Christian Lacroix is in serious trouble.
In May the company filed for protection from creditors due to their losses of 10 million euros (about 15 million USD) in 2008 . Even though the fashion house has not turned a profit once since their founding 22 years ago, potential saviours did emerge throughout the legal proceedings. Sadly, when the deadline to provide financial guarantees came around, none did.
Today, the courts approved the only remaining option, drastic restructuring by the house’s current owners.
The restructuring requires production on Lacroix’s haute couture and ready-to-wear lines to be halted and the fashion house’s staff to be cut from 120 to a mere 11 employees.
Which begs the question, will we even recognize the symbol of France fashion afterwards?
Luckily the fate of Lacroix has not yet been sealed.
Potential saviours will no longer have to deal with any legal proceedings, negotiating directly with the owners instead.
Hopefully this will encourage fashion conscious billionaires to get involved before it’s too late.
Cross your fingers, we certainly are!
– Alexa P Gray