Christian Lacroix files for bankruptcy protection
Yet another ripple effect from the downward economy is Christian Lacroix, which has asked for court protection from its creditors this week. The Parisian fashion house filed a petition with the Paris commercial court, which will "most likely" see its pre-spring RTW and couture collections scaled down.
"Our intent is definitely a continuation of the business," said Nicolas Topiol, Lacroix's CEO. "But the [economic] crisis has definitely hit us below the knees."
Topiol is referring to the decrease in luxury spending. Orders for the label's autumn/winter collection dropped by 35 per cent. But it's not all doom and gloom, Lacroix's owner, Falic Group, has been in talks with a group of investors from Switzerland.
While refusing to reveal the investors, Topiol said that the petition doesn't mean the end of the story. It's the beginning of another chapter."