Florida's Falic Group has inked the deal with Al Hassan Bin Al Nuaimi confirming the sale of the Lacroix fashion house to the Ajman sheikh, as reported by WWD.
This news couldn't come any sooner; we were beginning to fear the worst for the beloved fashion designer.
After filing for protection against creditors in May, followed by reports of 'company restructuring' (aka layoffs), the fashion world has been abuzz with rumors of potential buyers that could keep the brand alive.
However, after two false alarms with Italian group Borletti and turnaround firm Bernard Krief Consultants, things were starting to look bleak for Lacroix -- that is until rumors surfaced of a mysterious Ajman sheikh's last minute bid.
Alas, Al Hassan Bin Al Nuaimi has swooped in and saved the day -- and a good many couture creations too.
While the financial terms of the deal are not yet known, according to WWD, Al Hassan Bin Al Nuaimi plans to focus on the brand's luxury operation, but is going to keep the house's aesthetic and couture activities the same.
Thank god, because we like our Lacroix just the way it is!