The latest Christian Lacroix rescue bid has been put on hold as a French tribunal yesterday adjourned hearings on a bid by sheikh Hassan Bin Ali al-Nuaimi.
The Emirati sheikh was due to take over the French couture label four months after it filed for bankruptcy. The Paris competition tribunal put the hearing off until November 17, citing procedural delays.
Al-Nuaimi stepped in last month to rescue the struggling fashion house after Italian retailer Borletti withdrew its previous offer.
He is now widely reported to be the favourite to take over the company, having made made a $100m (£61m) offer for Christian Lacroix earlier this month.
The other contenders are reported to be turnaround investment group Bernard Krief Consulting and invested vehicle Financière Saint Germain.
The tribunal is believed to favour Al-Nuaimi’s bid because he has demonstrated a commitment to save jobs, address the company’s debt and rescue the fashion house.
Christain Lacroix went into administration in June for a period of six months after it was hit by falling sales.