she bought Damac group led by billionaire, Hussain SajwaniDe Grisogono SA, a luxury Swiss jewelry company, filed for bankruptcy in early 2020, as part of Damac’s expansion into Dubai into haute couture.
In addition to the deal, Damac said it has launched a real estate project called Safa One by de Grisogono in Dubai, which includes cascading waterfalls, hanging gardens and an artificial beach.
“In line with our ambitions to expand our business into the world of luxury and high-end fashion, the acquisition of (Grisogono) has been the natural direction of business growth,” Sajwani said in a statement. Financial details of the deal were not disclosed.
The acquisition comes 3 years following the billionaire bought Italian fashion group Roberto Cavalli SpA through his private investment company.
Earlier in May, Damac said it had won a $120 million auction for land in Miami’s upscale Surfside neighborhood, where it plans to build a Cavalli-branded housing development.
The company “De Grisogono”, known for the expensive diamond jewelry that was worn by some of the brightest names such as Paris Hilton, filed for bankruptcy in 2020, following it was involved in a corruption investigation of the daughter of the former Angolan president, Isabel dos Santos, according to “Bloomberg”, and it was briefed. On it, “Al Arabiya.net”.
The company was founded in 1993 by Fawaz Grossi, former CEO of Bulgari SpA, and is known for its black diamond jewellery.
De Grisogono’s work, worn by Naomi Campbell and Salma Hayek, features unusually shaped semi-precious stones such as rubellite and tourmaline with diamonds, sapphires, and pink sapphires.
