Hang in there, Christian. Time to redefine.
Christian Lacroix, the French couturier whose artistic and exuberant pouf dresses propelled him to fame in the 1980s, became the latest victim of the global financial crisis Thursday as the U.S.-owned fashion house bearing his name filed for court protection from creditors. Although Lacroix’s chief executive officer, Nicolas Topiol, emphasized that the brand intended to continue operating during the process, the news brings an end to a luxury business model for which Lacroix was the last of the Mohicans. – from NYTimes
Christian Lacroix’s owner, the Falic Group, a U.S.-based duty free store operator, has been trying to sell a stake in the company for a year. In the statement, Christian Lacroix’s Chief Executive Nicolas Topiol said efforts to sell a stake in the company were “directly hit” by the financial crisis. – from WSJ
However, the business has never been a financial success. The Lacroix fashion house has never turned a profit and last year reported a €10 million loss. Sales of the Lacroix women’s summer collection are also down 35 per cent this year after major clients decided to reduce spending on luxury fashions. – from TimesOnline