Hallelujah! Christian Lacroix’s saviour may have finally arrived - with the French luxury brand’s administrators interested in an offer from an Ajman sheikh.
According to a Reuters article, one of Lacroix’s administrators, Regis Valliot, said, "We are close to reaching a solution with the sheikh of Ajman... generally speaking, it's very satisfactory."
Valliot also said the sheikh's offer envisaged a 70 million euro capital injection into the brand and keeping all employees.
However, nothing has been set in stone. The sheikh faces rival proposals from Italian businessman Maurizio Borletti, Bernard Krief Consulting and the Financiere Saint-Germain holding company that owns the Daum and Lalique crystalware firms.
So the Lacroix bidding war is definitely heating up. If you have missed our prior rundowns of these ‘battles’, consult the MO Down for 9 September (Lacroix Moves One Step Closer To A Borletti Bailout’).
Christian Lacroix is also in the headlines for another reason – he is noticeably absent from Paris Fashion Week. We read in an AFP report that his couture house has only failed to stage a catwalk presentation twice since it was founded in 1987. And this will be "the first time that a collection has not even been made." This is a sad state of affairs, but with a sheikh in his corner, hopefully he won’t be missing in action for much longer.