MILAN (Reuters) - A court is set to approve the sale of troubled Italian fashion group Roberto Cavalli to Dubai developer Damac, two sources close to the matter told Reuters on Friday.
Earlier this month Cavalli’s board had indicated Damac as the favorite bidder.
Two other binding offers for the whole group had been submitted by Italy’s Diesel-owner OTB and U.S. brand management company Bluestar Alliance, the sources said.
The sources added the deal still needed to be signed-off.
Damac is already a partner of Cavalli in a real estate project.
Reporting by Claudia Cristoferi, Writing by Elvira Pollina