Dubai's Damac In Pole Position to Buy Roberto Cavalli

Dubai developer Damac is in pole position to buy troubled Italian fashion group Roberto Cavalli, a source close to the matter said on Wednesday, Reuters reported. Two other binding offers for the whole group have been submitted by Italy’s Diesel-owner OTB and U.S. brand management company Bluestar Alliance, the source said. Last Friday Cavalli said it had received five offers for the brand. The company and its private equity owner Clessidra both declined to comment. Cavalli held a board meeting on Wednesday to examine the bids, though the final decision rests with the bankruptcy court which granted creditor protection to the brand in April. Read more