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Dubai’s DAMAC Group Acquires De Grisogono
The company is launching a luxury apartment building inspired by the brand’s aesthetic.
Dubai-based property development company DAMAC Group recently acquired De Grisogono for an undisclosed price.
Dubai, United Arab Emirates—Swiss jewelry brand De Grisogono has a new owner.
Dubai-based property development company DAMAC Group announced Tuesday it has acquired the company for an undisclosed price.
Hussain Sajwani, founder and chairman of the DAMAC Group, was the top bidder among several others vying for the company.
DAMAC Group is looking to expand into the luxury and high-end fashion worlds, so the acquisition was a natural fit, said Sajwani.
“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,” he said.
De Grisogono was founded in 1993 by Fawaz Gruosi. The brand, known for its use of black diamonds, was a red carpet favorite for celebrities like actress Natalie Portman and supermodel Naomi Campbell.
Its famous “The Art of De Grisogono, Creation I” necklace, which featured a 163-carat, D flawless diamond, sold for $33.7 million in a 2017 Christie’s auction.
The brand made headlines again in January 2020, accused of being at the center of a money-laundering scheme that funneled billions of dollars from the Angolan government and into the pockets of members of the former first family.
The “Luanda Leaks” investigation, led by the International Consortium of Investigative Journalists and 36 media partners, exposed corruption tied to Isabel dos Santos, the daughter of former president José Eduardo dos Santos, and her husband, Sindika Dokolo.
The report detailed De Grisogono’s connection to Dokolo and Sodiam, Angola’s state-owned diamond company.
Later that month, De Grisogono filed for bankruptcy in Switzerland, and then in New York in February.
The DAMAC Group said it has acquired the brand because it’s looking to transform “distressed” luxury assets to profit-making investments.
Sajwani bought struggling Italian luxury fashion brand Roberto Cavalli in November 2019.
He recently won a $120 million bid to acquire land in Miami’s upscale Surfside neighborhood and plans to build a Cavalli-branded condominium project.
There will also be a De Grisogono-inspired luxury apartment building in Dubai, called Safa One by De Grisogono.
Inspired by the “Creation I” necklace, the building will feature cascading waterfalls, hanging gardens, and a man-made beach, with tropical features peppered throughout the towers.
The interiors will reflect the brand’s signature style and “the essence of emerald” throughout its public and private spaces.
The project will have two towers with luxury and super-luxury floors.
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