Borletti, the Italian investment group, has stated that it will not make a firm offer for luxury retailer Christian Lacroix, paving the way for a bid from a Gulf investor.
After investigating the proposal for three months, Italian businessman Maurizio Borletti said “the conditions for confirming this takeover were not brought together”.
An earlier offer from Gulf investor Hassan bin Ali al-Nuaimi can now be considered. Lacroix’s administrators previously stated the offer from Al-Nuaimi, the nephew of the ruler of Ajman, to be “very satisfactory”.
Al-Nuaimi’s offer is thought to be a €70m (£63.9m) capital injection into Christian Lacroix, which was one part of French luxury group LVMH but is now owned by the Falic family. The French fashion house has not made a profit in 22 years of trading, and recorded a loss of €10m (£9.1m) on revenues of €30m (£27.4m) in 2008.
Rival offers for Christian Lacroix could come from France’s Bernard Krief Consulting (BKC) and the Financiere Saint-Germain holding company which owns the Daum and Lalique crystalware firms.