, Asia, the Middle East, and Africa.