Italian fashion house Cavalli said on Monday it would open a $545 million ultra-luxurious skyscraper in Dubai in collaboration with real estate developer Damac Properties, in a first step aimed at reviving the luxury brand.

In November 2019 Damac Founder Hussain Sajwani rescued the Florence-based group through his private investment company Vision Investments, part of the DICO Group, which owns luxury resort, hotels and shopping malls.

"This is an exciting chapter for the iconic Italian fashion brand, and I am thrilled to be launching the Cavalli tower just a few days before Milan Fashion Week to illustrate the fashion legend's rebirth," Cavalli owner and former Damac chairman Sajwani said in a statement.

He added the multi-million project was "an effortless extension of (Cavalli's) vision beyond patterns, garments and sensational catwalks".