Construction on the 70-floor tower is due to begin on the tower in 2022 and expected to be completed in four years.

The Florence-based fashion brand was rescued by Damac founder Hussain Sajwani in November 2019 through his private investment company Vision Investments and currently forecasts breaking even in 2023.

Sajwani said that he was committed to rebuilding Cavalli, relaunching the brand in key markets including North America and Russia, and that womenswear would maintain a “leading position”.

Source: Reuters