christianlacroix_protection_creditors.jpgYet 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."