Fashion house Cavalli will create a $545 million skyscraper in Dubai in collaboration with property developer Damac Properties.
Cavalli wants to mark its return to the market after a difficult period. And the Italian luxury house is seeing things in a big way: the construction of a 70-story tower, which will have 485 units in the Dubai Marina. Work is expected to begin in early 2022 and be completed in four years. Total cost of the operation: no less than 545 million dollars!
Hussain Sajwani, the founder of Damac Properties (luxury real estate company in the Middle East since 2002), bought Cavalli in November 2019 and intends to renew the brand’s image.
“I am delighted to launch the Cavalli Tower a few days before Milan Fashion Week to illustrate the rebirth of the fashion legend,” he said in a statement Monday.
While Cavalli’s business has suffered during the coronavirus period, the group wants to increase sales by 2024. The objective is to reach 170 million euros annually.
The developer wants to gain visibility in a sector that is diversifying. Indeed, LVMH, Kering or even Bvlgari have been investing in hotels and luxury real estate for several years.
“I am committed to rebuilding the Cavalli brand, to relaunch it in key markets,” said Sajwani. He says he has “signed up for five stores in the last 18 months and also franchise partners in Europe, the Middle East and India.”
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