The French fashion house Christian Lacroix, famous for its opulent and fantasy-inspired haute couture collections, has filed for bankruptcy after sales plummeted in the face of the recession. The Paris-based company filed a court petition in the French capital on Wednesday to seek legal protection against an imminent wave of monetary claims from its creditors.
The US-owned brand blamed the collapse of the business on the economic crisis, with the global wholesale business particularly hit, as well as shoppers' reluctance to spend money on luxury fashion goods. Sales of the Christian Lacroix spring/summer '09 collection reportedly dropped by more than 35 per cent this year, following a whopping €10m (£8.7m) loss in 2008.
However, it is understood that Christian Lacroix will go ahead and show during Couture Week in July and that talks are under way about a possible sale of the business to a group of investors from Switzerland.
The company's chief executive, Nicolas Topiol, said, "Our intent is definitely a continuation of the business. But this [financial] crisis has definitely hit us below the knees."
The Christian Lacroix fashion house was set up in 1987 after the LVMH chief executive, Bernard Arnault, asked the Frenchman to set up a bespoke couture house for his luxury goods conglomerate.
Picture: A model takes to the catwalk for the Christian Lacroix autumn/winter '09 show.
