Christian Lacroix has filed for bankruptcy protection in which a court will decide whether to liquidate assets or restructure the company. Could this be the end of couture as we know it? Christian Lacroix was the last remaining house under old couture rules.
The NYT reported:
Although the designer hopes to hold a small presentation during the July couture season, this was the last house established under the formal couture rules. Even a restructuring would most likely have severe implications for the 125-member staff.
It seems that while other companies were focusing on collaborations to bring in cash, the house of Lacroix dropped their diffusion lines and was focusing on luxury only. Unfortunately that strategy didn't quite work and lead to fall sales dropping 35% and losses for 2008 were $14 million! Hope this isn't the end for Lacroix and the loyal and ridiculously wealthy couture clients will show their support.