Today, United Arab Emirates Sheikh Hassan Ben Ali al-Naimi made a formal offer to buy Christian Lacroix "in partnership" with the designer himself. The proposal promises to take on the label's debt, save its jobs, and preserve the house's couture division. Administrators still have to approve the proposal, under which Lacroix would become a minority shareholder. Though Al-Naimi faces two rival bids, judicial administrator Regis Valliot said it was "likely" he would win, adding, "It fulfills perfectly all the necessary criteria." Financial terms of the deal haven't been disclosed, but late last month al-Naimi's offer was said to be 70 million euros. Or about $103.4 million. Or about 34,582 pairs of new Balmain boots. We'd say Mr. al-Naimi is making the right investment.

UPDATE 1-Gulf investor bids for fashion house Lacroix [Reuters]
Emirati sheik offers to take over Christian Lacroix [AFP]