Damac Group adds de Grisogono to its luxury assets

Dubai-based Damac Group bought de Grisogono adding the bankrupt Swiss brand to its luxury assets after bagging Italian fashion brand Roberto Cavalli.
Damac Group founded and owned by Hussain Sajwani is one of the largest property development companies in the Middle East maintaining its activities in Dubai, Abu Dhabi, Doha, Amman, Beirut, Baghdad, Jeddah, Riyadh, Miami and London. 
De Grisogono is a Swiss luxury jeweler founded in 1993 by Lebanese-Italian black-diamond specialist Fawaz Gruosi, who had to give up the major stake in the company taken over by investors associated with Isabel dos Santos, the eldest child of Angola's former President José Eduardo dos Santos. Some of the jeweler’s masterpieces were among the record-setting treasures sold at Christie’s auctions.
Damac Group’s latest acquisition will serve to strengthen its luxury portfolio putting it on a firm footing in the global luxury market and Sajwani sees good prospects for de Grisogono. “Bidding for de Grisogono came to us naturally," he said. "A relatively young, but established brand it has immense potential that needs to be uncovered and leveraged. I believe that with Damac’s expertise and know-how, we will be able to bring the brand to a justifiable success, by strengthening its global development and network."