DAMAC Group, led by billionaire Hussein Sajwani, has bought De Grisogono SA, a luxury Swiss jewelry company that filed for bankruptcy in early 2020, as part of DAMAC's expansion in Dubai towards 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) was the natural trend of business growth, while it was not disclosed," Sajwani said in a statement. About the financial details of the deal.
The acquisition comes 3 years after the billionaire bought Italian fashion group Roberto Cavalli SpA through his private investment firm.
De Grisogono, known for its extravagant diamond jewelry and worn by some of the brightest names like Paris Hilton, filed for bankruptcy in 2020, after it was involved in a corruption investigation into the daughter of The former Angolan president, Isabel dos Santos, according to Bloomberg, and seen by Al Arabiya.net.
The company was founded in 1993 by Fawaz Grossi, former CEO of Bvlgari SpA, and is known for its black diamond jewellery.
