| Super
Duper Designer Christian Lacroix is Facing
Bankruptcy:

I don’t know about you, but Lacroix is
one of the most talented designers on the planet.
The problem is that the price tags hanging
from his material matter are akin to what one
would pay for a car. Perhaps I was not the
only person who couldn’t afford to
shell out $2,500 for a tunic top.
So, I thought I would keep the design world
in check and report who is and who isn’t.
Lacroix is probably not going away – genius
is usually static and tends to float above
the waves of life. So that is good.
I wonder if Lacroix would like a hat license.
He has a great name and is very creative
and probably needs some cash right now. Just
an idea here.
This is what the media had to say about it:
Christian Lacroix SNC filed for protection
from its creditors with the commercial
court of Paris, as the fashion house desperately
seeks to avoid bankruptcy. By filing a
voluntary petition with the Tribunal de
Commerce de Paris Lacroix is effectively
entering into the French equivalent of
Chapter 11, and avoid paying creditors
(and who doesn’t
want to do that?)
The Company intends to maintain its business
operations throughout the proceedings.
Founded as a haute couture house in 1987,
Lacroix became a darling of the international
fashion media – winning a Time magazine
cover - with his brilliantly evocative
fashion and brightly hued clothes, influenced
by his native Arles and Provencal sense
of off-beat color.
Lacroix’s original backer was Bernard Arnault, but Arnault sold off the
couturier’s company to the Lebanese American Falic brothers in 2005. In
house argued that a Falic financed restructuring plan was “dramatically
hindered by the current and ongoing world
financial and economic crisis which severely
hit the luxury sector.”
Also eating into the bottom line was the opening of two stores in the United
States, one in Las Vegas and a flagship store in New York on 57th street. It
has been an open secret in Paris that the Falics have been actively seeking to
sell the house for the past year.
The famously courteous Lacroix, 58, who
is under contract until the end of 2010,
has managed to build a separate career
as an independent design consultant – creating
costumes for a series of operas, developing
the interiors of the TGV high-speed train
and designing boutique hotels. |