The French Fashion house of Christian Lacroix has finally found a financier. An Ajman sheikh is set to ink a $100 million deal that would switch the financial responsibility from the American Falic Group to him. This is great news for Christian Lacroix which filed for bankruptcy in June. The last hurdle to overcome before the deal is officially done is approval from the French commercial court, which is likely going to happen within the next 48 hours.
The sheikh is Ali Hassan Bin Ali Al Nuaimi, the nephew of the ruling Emir of Ajman, the smallest emirate in the United Arab Emirates. The Falic Group couldn't be happier, saying that Al Nuaimi would "further develop and promote the work and effort the Falic's have initiated to create a pure luxury brand."
Al Nuaimi would be the third owner of Christian Lacroix, which was founded in 1987 by Bernard Arnoult of luxury retailer LMVH.
Roger Vaillot, the court appointed administrator of Christian Lacroix, said that "this is a fantastic solution we dared not hope for." We hope the deal is approved!
Photo source: WWD
Story source: WWD, The National (UAE)