Emirati Sheikh to take over CHRISTIAN LACROIX

United Arab Emirates Sheikh Hassan Ben Ali al-Naimi made a formal offer on Thursday to take over Christian Lacroix, four months after the French couture house filed for bankruptcy, the firm’s administrator said.

The offer presented to a competition tribunal for approval was made "in partnership" with the designer, said a statement from the sheikh’s lawyers.

The sheikh, who is close to the ruling family of the Ajman emirate, stepped in last month to take over the fashion house after Italian retailer Borletti withdrew its offer.

Acquired from the world’s leading luxury giant LVMH in 2005 by US duty free giant Falic, the firm said it had been forced to declare insolvency due to the sharp downturn of the luxury market.