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Reportedly, the Court of Milan has still not approved the restructuring plan presented by the Italian luxury label about three months ago.
The closing of the acquisition of Roberto Cavalli by Dubai-based Vision Investment, owned by millionaire Hussain Sajwani and part of the real estate developer Damac Properties Group, is expected by the end of October. However, as the company still waits for a Milan Court judge ruling on its restructuring plan, tensions have risen with trade unions, who deplore the uncertainty surrounding the future of 200 workers. The approval of the judge is one of the necessary conditions for the acquisition of the company by Damac. According to Gian Giacomo Ferraris, CEO, Roberto Cavalli, the company is still within the time necessary for the procedure and they will be ready to move forward with the unions as soon as the approval is received.
Earlier this year, the Italian luxury fashion brand closed all its U.S. stores and sought a deal with creditors to avoid bankruptcy. The acquisition by Damac was announced in July. Read more here.
Source: Firenze Today/Modaes