Dubai's Damac Group on Thursday said leading Italian fashion brand“Roberto Cavalli is not for sale.”

“Since acquiring the Roberto Cavalli business in 2019, Damac has invested significantly in the growth and success of the company. Roberto Cavalli is not for sale. As before, we remain interested in strategic partners who can add value to the business,” said a Damac Group spokesperson.

Addressing recent speculation in the press about Roberto Cavalli, the property giant Damac Group said it has given a clear assurance about the future of the business.

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Some media outlets reported that Roberto Cavalli CEO Sergio Azzolari is stepping down, and Damac aims to bring a strategic partner to bring the company back to profitability.

Founded in 1970, Roberto Cavalli is a leading Italian brand in fashion, accessories and luxury lifestyle.

The Damac Group - a multi-billion-dollar business conglomerate founded and headquartered in the UAE by Hussain Sajwani - has interests in real estate, capital markets, hotels & resorts, manufacturing, catering, high-end fashion and data centres.

Damac's owner hit the headlines globally earlier this year when he met US President Donald Trump and announced plans to invest over $20 billion in the booming US data centre sector in the coming years.

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