Ralph & Russo, the British haute couture house that went into administration last month, is likely to be bought by a Gulf-based owner.
Several buyers from UAE and Qatar are thought to be bidding for the British dressmaker, according to Arabian Business. The fashion house, a favourite amongst a Middle Eastern clientele, has boutiques in both Dubai and Doha.
An announcement could come as early as this week, with the only British couture house likely to be majority-owned by outside investors. Currently real estate billionaire Nick Candy’s Candy Ventures Sarl holding company is its main secured creditor and is owed about 20 million pounds, according to documents filed with the UK’s Companies House.
Founded in 2010 by designers and then partners Tamara Ralph and Michael Russo, the label went on to find great success, securing celebrity clients including Angelina Jolie and Meghan Markle.
The bidding deadline was 14 April.