Meet Maurizio!Photo: Getty Images

Before Hassan bin Ali al-Nuaimi came out of the blue with $70 million to spend on Christian Lacroix, Italy's Borletti Group held perhaps the most serious bid for the label. Well, Lacroix and French officials chose al-Naimi, leaving Borletti without a fun new project to work on. But now Maurizio Borletti is working on a bid for German label Escada, which went bankrupt and folded in August.

Borletti is said to be advising the son of Escada's founders, Sven Ley, who sources say has drawn up a bid with his investment-banker wife, Zoe Appleyard-Ley. Borletti himself is considering making a small investment in the house, too, but says he won't make a "major, anchor investment." While his bid for Lacroix fell through after he mulled the offer for three months, he says he thinks Escada "has the potential to grow back to its former glory." Borletti sells Escada in the chain of department stores he runs, and naturally wants to see the label succeed. A bid is expected to be signed by the beginning of November.

Escada Bidding Nears End [WWD]