Dubai-based fashion business Paris Group is poised to become the new owner of Maison Gianfranco Ferré after its offer was accepted by the government commissioners running the business.

The three commissioners were called in after the Italian fashion house sought bankruptcy protection in February 2009, to protect the business from collapse and to seek a new owner.

Paris Group stepped in after a failed bid from Samsung, and the company’s offer has been sent to Italy’s Ministry of Economic Development for final authorisation, while an industrial plan has to be presented to trade unions.

Ferré said the process should take 15-20 days, adding that Paris Group should have taken full control by around the date of the company’s next fashion show, on 25 February in Milan.

The company is the last part of parent group IT Holding to find a buyer after the Malo label was sold to the Evante group in October, and Ittierre was bought by Albisetti in January.

No acquisition price was given for the deal, but some media reports have suggested a figure of about EUR100m over a three-year period.

Paris Group is a fashion distributor and Middle East franchisee for brands including Versace and Cerruti.