Oct 29 (Reuters) – Italy’s troubled vogue home Roberto Cavalli mentioned on Tuesday a courtroom had authorised a debt restructuring settlement wanted for its sale to Dubai’s Imaginative and prescient Funding Firm, a gaggle owned by the founding father of Damac Properties Group DAMAC.DU.
Italian personal fairness agency Clessidra took over 90% of the label from its founder in 2015, in a deal that valued the corporate at about 390 million euros ($433.10 million), sources mentioned on the time.
However the brand new proprietor was unable to show across the Italian model regardless of appointing a brand new CEO and a brand new designer. The group began in search of an investor over a yr in the past, on condition that the Clessidra fund holding the Cavalli stake was near its statutory funding restrict, a supply had mentioned.
Clessidra and the board of Cavalli selected the Dubai-based firm amongst 5 different provides. Damac is already a companion of Cavalli in an actual property venture within the center jap area.
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