Friday, May 29, 2009

Christian Lacroix is Broke. No Joke.

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Annie Leibovitz and Christian Lacroix should really get together over a nice cup of Sanka and discuss how they have royally fucked themselves over. After announcing last week that the famed photographer has gotten herself in major hot water over past due expenses, it's not been revealed that fashion guru Lacroix has officially filed for bankruptcy.
There has been a rumble in the jungle for a while now that the fashion house was in big trouble in little China. Most fans of the Parisian label have hoped that the rumors would prove to be false but sadly, they are not. Compounded by the effectives of the economy it seems that the label, which was established as couture in 1987, had little choices but to file for voluntary bankruptcy. In fact, The Wall Street Journal is reporting that Christian Lacroix hasn't turned a profit since its creation over 20 years ago (last year the house posted a loss of nearly $14 million).
One of France’s preeminent newspapers, Le Figaro, wrote that according to their information, Christian Lacroix was declared insolvent on Friday, May 22. They noted that “the representatives of the employees were informed yesterday evening at a works council. The Commercial Court of Paris will decide next week on a receivership or liquidation [approach].”
Christian Lacroix, owned by French conglomerate LVMH Moet Hennessy Louis Vuitton since its beginning in 1987, sold Lacroix to U.S.-based duty free store operator the Falic Group in 2005. Falic is hopeful that they will find a buyer for Lacroix’s eponymous brand. In the meantime, Falic will continue to finance Lacroix and both the house’s ready-to-wear and their couture line are expected to be produced and presented.

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