InfoAnda - Crisis hits iconic Christian Lacroix

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Asia Pacific World Search Search: Crisis hits iconic Christian Lacroix AFP - Friday, May 29 PARIS (AFP) - - Iconic Paris fashion house Christian Lacroix, one of the country's most prestigious, on Thursday declared insolvency after falling foul of the global crisis. ADVERTISEMENT Acquired from the world's leading luxury giant LVMH in 2005 by US duty free giant Falic, Christian Lacroix SNC said in a statement it had declared insolvency before a Paris court due to "the sharp downturn of the luxury market." The company "has filed a voluntary petition with the Tribunal de Commerce de Paris to put itself under the protection of the courts" but intends "to present a continuation plan" and "to maintain its business operations throughout the proceedings." Declaring insolvency is a first step towards bankruptcy protection. A company spokesperson said the court would hand down a decision within a week. Lacroix, 58, was unavailable for comment. Celebrated for his exuberant swathes of lace and embroidery, and patchworks of fabrics in vibrant colours, Lacroix hit the catwalks over 20 years ago with dramatic designs inspired by the costumes of his native Arles in the south of France, and the Camargue, with its gypsies and bullfighters. But sales have failed to match the excitement generated by each of his collections and Thursday's announcement is a strong setback for the couture house set up with the backing of LVMH's powerful Bernard Arnault in 1987. Ready-to-wear lines followed in 1988 and over the years, accessories, furnishings, jeans, tablewear, perfume, and children's clothes. And for three years from 2002, Christian Lacroix was hired to inject some new fizz and sparkle into Italian label Pucci, also part of the LVMH stable, recreating the iconic prints favoured by the Riviera jet set in the 1960s. But this creative frenzy did not bring in the hoped-for profits and after ever more hectic changes of chief executive, 11 in all, in 2005 LVMH sold the house to Falic, with Lacroix staying on as artistic director. Many of the diffusion lines were quietly dropped. After the 2005 buy-out, the company launched "an ambitious and costly restructuring plan to reposition the brand offering to higher end collections," it said Thursday, including the opening of two US stores, one in Las Vegas, one in New York. "Unfortunately, this longterm strategy for repositioning of the brand was dramatically hindered by the current and ongoing world financial and economic crisis which severely hit the luxury sector," the company said. Currently with a staff of 125, Christian Lacroix in contrast with other high-end labels fighting to beat the storm has only four stores -- two in Paris, two in the US -- while present in 200 luxury multi-brand boutiques worldwide. Last year the company registered losses of 10 million euros for a turnover of 30 million and sales of the 2009/2010 winter collection shown on the catwalks last March have fallen 35 percent, one source said. "For the past year we have been looking for a financial partner to accompany the repositioning and devlopment of the brand," said director Nicolas Topiol. "This process, which was in its final phase, was directly hit by the conditions of the financial markets and could not be finalised. "The company expects to emerge quickly from these proceedings and to continue developing the brand." Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Entertainment & Lifestyle British talent judge defends sensation BoyleAFP - Friday, May 29 Marcel Marceau auction raises $680,000AFP - Friday, May 29 Italo renaissance sparks electro-music rethinkAFP - Friday, May 29 Russian heir fights Yale over van Gogh paintingAFP - Thursday, May 28 Warhol collector's monopoly suit gets green lightAFP - Thursday, May 28 Enlarge Photo A model presents a creation by French designer Christian Lacroix during the autumn/winter 2009 ready-to-wear collection show in Paris, March 2009. France's US-owned couture house Christian Lacroix SNC has declared insolvency after falling foul of the global crisis, the company has said. Most Popular – Entertainment Viewed Canada's governor eats raw seal heart World first: Japanese scientists create transgenic monkeys NZealand zookeeper killed by white tiger: police Germany still hopes for deal after Opel talks stall Vitamin D boosts brain power in middle-aged men View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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