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Struggling designer Lacroix looks to sheik for aid

Struggling designer Lacroix looks to sheik for aid

A sheik from the United Arab Emirates may save the foundering Christian Lacroix fashion house with an expected offer of ⁈lion ($102 million) in new funds, the company's judicial administrator said Wednesday.
"We are awaiting very shortly an offer that would be fully satisfactory, assuring all jobs," said Regis Valliot. The offer would guarantee the continuation of all Lacroix's activities, from haute couture to ready-to-wear to licensing agreements, he told The Associated Press.
Valliot said a sheik of Ajman, one of the Emirates, was making the offer but did not divulge his name. Valliot said the proposal was expected within the next 48 hours.
The revelation comes on the first day of the Paris ready-to-wear fashion week, with Lacroix absent. Lacroix launched insolvency proceedings earlier this year.
"It is an ideal solution that appears to be in the works," Valliot said.
The Italian group Borletti was previously considered the most serious candidate to take over Lacroix, but later withdrew.
The Falic Group, a U.S. duty free retailer, bought Christian Lacroix from the Paris-based luxury goods empire LVMH Moet Hennessy Louis Vuitton in 2005. The group had had big plans for Lacroix's expansion in the United States, but in 2008, Christian Lacroix _ which employs 125 people _ posted a loss of ⁈lion.