De Grisogono SA, a Swiss luxury jeweler that filed for bankruptcy in early 2020, has been bought by Damac Group, an Emirati developer, Bloomberg reported.
Moreover, Damac announced the launch of Safa One by de Grisogono, a project with cascading waterfalls, hanging gardens, and a manmade beach on the podium level.
“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,” Hussain Sajwani, founder of Damac Properties, said in a statement on Tuesday.
The acquisition came three years after the billionaire purchased Italian fashion group Roberto Cavalli SpA through his private investment company, Bloomberg reported.