Dubai developer Damac is in pole position to buy troubled Italian fashion group Roberto Cavalli, a source close to the matter said on Wednesday.

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.

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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.

Damac is already a partner of Cavalli in a real estate project.