Christian Lacroix (Paris) has received a bid from investor Hassan bin Ali al-Nuaimi, a nephew of the ruler of Ajman, part of the United Arab Emirates, for the French fashion house. Lacroix filed for bankruptcy protection in May.
Through the proposed deal, the designer would become a minority shareholder in the company, which was once part of the luxury good group LVMH and now belongs to the Falic family, which owns U.S. retail group Duty Free Americas.
According to Women’s Wear Daily, Al Nuaimi plans to continue the couture operations of Lacroix and to reinforce its luxury brand position. A French court is set to decide on the future of the fashion house by the end of the month.