There might be light at the end of the tunnel for Christian Lacroix.

After accumulating over 14 million dollars in losses and nearly facing liquidation, the fashion house received a serious bid from Italy’s Borletti Group.

Borletti is the owner of La Rinascente, Italy’s largest department store chain, and French department stores Printemps.

Lacroix was placed under bankruptcy protection in June after failing to turn a profit since its creation in 1987.

“The Borletti Group wants to help a creator and protect haute couture know-how,” said Diane d’Oleon, a spokeswoman for the Borletti.

Borletti bid together with Christian Lacroix (shown above) a co-founder and designer of the fashion house.

Christian Lacroix is currently owned by the Falic group, a U.S duty-free store operator that bought the brand from fashion group LVMH Moët Hennessy Louis Vuitton SA in 2005.

Source: Fabsugar