Dubai’s Damac Group has purchased celebrated Swiss jewellery brand, de Grisogono for an undisclosed sum. The brand, which filed for bankruptcy early 2020, was identified by Hussain Sajwani, Founder and Chairman of the Damac Group, who became the top bidder amongst several others bidding for the acquisition.
Most known for its ‘Creation I’ necklace, which featured the largest D flawless diamond in the world and fetched a staggering $33.7 million at an auction in 2017, de Grisogono is a name synonymous with glamour. The jeweller has adorned many celebrities on the red-carpet including Hollywood actress Natalie Portman and supermodel Naomi Campbell.
Sajwani said, “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. 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.”
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, Fawaz Grousi.
Damac Group has been taking interest in expanding its 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.