Dubai Firm Scoops Up Luxury Jeweler De Grisogono

RAPAPORT... Dubai-based luxury conglomerate Damac Group has purchased Swiss jeweler De Grisogono in an effort to penetrate new sectors."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," Damac founder and billionaire Hussain Sajwani said Tuesday. "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."Sajwani was one of a number of bidders for the business, which filed for bankruptcy in January 2020 amid a probe into an alleged money-laundering scandal involving Isabel dos Santos, the daughter of Angola's former president. Damac did not disclose the financial details of the sale.In addition to restarting the jewelry brand, Damac also intends to launch "twin project" Safa One in Dubai, a property development inspired by De Grisogono's Creation 1, a necklace set with a 136.41-carat diamond that sold for $33.7 million at Christie's Geneva in 2017. The venture will feature cascading waterfalls, hanging gardens, and a man-made beach outdoors, while the interior will have an emerald design across its spaces. Two towers will host "super-luxury" floors.The acquisition of De Grisogono follows Damac's purchase of Italian fashion house Roberto Cavalli in 2019. "These acquisitions are part of the group's vision to extend its global footprints across sectors and geographies," Damac noted.De Grisogono was founded in 1993 by Fawaz Gruosi, who left the company in 2019.Images: Creation 1 (top); Hussain Sajwani (right). (Damac Group)