At the last moment in a surprise 'chevalier blanc' has immerged to rescue Christian Lacroix from the  financial abyss. The French fashion label filed for bankruptcy protection in May.  Italy's Borletti Group, an investment company that owns a financial stake in Europe's La Rinascente and Le Printemps department stores, has submitted what has been called a serious bid for the legendary fashion house.

Last week it was thought that the Paris based investment firm Bernard Krief Consulting was the most likely candid to take over Lacroix but when their offer came it was described as inadequate.

There were many tears in the house during the recent couture shows when it was thought that the much loved designer had just presented his swan song and would not survive an impending financial meltdown.

<<Model Vlada Roslyakova posing for cameras backstage for Christian Lacroix Haute Couture - S/S'09.
Christian Lacroix Fall/Winter 2009 - Paris
© 2009 fashionWATCH Photo: Steve Wood

Assault charges against 24 star Kiefer Sutherland for head-butting designer Jack McCollough and breaking his nose during a madcap night out at a New York night club have been dropped. The incident allegedly occurred when the Proenza Schouler designer insulted Brooke Shields.

The pair sorted out their differences several days later but the police file was still open. A spokesperson the Manhattan District Attorney's office said... "We decided to drop the charge after a full investigation, including after speaking to a complaining witness, who was uncooperative."