the administrator of cash tied-fashion house Christian Lacroix called "serious" a joint bid by the designer and Italy and Milan department store La Rinascente Borletti.A rival bid for the company shift Bernard Krief Consulting (BKC) was "insufficient," the manager said Monday sewing company. Two other bids were too low to be considered.

Christian Lacroix The company, which was once part of French luxury giant LVMH, which now belongs to the phallic family, owners of U.S. Duty Free Americas retail group.

Borletti owns the Printemps department stores in France.

"Several offers have been made," Regis Valliot, the administrator appointed by the tribunal told Reuters. "One of them from the Italian Rinascente Borletti with and associated with designer Christian Lacroix himself, is considered serious."

The previous Monday, BKC said he had an offer of "nominal sum" of Christian Lacroix, a fashion house that considers the cultural heritage of France.

KBC was contacted by Patrick Devedjian, minister of France in charge of the fiscal recovery plan for the national deficit to salvage the sewing business, which has been in administration for nearly two months.

The matter was also discussed by France of the new culture minister Frederic Mitterrand, nephew of the late French socialist president.

The company behind the designer, known for its baroque embroidery and clothes, has never made a profit in its 22 years of trading.

Earlier this month, Christian Lacroix, stitched together a small sample of high fashion with the help of friends and seamstresses who worked for free, many observers feared that it might be his last.

In 2008, the company recorded losses of 10 million Euros on revenue of EUR 30 million, while orders for its 2009 women’s ready-to-wear summer collection have been 35 per cent.

The group bought the Borletti of PPR Printemps department stores in 2006 and La Rinascente stores with Deutsche Bank, Pirelli and Investitori Associati in 2005.

NO DEBT

BKC said he had made a bid for Christian Lacroix and free of debt to buy their proposed business activities and take on couture at least half of its 120 employees.

He said he expects to increase its offer further, at least 100 staff in negotiations with administrators appointed by the court was likely to last at least a month. The commercial court is expected to make a decision in September.

"We made an offer earlier this morning (within) 10 am … It’s really symbolic," Petiet Louis, chairman of Bernard Krief Consulting told Reuters. Asked if the offer is a few million, he said, "even."

"Our offer is better then," said Petiet.

BKC has been said that to increase revenue by Christian Lacroix fivefold in five years.

The investment firm bought about 30 companies over the past five years, including recently the auto parts Heuliez.

"During economic crises, there are many who hide under the carpet, while the President of France spoke of reindustrialising France. I listen to him," Petiet said, adding that he saw himself as a businessman and a patriot .

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