Things appear to be looking up for Chrisitan Lacroix. The troubled French fashion house, which is in administration, finally finds a backer after a fearful few months.

Workers at the Paris couture house and ready-to-wear label breathed a sigh of relief yesterday as an Ajman sheikh offered to buy the business.

Al Hassan Bin Ali Al Nuaimi is prepared to offer as much as €100million (just over £92million) to “provide the capital needed to develop the business and bolster Lacroix’s positioning, WWD reported.

The Ajman sheikh will pass the new ownership to a nephew of the ruling emir of Ajman if his bid is successful, and it’s looking likely that it will be.

Finally! Some promising news arising from these recession tales of woe. Is it too early to predict a return of Lacroix on the Paris runways if the deal is successful? Perhaps that is a little eager, but we hope this news is encouraging for German luxury label Escada, who needs to find funding by December.

The French courts will have the final decision on whether the Lacroix sale will go ahead; they’ve got until October 20th to make up their minds.

We’ll be listening out very carefully.