UAE based DAMAC Group acquires luxury Swiss jewellery brand, de GRISOGONO
Dubai, UAE, 31 May 2022: Dubai’s DAMAC Group has purchased celebrated Swiss jewellery brand, de GRISOGONO.
The brand was identified by Hussain Sajwani, Founder and Chairman of the DAMAC Group, who became the top bidder amongst several others bidding to acquire the brand.
Most known for its ‘Creation I’ necklace, which featured the largest D flawless diamond in the world and fetched a staggering $33.7 million at an auction in 2017, de GRISOGONO is a name synonymous with glamour. The jeweller has adorned many celebrities on the red-carpet including Hollywood actress Natalie Portman and supermodel Naomi Campbell.
“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. 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,” says Sajwani.
A Luxurious Undertaking
Headquartered in Geneva, Switzerland, de GRISOGONO, was established in 1993 by Fawaz Gruosi. Over the past 30 years, the brand earned a reputation with its signature use of black diamonds.
Shortly after acquiring the Swiss brand, the DAMAC Group announced the launch of a twin-project featuring a design inspired by the well-known ‘Creation I’ design. Defining ‘The Nature of Luxury’, the project will bring to life the masterpiece that was created by de GRISOGONO’s founder, Grousi.
Safa One by de GRISOGONO will feature exclusive attractions that reflect a tropical haven, such as the sounds of cascading waterfalls, exotic birds and the soft lull of waves from a manmade-beach on the podium level, as well as the sight and smell of fresh plants and trees across the property.
As part of its phase one, the project brings the precious stone ‘Emerald’ at its heart, with green, tropical features spread across the length and breadth of the towers, as well as in its interiors. The interiors will resonate this theme with de GRISOGONO’s signature style and the essence of emerald across private and public spaces, all adding to the brand’s ubiquitous luxury factor.
The project will feature two towers featuring luxury and super-luxury floors. Spread across the towers will be hanging gardens, leveraging the essence of nature from ground level up. As a second phase, the project launched the ‘Prestige Collection’ featuring 31 super-luxury, exquisitely crafted homes that will cover floors 40 to 61, the top end of tower A.
Paving a Plan for the Future
The DAMAC Group has been taking interest and intent in expanding their portfolio by adding distressed luxury assets, to turn them over to profit-making investments. The acquisition comes closely after the Dubai-based billionaire purchased Italian fashion house Roberto Cavalli in Q4 2019, and most recently winning the $120 million bid to acquire land in the upscale Miami neighbourhood of Surfside where the developer plans to build an ultra-luxurious, CAVALLI branded condominium project.
These acquisitions are part of the Group’s vision to extend its global footprints across sectors and geographies. Currently, the brand portfolio covers high-end fashion, luxury real estate, hospitality, and data centres among more, with a presence in North America, Europe, Asia, Middle East and Africa.
ABOUT DAMAC GROUP
Established in 1992, the DAMAC Group is the multi-billion-dollar investment arm of Hussain Sajwani. The Group’s investments are divided into seven core areas; capital markets, real estate, hotels & resorts, manufacturing, catering, high-end fashion and data centres.
Some of DAMAC Group’s most notable activities include the acquisition of the Italian fashion house - Roberto Cavalli, acquiring Swiss jewellery brand – de GRISOGONO, the 50-storey development DAMAC Towers Nine Elms in London, a luxury resort in the Maldives, shopping malls in Iraq, an ultra-luxurious CAVALLI branded condominium project in the upscale Miami neighbourhood of Surfside, among others. The investment company plans to deploy approximately $3 billion over the next few years in key markets across Western Europe and the US.
In a bid to disrupt the global data centre landscape, the DAMAC Group recently announced plans to build data centres through its digital infrastructure company, Edgnex, across different global locations.
Today, the DAMAC Group’s global footprint extends across North America, Europe, Asia, Middle East and Africa. With its vision firmly set on growth and expansion, the Group continues in its quest for diversification and business excellence.
For more information, please contact:
Niall McLoughlin, Senior Vice President, Marketing & Corporate Communications
Tel: 00971 4 3732197