Under ceo Fabian Garcia, Revlon plans to grow into a $5 billion company in five years.
Lagerfeld likely will join Lauren in dressing the incoming First Lady.
Recently surfaced letters from two L.A. County Board of Supervisors and the director of the workforce development agency sought to stave off layoffs at the T-shirt firm.
LuAnn Via has left the retailer, which reported a weaker than expected holiday season.
The deal with Sycamore is subject to better offers at a court auction.
Multiple, qualified bids on the company could pave the way for a bankruptcy auction for Nasty Gal.