Billionaire Hussain Sajwani’s Damac Group has purchased De Grisogono SA, a Swiss luxury jeweler that filed for bankruptcy early 2020, as part of the Dubai firm’s expansion into high-end fashion.
Alongside the deal, Damac said it launched a property project called Safa One by de Grisogono in Dubai, featuring cascading waterfalls, hanging gardens and a manmade-beach on the podium level.
“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,” Sajwani said in a statement on Tuesday. It didn’t provide financial details for the De Grisogono transaction.
The acquisition comes three years after the billionaire bought Italian fashion group Roberto Cavalli SpA through his private investment firm. Earlier this month, Damac said it won a $120 million bid to acquire land in the upscale Miami neighborhood of Surfside, where it plans to build a Cavalli-branded condominium project.
De Grisogono, known for extravagant diamond jewelry worn by the likes of Paris Hilton, filed for bankruptcy in 2020, ensnared in a corruption probe involving Isabel dos Santos, the daughter of Angola’s former president.
The company was founded in 1993 by former Bulgari SpA executive Fawaz Gruosi and is known for its signature black-diamond jewelry. De Grisogono, whose pieces have been worn by Naomi Campbell and Salma Hayek, has combined uncommonly used semi-precious stones such as rubellite and tourmalene with diamonds, sapphires and rubies.
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