Dubai’s DAMAC Group has purchased celebrated Swiss jewelry brand De Grisogono, which filed for bankruptcy early 2020.
Hussain Sajwani, founder and Chairman of the DAMAC Group, was the top bidder among several vying for the acquisition, according to a press release. Financial terms of the deal were not disclosed.
De Grisogono has adorned many celebrities on the red carpet, including actress Natalie Portman and supermodel Naomi Campbell. The brand is known for its “Creation I” necklace, which featured the largest D flawless diamond in the world and fetched $33.7 million at an auction in 2017.
“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. “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.”
More from the release:
Headquartered in Geneva, Switzerland, de GRISOGONO, was established in 1993 by Fawaz Gruosi. Over the past 30 years, the brand earned a reputation with its signature use of black diamonds.
Shortly after acquiring the Swiss brand, the DAMAC Group announced the launch of a twin-project featuring a design inspired by the well-known ‘Creation I’ design. Defining ‘The Nature of Luxury’, the project will bring to life the masterpiece that was created by founder, Grousi.
Safa One by de GRISOGONO will feature exclusive attractions such as cascading waterfalls, hanging gardens, and a manmade-beach on the podium level, as well as tropical features spread across the length and breadth of the towers. The interiors will resonate with de GRISOGONO’s signature style and the essence of emerald across private and public spaces, all adding to the brand’s ubiquitous luxury factor.
The project will feature two towers featuring luxury, as well as the ‘Prestige Collection’ super-luxury floors.
Paving a Plan for the Future
The DAMAC Group has been taking interest in expanding their portfolio by adding distressed luxury assets, to turn them over to profit-making investments. The acquisition comes closely after the Dubai-based billionaire purchased Italian fashion house Roberto Cavalli in Q4 2019, and most recently winning the $120 million bid to acquire land in the upscale Miami neighbourhood of Surfside where the developer plans an ultra-luxurious CAVALLI branded condominium project.
These acquisitions are part of the Group’s vision to extend its global footprints across sectors and geographies. Currently, the brand portfolio covers high-end fashion, luxury real estate, hospitality, and data centres among more, with a presence in North America, Europe, Asia, Middle East and Africa.
Advertisement