From one runway to another, Christian Lacroix is set to design private jets.

The French designer, who filed for bankruptcy earlier this year, is in talks with Sheikh Hassan bin Ali al-Nuaimi—the nephew of United Arab Emirates ruler Ajman—about investing $70 million in the company. Al-Nuaimi wants to become the majority stakeholder and despite the current global economic downturn, the sheikh has bold plans for the brand. He is keen to transform the fashion label into a luxury lifestyle brand with a range of products including lavish palaces, planes and hotels.

Al-Nuaimi said, “The idea is not to focus on fashion by itself. We are discussing different activities in leisure… private jets, hotels, high-quality yachts, palaces, and interior decoration. We will focus on very exclusive areas and don’t want to sell his name cheap in the market.”

Lacroix, who counts Christina Aguilera among his celebrity fans, will need approval from a French court before the deal goes ahead. A decision is set to be made by the end of the month.