Asia Pacific and South America. Apparently, a Lebanese company, Pragma Group has decided to invest $150 million (Dh550.9m) in establishing a chain of Roberto Cavalli-branded clubs and cafes in these places. The headquarter for Pragma Group is located in Beirut. They operate the Cavalli Club at the Fairmont hotel in Dubai. They have a license agreement with Roberto Cavalli, the famous Italian fashion designer.
Pragma Group is seemingly more than effervescent about extending this partnership outside Dubai as well. They plan to develop fifteen other Cavalli Cafes and branded nightclubs in the next five years. There is more to the business and the partnership. According to Joe Tabet, the chairman of Pragma Group the $150 million is apparently a good benchmark for the total cost of the developments. Considering the number of outlets being planned to spread, it might be quite a good deal.
The partnership is created on a 50:50 with the local partners in each market they run their business. Joe Tabet also mentioned that amongst all the clubs, they plan to focus more on Beirut. Saudi Arabia seems to top the list for Cavalli Cafe in Saudi Arabia. The $75 million that will be contributed by the Pragma Group to the partnership will be funded by an investment fund, which was launched in their name by the beginning of 2010.
Pragma Group also holds a partnership with Falvio Briatore, the former Formula One Boss for a separate deal. The deal concerns the US$150 million acquisition and redevelopment of the Palladium building in Dubai. Flavio is a big name in Italy in the business market ad he has franchised his Billionaire brand to Pragma Group to renovate the Palladium conference centre in Dubai Media city. This will create a famous lifestyle destination with restaurants, a hotel with 55 rooms, a club and also a fitness centre. Indeed the business for Pragma Group should soon be prosperous as they have struck good deals after all.
Via: TheNational
