UAE investor to buy a French fashion house

Falic Group, US owner of the French fashion house Christian Lacroix has concluded a deal to sell it to a sheikh of Ajman of UAE.

Sheikh Hassan Ben Ali al-Naimi, a nephew and business associate of the Emir of the smallest of the seven emirates, was due to put in an offer which is "entirely satisfactory" according to AFP. The US Group had bought the fashion house from LVMH in 2005.

Al-Nuaimi's offer envisaged $100 million capital injection into the Christian Lacroix company and keeping all employees, Thomson Reuters is reporting