Damac chairman buys Italian firm Roberto Cavalli.

Vision Investment Company (VIC), the private investment vehicle of Dubai-based billionaire Hussain Sajwani, chairman of Damac Properties, has acquired the Italian fashion house Roberto Cavalli.

VIC is part of Dico Group, which is a private investment vehicle of the Damac chairman.

"Vision Investment Company, part of the Dico Group, which is the private investment vehicle of Sajwani, has made the purchase. We will make further comments in due course," Niall McLoughlin, senior vice president of Damac Properties, confirmed to on Wednesday.

The Italian court on Tuesday approved the debt restructuring agreement, which was essential to sell Roberto Cavalli to the Dubai-based firm.

In July, Dubai-based firm had signed an agreement to fully acquire the company.

Italian private equity firm Clessidra acquired 90 percent of Roberto Ravalli in 2015 for reportedly 390 million euros ($433.10 million)...