Even the mighty are falling. Couture house Christian Lacroix has applied for financial protection from creditors in a Paris court, as debts spiral out of control.
Founded in 1987, the French couturier is now US-owned under the Falic Group, who bought it from LVMH in 2005. Since then, however, the Group have been trying to sell a stake in the company, but have been unable to find a willing buyer. The loss of the atelier will leave a noticeable void on the fashion map, especially when the awards season rolls around – over recent years, Lacroix has been a go-to for a wealth of stars, from British legend Helen Mirren to young Slumdog actress Freida Pinto.
Lacroix has always enjoyed critical success too, with his services to fashion being recognised in France by the Chevalier de la Légion d’Honneur in 2002. Despite his distinguished style, US retailers Neiman Marcus and Saks had reduced orders recently with American sales down 35%; and the opening of stores in both New York and Las Vegas couldn’t make the predominantly haute couture collections shift. With estimated losses of £9million last year, it is a sad goodbye to a fashion landmark.