Real estate developer Damac Properties and Italian fashion house, Cavalli have disclosed plans to unveil a $545 million ultra-luxurious skyscraper in Dubai.
Damac founder, Hussain Sajwani said: “I am thrilled to be launching the Cavalli tower just a few days before Milan Fashion Week to illustrate the fashion legend’s rebirth.”
The multi-million project is aimed at reviving the luxury brand. The 70-floor tower will be located in Dubai Marina and have 485 units, with construction due to begin in 2022 and expected to be completed in four years.
As cash-rich customers demand experiences beyond luxury goods, more and more in the industry, including Italy’s Armani and high-end jeweller Bulgari, are investing in hotels and real estate, particularly in big cities and exotic destinations.
Famed for its bold prints and designs, Cavalli has been struggling to revive its sales and gain visibility in an industry that is increasingly dominated by large conglomerates such as LVMH and Kering (PRTP.PA)
Sajwani said that he was committed to rebuilding Cavalli, relaunching the brand in key markets including North America, and that womenswear would maintain a “leading position”.
He added that he aimed to push the brand into other business areas “all the while carrying forward Roberto Cavalli’s legacy by respecting its established fashion traditions”.